6 mths is too early to conclude anything meaningful. Like someone said earlier try 6 years. I am in my 7th year, and is trading fulltime since 07, don't let anybody tell you it cannot be done. I think you have to be honest with yourself and think really hard on how to win this game. TA is useful but it is not an edge, learn to manage your risk is more important. With regards to brokers, it really doesn't matter if they are market makers or ECN, stick to the big name and you should be fine. Researching brokers online only leads to confusion, as 99% are just losers putting the blame on brokers. regards
Forex is much more shaky than stocks. There are many fake outs. One hting I found working is scalping when there are news (fed, numbers, ...) I mean big news with 100 pips moves and then you try to fade with TIGHT stops. You like it or you dont, it's not for everyone and opportunities are there only a couple times a month, if that. You can also get IN on extreme moves on a daily/weekly/monthly base. Ex; long GBP/USD monthly in march (now you could almost sell it!), short EUR/USD daily back un december 08. One more thing, look for the correlation with the stock market and take position accordingly, long EUR/USD on the S&P up and short it on S$P down. This one I never did, it's an idea that I did not try yet.
I respectfully disagree, if you know how to do it, fading is one of THE best ways to trade FX...BUT you have to have rock solid levels, lol, not easy to do...
No, you're right. Just a bitch from what i've been through. Trend-following and fading strategies don't mix. This is my opinion but here's the thing to remember though. You're going against the grain so your stops need to be bigger, your targets need to be bigger (to make it worth the risk), and your positions need to be smaller (IMO) to compensate for the risk. (Not the same for trend-following) There's definitely no one perfect way to do it though
get 'bird watching in lion country', dirk du toit. a MUST read for anyone interested in forex the usefulness of technical analysis in forex is overblown. it has some limited use, exactly the same context as in equities, no more no less. some people like to use the bollinger, moving averages, but that's about it i've heard a good forex ta book is by cornelius lucas, but haven't read it, so can't say anything. get du toit's book. it really puts things into perspective.
LOL, you do know the difference between quantity and quality don't you? ....though i must admit the forex forum here does lack a bit, shifting through tons of verbal diarhea at forex fuctory is not at top of my list.
I like both forums but this one doesn't have any proper forex discussion. I am not being an arse, but there is only three traders here: cabletrader, short&naked, and aiyah mark lah. Any new person gets the shit kicked out of them when they post here, because it happened to me And there can be periods of an hour or more where NOBODY posts a post in the Forex Currency Trading section. If Elitetrader wants to get good forex traders here, they have to get serious about getting rid of dickheads like pipspimp who comes here and posts an inflammatory post and then links it to Forex Factory under his other name of fxterrapin, then leaves the posters of both forums to slug it out.
This is what I was saying; There was a 4 HOUR gap between the post at 12.54am and the next post at 5.02 am in the WHOLE OF THE FOREX FORUM This Forum looks like a forum for only 3 or 4 traders who talk to each other Rating Thread Starter Replies Views Last Post Help! FX is a jerk! Spxdes 18 812 06-17-09 07:14 AM long or short gbp? cocaineaddict 0 20 06-17-09 05:02 AM Gbp Wtf Ah? cocaineaddict 3 107 06-17-09 12:54 AM Ivan's Trade Thread, part II Ivanovich 1258 58180 06-17-09 12:52 AM