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Forex Tell it Like it is | Part Six | What type of FX Trader do you want to be ?

Posted by FXCoalface on April 26, 2016 at 4:14pm

At the Start of this Millennium, Currency Trading / FX / Forex was been sold to potential newbie traders as one of the best ways to make your millions from just a small capital base and a few hours of work a week. We had all heard about all the money Hedge Fund and Bank Traders had been making during the 80's and 90's and now with the availability of the world wide web and access to the markets - it was time to get involved.

All you had to do was spend a few weeks or months learning how to tra

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Share a Trading Tip, Trick, Knowledge or Technique with the Community. Try to avoid just simply posting a link or video and saying this is great. Explain what makes it great or how this was useful. Sometimes things are simply entertaining but still useful and so explain in detail with diagrams, photos or charts. Descriptions with as many details are always interesting to read and so say what could be useful to know here. Community members are welcome to comment, ask questions or add to a post.

"Keep a Record of the Business or Currency Pair Traded. Reasons why the Trade was taken. When was the Exit. How and why the Trade turned out the way it did"

"It's my pleasure to be part of this forum, which is always different than other places & with a friendly environment. Glad to be in this team"

"Yes, the truth requires neither our belief nor understanding. However to harness truth and apply it for our benefit we must at a minimum allow that it is possible".

"We all know we will never be 100% Accurate with 100% win rate over 100's or 1000's of trades - but as long as your winning pips and money - add up to a lot more than your losing pips and money - then "Bingo" you are successful winning FX trader"

"I figured this was a legitimate break, so I went on the hunt for evidence, so here in succession is the list of clues I used to make my decision:

Rejection of market and weekly pivot at ema confluence.

Complete and broken head and shoulders on 1hr time frame.

Broadening formation on daily with test and rejection of 200 day ma

Bull hinge on daily and Renko stochastic.

Positive momentum on 5min, 1hr, 4hr and daily chart"

"Remember that all models are wrong; the practical question is how wrong do they have to be to not be useful" - George E. P. Box

"Sometimes You Win,

Sometimes you Learn".

"Forex Market analysis relies on two types of analysis much like Stock Markets:

Technical Forex Market Analysis views the data on a chart and considers that the News and Data is built into the Price already (economic, political, social, sentimental and psychological). Various tools and indicators will be used by technical traders, for instance MACD, Bollinger Bands, Moving Averages and more.

Fundamental Forex Market Analysis also uses indicators, for instance reports, Gross Domestic Production (GDP), Retail sales, Consumer spending, Industrial Production, Consumer Price Index, Commodities, Economic Calendars, Balance of Trade levels which could identify Trends between other Nations and more."

"Short rapid bursts and quick glimpses of an entry, trigger activated, trail in place and exit strategy and plan already set. Within a blink of an eye, instinctively the buy/sell button is pushed. The hammer falls and clanks decisively, echoing, sparking, like steel upon steel and the trade is executed. A Traders heart beats on with perfect set up, closely aligned with strict parameters, ready to continue the attack or recoil on a wire. Wrap the profit and then stand down, ready for the next hunt"

"When we are talking about sentiment it is very hard to say that this sentiment will prevail another 6, 9, 13 hours. Sentiment is not a constant line. Main trend is bearish, tech picture on daily is bearish, even intraday neutral. Nobody restrict to play long eur short usd position with the target at 1.12 or even 1.1361, this is every traders individual choice as always"

linear regression strategy (1)

Forex Tell it Like it is | Part Six | What type of FX Trader do you want to be ?

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