Finexo Trading Tips. at Nobullshit Network Forum

jazzz · 09-24-2008, 07:11 AM

Here are my tips for all forex traders.....

1. Never invest money into a real Forex account until you practice on a Forex Demo account!
2. Go with the trend!
3. Always take a look at the time frame bigger than the one you've chosen to trade in.
4. Never risk more than 2-3% of the total trading account.
5. Put emotions down. Trade calm.
6. Choose the time frame that is right for you.

Regards

jazzz · 10-13-2008, 09:40 AM

Use 15min chart, 21 Simple Moving Average and Stochastic (14, 3, 5).

Buy When:
Stochastic is crossed the horizontal lower line and is going up and at the same time, the price is crossed the moving average and is going up above the moving average.

Sell When:
Stochastic is crossed the horizontal upper line and is going down and at the same time, the price is crossed the moving average and is going down below the moving average.

Best regards,

jazzz · 11-10-2008, 06:58 AM

Here are some simple tips that will help you increase your profit potential prevent you losing money.

1. Select your first broker

When you first decide to trade Forex you will need to locate a reliable broker. It's very important that you familiarize yourself with the software the broker uses for making trades analyzing the market any other features they may offer. Many have a training or tutorial account that will allow you to signup make trades for free. Use this to your advantage before just jumping in tossing your money in.

2. Get simple method you understand

In forex trading many people think that the more complicated a method they use in forex trading the more likely they are to make money. The fact is that is not a truth the simple systems work best. As you know there are two main ways to analysis the currency rate: fundamental technical analysis. Simple systems are more robust easier to trade with discipline as you underst the logic can therefore follow it with confidence when it has a losing period.

3. Trade the big trends not trade frequently

Although short term trading long term trading are both good you have to catch the big long term trends that make the big profits. The big moves in forex trading with optimum risk to reward come just few times a year so don't trade for the sake of trading wait for these moves - These are the that will make you the big profits that's why you're trading.

4. Work smart not hard

Once you have a system your happy with that's it. People go on about working hard in forex trading to educate yourself but once you have your system stick with it. The market doesn't give you extra dollars for effort you get your reward for trading correctly.
Forex trading is risky so you need to manage your money place your stop order far enough away the market action to allow for volatility.
Placing stops too close to entry not taking enough risk dooms most traders to fail.
Also when you have a profit don't move the stop up to quickly be patient give the trade room to breathe.

5. The formula to success

The formula to success in forex trading is to do the following:

Using Simple Method + With Discipline + Control Risks = Forex Trading Success

Keep these simple tips in your mind you could make some big profits on forex trading.

jazzz · 11-21-2008, 10:56 AM

Here is my free forex trading strategy

Entry Point

1. Decide which pair you are going to trade.
2. Find out all major trends by checking the different interval forex charts. For example, 1 hour, 4 hours and daily forex charts
3. Plot the trend lines through the high points if it is on a downwards trends and plot the low points if it is on an upwards trend. You will need at least 2 months of data to be able to plot out the trend lines
4. Mark the support and resistance levels
5. If the price is almost approaching the trend line you have drawn, wait for it to move through or below the line before proceeding.
6. You might want to also check the RSI indicators to see if they give you a warning. Also make sure to check the MACD and Stochastic levels as well.
7. Make sure for the next 2 or 3 days, there are no major data releases for the two countries’s currencies. It will cause some fluctuations in the prices.
8. Get in and start trading but use no more than 10% of your capital
9. Place a stop loss but do not place it so far enough that you won’t make a profit. I would suggest 100 pips as a recommended stop loss point.

Exit Point

1. Put a take profits limit order. Set it to between 30 to 50 pips. If possible, place it just ahead of a major support or resistance level. Also, make sure your limit order is about 15 to 20 pips away from the S/R level.

Regards

jazzz · 12-16-2008, 11:34 AM

If you want to achieve Forex trading success, you need to understand the key combination your Forex Trading strategy must contain to win and that is the subject of this article...

It's a fact that forex trading is a specifically learned skill - traders are not born their made yet, still 95% of all traders lose. This is down to the fact they do not understand the two core concepts that Forex Trading Success is built on. Let's look at this key combination.

1. Simple Odds Based Forex Trading System

Most people think that prediction is the way to make money and this myth is perpetrated by vendors selling junk products but its not. Prediction is hoping and guessing and try it and your predictions will be as accurate as your horoscope.

Trade the reality of price change as you see it on a Forex chart and forget prediction.
Trading the Odds is the key to making money, as Forex markets are an odds based market. They do not move to science or mathematics, as many people claim (if they did we would all know the price in advance and there would be no market!), you are simply trading probabilities. Like the good poker player, you will lose many hands but if you play and bet on the high odds hands, you will make a lot of money.

In general terms the forex trading system you use should be very simple - simple systems work best! The reason for this is they are very robust in the brutal ever changing world of Forex. Complicated systems break easily and there is no correlation between complexity and success whatsoever. Putting together a Forex trading strategy based upon the above is easy - execution of the strategy is the hard part and we will look at that next.

2. Discipline in the Face of Emotion.

You now need to execute your trading strategy with discipline and money management through long periods of losses which may last weeks. Don't think you will have a long period of losses?
You will, all traders do, even the top traders. This doesn't mean they don't win long term - they do but short term they ride out these periods with discipline.
Another big myth about Forex trading is drawdown periods don't last long and it's again put around by vendors selling junk products. Drawdown periods do occur and how you deal with them is the key to your success.

You must keep going executing your trading signals, as the market takes your money and makes you look stupid. You are going to have to stay on course and we all hate losing and have egos but losing is part of winning and you need to understand this.
You can enjoy forex trading success but you must keep losses small and stay on course. This is the hard part of Forex Trading and separates out the winners from the losers.

The above Sounds Easy

However its not and that's why so many people lose at Forex trading.
If you think discipline is easy then you have never traded - the good news however is you can become disciplined and you can win. Like learning a method it's a learned skill.
The rewards of Forex trading are huge, if you can get the above combination right of:
A simple robust forex trading system, executed with discipline, you are on your way to Forex trading success and a great second or even life changing income.

jazzz · 01-16-2009, 10:54 AM

10 Tips for your success in investing trading
________________________________________
1. Implement a trading plan.

“If you fail to plan, you plan to fail”. A trading plan is especially crucial in Forex trading to stay ‘in-control’ against the emotional stress in speculative situation. Often, your emotions will blind and lead you to the negative sides: greed causes you to over-ride on a win while fear causes you to cut short in your profits. Hence, a well organized operation has to be predetermined and strictly followed.

2. Trade within your means

If you cannot afford to lose, you cannot afford to win. Losing is a not a must but it is the natural in any trading market. Trading should be always done using excess money in your savings. Before you start to trade in Forex, we suggest you to put aside some of your income to set up your own investment funds and trade only using that funds.

3. Avoid emotion trading

If you do not have a trading plan, make one. If you have a trading plan, follows it strictly! Never ever attempt to hold your weakened position and hope the market will turn back in your favor direction. You might end up losing all your capital if you keep holding. Move on, stay within your trading plan, and admit your mistakes if things do not turn as you want.

4. Ride on a win and cut your losses

Forex trader should always ride till the market turns around whenever a profit is show; while during losing, never hesitate to admit your mistakes and exit the market. It is human nature to stay long on loses and satisfy with small profits – this is why as we mentioned earlier that a strictly followed trading plan is a must-have.

5. Love the trends

Trends are your friends. Although currency values fluctuate but from the big picture it normally goes in a steady direction. If you are not sure on certain moves, the long term trend is always your primary reference. In long run, trading with the trends improves your odds in the Forex market.

6. Stop looking for leading indicators

There aren’t any in the Forex market. While some firms make a lot of money selling software that predicts the future, the reality is that if those products really worked, they wouldn’t be giving the secrets away.

7. Avoid trading in a thin market

Trade on popular currency pairs and avoid thin market. The lack of public participation will cause difficulties in liquidate your positions. If you are beginners, we suggest the big five: USD/EUR, USD/JPY, USD/GBD, USD/CHF, and EUR/JPY.

8. Avoid trading in too many markets

Do not confuse yourself by overtrading in too many markets especially if you are a beginner. Go for the major currency pairs and drill down your studies in it.

9. Implement a proper trading system

There is hundreds of trading systems available on line. Pick one that you are most comfortable with and stick with it. Stay organized in your trades and fully utilized stop-loss or limit functions in your trades.

10. Keep learning
The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.

jazzz · 03-13-2009, 12:23 PM

So I'll lay it out for you:

No' 1- Practice using Automated Forex Trading Software: A very important tool in the Forex Traders Toolbox.

Not only do you get Demo accounts to practice on before you get your feet wet, but these little robots which scour complex and ever changing Forex Currency Trading Markets, will run 24/7, scalping trades and getting you pips day and night, whilst you sleep, shop or explore other markets.

No' 2- Get yourself a Bee's Knee's Broker: There are many average Joe Brokers on the market, some definite scammers and a sprinkling of seasoned Pro's.

Do your homework, visit forums, write a thread asking this exact question. Check who responds, see how many posts they have, see when they joined. If they have over a 1000 posts chances are they know what they're on about and there advice on who they recommend will probably be invaluable.

No' 3- Never rely on Guess Work and Get Out when you Should: With Automated Trading Software Systems this doesn't apply as there is no human subjectiveness involved as it simply sticks to the margins in place.
When you trade on your own though you MUST apply discipline or you will be on the road to the Forex Newbie Graveyard sooner than you can say "Mumma Meeah!"

No' 4- Follow these 3 Steps with Cold Hearted Discipline: Tell yourself that Forex Currency Trading is a business, just like any other business- it takes time, but if you follow the 3 Steps above:
Practice on your Automated Trading Software and practice like mad on a demo account.

Get yourself the Mother of all Brokers, one that comes highly recommended from more than 3 sources
and..

Never believe you can Guess the market forces or how the trade will shape and you have what it takes Kick Ass in this business.
Cheers & Happy Trading!

jazzz · 06-18-2009, 06:32 AM

Here are some more....

Determine what time frame you're trading on:
It is important to define from the outset if you'll be 'scalping' (trying to get a few points off the market) trading intra-day, or going longer term. This will also determine what chart period you're looking at. If you trade many times a day, there's no point basing your technical analysis on a daily graph, you'll probably want to analyse 30 minute or hour graphs. Additionally it is important to know the different time periods when various financial centers enter and exit the market as this creates more or less volatility and liquidity and can influence market movements.

Time your trade:
You can be right about a potential market movement but be too early or too late when you enter the trade. Timing considerations are twofold, an expected market figure like CPI, retail sales or a federal reserve decision can consolidate a movement that's already underway. Timing your move means knowing what's expected and taking into account all considerations before trading. Technical analysis can help you identify when and at what price a move may occur.

Gauge market sentiment:
Market sentiment is what most of the market is perceived to be feeling about the market and therefore what it is doing or will do. This is basically about trend. You may have heard the term 'the trend is your friend', this basically means that if you're in the right direction with a strong trend you will make successful trades. This of course is very simplistic, a trend is capable of reversal at any time. Technical and fundamental data can indicate however if the trend has begun long ago and if it is strong or weak.

Market expectation:
Market expection relates to what most people are expecting as far as upcoming news is concerned. If people are expecting an interest rate to rise and it does, then there usually will not be much of a movement because the information will already have been 'discounted' by the market, alternatively if the adverse happens, markets will usually react violently.