Discuss ForexHippo.com (Matt Robinson)

[Ken Long]

Think Forex wrote back:

At this time applications from US residents are on hold. You are welcome to submit your application for review at a later date.

 

[tipuwang]

Tip, how much experience do you have trading? If you've ever traded stocks, options, etc, there are lots of useful order types that are not available on MetaTrader.

First, MetaTrader is completely transaction based. So, if I buy 1 lot and sell 0.5 lot, I have 2 open orders, when in reality what I have is 0.5 lot. Any position based platform would show this, allowing me to scale into a position, mini lot by mini lot, and slowly build a large position rather than holding multiple open orders. If I wanted to buy 1 lot and then sell half, and then sell half of what I had left I could.

Second, we cant set limits on stop orders, such as stop buy or stop sell, with a limit. If our order gets triggered by a news spike we could get a very poor price compared to what we targeted and expected. The slipage control only works on traditional brokers, not on ECN or STP brokers, and only on Market orders, not on Stop orders.

Third, OCO, One Cancels Other, and OTO, One Triggers Other. When you set a pending order with a stop and a target that is an OTO and an OCO order. If your order triggers the stop and target are automaticaly placed, and if one of these triggers the other automaticaly cancels. No compaints here, other than that it would be nice if we could use these at our discretion, such as creating bracket orders.

The first two are very big and real complaints I have with using MetaTrader for manual trading. Its a very good platform for trading single orders, or less complex positions, generally short term trading. It not particularly good for position trading, and carry trading. Brokers like FXCM have always recomended 50:1 leverage and encouraged customers to use the carry trade, and position trade a little more cautiously. Not that they dont like day traders, but the older traditional platforms seem more geared towards position trading than MT4's robot platform.

...........................

Have you checked out the Profit Farm system yet? This is a very good system and something I have always used in combination with other analysis. The 10 period moving average has always been one of my favorite short term trend signals. However, it needs to be used with a bit if discretion to be consistantly successful.

If your going to swing trade you will have to decide what swing trading means to you first. Is it a trading style, targeting reversals for swings across a range or channel, or with a trend? Or, is it a time frame, targeting 2-10 day trend trades, entering out of consolidation, or following reversals? Or a bit of both or either?

Learn to understand how price moves in trends and channels, and between support and resistance. Learn to recognize basic chart patterns that constantly repeat, particularly consolidation patterns, as these make easy entry targets, also the triangles that are created between a longer trend line and a correction within it, and the long wedges that form as a trend weakens.

Also, learn the basic reversal candle formations, Hammer and Shooting Star, Dragonfly and Gravestone doji's, and Engulfing Candles. These are the most important and reliable candles, but only when they form at the end of moves, off of obvious support or resistance. These can often give you a leading indication to a new move. Chart Analysis - ChartSchool - StockCharts.com

Other indicators like moving average crosses, or any oscillator are often great confirming signals, but often too late to use for entries or exits. However, they're great for confirming an existing move, and determing the strength of a trend.

Learn to think in terms of looking for trades, long off of support, and short off of resistance, and entries out of consolidations.

One of the safest things you can do is to wait for price to break out of a pattern on a longer time frame, 4H and Daily, and target the first pullback to test support or resistance. You can also do this on any shorter time frame, but there are more false signals.

Also, consider a membership in Forex Mentor Pro, even for just a month or two so you can watch all their videos. Read the reviews on this site, and check what they have to offer.

Welcome To Forex Mentor Pro!

hello Ken, thanks for clarification. Just interested to understand types of order that able to carry out other than MT4 since you've mentioned that "you can use order types that are not available on MetaTrader. "
I am looking into e-book upload by Dirk. Should I read Profit farm first?I choose swing trading style due to I'm not able to monitor market for whole day since I am a full time employee.
Other than lagging indicator, do you know which 1 is not?

 

[tipuwang]

eurjpy 35pips

 

[Dirk58]

nice

EURJPY trade with 26

pips....

 

[tipuwang]

Me got 35pips

 

[Dirk58]

up and down...

bad EURCHF trade today
92.9

pips

 

[Engineer]

Hedging

Hello,
For those of us who are trading in the US, we are no longer able to hedge our trades. As I have a few EAs that are trading at the same time (MD and Hippo, for example) it is possible for one EA to be long the EURUSD and the other to be short the EURUSD. This is considered hedging and the second trade will not execute.

For those in this position, how have you gotten around it? All I can think to do is open two accounts, one long and one short. I don't like this idea as it will tie up capital, but I'm not sure what else to do. Any suggestions?

 

[Dirk58]

The H went feedin again...

GBPUSD 22.5

pips .....
EURUSD 23.9

pips .....

update:
another quickie GBPUSD 22.5

pips .....

 

[Dirk58]

Gbpusd

from yesterday noon still open..........
last one for this week because of no trading at Fridays. If this trade will go green The H almost recovered from the bad EURCHF trade.....
have a nice weekend and
always good trading

update.. last GBPUSD trade from yesterday closed with 0.2

pips....

 

[tototruffa62]

Hello Ken

Thanks indeed for your hints: is Profit Farm just a manual system or includes any proprietary indicator ?

How do you rate the new Forex Triad 2.0 ?
Beside the usual hype, I found interesting in their ads such a combo of indicators for any market condition..

Yet unknown is the reliability of such "pattern recogniton" to fit the correct trade to the current situation..
?