Newbie Question

aubie

Recruit
Messages
3
I am new to FOREX trading and was researching charts of different instruments as well as FOREX. I noticed that when looking at historical charts every instrument had an opening price, daily/hourly high/low, and a closing price. Every day/hour the daily/hourly high was at least one pip above the opening price. It seems to me that there should be a bot of some sort that could buy the instrument at the opening price and then place a sell order when the instrument goes above the opening price. Would this be possible. Is there such a bot that can accomplish this. Remember I am new at this, and like most other people am trying to find an angle, if one exists. Thanks for your help.
 

f-man

4Xangels Representative
Messages
762
Why don't you try it manually first. Then you can see the pros and cons.
It sounds quite simple, so you can have someone program it for you.
 

downtrend

Sergeant
Messages
872
By looking history, you cannot say for sure it will repeat with exact pattern. If a price has gone up after a close on a particular day, it can go down after the next close. So its not a good strategy to follow.
 

s.erfolg

Private, 1st Class
Messages
53
aubie, I think that if the manual does not help, you can contact the broker’s Help Desk service and ask him about the possibility of setting up under you exactly what you need. Otherwise you can always turn to the familiar programmer or freelancer for which it is not that difficult, I am sure
 

EuroTrader

Sergeant Major
Messages
1,041
By looking history, you cannot say for sure it will repeat with exact pattern. If a price has gone up after a close on a particular day, it can go down after the next close. So its not a good strategy to follow.
Yes it does happen most of the times when we are looking to see an uptrend in the currency we are trading a sudden fall occurs and thus it wipes out our profits :(
 

Pharaoh

Colonel
Messages
19,777
At first glance, it is a brilliant idea.

Here's one critical issue. Most brokers either have spread above 1 pip or else the commission ads the equivalent to the spread to push it above 1 pip. So, the hypothetical "open when candle opens and grab that 1 pip" plan would be killed by spread (or spread plus commission).

Even if it was 5 pips instead of 1, some of the objections above would still apply. Price could drip 100 pips and then come up to give the 5 pips. Can your account handle that? How about if it's one of those rare candles where the opening is the high and price skydives well over 100 pips. If you set a Stoploss, you could save yourself from total disaster, but would lose all the times where price fell past than point and then recovered.

Still, don't be discouraged. All new traders who look hard see "amazing opportunities". On very rare occasions, one of those opportunities can be made to work.
 

downtrend

Sergeant
Messages
872
As the time passes, you will realize that this method is not possible to trade for long. Forex is random, anything, any move can happen any time so go for more realistic approaches for trading.
 

EuroTrader

Sergeant Major
Messages
1,041
As the time passes, you will realize that this method is not possible to trade for long. Forex is random, anything, any move can happen any time so go for more realistic approaches for trading.
I would agree with this fact that trading in the Forex markets is being considered to be very risky and so we should try to do our trading with a bit of caution here so that we can remain as safe traders :D
 

EURUSD

Sergeant Major
Messages
1,133
I would agree with this fact that trading in the Forex markets is being considered to be very risky and so we should try to do our trading with a bit of caution here so that we can remain as safe traders :D
I think so many trader on the world also will agree if forex is risky business, if anyone they get offer that very promising result, don't trust in hundred percent, might they only want to take our money :D
 

EuroTrader

Sergeant Major
Messages
1,041
I think so many trader on the world also will agree if forex is risky business, if anyone they get offer that very promising result, don't trust in hundred percent, might they only want to take our money :D
In the Forex trading business if we will remain careful then our trading risks will keep coming down and we would be able to get more profits easily :)
 
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