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What is the best way to keep track of the market?

Discussion in 'General Forex Talk' started by ravidp, Nov 20, 2012.

  1. ravidp

    ravidp Recruit

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    What do you do when you recognized a trading opportunity that is about to happen?

    What is the best way to keep track of the market until the trade opportunity comes?
     
  2. dkami

    dkami Sergeant

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    There are hundreds if not thousands of FREE indicators out there that give SMS and email alerts so you can try search engines to find the indicator with SMS,email alert that you use in your system-strategy,if you have no joy you could pay someone to make what you are looking for or make your own if you are in the know

    Set limit orders

    But IMHO nothing compares to the old fashion way watching the screen until you get the confirmation you are looking for and enter @ market!
     
  3. ravidp

    ravidp Recruit

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    From what I understand the free stuff you are talking about is based on other people opinion/analysis.
    Like signals providers and EAs.

    I'm talking about my own trading strategy...

    Limit orders are a good start to what i'm talking about, but it is very limited to a specific quote

    If you are keep watching the screen, what do you do when you go to sleep ? or can't be near your computer?
     
  4. dkami

    dkami Sergeant

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    No,the Free indicators I am talking about are just that basically the same indicators you get standard on MT4 but have been customized and send SMS,email alerts and are not a signal provider or EA although some will place an order if you wish it to do so on say the MACD cross for eg.Horizontal alert lines,MA cross overs,TSI and MACD crossovers ect,ect,ect

    If you mist a trade because you are asleep there will always be another trade
    EMA cross.
     
  5. Pharaoh

    Pharaoh Colonel

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    If you trade 100% manually, you'll have to sleep. If your system requires evaluation at a certain price level, MT4 lets you set up audible alerts when price reaches certain levels. If it's more complex, you could get a custom indicator designed to give you an audible alert when certain conditions happen.

    Personally, I recommend against waking up at 3 am to make trading decisions. Mistakes are MUCH more likely to happen.

    Then again, an audible alert for possible trade setups in the daytime use is good. That way you can step away from your computer for a few minutes without worrying about missing something.
     
  6. ravidp

    ravidp Recruit

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    Thanks for the help so far.

    dkami, I'm guessing you are familiar with mq4. can you direct me to how to use those indicators?
    What can I do with price crossing resistance lines that i'm drawing?

    Pharaoh, I wish to use resistance lines (not necessary horizontal lines) along with indicators. that means that I need to constantly create new custom indicators

    I gave the sleeping as an example (I like my sleeping very much) to a situation I can't be near the trading platform and using mobile is very comfortable to me.

    Does any one else feel the same problem i'm describing?
     
  7. Pharaoh

    Pharaoh Colonel

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    Sounds like what you need is email or sms notification from your indicators when a potential trade setup is imminent.
     
  8. ravidp

    ravidp Recruit

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    yes.
    that is exactly what I need.
    Am I the only one who think in that direction? if so, how do you guys cope with that problem?
     
  9. Mr. Euro

    Mr. Euro Private

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    I used to trade with indicators like RSI, Bollinger Band, SMA, but i love to used automated trading signal system which is really handy. Almost all professional traders are using these type of systems.
     
  10. dkami

    dkami Sergeant

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    Whatever the indicators you are currently using for your strategy there will be more than likely already be a custom indicators made that is exactly the same but has alerts built in,like I said in my first reply there are thousand of these free custom indicators out there!

    This is why I suggest to use google to find the custom indicator you are looking for!
     

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