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Your Single Best Piece of Advice

Discussion in 'Beginners Bootcamp' started by Anita V, May 2, 2011.

  1. Anita V

    Anita V Private

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    Iono... if you're still out there.... could you explain to me how exactly the fibo-grid tool is tracing the support and resistance levels for me? I got it working but i'd like to understand it better before I put my faith on it. Do you have a link where I could read up on it perhaps?

    Thanks!
     
  2. Anita V

    Anita V Private

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    Anyone else know how it works for that matter? I would like to know how it traces the support and resistance levels to see if I should actually base my decisions on it or use another more popular tool(psychological levels?).

    Thanks in advance!
     
  3. Iono

    Iono Recruit

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    Please see the attached chart, The fibo indicator is calculated (I assume) using a variation of the fib calculation, I've used the MT4 Fib tool and drew from a high (consolidation) to the low on a 4 hr chart, I then added some psych levels, you can see that psych levels are subjective (all and all close to each other)...hope this helps, many people will only trade using the psych levels and breakouts or using the fib tool provided in MT4...I just started using the Fibo indicator a few weeks ago, not to bad I've found the Pivot point to be very accurate and a great place to look at either for breakout trading, or as a magnet back to the pivot, or for looking at the daily range and then making a decision on what to do best.

    There are tools on the web that show you how a pivot/support and resistance is calculated check out my site it has links to various places pipmaker.com
     

    Attached Files:

  4. Iono

    Iono Recruit

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    #24 Iono, May 14, 2011
    Last edited: May 15, 2011
  5. Pharaoh

    Pharaoh Colonel

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  6. Anita V

    Anita V Private

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    I will definitely be reading chapter 8 as I think S & R are very important. I played around with the fibo-grid and fib level. They do seem to be based on the same calculations but I can't figure out exactly how it works. Thanks for the help Iono. I do like Gartley Patterns as well but I haven't developed the eye to spot them yet. I think I'm still trading in too short a TF I can't pick that out yet...

    Thanks guys!
     
  7. John P

    John P Private

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    My single best piece of advice would be to keep it simple. Learn to trade with the natural price action of a chart instead of numerous lagging (and confusing) indicators. No matter how much hype or how awesome some Forex trading "system" sounds, its almost always better to just learn classic price action trading on a stripped down price chart.
     
  8. Dejvice

    Dejvice Recruit

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    Newbie

    Hi all

    similarly to the person who started the topic....I have a few questions.

    1. Have many of you made money on trading forex - and how long are you doing it?
    2. What do you consider a decent profit margin?
    3. What do you leverage - 20, 30, 40, 50?


    I have been "training" on Onada.com (what other platforms can you recommend?) the last week or so..primarily on EUR/USD. I leveraged high and traded long and short..... looking at 100 - 200 Eur profit each trade - and closing postion promptly with finder on he button ready to submit, got lucky I guess, but 3 times it took about 3 or 4 hours for the trade to turn around. After training for a week I am up 2000 EUR simply on EUR/USD. Concerned that if I go live I will be slaughtered. Looking at investing 15 to 20k EUR - not my life savings.

    Please apart from the good advice herein sofar presented, how did users here on this forum step up to the plate and make that first live trade? How many of you lost so far, how many of you make money from it, how many of you trade on 2 to 5 pips with high leverage - up to 1,000,000 EUR?

    Just to let you know I got slaughtered on Moodys announcement about US Debt and also US non farm this evening - the loss from Non Farm cost me dearly.

    Thanx to all and an excellent forum!
     
  9. Romeo

    Romeo Sergeant

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    MT4 is the most common platform to trade Forex.
    Your whole experience is one week trading? How do you decide, when to buy or sell? Do you use some kind of indicators?

    Most important is to have a clear trading system in your head before going live. Money management must also be very clear before going live.
    Once you clear those issues in your head start with micro lots and increase capital and lot size.
     
  10. Dejvice

    Dejvice Recruit

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    Thanks for the heads up on MT4 - I will check it out.

    Yes I have been trading since end of May - EUR/USD.
    The indicators I have been using include RSI at default and BB.
    As regards clear trading system - for instance today I did not trade because of ECB today and Greece yesterday - so I'm staying away today - tempted to short the EUR but its a Friday. However, yesterday once I heard the news about Greece - I went short and long EUR for about an hour, each position open about a 1 to 2 mins - profited on 6 trades - but since that stepped back.

    My 30 K EUR demo account is now up 6.9K - however since starting 2 trades were left hanging for a day or two and "luckily" the market turned in my favour overnight and resulted in a good profit - I doubt I would have the nerve to that with a live account - so real profit from my demo trade account is about 4.5k
     

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