1KT Certified Forex Trader

[AncientLion]

When taking trades in forex, instead of target hunting, go for fib hunting.

Suppose your order entry price is 100, then your tp should be 121 and SL 79

That is 21 pips profit and 21 pips SL, this technique has worked amazingly well for me.

If you feel a move of 34 pips is possible then 134 and 66

and so on.

Try to keep expected profits and sl in symetry or in fib series number.

 

[rajsingh]

So that would mean we would have to have a w/l ratio of > 50% to be in the green . Right ?

 

[amarnath]

Amarnath....I would side with Shantanu compeletly.

I too am in Forex throught my life so far and have 12-years of expierence, however I am a toddler and still learning and fascinated by the market. The day you think that you are the only one to know about forex, you are gone. Markets always keeps on teaching.

Do you know that in 1975's...when ever there was global slowdown concerns, Yen used to be sold agressively as its dependent on Exports, while now it gains on back of risk aversion. Back then High rates currencies would be agressively sold, and inflation would be bad news for a currency. Now it is compeletly opposite..........I am still learning.....


JungleLion....Do you know that there is an Indian Fundamental analyst on Forex Factory? Have you read his posts? I think that they are very informative and amazing. I will PM you with his name tomorrow, as I dont seem to recall his name currently.

LOL i never said and i no were even remember exhibited in such fashion , This issue is how safe is IFBX and junglelions marketing tatatic to hunt for clients , i am no trader interested in talking about past history and geography of your trading or knowleadge, market is common place and common to every one and btw i know ppls who have more than 45+ yrs of trading experince and from top trading desk


Attention to all readers when i see problem with ibfx, i am just pointing our their and their's IB gurellia mkting tatics and imo no broker can be a good trader , they just count their pips as comission and really don't care and always know well and stance themselves as smartest one on earth

 

[AncientLion]

So that would mean we would have to have a w/l ratio of > 50% to be in the green . Right ?

it protect me from contingencies like sudden power cut and likewise when i cannot monitor my trades.

To get a better win ratio, just be careful with the entry.

 

[glamsham]

imo no broker can be a good trader , they just count their pips as comission and really don't care and always know well and stance themselves as smartest one on earth

I for one compeletly agree with you on this one.

Cheers!!!

 

[aroymkp]

Forex trading is legal in India. However as rupee is not yet fully convertible, there are some restrictions. At the retail level I think one cannot invest more than $25k per year in Forex. Other than that there are no restrictions at the retail level.

Think about this has the maximum you can lose in a year trading Forex from India....LOL...

So does it mean you can do margin trading?

 

[AncientLion]

Being a 1KT certified trader on forexfactory, it changed my whole outlook towards forex trading as such.

Normally, when we speak of trade signals, people say buy this or sell this but they never give the detailed analysis on why they think this might happen.

So, a newbie never gets to learn anything and is always dependent on signals frm others.

I personally feel that given the size of the forex markets, and the number of retail traders being peanuts compared to the size, where is the harm if we get togather and learn to trade the waves better, where is the harm in sharing knowledge.

A fist is more powerful than an open hand, it gives a better punch.

In the url below, not only the signal is discussed, but also the detailed chart analysis on why it might occur and to what extent a trade can be expected.

A detailed explanation of different curency pairs and ways to tame them are also discussed as and when we trade them.

http://www.**************.com/signals.asp

Added Live Trade Signals with chart analysis and with method explained in detail on how the signal was analyzed and why it will work.

This new method should in addition to giving signals, also help new traders, learn to read charts better and trade better.

 

[Arooba]

So does it mean you can do margin trading?

Good Question...I think the deal is that you cannot exchange more than 25k per year as a retail person...you need to be careful about this limit while doing margin trading...if as a result of margin calls you go over this amount..it might be a problem..

But think about it...India's problem today is rupee appreciation, not depreciation..so I wouldn't worry too much about the exchanging rupees for the moment...

 

[AncientLion]

Ant and the Grasshopper

The story of the ant and the grasshopper is perhaps pretty old, we have all heard it, but what is the relation in forex ??

Well the entire story applies fully well to fx.

Money Management & Consistency.

Lets take a story to explain this.

* Suppose someone started trading fx with an initial investment of $1000
* There are 20 trading days in a month [5 x 4 weeks]
* The person concentrates on earning just 50 pips in a day.
* Money Management says use the lowest possible margin to trade, so the person starts with 0.1 Lot which uses $100 margin on interbankfx servers at 1:100 leverage on GBP/JPY
* At 50 pips a day and $1 per pip, in a month he earns $1000


wow 100% returns

The grasshopper comes and says you are joking, this way you will be a billionaire in no time.

Month 1 : 100% $2000 balance
Month 2 : 100% $4000 balance
Month 3 : 100% $8000 balance
Month 4 : 100% $16,000 balance
Month 5 : 100% $32,000 balance

and so on

The ant says no, there is 1 more principle in trading and that is Consistency.

I started with 0.1 lot size and i will stick to 0.1 lot size only, and concentrate on 50 pips per day only

The ant says

Month 1 : Balance $1000 50 pips x 20 days 100% profit so end balance $2000
Month 2 : Balance $2000 50 pips x 20 days 50% profit so end balance $3000
Month 3 : Balance $3000 50 pips x 20 days 33% profit so end balance $4000
Month 4 : Balance $4000 50 pips x 20 days 25% profit so end balance $5000
Month 5 : Balance $5000 50 pips x 20 days 20% profit so end balance $6000
Month 6 : Balance $6000 50 pips x 20 days 17% profit so end balance $7000

So in 6 months I have got 700% account increase, or in other words my margin has gone from 1000 pips to 7000 pips, making my trades even safer each month.


Moral of the story:

Margin management and consistency pays more than you can imagine

Winter came the grasshopper vanished, the ant lived on ......

In trading I never bother what the grasshoppers say about me and my style of trading, i keep pipping

 

[AncientLion]

GJ is doing exact pattern trades as discussed here:

http://www.*****.com/resources/signals.asp