This is not a get rich quick scheme but patience and hard work
How to make the FX into a fulltime living. Before you do this please learn how to play first. 25 pips per day can sometimes be a dog fight to get. This will require a principal of $500 to $1000 to start but you must know how to play first.
1. 10K units=$264 principal at 25 pips per day for a month=$500 per month. Do this for 2 months straight from say Jan-Feb
END OF 2 MONTHS PROFIT=$1000
2. 30K units=$794 principal at 25 pips per day for a month=$1500 per month. Do this for 2 months straight from March-April
END OF 2 MONTHS PROFIT=$3000+$1000=$4000 TOTAL PROFIT
3. 60K units=$1590 principal at 25 pips per day for a month=$3000 per month. Do this for 2 months from May-June
END OF MONTHS PROFIT=$6000+$4000=$10,000 TOTAL PROFIT
4. 80K units=$2120 principal at 25 pips per day for a month=$4000 per month. Do this for 2 months from July-Aug
END OF MONTHS PROFIT=$8000+$10,000=$18,000 TOTAL PROFIT
5. 100K units=$2650 principal at 25 pips per day for a month=$5000 per month. Do this for 2 months from Sept-Oct
END OF MONTHS PROFIT=$10,000+$18,000=$28,000 TOTAL PROFIT
6. 150K units=$3975 principal at 25 pips per day for a month=$7500 per month. Do this for next 2 months Nov-Dec
END OF MONTHS TOTAL PROFIT=$15,000+$28,000=$43,000 TOTAL PROFIT IN A YEAR AT 25 PIPS PER DAY
7. In Jan next year you can use 200K units for 10K per month to get $120K per year. From there you can even go higher if you want to. Slow and steady wins the race. 200K units is only $5300 principal.
FOREX TRADING The Major Currencies
This Section Is Devoted Exclusively To FOREX Related Info To Try To Better Equip You In The Exciting And Lucrative World Of FOREX
FOREX Correlations Table
Link to some excellent FOREX Webinars
Major Currency Index Charts
$USD=US Dollar chart http://stockcharts.com/h-sc/ui?s=$USD&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152351
$XJY=Japanese Yen chart http://stockcharts.com/h-sc/ui?s=$XJY&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152396
$XBP=Pound chart http://stockcharts.com/h-sc/ui?s=$XBP&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152405
$CDW=Canadian Dollar chart http://stockcharts.com/h-sc/ui?s=$CDW&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152434
$XAD=Australian Dollar chart http://stockcharts.com/h-sc/ui?s=$XAD&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152468
$NZD=New Zealand Dollar chart http://stockcharts.com/h-sc/ui?s=$NZD&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152472
$XEU=Euro chart http://stockcharts.com/h-sc/ui?s=$XEU&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152476
$XSF=Swiss Franc chart http://stockcharts.com/h-sc/ui?s=$XSF&p=D&yr=0&mn=4&dy=3&id=p94889101590&a=123152485
USD Index Intraday Chart - compliments of Idzi
Gold Bullion Prices...
An overview of the Forex market
The Forex market is a non-stop cash market where currencies of nations are traded, typically via brokers. Foreign currencies are constantly and simultaneously bought and sold across local and global markets and traders' investments increase or decrease in value based upon currency movements. Foreign exchange market conditions can change at any time in response to real-time events.
The main enticements of currency dealing to private investors and attractions for short-term Forex trading are:
24-hour trading, 5 days a week with non-stop access to global Forex dealers.
An enormous liquid market making it easy to trade most currencies.
Volatile markets offering profit opportunities.
Standard instruments for controlling risk exposure.
The ability to profit in rising or falling markets.
Leveraged trading with low margin requirements.
Many options for zero commission trading.
The investor's goal in Forex trading is to profit from foreign currency movements. Forex trading or currency trading is always done in currency pairs. For example, the exchange rate of EUR/USD on Aug 26th, 2003 was 1.0857. This number is also referred to as a "Forex rate" or just "rate" for short. If the investor had bought 1000 euros on that date, he would have paid 1085.70 U.S. dollars. One year later, the Forex rate was 1.2083, which means that the value of the euro (the numerator of the EUR/USD ratio) increased in relation to the U.S. dollar. The investor could now sell the 1000 euros in order to receive 1208.30 dollars. Therefore, the investor would have USD 122.60 more than what he had started one year earlier. However, to know if the investor made a good investment, one needs to compare this investment option to alternative investments. At the very minimum, the return on investment (ROI) should be compared to the return on a "risk-free" investment. One example of a risk-free investment is long-term U.S. government bonds since there is practically no chance for a default, i.e. the U.S. government going bankrupt or being unable or unwilling to pay its debt obligation.
When trading currencies, trade only when you expect the currency you are buying to increase in value relative to the currency you are selling. If the currency you are buying does increase in value, you must sell back the other currency in order to lock in a profit. An open trade (also called an open position) is a trade in which a trader has bought or sold a particular currency pair and has not yet sold or bought back the equivalent amount to close the position.
However, it is estimated that anywhere from 70%-90% of the FX market is speculative. In other words, the person or institution that bought or sold the currency has no plan to actually take delivery of the currency in the end; rather, they were solely speculating on the movement of that particular currency.
Java Scripting Tune Up Link
This info is compliments of IRISHBULL ...it helps to speed up memory hungry applications using JAVA
FOREX NEWS ...LINKS TO LATEST FOREX NEWS
Jump Start For FOREX Traders
In this section we will give some basic information on FOREX in an attempt to get you up and running quickly in trading FOREX and will suggest steps to take and links/web sites to use for info and study.
1)Open a practice account with Oanda.com
2)Let us help you in setting up your chart(s) and acclimating you to the trading platform
Note: I suggest Oanda because the charting is excellent,the platform is easily understood with respect to trading and is flexible allowing you to trade any size you want whereas most plaforms force
you to trade only a massive..preset..trade size.Also the demo account with Oanda is permanent but the demos with most expire in only 30 days.
3)Ask any questions you have at this point and please interact freely on the board so you can eliminate months of trial and error by gleaning information from our successful traders here in the Green Room.
4)Trade..Trade...Trade...Trade..Trade..!You will find the trading fun and exciting but mainly you begin to get a solid feel for how FOREX ebbs and flows.You will get a feel for true Momentum Trading at its best!
5)Begin to develop your own individual chart setup and your own individual trading style.
6)In your free time visit sites like babypips.com robbooker.com piptopia.com dailyfx.com fxstreet.com profittingwithforex.com and learn what the driving forces are in the FOREX market as well as a complete education on the fundamental
and basic view of FOREX trading.The technicals I feel we can easily provide until you get wings and fly from our nest.
7)Set your goal to a minimum of 80% success rate on your practice trading and by the way...try to treat your practice account as if it were real money.You might want to reduce the play money to no more than
you would start with in a real account and trade fairly small sizes to force you to make every bullet count.
8)Once you have a rock solid 80% or better on your profitable trades then raise the bar!!Shoot for 100% profitable trades!That sounds lofty but I know it almost a possibility if your techs and full understanding
are what they should be!
Note: A profitable trade is where you have a profit of only 50 cents..or 50 dollars...the issue is not the amount gained..just that you go in the black!We cannot truly be 100% but it can be achieved for days on end..
I say that..because I do that!If you reach this pinnacle then open a real account and trade VERY small sizes.If your success rate is the same then great...If not..Then its time to whip yourself...Not FOREX...
Because at this point you already have FOREX whipped!...The only thing that now stands in your way is your emotions!Learn to trade with icewater in your veins...absolutely NO EMOTIONS!...Just do what
you have already learned to do and execute your trades according to your training!If you cannot..then get back to practice and get it right!
This section should get you started very nicely in trading FOREX..I strongly suggest you go to babypips.com and click on "school" and follow that through to graduation.Its excellent!!
If you have ANY questions please feel free to ask ..I am always very busy but never too busy to help in any way I can as quickly as I can...Simplegreen
The Major FOREX Pairs
Currency pairs found on Forex.com for trading/The first part of symbol is called the BASE CURRENCY.The currency pairs are expressed with a base currency as the first part of the pair,followed by the quote currency.(For Example,USD/JPY would be the US Dollar as the base against the Japanese Yen as the quote.)
USD/JPY=US Dollar/Japanese Yen
AUD/USD=Australian Dollar/US Dollar
USD/CAD=US Dollar/Canadian Dollar
NZD/USD=New Zealand Dollar/US Dollar
AUD/CAD=Aussie Dollar/Canadian Dollar
AUD/NZD=Aussie Dollar/New Zealand Dollar
FOREX CALENDAR OF EVENTS
Link To USD Index Intraday Data..Delayed 30 minutes compliments of gitonwithit
Link to informedtrades.com ..compliments of omar..,Good Site IMO
Link To pennies2007 Method For Finding Pivot Points On FOREX Pairs
Some Very Informative Links Provided by stargate
Link to an amazing amount of MT4 indicator downloads compliments of live2trade
Link To pennies2007 Original Post Detailing His Momentum Candle Setup..Izza Dandy!!
a lot of work and effort is being put forth by pennies2007...bioscript...breen12 and gitonwithit
to bring about even greater predictive power to our trading and analysis by using Elliot Waves
We encourage everyone to learn and apply ELLIOT WAVE THEORY..it can be truly amazing!
Link to pdf file for indepth teaching on Elliot Wave Theory
CHART SCHOOL 101 According To Simplegreen
DUAL QUAD TUNNEL CHART SETUP BY SIMPLEGREEN
Here is a post to a detailed way I trade http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37074251
How to better read trends http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37247267
_____________________________**STI(2,5) Tehnical Indicator Details**
ATTENTION BOARD:SA and I have agreed to and have decided to formally introduce all here to a technical indicator that I designed and lately some may have been noticing on my charts...we call it "Simplegreen Technical Indicator" and will refer to it as simply STI(2/5) or STI(6/14).The 2 versions are necessary IMO since the 2/5 shows "anticipated" PPS rise/fall short term whereas the 6/14 though not fully tested should give "anticipated" PPS rise/fall longer term...continuation.I have been using this quietly in the background since I developed it and have had excellent results even in a crashing market.It works exceptionally well on daytrades as well using the 2/5 period version on a 2 day daychart and 10 minute setting.Bottom reversals to peaks are easy enough for a novice to trade by IMO and I have seen real success in using it.The beauty of this indicator is easily seen by chart examples as I will soon show.This thing shows a buy trigger BEFORE the PPS rises...not AFTER it rises as in conventional indicator analysis.I also will be building scans specifically to glean the best prospects using the STI(2/5) and STI(6/14).This post is the first to introduce you to it with others to follow.In my next post I will put up a chart with annotations for the purpose of demonstration.A careful study and full understanding of the indicator is imperative to weed the false signals from true anticipated run signals.
This is a set of instructions to use for the overlay setup.Do this for both the STI(2/5) and the STI(6,14).
Set up your chart just like mine with RSI(5) first and select green for color..then below it add RSI(2) ..select red for color...then on RSI(2) on "position" select "behind indicator".Its a piece of cake!I stumbled across this idea some time back in trying to find entry point before PPS rise not after.I'm not greedy...I just want the WHOLE RUN..not just part of it(LOL)....Sharp rises can have early reversal and failures but a smooth rounded rise to trigger is very effective for prediction and you will also find strongest runs follow a depth from below 30 RSIs.The deeper the cut below 30 brings more powerful moves up from bottoms.Also there is a secondary buy trigger as RSI(5) remains bullish and approaches 70..THAT is where some serious PPS moves are found!
Any questions..feel free to ask
Here is a link to an explanation of the technical indicators used on charts ..if terms confuse you then simply use this link for a quick explanation of that particular indicator...I suggest that you add this to favorite links as well
Stockfetcher has absolutely no equal when it comes to scanning for your next big play and I use Fetcher exclusively for scanning..it is phenominal..TRY IT!!Strongly Suggested!!
Disclaimer:All information posted by me or others on this board is opinion and I will make no claims or guarantees as to the success you may have in utilizing my personal methodology.What works well for some is a losing proposition for others.I do not intend to "pump" any stock here but rather will try to at all times find new plays that are successful for me with the intent of having uptrending stocks giving consistant profits and letting others see what I am doing.Please at all times do your own DD and make your own decisions.....Simple
Simple's Trading Methods Part1
Here is where we roll up sleeves and get to work!!This series will be quite long so monitor the board from time to time for all of this training series...
Assume first off that your account is very small and you have ..let's say $2500 cash just $500 more than needed for margin privileges(BTW I do not recommend actually using margin) Ok..you have no stock and $2500 cash so with this limitation 2 things are a MUST..EVERY BULLET MUST COUNT and PATIENCE is cultivated in your brain.At this point I will say that this is the way I treat my account even now...as if I only had that $2500 !!Burn this into your thinking and you will reduce your bad trades and losses dramatically.It is very rare that I take a loss of any significance and the percentage of bad trades I make is very low.Even Warren Buffet once said about 1 out of 8 calls turn out to be good calls and I certainly do a lot better than that but it is only because I have myself brainwashed into being "hungry" on every trade.The greed factor that Dspetry posted about is also cured by this type of thinking...If you are "hungry" you will take profits at a good profit point and not look back..you are just happy to add to that $2500 portfolio value that you started that trade with!This type of thinking IS IMPERATIVE to me and I WILL NEVER.. NOT be hungry in my trading again.When I first started years ago with $4000 I did quite well til I got up to around $11,000 I would start to backpeddle.After a few cycles of this I realized I was the problem because I was no longer "hungry" and would start getting sloppy,greedy and would make mistakes.I DO NOT, on the other hand trade to make money ,I trade to TRADE WELL! If I have made a good well planned trade in both the buying and the selling then the money is a byproduct of that trade.Read this area repeatedly and practice it religiously and it will serve you well...it has me.
Now I will talk about the greed factor a little more.When I determine an entry point for any stock that I intend to buy then next I must ask myself how large a position will I take.Lets say I want 50,000 shs of a stock trading at .08.Once I make that firm determination and feel it is a good entry point then I buy but only 25,000 shs which is 1/2 the shares I had decided on!Why do I do that?The reason is that if you think about it many of the problems that traders have is being too high on their entry whether thru getting caught up in a MOMO play near the high end or simply miscalculating the Market Makers intent and the MMs set the bid/ask not the traders...IOW traders may want to move it up and MMs want to open a spread and walk it down to serve their needs and you bought too high tho it seemed a good call.If you follow my method you can turn loss into profit due to the fact that you have less leverage if it goes up but you have only 1/2 the leverage against you if it goes down instead plus you have the liquity to at least break even and pull out or more often you can pick up enough shares as it bottoms too have leverage to profit on a trade that could have been a loss.Bear in mind one other fact...fewer shares mean less leverage for profit or loss but also the way I operate is usually in much more conservative position sizes so that I can move into a stock and out of a stock with relative ease!Watch how MMs like Goldman Sachs (GSCO)work...studying GSCO methods on Level II several years ago caused me to develop this style of trading that allows me to be somewhat invisible in the market but compound my profits easily without the dangers that come from trying to make a killing.If all were trading like this then it would seriously reduce the selling pressure on a perfectly good play.Huge positions tend to be counterproductive to my efforts if I am still in and momentum is gone.Trying to make a killing many times result in loss.I try to simply make a good trade that is profitable and money compounds quite easily._
**New Elliott Wave Trading Website**
Several of us who trade using EW theory have gotten together and created a website dedicated exclusively to wave theory trading. The website is still under construction but we post
our charts and our trade ideas with specifics including entries, exits, and TP levels. Just click on the Analysis tab to view trades past and present. Each chart is listed on the calendar
for each pair in play. To view details about the trade itself, click on the Trades tab at the top of the screen.
Vist us at http://www.ewtrader.com