Day Traders - Forex Market

[Rooki3]

AHHHHHHH BoiIIIII, i could pull my hair out

[MG Man]

that sound like SERIOUS presha man

[AllTrac]

presha and stress

[MG Man]

just made US$180 on the CAD against the USD

[mitsutt]

^^ post a link. interested.

[MG Man]

anybody watch the USDCAD in the past hour or so?
wtf
Scalpin the retracement now.............hope it really is a retracement

[AbstractPoetic]

Duane,
I am a broker have been since 1994

Abstract Poet
What are your reviews on Benjamin Graham?


BG is accepted as the Ghandi of Fundamental Analysis.
I think he s a cool guy

Now to try and answer what I think was your Q.
Fundamental Analysis is a method of analyzing the business performance of a company and using this analysis to establish a fair market value for a stock,market or a Trekkie uniform.
THe Balance Sheet,Income statement,Earnings per Share,The Economic figures and the level of the sector and market in general are all inputs into the equation.

The difficulty is that the (any) market is a beauty contest.With the difference being that instead of picking the woman(stock) you think is prettiest,you have to pick the one you think EVERYBODY else will pick.
With the advent of the internet and the neccessary technology ACCESS to the market was what I called democratized -no longer were Lehman,DLJ,Merril Sachs, MSDW, and other full service brokers the gate keepers.And therefore the analysis put out by these firms was given less of a chance to be used in the decision tree.
So the market began trading differently - and the relevance of the Fundamentals of a co began to decline. It did not help that this coincided with the internet bubble.

Tech Anal is the study of prices-something everybody had access to.
So a larger % of participants began using the price action to inform their decisions.

Now here is the mind fack-IF you believe the markets are in fact efficient(I think largely they are) and all published information on a co is therefore reflected in the price. And the price is the only indicator of the market value of a stock at a point in time.Then if you study price action are you not already taking the fundamentals into account????


Fundamentals will tell you WHAT to buy
Technical Analysis tells you when to buy.


Any advice on some of the best brokerage firms out there with low annual fees? Any reviews on Vanguard?


There is in fact little options down here re brokers.
WISE provides some access to the international markets.

The best brokerage firms lose money too.
The important issue is to find yourself an advisor. Ive never seen any body go broke paying a commission.

Pick someone that you respect, and ask them for an intro.
That way you carry the referrers weight and the advisor wouldnt fack around.

Vanguard rode the wave on passive investing -something that will be has come out of vogue as people realize that they have made no money in any index fund for the last 10 years.
Thats why the best thing you can do is to get disciplined and know your sheit-so that when fads come and go you can still have some ideas of your own.

Hope this helps

Later

THANKS REDMAN!!!!!!!!!!!!!

I've already started Benjamin and am in the process of getting the other study material (re technical analysis).

Trading is truly a learned art!

Again, many thanks for sharing your expertise with us. It's been invaluable.

[MG Man]

17 pips on the AUD @ US10 a pip and 13 pips on the CAD @ US$10 a pip
scalping FTW

[Rooki3]

^^ show off

[MG Man]

yeah yeah ah hadda pay off what ah lose on de AUD yesterday
one stynkin trade wipe meh off for de whole day
meh

[Tile Expression Ltd.]

I have traded on the Forex market over the last year. I've never went for any training courses i've just downloaded a couple books online and read them.
I use FXCM to trade and its quite straight forward. you must remember a few things though.

1. Don't EVER try to be greedy. Do not think if u make $100USD in a hour u can make a few thousand in a day. Always set a specific goal, something realistic and STICK TO IT.

2. Don't ever enter a trade without doing proper research into the economy of the market u are trading. I fine the USD/EUR the most effective market to trade in.

3. DO NOT EVER THINk you can turn $1000USD into $100,000USD in a short space of time. Trading forex is a great deal of risk involved. You can lose your money in the blink of an eye.

4. Use a Demo account for atleast a month or two before actually entered the market yourself. This way you will get an feel of how the market works and you will be in a better position to trade. The best times to trade are very early in the morning. This is when both London & New York markets are open together. After 11am the market is dead. So please pay close attention.

Nearly any forex trader will tell you these points. The market has great potentional. but do not think you can quit your job to just stay home trade on the forex market and get rich. its not that simple. and if you lose money don't let that stop you.

Any successful forex trader will also tell you that they have lost alot of money when they now started. Its a learning process. Just keep up to date with your business news. Watch alot of Bloomberg, read financial news for tips & major annoucments which greatly affect the market.

I have traded alot over the last year. So any question feel free to ask. I'm always willing to help out a fellow trader.

[MG Man]

^^^^good info man
This is DEFINITELY not a quick money thing
and I agree...if u make US$100 in a 10 min scalp, it does not mean u goin and make 1k in a day
get glad and u will lose...

[Redman]

Of course EVERYBODY gets greedy. And it will be expensive.

And remember this time IS NOT different.

MG You buy a new suit yet?


Later

[ase_tt]

yea....but how to yall get yur cash in hand..from yur earnings?

[Redman]

Gentlemen, and MG

ALL markets move in cycles.

All markets also have periods when the amount of noise and volatility its best to preserve capital and make small bets.

AND times when you can bet and make a killing.

Your needs and desires dont matter and therefore you have to remove YOUR emotions and try to see the market as is.
ALL the time.

And all is absolute.

ase- its a matter of sacrificing and building-you can serve only 1 master.
We all do what we deem to be important-250,000 car or take a 100,000 car and work the rest.

and if you do it right you will build yourself so that you have experience and assets to leverage BOTH into some real money.

And fellas remember this ...if and when you make some take some off the table. The point here is to increase your net worth. And that cant happen overnight
So you double your money pull 75% of the profits and diversify AWAY from the market.-pay down on land , a house etc, pay off some debt.

The markets and casinos are full of people that give it ALL back....and all IS absolute.

This IS a place where a few of the players make it.
Most dont.

As your success grows so will your ego- the market will correct that.
You determine how much it will cost.

Later

[Lance]

Gentlemen, and MG

ALL markets move in cycles.

All markets also have periods when the amount of noise and volatility its best to preserve capital and make small bets.

AND times when you can bet and make a killing.

Your needs and desires dont matter and therefore you have to remove YOUR emotions and try to see the market as is.
ALL the time.

And all is absolute.

ase- its a matter of sacrificing and building-you can serve only 1 master.
We all do what we deem to be important-250,000 car or take a 100,000 car and work the rest.

and if you do it right you will build yourself so that you have experience and assets to leverage BOTH into some real money.

And fellas remember this ...if and when you make some take some off the table. The point here is to increase your net worth. And that cant happen overnight
So you double your money pull 75% of the profits and diversify AWAY from the market.-pay down on land , a house etc, pay off some debt.

The markets and casinos are full of people that give it ALL back....and all IS absolute.

This IS a place where a few of the players make it.
Most dont.

As your success grows so will your ego- the market will correct that.
You determine how much it will cost.

Later

Lessons for Life.

[MG Man]

Of course EVERYBODY gets greedy. And it will be expensive.

And remember this time IS NOT different.

MG You buy a new suit yet?


Later

I stop buyin suits...belly keep growing

[MG Man]

anybody trade this week?
GBP trendin nice these last few days

[Redman]

I bought some leaps on GLD- out to 2012 @170.

well I averaged down.

And I closed earlier lower strike 2011 s @120.

Later

[MG Man]

dude...............I nowhere near your level
I just scalping lil ren pips here and there when the market moves and retraces.
Don't have the equity yet to hold positions.....but hopefully by next year I will

[Redman]

Same thing MG I just trade a 10-20 times a year.
Less stress.

But thats just my opinion.


Later

[AbstractPoetic]

Gentlemen, and MG

ALL markets move in cycles.

All markets also have periods when the amount of noise and volatility its best to preserve capital and make small bets.

AND times when you can bet and make a killing.

Your needs and desires dont matter and therefore you have to remove YOUR emotions and try to see the market as is.
ALL the time.

And all is absolute.

ase- its a matter of sacrificing and building-you can serve only 1 master.
We all do what we deem to be important-250,000 car or take a 100,000 car and work the rest.

and if you do it right you will build yourself so that you have experience and assets to leverage BOTH into some real money.

And fellas remember this ...if and when you make some take some off the table. The point here is to increase your net worth. And that cant happen overnight
So you double your money pull 75% of the profits and diversify AWAY from the market.-pay down on land , a house etc, pay off some debt.

The markets and casinos are full of people that give it ALL back....and all IS absolute.

This IS a place where a few of the players make it.
Most dont.

As your success grows so will your ego- the market will correct that.
You determine how much it will cost.

Later

Love the advice especially the bolded part and by the way, its not only gentlemen in here eh.

[MG Man]

anybody tradin de GBP / USD?????
frickin 400 pips on one day
just scalped 65 before it retraced

[Redman]

I guess you all alone MG-

But I can tellya my average cost on the leaps is 6.7

I eh even open the account since last week.

Later

[MG Man]

waited for a clear signal and got in
rode it and got out before the close of the candle. Good thing to because it retraced before taking out the previous low. If I had waited to see if it would take out that low I would have made a lot less......

[Redman]

If you dont mind me asking MG -how much time you spend in front the screen-trading eh not surfing tuner and trekkie porn

Later

[MG Man]

If you dont mind me asking MG -how much time you spend in front the screen-trading eh not surfing tuner and trekkie porn

Later

first of all, it's Trekker............not trekkie
I have a laptop that I take everywhere. Work, home wherever....my charts are always up. I refer to them all day. When I have time I pop in the MTI CDs or look at their online vids and compare my analysis to what the MTI guys are saying.

Right now all I do is scalp the 10 min charts and look for entry points based on how the bigger time frames are looking.....I try to put the TV on Bloomberg as much as possible and go to sites like fxfactory and fxstreet to keep track of fundamental announcements.....at night when I'm home I usually trade till 1 - 2am

For the most part I scalp, so I look for entry points within consolidations, wait for trendline breaks etc. Right now I'm getting the best results from any currency that fits the score a point / pullback technique.....I use that and trendline / counter trendline breaks for my entry points most of the time

[Redman]

So ahm trekker how long is that??

Later

[MG Man]

bredz, I doh sit with a stopwatch and click how many minutes I spend staring at my trading screen
if you have something to ask, ask it................sheesh

[Redman]

Sorry - I thought I did.
Was passing through and really intended to add to the post.

Trying just for info sake what kinda time is dedicated to this thing.
This is important for any of us to know.
vs what is gained net after a period-a month a week etc.
Your time is worth something.

And most serious traders abstain from making decisions during market hours.
In order to get away from the emotional side of the issue.

Later