NO MANS LAND GUEST POST - great forex trading books

NO MANS LAND GUEST POST ~ great forex trading books

The No Mans Land Strategy is actually a very simple strategy.

It is based on Multiple Time Frames, Moving Averages (5 - 22 - 42) , and Pivot Points (for Support and Resistance), and I only run it on GBP.

The signal is generated from H4 Candle. I take the previous High + 10 pips ( you may use any number you like) + spread as a Buy Stop Order, while for the Sell Stop Order is previous Low - 10 pips.

Suppose I have a target 20 pips from my Buy Stop or Sell Stop Order. I then look to see whether there are some Support/Resistance or MA or Trendline Support/Resistance ahead to act as a barrier to the move I want to make. If there is, then I use the next S/R or MA or trendline S/R as a new point of calculation for my Buy Stop or Sell Stop Order. I repeat this step on the H4, H1, M30, M15 and M5.

Here is an example :
Prev High of H4 : 1.6300
Prev Low of H4 : 1.6250
Spread : 3 pips

Buy Stop order : 1.6300 + 10 + 3 = 1.6313 --> TP 20 pips = 1.6333
Sell Stop order : 1.6250 - 10 = 1.6240 --> TP 20 pips = 1.6220

I check my H4 Chart, to see if there is any resistance from 1.6313 to 1.6333, if not, then I go to my H1.
I continue repeating the above step. Suppose I find Resistance on 1.6320. I then recalculate making 1.6320 the new basis for calculating my Buy Stop Order.
So my new calculation is : 1.6320 + 10 + 3 = 1.6333 ---> TP 20 pips = 1.6353.
Then I recheck to see if there is any resistance that might prevent me from reaching my new target.

I do this until I get to M5.

This is why I called this strategy : No Mans Land.
Pivots, S/R, MA, Trendlines S/R are things that I consider landowners.

For example:
There is Pivot Resistance at 1.6250 and Trendlines R on 1.6265. This 15 pips distance I consider as "Pivots Land and Trendlines Land."
I dont want to fight either Lands owner, so I avoid them. I prefer to trade on "No Mans Land" where, there is no land owner who will be angry if I steal a few pips from the market.

I do the exact opposite for my Sell Stop Order. For the trendline I use the DeMark Indicator found at the Forex Factory.

The idea behind this strategy is to make a high percentage of winning trades. It works very nicely at the London open, around 6-7 GMT, depending on H4 cycle from the brokers chart we use to analyze. ( I like to use the ALPARI-UK, as I trade the London open).

I usually look to gain 20 pips; but if I am constantly profitable with this strategy, I think I can be one of the few winner in the forex market. The BIG BOSS who drives the market, that come from the big financial institutions and old-fashioned people who use just candlestick pattern and support-resistance as their trading guide; I am trying not to fight them, but to align myself with them.

Thanks Eko and Aan

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FOREX PAWN SHOP - books on forex trading

FOREX PAWN SHOP ~ books on forex trading

Forex is like a pawn shop where the big wigs want to buy from you below wholesale and resale to you at retail.

Many times at market tops, the news is good and the masses are buying, at the going retail rate while the big wigs are unloading what they bought at the bottom for below wholesale to make a nice profit. (You will usually notice smaller price movement during these periods)

Many times at market bottoms, (which are much harder to predict by the way) the news is usually grim. The public is usually selling cheaply out of panic, trying to save their hides and cover their butts. Then the big wigs who were smart enough not to be in that panic, come in and pick up the valuables at below wholesale prices. It is bargain basement shopping at its best. Supply and demand, accumulation and distribution. That is the cycle of the market my Friend!

Sell
Buy
Unfortunate most investors get this wrong. They buy at market tops and sell at market bottoms. You dont want to buy when price has gone too far upward, because you too are looking for a bargain, which can often be found on a nice pullback. Of course only with proper confirmation to the upside. You only want to sell when you have a nice fat profit in your pocket; so you want to sell at the top as well. Again with a proper confirmation to the downside.

Never ever hold on to losing positions thinking you can out wait the big wigs, instead cut your losses when they are small, (not on market hiccups or retracements, you will learn the difference). Then wait for a valid market set-up to enter the market when it is in the best interest of your money . You too can be like the pawn brokers and buy cheaply and sell expensively! There are always opportunities to make money in the market as long as you have capital. Preserve your capital, so that you too can get in on these sweet deals.

Happy Trading My Friends


How to get rich slowly in forex. Click Here
This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.

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Guest post 1 Money Management - books on forex trading for beginners

Guest post 1 Money Management ~ books on forex trading for beginners

Since I only know what I know, I have invited some other seasoned traders to share some of what they have learned over the years as well. I hope that you will find these posting helpful. As always take it slow, be patient and exercise discipline.




Subject: Money management

Hi Traders Friend,

Ill focus this post on money management which is one of the most important parts of trading. The first rule of money management is to preserve your capital. Simply stated, be patient and wait for a good setup according to your own strategy.

Professional traders only risk between 1% to 3% per trade. I personally risk 2% per trade. So how can you determine your risk and keep it between 1% to 3%? I personally use a website calculator at:

http://www.facebook.com/l/a4c62;www.forexhit.com/calculators/aec/allocation-efficiency-calculator.htm


You can pay for a calculator that you can download but the good ones cost about $ 100. Or you can use a free one on a web page. The choice is yours.

You need to know how many PIPs you may have to loose in order for the trade to be invalidated. This depends on your level of tolerance, your trading style, and your trading system. That is another lesson in itself so lets just stick to the task on hand. :)

So lets say you have $ 2,500 in your account and your risk for the trade is 50 PIPs. If you risk 2% of your account for the trade you can only trade one mini lot for that trade. If your risk for the trade is 25 PIPs with the same amount of capital than you would be able to trade 2 mini lots.

If you only made 25 PIPs per week profit, in less than a year you will double your account. Just 25 PIPs per week. You dont have to hit "home runs" every time to grow your account in a substantial way. Nor do you need to risk a large amount for every trade to grow it substantially either.

By keeping your risk low, when you get on a loosing streak (also called a draw down) you can take quite a few hits in a row and not do severe damage to your account and to your trading psychology. Every person and every trading system has draw downs. George Soros and Warren Buffett have had plenty of draw downs, but they keep their risks low and are still Billionaires.

I hope this quick post helps you to start understanding the basic principles of money management.

Alexander.

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This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.
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30 MINUTE MASTER STRATEGY - good forex trading books

30 MINUTE MASTER STRATEGY ~ good forex trading books

This great strategy is provided by Peterfibonacci:

Here is my strategy.

On a GBP/USD and EUR/USD M30 time frame:

Indicators:

8 EMA applied to Open
5 EMA applied to Close
Fibonnaci pivots to show the resistance and the supports.
Signal Line period of 45
2MA Crossover signal Indicator (to alert when a cross over has happened)

RSI 14
Stochastics (10,3,3)
MACD (5,15,9)

Long Entry:
Enter immediately when the MACD, Stochastics, RSI show a long position and the 5MA has crossed over the 8MA from below.

Place the stop loss a few points below the recent low with a take profit of 70 pips and a trailing stop of 30 pips.


Short Entry:
Enter immediately when the MACD, Stochastics, RSI show a short position and the 5MA has crossed over the 8MA from above.

Place the stop loss a few points above recent high with a take profit of 50 pips and a trailing stop of 30 pips.

This strategy seems to work best in a horizontal market. Sometimes one has to work with the resistance and support points to determine the proper Take Profit level, because its not always 50 pips.

This strategy also works well with the H1 time frame. I personally like the H1 because the candlestick patterns are move evident and sometimes one can see entry and exit points before the alert(which is the EMA cross)!

Above and below a chart has been provided for your study, so that you can obtain a better grasp of this strategy. If you left click your mouse on the chart, you will have the options at the very top of that menu that says view image. If you click view image, it will provide you with a larger, better view of the chart.

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Have an awesome trading week! Thanks!

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Guest post My forex trading - new forex trading books

Guest post My forex trading ~ new forex trading books

HOW TO BEGIN LEARNING MY FOREX TRADING


- Forex isnt a place where youre gonna become rich over the night, it isnt made for this purpose.

1. I think that new traders shouldnt use leverage at all !!!(1:1)

2. They should a find pair that is fully up or down on a monthly basis.

3. If price is at an all time high, then they need to consider exactly where to sell!
If price is at an all time low, then they need to consider where to buy !
(Only with a proper candlestick reversal confirmation, on a smaller time frame like the weekly chart)

4. Learn the ABCs or 123s of trends to understand price behavior because price is the number one indicator !

Traders Whiteboard #4 Click Here Using Stop losses!

5. Learn to use moving averages (I use SMA 5,10,20,100)!

6. If you dont use leverage, you dont need money management!

7. When your position shows profit, put your stop loss order on break even!

8. When you are in profit, dont be greedy! Take little and repeat when you have a chance!

9. If you dont use leverage, you dont need to use STOPS

WHEN YOU BUY OR SELL CURRENCY, YOU NEED TO KNOW WHAT IS HAPPENING WITH THE ECONOMY IN THAT COUNTRY AND EVERY OTHER COUNTRY THAT IS RELATED TO IT.

Bloomberg or CNN are excellent choices to work with.

NOW YOU CAN START STUDYING THE FOREX MARKET!!!

T. Forex

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This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.
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YOUR FOREX EDUCATION 8 - forex news trading books

YOUR FOREX EDUCATION 8 ~ forex news trading books

As a forex trader, you have entered one of the most difficult and tricky playgrounds in the world; with price hiccups and retracements often causing you to second guess your previous decision. In a market with so much panic and loss going on. Allow me to ask you; how much time have you invested in your Forex education today??????

Many highly competent professionals who are at the top in other fields come into Forex and get wiped out. The most important thing you can do to insure your success in Forex is to keep learning. When you are in the market live, you need this stuff to be automatic, because lots of time when you see price moving randomly, you forget your objective.

Everyday, take some time and invest in educating yourself in this market, if you dont, you will lose here. Once you learn what is going on, you will find that Forex is not hard, but it is no stroll in the park either. You must stay alert, develop patience and be ready when the opportunity for profit presents itself.

Keep a practice account, because it helps build market confidence and helps you overcome many of the fears that have been created from your losses.

When you have taken a loss in the market, it is an education you paid for. Learn from it!

Continual education gives you the advantage. Never stop learning!

Lastly you can be successful at Forex! While experience is a great teacher, it is not necessarily the best; pick the brain of a good trader when you can. When you learn something important from your chart studies, a book, a video or another trader; WRITE IT DOWN!

Discard what doesnt work, and review what does OFTEN!!!!!

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Happy Trading!

This blog is not in anyway an enticement or solicitation to trade in the Forex Market. These tips are for informational purposes only and are not to be substituted for legal advice or council. I have written this blog in hopes that it will help you to avoid some of the terrifying pitfalls I had in the Forex Market before I learned better.


Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you need for living expenses and cannot afford to lose.
More info for YOUR FOREX EDUCATION 8 ~ forex news trading books:

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