Hello Everyone, its been some weeks since a forex bug byte me... since doing the "flip" thread I had a very nice interaction from Don showing me some flips on forex.. since then I got more interested in trading forex from here to some time... (maybe a semester ahead)..
I did trade forex some years ago but with No success at all, I think it wasnt the right time as I needed to grow more technically and specially in actitudes toward trading... so considering forex again its a great thrill for me ﾃつ｡ﾃつ｡ﾃつ｡
Why forex ? Why bothering trading forex and not futures from forex ?
In terms of futures I already have it clear with Russell or YM... its a diferent bussiness... you can aim on futures 30k monthly trading ER or YM if you get to master ES wich its not easy for the regular trader you can make more than that.. but I dont think you can make 2 millon on a monthly basis scalping ES ( correct me if I am wrong )..
Now forex its a market that trades almost 2 trillion daily and there is no maximum trading volume regulations for retail traders... so here you can open your brain and start thinking big... even if you become a fat boy you can not move this market alone... so that means that even a scalper can think big here...
So the edge I find in forex is volume... I can aim millons... so that said, I will not come to trade forex for some cents, but for some millons...
Its this guy crazy ? maybe yes... my wife thought I was crazy with my expectations on the futures markets some years ago... today she has a complete diferent concept of me: She still thinks I am crazy but with clear tangible results... so with this same insane thinking I will aproach forex trading... (want to join the challenge ? I already welcome you )
Since my diet with Tradestation (droped indicators programing) I came also to the conclusion that a software and super fantastic indicators will not make you a better trader... obviously having a nice charting program with some decent indicators that can show you the way of your trading "concepts" are welcome...
So for forex I came across with what Don is using and Metatrader 4 its my first shot here... I did browse their custom indicators forums and they have just about all you need in terms of indicators to build some nice decent strategy..
So from here on I will be using MT4 for this research ( the nice thing its that its free and has access to world class indicators)... All indictors that I will use for my research will be posted here on this thread as on our indicator forum...
I will not be trading live until January 2008, so all posts will be paper traded, I am thinking in using EFX for such purpose, I dont know if their demo expires or not.. but I like their ECN type platform where there is no dealing desk I have been enlighted on this issue by Don and Notouch on this thread
http://www.traderslaboratory.com/for...tion-1842.html where I think EFX has a very diferent way of dealing...
I would like to have as much interaction posible, so please feel free to interact... I know many things on this first thread will look stupid and with very small aparent development, but the idea its not to show how much I know... but to interact and think alloud in public to develop great trading ideas...
This first thread will be a poupurry of ideas... after that maybe we will start new threads of specific aproaches finded here...
I hope this open research challenge will help me as other traders to get into that sweet destination... if in a couple of years we get there, I challenge you to meet at Tokyo together with Soul at the Park Hyatt Tokyo
Tokyo Hotel in Japan - Park Hyatt Tokyo to celebrate our success ﾃつ｡ﾃつ｡
I will enter into my first ideas on next post... cheers Walter.