Does location matter?

[RhodyTrader]

	Quote:	ezduzzit
	Daytrading the Forex can be quite a challenge, even for experienced traders.. and in this one person's opinion it is one of the hardest instruments to trade, especially for beginners and for those depending mostly on tech analysis. Forex is whipped about considerably by news and you really have to be on top of your game to even have a chance of consistent profitability. Forex lends itself better to swing trading than daytrading but you better have had huge amounts of screen time and more than a smattering of education about what drives those markets and when.

If you think forex is whipped around by news you should watch the fixed income markets. You've never seen anything nearly as crazy as the Bond market when the Payrolls figures come out well away from expectations. Yee-haw!

As to JPY, I actually disagree. I think it's easier than most currencies. Stay clear of the GBP in all formats while you're learning. It's very choppy. The EUR is good. AUD tends to move in slow trends. CAD has its moments.

[ezduzzit]

Well that's the nice thing about a good forum... people are free to disagree and we can all remain open to learning something new. You might wish to edit your post to the word "Bond" from its present "Bong" so as not to excite the weed smokers in the forum, but I certainly understand your point heh, heh.

I think the Euro is one of the best currencies to trade for a starter on Forex, but that is just my personal opinion.

As to Biggie's question about Bird Watching.. well, bud... I wouldn't have referred you to it if I didn't think it was worth at least $70. Your point is well taken that there is no lack of parties eager to see you part with your hard earned money, but if you are not prepared to pay for the tools and knowledge to properly learn this business then you are almost guaranteed to fail miserably and in fairly short order. Of course, I know that your comment was really directed at separating the good from the bad.. and let's be honest .. yes.. most of the advice out there is pure junk and you would be far better off without it.

Happy Trading

[Anna-Maria]

Biggles:

Pay close mind to Ezduzzit's post (No 8), & his following comments re; trading the Euro if you're intent on persuing these instruments.

Euro is the big dog of the $ Indx, & tends to truck along in the middle lane (unlike it's lower weighted cousins). It therefore lends itself to a more sedate journey & adheres a little better to the tech's.

I haven't read any of the mainstream books out there, so can't really pass on any reccommendations personally, but Buk has just informed me who this Felix dude is

Stay the hell away from these characters! Unless of course you want to continually donate your hard earned to the snipers & sharks who circle in wait for all these poor, unwary feeder fish roaming the FX sea's at chow time LOL.


Great post Ez about covers the important points!

[Biggles]

Thanks guys! I have both hands over my rear end....

Could you email me and tell me why you are concerned about Felix?

[Kiwi]

I have the birdwatching ebook and would support the view that it is one way to take on the markets. Not my chosen way but I could make it work if I liked it a bit more

IMHO a nice way to deal with the euro is to trend trade it although when I was doing it I was trading the european morning and then taking the rest of the day off. The US morning could also be trendy as long as the news at 8:30 didn't hammer it with too big a shock ... big shocks often leave the bell ringing and make day trading trends a poor choice.

If you do want to day trade the euro trends then a method of buying pull backs in the trend (I used to use 5 minute bars for my base timeframe) will work. The "Floor Traders Method" which is free from NQoos site worked well for me. You can find it for free here: Trade Setups for trading futures, stocks, options...NQoos

[RhodyTrader]

	Quote:	texxas
	Euro is the big dog of the $ Indx, & tends to truck along in the middle lane (unlike it's lower weighted cousins). It therefore lends itself to a more sedate journey & adheres a little better to the tech's.

Maybe you aren't refering specifically to the Dollar Index (USDX) here, but rather USD trading in general. If you are, though, I believe the index is trade-weighted, which actually means that the CAD is the biggest part of the equation.

[RhodyTrader]

	Quote:	Kiwi
	...IMHO a nice way to deal with the euro is to trend trade it...

Interesting to hear you call your approach trend trading. I'm not saying that it isn't. After all, there are trends in all timeframes when you think about it - day trading included. It's just that most often trend trading is considered a longer-term sort of thing.

[Anna-Maria]

I don't need to e-mail you or go underground & whisper warning signs etc.

Just think about it for a second or two!

These guy's draw a huge audience into their pen, yeah? For which they charge each subscriber a large mug of $$'s for their services?

Their prime audience are small pockets of under-cap retailers who no doubt, are executing via the "traditional" mainline dealing desks.

You think these (broker) desk jockey's at the shops don't know about these price pump merchants??

Why d'ya suppose they all put the skids under the 'bracket order trigger' on their platforms, not guaranteeing fills/stops etc?

This Felix character (& his hoppo's), if they're ACTUALLY triggering these trades themselves (which is highly debateable), will have access to tier 1 platform execution.

They'll also be wired into high grade squawk-relay terminals kicking out the data release info + a couple dudes with a programme matrix on hand to assist with pricing in the skew regards the actuals v/s consensus readings on the Grade 1 data, in order to get a feel for the spike (& any follow thru) potential which the data prints.

So, they're already several levels above you regards their software/hardware machinery + (if they're ex-Bank) they possess infinitely more experience of the playground.

Hell, we can't always catch a fill even on the secondary spike - & we're hauling our asses round Prime Broker facilities, so god knows how the average retailer shooting off a low key retail shop board can boast of all these wonderful pip collections LOL. And to boot, we know what we're doing (most of the time).

Another thing: What happens if/when this dude closing up shop?? Where do you go then?

Do you have an in-depth understanding of what he's looking for on every possible occasion if the data prints slightly out of synch? How does he prepare for any anomalies in the number?

What back-up does he/you have if his station locks up?? Which alternative station will he/you hedge against in that scenario?

What kinda relationship does he/you have with your rep at the broker??

Do yourself a favor, go get a proper education & learn about the internals & externals which affect your favored market. Experiment with a cross range of timeframes & tools to give you a flavor of what might suit your PSYCHOLOGICAL persuasion.

Do as Ez mentioned & demo a few strategies to get attuned to the climate. You have a whole sackful of grind ahead of you if you wish to persue this business on a realistic levlel. And it's gonna take you a whole lick of time!

[Anna-Maria]

	Quote:	RhodyTrader
	Maybe you aren't refering specifically to the Dollar Index (USDX) here, but rather USD trading in general.

That was my pointer yeah.

[torero]

I started with GBPUSD and am comfortable with it. I have no luck with Yen so far, maybe has to do that it´s not at major S/R areas for me to profit comfortably. Not sure about EURUSD. But does GBPUSD considered a more difficult pair to trade?