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Re: What Trading platform does everyone use?
from Magic on 09/28/2015 04:44 PMI recommend using FCA regulated brokers. After you find one thats regulated its about finding the one which has perks that suit you best. Lower spreads, same day withdrawals etc, depends on what you're looking for in a brokerage. I use IG and FXPro mainly.
Re: Trade To Trade
from Magic on 08/11/2015 02:23 AMLOOOOL Thanks bro! Going to try and make it a weekly thing!
Re: Week of August 10-14, 2015
from Magic on 08/11/2015 01:44 AMGold - What do you think bro?
Gold 1 Day Chart
The Bottom of Gold? Or more doom?
from Magic on 08/11/2015 01:36 AMRecently we saw a diabolical drop in the price of Gold. A wave of sell orders in a one-minute period shortly after the Shanghai Gold Exchange opened Monday July20th sent the most-active U.S. gold futures contract down $48 to as low as $1,080 per ounce, its weakest since February 2010.
Within two minutes, an estimated 33 tonnes of gold in Shanghai and New York worth $1.3 billion changed hands. A lack of liquidity, with Japanese markets closed for a holiday, hastened the slide. Turnover in Shanghai and New York were tremendous. A record 3.3 million lots traded on a key contract on the Shanghai Gold Exchange, compared with fewer than 27,000 lots on Friday, Reuters data showed. Before Monday, the volume for July had averaged fewer than 30,000 lots.
This is the drop highlighted for those who would like to see it on a chart.
Gold Drop
Now. That drop took us to lows we havent seen for around 5 years.. Gold may have bottomed there. It may be now trying to slowly and steadily claw ts way back up to that lovely level of $1200.
Gold Retracement
I may be wrong though.. I often am. The smarter thing to do would be to trade with the trend and look through the bigger timeframes and break that down, it could change your whole trade... I should do that, brb..
OK! Im back and ive had a look at the day chart! Now my complete opinon on the matter has changed, its crazy what looking at different timeframes can do to your decisions. I like to rely on bigger timeframes because i find them a lot more reliable It will be nice to see how it plays out.
Gold 1Day Chart
If Gold does decide to continue in this bearish trend then we may see lows of $1040. At which point i will be looking to BUY with my life.
Gold 1040?
This is just me sharing some of my thought process when breaking down a trade, made simple.
Trade To Trade
from Magic on 08/07/2015 07:59 PMEpisode 1 in the link below
TRADETOTRADE: Vlog Episode 1.
Re: USDCAD 04082015
from Magic on 08/04/2015 11:28 PMGreat trade Benny, TP HIT! https://www.tradingview.com/x/prdkZ12R/
Educational Resources
from Magic on 08/04/2015 01:43 PMBelow i have comprised a list of resources for those learning how to trade. Have fun.
Books
Van K Tharp - Trade Your Way to Financial Freedom
Jack Schwager - The New Market Wizards
Mark Douglas - Trading in the Zone
Nison - Japanese Candlestick Charting Techniques
Michael Covel - Turtle Trader
Ari Kiev - Mastering Trading Stress
Alexander Elder - Come Into My Trading Room
Reminiscences - Jesse Livermore
Websites
Babypips.com
Fxgears.com
Orderflowtrading.com
Traderscalm.com
Profittube.com
Economics news websites
Reuters.com
Bloomberg.com
Ft.com
CNBC.com
(All you need, suggestion is to download Hootsuite and create lists for these Twitter accounts, any analysts you may follow, and a list for each of the major pairs, major commodities etc)
Important academic articles
http://www.snb.ch/n/mmr/reference/working_paper_2010_03/source/working_paper_2010_03.n.pdf
http://home.uchicago.edu/~shim/Papers/HFT-FrequentBatchAuctions.pdf
http://faculty.chicagobooth.edu/eric.budish/research/HFT-FrequentBatchAuctions.pdf
http://faculty.haas.berkeley.edu/lyons/Gehrig%20Menkhoff%20use%20of%20flow%20analysis.pdf
https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/workingpapers/wp0306.pdf
http://psiexp.ss.uci.edu/research/teaching/Tversky_Kahneman_1974.pdf
http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.432.3020&rep=rep1&type=pdf
https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1602.pdf
Re: My First Live Account (Micro/$100)
from Magic on 07/30/2015 11:27 PMUse MyFXBook as its the easiest to use and everything is automated so you only have to connect it to your trading account. Look through the trades youve taken on a daily basis and review the decisions youve taken.
Re: My First Live Account (Micro/$100)
from Magic on 07/29/2015 02:07 AMYour TRADING JOURNAL is KEY to success in trading. You need to start keeping an accurate record of all your trades, because they allow you see your trading decisions after they have been made because as we all know, we see things from one perspective when we are in the trade and a completely different one after the trade has either hit TP or SL. This helps you understand how effective your trading strategy is. As we know market conditions change and strategies die, many traders go through one bad streak of trades and automatically assume that their strategy is no longer working, there is more to it than that. Traders often fall into the habit of revenge trading during this time and can quickly liquidate. Start a trade journal and write every single trade of yours for the next month and see how it changes your game.
Gold down to 1140
from Magic on 07/29/2015 01:37 AMOn July 6th 2015 i was analysing Gold as you do and spotted that Gold had been recently testing a key supply zone, in a downtrend. It was only a matter of time until we broke and found ourselves down to levels we didnt think we would see anytime soon.. Then one day we had an order of about 5 tons of Gold which sent us down to levels last seen in March 2010.
Before: https://www.tradingview.com/x/c2D9npvm/
After: https://www.tradingview.com/x/rZgMhTKu/
The trade didnt go exactly as expected run as expected but thats how the Forex markets are. The trade ran and hit TP for a nice 3R and a total of 340 pips. For those who let it run past our TP, it ended up running for a fantastic 9R totalling in a total of 1000+ pips.