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Slightly off the track... IMHO, It could also be debated by some that there is more Money to be made by selling services and products (such as books, seminars, systems, signals, acting as an IB/Introducer/referer etc) to Spot Foreign Exchange traders rather than being actually involved with trading the Forex markets yourself.
Quote:
The forex is though, but with proper leverage and fundamental understanding you can make money.
I would learn the basics first, avoid indicators, just learn the basics and then use indicators for Real time calculation and no more.
I will agree that money can be made, but with my honest asessment todate, it could be debated that this game is a high risk, high volitility but only mediocre reward financial vehicle and as such, I will confess that I am thinking seriously whether or not Forex trading is an investment vehicle worth including in my overall investment portfolio holistically speaking.
Presently with my analysis to-date the expected return I could hope to achieve was only around 4-15% P.A using a diversified suite of trading systems. It appears if you want anything more than mediocre gains, it is looking more and more likely that one has to have an edge, (essentially the experience) which can only be gained after many years, and I emphasize many years of trading experience I believe. Infact, it looks like you may as well just throw the money in to a diversified set of proven hedgefunds and let them do all the dirty work on your behalf while the free time which would have been spent sitting in front of a computer staring at charts, could then be used to leaverage other endeavours.
Yes, I believe a raw newbie today can become a great trader if they put their time and effort into honing their trading and mindset to be able to make instuitive and empirical decisions that give them the edge in the market, over us the masses and raw newbie trader types (with only 0-5 years of experience), but I personally believe that it is looking more and more likely that I will be able to gain financially through other opportunities in less time (but not necessarily less effort I will concede)
Edit: Typos.
Last edited by TyphoonTycoon; 07-07-2006 at 10:35 AM.
i totally agree on what was said. Simple crossing ma will do. i truely beleive that most of the indicators are a sophistication to simple ma visible aids.
i am using :
ma 10 wma and bollinger.
macd 5,35,5
cci 50 to identify the trend reversal.
the ma crossing i wait for is between 10wma i plot and the middle 20 sma of the bollinger band.
This is one of the funniest posts I have ever read.
I quote dr-4x: " Indicators are another big lie. This is a game driven by news and rumors, so why the hill use scientific approach to a game that has nothing to do with science.
And than he says " The system: I use the following EMAs...................."
Dr 4-x : An Ema is an INDICATOR, and an ema cross is an INDICATOR !!!
So inessence what you are saying is : all indicators are a lie , but use my Indicators system.............
Guys, avoid this - History tells us that using moving averages is good for trending market - but will kill you in a choppy market. In the long run Moving averages crosses are not enough.
The forex is though, but with proper leverage and fundamental understanding you can make money.
I would learn the basics first, avoid indicators, just learn the basics and then use indicators for Real time calculation and no more.
Please check post 13 by nnjeim, he understood my post perfectly but you failed to get the point
I agree that the most of indicators lie and the moving average (and its big family) is the least liar.
There's no simple system that can make pips by crossing two EMAs, SMAs or WMAs. System means no less than 4 indicators from different categories (i.e. trend follower, overbought/oversold, volatility measuring etc) confirms each others
If you go the right direction you'll make money, don't let the crossing of 2 moving averages alone telling you the right direction even it was the right!
I agree that the most of indicators lie and the moving average (and its big family) is the least liar.
There's no simple system that can make pips by crossing two EMAs, SMAs or WMAs. System means no less than 4 indicators from different categories (i.e. trend follower, overbought/oversold, volatility measuring etc) confirms each others
If you go the right direction you'll make money, don't let the crossing of 2 moving averages alone telling you the right direction even it was the right!
Hi
This is the mistake we are all making. Thinking that it is more safer using different gategories indicators. The point is; it does not make you any richer than a simple moving averages cross. Do not forget this is a highly volatile and risky market. 2 moving averages + practice can help just as much as the most colorfull system out there, that is sold for you and me for$$$$.
This is the mistake we are all making. Thinking that it is more safer using different gategories indicators. The point is; it does not make you any richer than a simple moving averages cross. Do not forget this is a highly volatile and risky market. 2 moving averages + practice can help just as much as the most colorfull system out there, that is sold for you and me for$$$$.
I kind of agree too
Last edited by sshhmmuueell; 07-07-2006 at 11:37 PM.
I like your approach Dr-4x. Simple is better and MA are greats.
I just want to do only one question: how do you stay out of false break outs? (fake crosses)
MA has lag too like many other indicatos. Off course, they follow the price. Everything behind the price has lag and everything beyond is like to see the future
So, when you have a cross, the MA maybe is 1, 2 or 3 bars behind the real price. And when you want to enter in a trade the price maybe becomes against you.
Codersguru is right and I have the same opinion with automatedtrader. Adding some more different type indicator may to reduce some of false signal, it's a good idea for it's less risky. As for exit strategy, a doji is not always occur, and when it's occur, it's not always right.
!
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