StockFetcher Forums · General Discussion · anyone successfully trade Forex?<< >>Post Follow-up
markcrisp
187 posts
msg #43110
Ignore markcrisp
4/21/2006 3:51:25 AM

I get many,many people asking me about trading the FOREX market.

Anyone do this with great profits over a few years? Let me know


TheRumpledOne
6,358 posts
msg #43115
Ignore TheRumpledOne
4/21/2006 3:28:12 PM

I have been trading FOREX for about 8 months.

FOREX is very well behaved... just trade the fibs... no technicals needed.

Of course, I have written lots of indicators for FOREX trading.




luc1grunt
622 posts
msg #43123
Ignore luc1grunt
modified
4/21/2006 8:27:24 PM

Any good recommended reading on FOREX trading? I've done some surfing, read some articles.....but could use a good "one source" book to provide the basics.

Avery, your help is always appreciated on the scans, but I have too many questions to begin with. Luc



traderblues
195 posts
msg #43124
Ignore traderblues
4/22/2006 8:54:04 AM

Also, what are the good FOREX brokers? I've read on another website that Oanda is a good one.


alichambers
48 posts
msg #43260
Ignore alichambers
4/28/2006 6:34:14 AM

I agree - Forex is well behaved. I've been making the transition from stocks to Forex for the following reasons:

- It trends well
- Low margin requirements
- Very liquid
- Difficult to be manipulated
- It's highly leveraged
- Stocks are prone to unpredictable movements - up and down. Good if you catch them, not so good if not

I live in the UK and the spread betting margin for forex is low. For example, one point of gain in GBP:USD is 0.0001! Betting 3 per point of movement (conservative; you can bet up to 99) can yield some nice returns.

However, this is the main reason I have gone into Forex:

YOU CAN BACKTEST YOUR STRATEGY
(sorry for shouting there)

The penny dropped recently. Instead of randomly picking stocks that I "thought" may go up or down, I can now run a utility I have written on the Forex to buy and sell according to my strategy and see how much money I make over a period of time. This eliminates a lot of guesswork from the game. If a currency doesn't yield profitable results over 5-10 years, THEN I DITCH IT. Sure - I lose a bit during whipsaws, but I can cut those down with stop losses.

I'm working on a simple moving average entry/exit strategy. Initial tests show a very nice gain. And I'm always 100% in the market - either long or short, depending on the moving average signals.

I'll keep ya'll posted.

Alex

PS- TheRumpledOne: Which fib levels do you use?


TheRumpledOne
6,358 posts
msg #43288
Ignore TheRumpledOne
4/28/2006 10:28:15 PM

* FIB levels... standard 23, 38, 50, 61, 77

* It's not betting!

* The Tunnel Method with an ema(34) filter works great!

www.efxgroup.com has great execution, no spread, low commission. Beats paying the 3, 4, 5 pip spread on www.forex.com





alichambers
48 posts
msg #43298
Ignore alichambers
4/29/2006 6:38:45 AM

TheRumpledOne: Thanks

I use spread betting, and this is betting. I don't buy the underlying Forex, but place a bet as to which direction the currency will move. It's only available in the UK and is 100% TAX FREE (it's classed as gambling)! You can also spread bet on stocks which meet the following criterea:

- UK: Market Cap > 50m
- US: Market Cap > $1b

It's much more leveraged than the currency itself, so I prefer it.

How do you use Fib levels - wait for a retracement to a fib level then buy as the price bounces off?

And do you have any details of the Tunnel Method with an ema(34) filter?

Alex



traderblues
195 posts
msg #43300
Ignore traderblues
4/29/2006 9:38:38 AM

TRO - Thanks for the info.

Alex - I found this explanation on the tunnel method:
http://www.freewebs.com/mswilson/documents/1hrTunnelMethod.htm


TheRumpledOne
6,358 posts
msg #43305
Ignore TheRumpledOne
4/29/2006 12:08:23 PM

I posted the tunnel method on this forum and wrote a filter for stocks.

There more on it in my yahoo forum, too.

As far as the fib levels, If the EURO is close to 100% time to sell, if close to 0%, time to buy. I call this strategy THE BIG PICTURE. You must pick a large enough time frame 3 months - 1 year. I look at both.

Right now on the 1 year, the EURUSD crossed above the 61.8% level. That marks the end of the downtrend. If you look at the most recent 1-2-3 bottom, you'll see a very nice bounce... it's like they're giving pips away!!

Also, I have been studying how the price trades vs. the previous day's middle. Ever since the last time the EURUSD crossed the previous day's middle, it hasn't looked back. I noticed AAPL has had a nice 3 day run since it closed above the previous day's middle.

HTH.




alichambers
48 posts
msg #43368
Ignore alichambers
4/30/2006 5:31:35 PM

Interesting and thanks.

I'm developing an EOD forex system. When it's backtested I'll post it up.

Alex


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