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Blog Archives » April 2006What is the trick with long term tradingI've decided that I need to work out how I can be more successful with my inter day trading. I have no trouble picking the trends on intraday trades and can make at least a few pips on each trade, though I need to spend all the time right there looking at the price when I'm doing intra day trading and I don't want to do that! I want to workout how I can successfully pick the correct stoploss and take profit points so that my stop loss doesn't accidentally get triggered. Will keep you all updated on how I go with my learning about long term forex trading. permalink - 5th April 2006Trading Currency CrossesI found an interesting article by Boris Schlossberg about trading the currency crosses, apparently 90% of traders don't trade them, though there are some very nice profits to be made by trading them. Prior to reading it I had no idea what a currency cross was, though after reading it I went and made some short term trades on the gby/jpy which were losers, though I did manage to make a nice trade on the aud/jpy which I was happy about :) I've had an idea about a feature that I should add to this site, and reading that article has reinforced to me how it might be a useful tool, more later if I add the feature. permalink - 5th April 2006Dabbling in the Stock MarketSorry I've been a little quiet the last few days, I've had a quite a bit of work on and so haven't been able to waste quite so much time playing with currency trading. I've also been spending a little bit of time looking at trading the stock market by playing the investopedia simulator. I've joined a competition (the Q2 2006 one) and well I started doing quite well, I was up to position 373 out of 88 thousand or so, though today I took a hit and well I'm back near the bottom of the pile. To find stocks worth purchasing (not exactly, read below) I've been looking at the signals page on barchart.com, it's a pretty cool page which runs some technical analysis indicators across all the stocks and then lists the ones that are the biggest movers. The only problem with using these signals is that you really want to get them a couple of days beforehand, generally when a stock makes it to the top it is close to the top of it's run. I have to say that being on the other side of the world from the major American stock markets makes it rather difficult to trade them with any seriousness unless it's proper long term, as during our day the markets are closed. One of the advantages of FOREX, you can trade anytime of day (unless it's a weekend!). I'll keep fiddling with trading pretend stocks and maybe I'll even run some of my own technical analysis indicators (I've developed a basic little program which I can use to analyse any type of chart) on the different stocks so that I can get in before the big moves. permalink - 12th April 2006Automated Trading SystemsI think that an automated trading system is the holy grail for lazy people such as me. I've dabbled with the automated trading in meta trader before with some success until I got onto doing other more useful stuff. For those of you that are interested in it yet have no idea where to start, I just found a great introductory tutorial on investopedia. On the last page there are some great links. From my brief browsing thus far, these appear to be the best free links:
A couple of other FREE trading programs that I stumbled across in the last couple of days (not really to do with automated trading systems):
permalink - 12th April 2006 Always WrongHow on earth am I ever going to make a good FOREX trader???? This screenshot should tell all.
I really should also look at fundamentalsWith my dismal showing as can be witnessed in my prevous post, I've figured out what I did wrong, I should have at least read a little bit about what was happening in the world of fundamentals rather than just looking at RSI and trying to guess... There was some big announcement about a pause in US intererst rates which has caused everyone to ditch the USD. Recently (no I haven't been dead) I've been reading a book I borrowed from the local library about candlestick charting, have been slowly learning some of the different candles (haven't yet got up to the multi candle patterns), some of them really are great indicators of changes in trend, I noticed that they were amazingly good when you look at forex long term (eg. on a monthly chart), the charts I looked at, everytime there was a doji in an uptrend a breakdown followed. Sadly I don't know if I'm patient enough to trade monthly! Linux Charting ApplicationI've mentioned metatrader before, I've been a bit unhappy that I've had to run windows in order to use the great technical analysis indicators and all the other goodies in it, well I've just worked out how to run metatrader 4 in Linux. I use Ubuntu and it runs ok with the version of wine which is in the Ubuntu application repository, the only issue is that none of the fonts on the menu's work correctly so it makes it rather difficult to do anything much ;) The solution (read about the problem in this bug) to this was to upgrade to the latest version which is on the wine website and it all runs correctly (as far as I've tested, I haven't yet tested experts advisors etc.). I should also mention that I had to find MFC42.dll in order for it to work, this was easy from an existing windows installation, note that I did a search online for MFC42.dll and the version I found did not work. Here's a screenshot, click if you want to look at the bigger version.
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