Craden20's Posts | Myfxbook

Challenge: 100% gain in 3 months with no loss trades in General Dec 14, 2015 at 07:36

Making such profit for such long period of time like 3 months is not something so impossible to me. I made similar feat at a time when I made use of the moving averages and SAR strategy. What I just do is set the exponential type with say a period of 10. In like manner, I will now add two more averages with like the periods 20 and 30. This will now give me an idea of says when to buy and sell. I could see signal for sale happen when the average with the smallest period crosses the second average from top to down, what I am saying is the signal to purchase occurs at the moment when the average...

How much does the average FX trader risk per trade in %? in General Dec 14, 2015 at 07:36

Managing risk in the forex is a very important feature of a successful trader. Risk management is almost as important as technical analysis, when I employ the best of strategies and I can't manage my positions wisely as regards my margin, I might not reap the pips deserving of my technical analysis and still possibly get a margin call. What I do in my trade is risk 2% of my margin in every trade with preference to the EURUSD. Maybe before I open a position, I kind of study my charts and possibly make use of my moving averages to search for support and resistance levels. Those point of res...

How to reconize important news in General Dec 13, 2015 at 08:45

News really play a great role in deciding the outcome of your trades, this is why you can never forsake your fundamental analysis. I remember when I started trading and was using a simple moving average to watch out for trend reversals to mark my entry and exit points as well as locating my support and resistance levels in a GBPUSD H1 chart and a major news like the non farm payroll comes up and if for example of the trend has been a downtrend before the news and as the news hit the market, the moving average moves up, I will mistaken to think that this is the beginning of a new trend and I ru...

September Fed Interest Rate Decision in General Sep 06, 2015 at 06:26

For some time now, the possible interest rate hike this September has been on the mind of USD traders in the forex. Janet Yellen chair of the Federal Reserve has made attempts to ease the tension and concerns over higher interest rates in the market by revealing that any possible rate hike will not be too fast and well dependent on the American Economy. For really a long time interest rates were zero but this will be different from past rate hikes as it could be an on/off approach. So I think that the outcome of the non farm payroll report (NFP) which were published on Friday on September 4 wi...

Renko charts in General Sep 06, 2015 at 06:22

Renko candlesticks kind of resemble small boxes or bricks. Renko charts have no lower or upper shadows. When using the Renko charts, you could alter the box size. A new box would pop up on the chart, this would only happens when some rare level of price change happens. On a Renko chart it is important to see the price changes as vital but volume and time don't mean much on a Renko chart. The forex trader can use Renko charts to confirm his trade setups. After a while, you can say the Renko is a better tool for you if it helped you take stronger positions even making less mistakes. As a sw...

Learning Forex Trading in New Traders Sep 05, 2015 at 07:32

The truth is that extreme leverages are not the best for the new trader. Leveraged trading might seem attractive as it could be amazing controlling $40000 with just $100 when you use a leverage ratio of 1:400. But with what I have seen in the forex practically, leverages might seem lucrative with the possible profit you could make from a leveraged account but the true reality is that it requires good experience to properly operate a highly leveraged account and eventually not get a margin call. Especially as there is no guaranty that prices wouldn't go against your direction. On the highes...

What is Take Profit in New Traders Sep 02, 2015 at 08:52

The take profit is an order used by currency traders to specifically indicate the precise rate or amount of pips from the market price point where to the trader would love to close out their current position so as to get a profit. so that most appropriate rate which is seen to be the level where the trader is willing to take a profit could at times be referred to as the "take-profit point".Let us break the Take-Profit further. Just the name basis all tells you; the take-profit orders can be used to lock in profits in a situation where the rate goes in a direction that favours you. No...

How to trade with the Multi Account Manager in New Traders Sep 02, 2015 at 08:47

For long many traders have been asking me about the Multi Account Manager.Multi Account Manager (MAM) is designed for use in the forex as money managers. Practically speaking the Multi Account Manager (MAM) is a very big and important integrated software tool used to execute block orders with just a click under a master account arrangement and then with ease automate trade allocations straight to customer accounts. MAM could be mistaken for the MetaQuotes Multi-terminal product. On the other hand, PAMM accounts allocate trades on the basis of percentage of total equity, MAM accounts give money...

At what position size would orders begin to have market impact? in Experienced Traders Aug 31, 2015 at 07:36

Yes a trade of the size of 50 lots could possibly have market impact; but in practical forex trading,this is not too good. A position size of 50 lots is almost too high for proper risk management. Now let us take for instance that I have a balance of $5,000 and I am taking 2.5 lots which is 250,000 on the EURUSD with a pip per cost of $25 per pips. If I happen to suffer a loss of 100 pips.This would turn out to be as a total loss of $2,500 ($25 x 100 pips). In this instance I used, the loss potential is $2,500 accounting for 50% of my total account balance. Now don't you think it is rath...

My Experience so far with Forex and EAs in Experienced Traders Aug 30, 2015 at 14:26

EAs are are of good use to the forex trader. A lot of these EAs are developed with parameters which the user could backtest and and then optimize on quantifiable data.Now that we have the built-in backtesting and optimization engines in place, EAs carry out these vital tasks ( which in the past traders found difficult) in minutes. To help with the role of back testing, good credits go to the metatrader as servers keep a big size of downloadable as well as free historical data. What I like more even is that EAs are free of emotional trading, an EA is not going to be greedy or even afraid just ...

Understanding Market Orders in New Traders Aug 30, 2015 at 14:25

Market OrderIn the forex, a market order is the default option and would be quickly executed because it does not have instructions restricting the broker on the buy/sell price or the timeframe in which the order is to be executed. Because of this, at times we refer to the market order as an "unrestricted order."Let us explain this further, a market order is executed once you have placed it. You could use the market price or current spot, or market price.A market order will become an open position immediately and could still suffer fluctuations in the market.This indicates that if th...

big losses the last few weeks in General Aug 29, 2015 at 09:21

Practically in the forex, we all know that fiinding a good forex signals provider that will work well is not easy. Experience has shown that the Internet is full of unreliable third party signal providers who boast very attractive websites with high subscription service rates and testimonial references which could you get you believing but still is not worth it. Here is an advice I will give you: when you are convinced that you have found a potential good forex signal service provider, make sure that they should present to you their last trading history results. It is punishable offence of the...

What indicator you use for scalping? in New Traders Aug 29, 2015 at 09:20

The scalper's goal is to make profit which comes from small market movements. Most scalpers take advantage of a moving market prices that never stands still during the market day. The modern day scalper in forex has to meet the challenges of the fast pace of currency movement in the market. Talking about an indicator for scalping, I will prescribe the Moving Average Ribbon Entry Strategy. To use it you have to place a 5-8-13 SMA combination on the 2-minute chart to pick out strong trends which can be bought or sold short on counterswings which also involves getting warning of a possible ...

FractalEdge-v1 in Strategies Aug 28, 2015 at 18:14

Technical analysis is one thing which a trader shouldn't ignore in the forex. Now I am not saying you should do away with fundamental analysis. I really like the fractals for as a tool for technical analysis. It plays a great role in providing a good entry method, even more importantly, they also give the trader places for great stop losses. Moreover Fractals are natural support and resistance levels, even can be used as major levels on higher timeframes.

Trading Journal in New Traders Aug 28, 2015 at 18:13

Keeping a trading journal is a very wise thing to do in the forex market. The trading journal helps you to keep track of all your trading activities. It is important you keep a trading journal so that you could review your trades from time it time. If you have suffered a losing trade, you should record it too; so that you can go back yo study it to know where you possibly went wrong: maybe you didn't use an accurate trading signal, maybe your leverage was too high, maybe you didn't set an appropriate stop loss level. So that you learn from it to avoid repeating the mistake in another ...

Can forex trading make you rich ? in General Aug 17, 2015 at 06:18

Of course forex has the capacity to make you very rich. A lot of traders having seen for themselves the lucrativeness of the forex have abandoned their well paying jobs to focus on this financial market. If you learn your demo well perfecting your trading strategy with commendable money and risk management; you could go make a good income from trading the forex market.

What makes one a Professional Trader? in General Aug 14, 2015 at 14:17

Now let us address what makes a professional trader from this angle. What makes a professional doctor, is it just the love of saving lives? Of course no, upon that you need professional training to understand the rudiments of the medical practition: how it works. This is the same for the forex trader, becoming a professional forex trader requires training. Both in technical trading; forming a good strategy and trading with the expert advisor, forex signal or indicator. Or the emotional maturity of handling well the emotional burden of an open position.

USDCAD Anybody Know what the'yre Doing? in General Aug 14, 2015 at 14:17

The dollar edged higher than the Canadian dollar on Thursday following encouraging U.S data which had fueled the possibility of a potential September Federal Reserve rate hike as well as worries over the devaluation of the Chinese currency calming down. USD/CAD had touched 1.3064 for early U.S trade on Thursday making it the session high. The pair following that located consolidation at 1.3051.

EURUSD	1.0482	GBPUSD	1.25967	AUDUSD	0.65243
USDJPY	153.851	USDCAD	1.39427	USDCHF	0.88986

Posts by Craden20