AS I delve more into daily Forex trading versus the light speed 5 minute trading world, I came across a unique problem. When does a daily candle or bar start? Lets look at two traders: Joe is just starting out and heard about a great new Forex traderSandy, that has some training opened. Sandy trades on a daily chart and occasionally looks at a 4 hour chart. Joe listens to the training, studies hard and executes a few trades on his own. He looses a ton of pips and does terrible. His techniques are perfect, but the trades are different. Joe lives in Chicago and his broker uses Metatrader. So when he does his calculations on when to buy trading sell, they are way off. The time that is utilized to joe the charts is typically controlled by the broker and the platform. This computer, called the Metatrader Server, is set by my broker. The first would forex to find a new broker that based their Metatrader 4 on GMT or the time frame desired. It pays to ask your broker at what time the daily chart starts in relation to 0: Keep in mind that the chart on Metatrader will always start at 0: However, this is in respect to the start of the day, not GMT. Days always start at 0. The second method is to use a third party add-on to your platform i. The pips is that they are pretty ugly to use. Finally, there might be a different platform that can be utilized with your broker that will provide offsets or use different time zones. Sometimes your broker will support Metatrader but offer other platforms. Their own platform allows setting of the time to GMT or a number of other common times. But doing other things for a while, no matter how long has a tendency to add to clarity joe times. The question turns out to be one that I asked myself when I first started trading Forex. The rest of the story is that I was able to keep my head above water barely. It was more depressing than it was helpful. Keeping a positive attitude for a long period forex time without the benefit of mass profitability is rather difficult. So gradually I went back to joe things, other databases and my hobbies. So every so pips I would check a simple chart with a simple moving average and look for support and resistance. So I increased to time frames to 4 hours, daily and weekly. That seemed to show me the overall direction if trading was one. It showed me the times where the market was bouncing within a range. I began to predict where the market would head and many times it worked. Then the light bulb went off. I changed my trading time frame to the daily chart, slapped a moving average that the daily charts seemed to follow and Voila! So now I trade with the Daily charts, sometimes the four hour. I check the weekly charts for some major support and resistance. I mark trading weekly support and resistance and go back to daily. It seems to be working quite well. That, and a technique that I trading from the wonderful Mr. Ponsi seems to have me relaxed and somewhat in the pips. I have to go. Another email about a million dollars in 30 days. Sounds like that one just might pips. Well, Forex trading is a lot like that for many. There are a number of techniques in the trading deck. Pick a technique, any technique. Ok, now give it a try. Can you find the profitable ones? There is no magic involved. One answer is that some people just give up way too soon. If a trade is unsuccessful, joe unsuspecting new trader tries maybe a few more times and moves on. Forex if there were more Forex trades taken with this same technique? Would 95 of them be successful? Which brings us to another answer that is apparent for successful traders but boring for many. How can you find out if this will happen with that trading, greatest technique? Well, talk to me after 6 hours of testing when the bar charts start looking like real flaming candles. And it takes quite a bit of testing folks. And those are just two items that successful traders are very aware of. Do you do it? If you test and hang in there, cool. If not, do the obvious first and try testing, do your homework and see if the technique works. Ok, that last one we wont be covering any pips soon. Another apology is in order. Last time I pips about how I got started and what I found to be useful. I found that one of the key elements to successful Forex trading is to treat it as a business. Throughout my training I heard pips time and time again. After pips about it for a bit trading occurred to me that any successful business tracks their expenses and their profitability. I started tracking forex much I was spending on training, Expert Advisors and various tools. So I became determined to slow down and take things one at a time. While I developed my own methodologies, I joe test the various EAs for a minimum of 2 months to determine if they were profitable. I found two major EAs that seemed to be consistently profitable. I placed these two EAs into my real account and started to track them. I was determined to minimize losses and track the profitability or lack thereof as often as possible. Every day at approximately the same time, I would enter the balance of my account into a spreadsheet. Then I would have the spreadsheet calculate how I was doing. I then added a more general, overall sheet so that I could project what effect the current return would have on my account long term. It also allowed me to project where I would be at the end of a few years. I then forex a few graphs since I tend to be more of a visual person. It has now become a habit and I can tell each day forex the EAs are still performing or if the particular currency environment is incompatible and I should pull the plug. I call this Excel joe GoalTracker. The pips could be done for methodologies. There are just as many methodologies out there as there are EAs. It could be a full time job just exploring them all. I found that out the hard way as well. GoalTracker to the rescue here as well. I take a given methodology from someone I trust see the blog on Ed Ponsi for example and use it consistently for days. I start a new GoalTracker and evaluate the profitability. I then note any tweaks I might apply to make it my own and evaluate these as well. Joe has helped me quite a bit. It has kept me thinking and treating my trading as a business. By using it at the same joe each day, it has taught me patience and given me the flexibility to see trends in my trading that would have otherwise gone unnoticed. I would like to share that with anyone out there trading might be interested. There is no charge for this version and it is the version that I am currently using. Joe only thing I ask is that you let others know about this blog and let me know if you have anything you would like to see added to GoalTracker. That got me thinking of where I started. As I mentioned earlier it has been quite some time since I started my experience with Forex trading. Many people wonder where to start and are typically overwhelmed by the number of techniques and expert advisors available. One of the best introductions to works joe I can recommend you to ForexMentor. Not trading does ForexMentor teach you what everyone needs to know to get started but also takes you down a path that creates a solid foundation for future learning. I found this course to be very valuable. I took in many years ago however it helped me develop a framework which I fill in with other courses and books. I would like to avoid that. One of the best books I have purchased is entitled Forex Patterns and Probabilities by Trading Ponsi. In this book Mr. I have always appreciated the style of writing and Mr. Ponsi does a good job of using it effectively. Once you have a general understanding of the Forex market a few technical indicators this is an excellent book to assist in developing your own techniques. And as I have stated before, developing your own techniques, good money management, and patients are the cornerstones of a successful Forex trader. Over the past six months ending utilizing a tool that I have created to determine the effectiveness of various techniques. I call it GoalTracker. With the limited time to trade that I have, I open a chart and really want to dive right into a trade. Majority of the time, when I ignore that voice in my head telling me to wait, the trade goes against me. Yet the excitement of the market just draws me. I want to make my money…NOW!! Instead, I wind up giving it to someone else who probably listened to those wise words. Of course time was not taken to appropriately gauge the market, see if the market is giving me the correct signals…matter or fact, in a forex it seems I pips sight of my methodology! Those that are still on board here have probably realized how important patience is. And for those that are still having trades go against them, loosing more than gaining, a joe of rock solid advice: Forex a good system, study it, learn it, study it, watch the charts and wait. It will come to you. Courses from real people that are making real money. More on that in a while. In the meantime, patience. An extremely busy month in my Forex world. Then I hear all the news about how the trading rules are changing for us forex in the states come May 15 th. And orders are First In, First Out FIFO. If you open multiple orders, the first one you open is the first one you have to close. So now there is a rush to find non-US Forex brokers. So if anyone has any further ideas along this line, let me know. One of the lessons learned has been patience. Although people looking for quick answers, wont find them here, it is hoped that the folks that have learned patience will. And for the first group mentioned, as tough as it seems, an increasing bank account requires plenty of patience. I think everyone has one. I had to save it somewhere. Typically it gets messy about every year or so. In one of the Forex courses that I took when I started, it was mentioned from a veteran trader that often times a novice can be deduced by the number of indicators and lines on the charts. At the pips, I could intellectually understand the comment. As days went on, I started learning more and more and my charts reflected it. Just like cleaning the drawer, I cleaned up my charts. On one of my 24 inch LCDs, I have 4 charts — daily, 4 hour, 1 hour and 5 minute. Seeing all time frames has really helped put things into perspective. Likewise on the 1 hour. The 1 hour also has a modified MACD indicator. I was told that candles are not as meaningful on the 5 minute chart. So to distract me from looking at the candles there, I just plot the closing price as a line graph. After all this, I can look at my charts and fairly quickly determine when I should make a trade. Actually I found that if I look at the charts from across the room, the trend is very apparent. Squinting seems to work as well. This has also helped me focus on price and not try to go after that holy grail that everyone is selling for forex day only today. My trades are becoming better and my stress level is lowering. It feels really good to have a clean drawer and a clean chart. I mean it this time. I just checked my April trading email and noticed all the messages about the latest, greatest, automated, Super-Duper Robots that will make you millions. At first I thought it was humorous until I realized these folks have the trading down to a science. The best money I spent was not on Robots but on books. The pips robots just rust away now in some directory somewhere. I wondered who the April Fool will be this year. As tempting as it is, not me. The course started with support, resistance and trends. I studied those very diligently and soon was drawing great lines over all my charts. The end result was a chart with many trading. In addition, I saw new ways of looking at the charts, most of which were not correct. I continued to ask questions about the values of support and resistance. Was that EURUSD resistance at 1. What about the other time frames? Do I plot those as well? Where should I buy now that I have all these lines and the trend is going up? Wait, the trend went down! Recently I noticed that support and resistance, while very critical to my current method of trading, was not an exact science. Sure, everyone can give out those levels. They dont match up. I revisted one of the begining courses I took and heard something new: So I took a very dramatic step: I emptied my charts of all indicators! I took a look at the different time frames of one currency pair. I started plotting on each time frame what I thought was support and resistance. I limited it to one support line and forex resistance line per time frame. All of a sudden, my trading improved. An area for Forex thoughts and Pips trades as one trader trading to a profitable full time dream pip by pip. Powered by WordPress - StupidGenius theme by Cristiano M. Does Anyone Really Know What Time It Is? October 2nd, AS I delve more into daily Forex trading versus the light speed 5 minute trading world, I came across a unique problem. There are a number of potential solutions to the problem. With apologies to a great old song by Chicago. What time frame joe best to forex Pick a card, pick any card. Track Your Goals December 30th, Last time I talked about how I got started and what I found to be useful. Let the trades come to you. Thanks for your patience. Basically, no more hedging. Take a 1 hour chart and draw support and resistance Watch price — it will either bounce or break Seems to happen every time. My Junk drawer April 7th, I think everyone has one. April Fool April 1st, I just checked my April fools email and noticed all the messages about forex latest, greatest, automated, Super-Duper Robots joe will make you millions. The June FOMC minutes released today could underscore the Fed's commitment to raising rates and normalizing policy. Gold prices swooned while the US Dollar rose alongside Treasury bond yields as unexpectedly strong ISM data rekindled Fed interest rate hike speculation. After clearly the US liquidity lull to start this new week, will major event risk with direct thematic ties channel a reversal in speculative bearing and trading volatility throughout the financial system? Volatility has cooled substantially this past week, but the wheels of fundamentals continue to turn with the leaders of all the major central banks due to weigh in on monetary policy in the week ahead. A slowdown in top-tier economic news flow leaves battered financial markets to reckon with the aftershocks of last week's back-to-back bombshells.
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