Ruth asks…
what is G7 Forex Trading System?
G7 Forex Trading System.
How many YEARS are you willing to spend developing a profitable Forex trading system? How many THOUSANDS of HOURS of research and sleepless nights are you prepared to sacrifice? How many WIPED OUT trading accounts can you afford to lose through losses and margin calls?
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kenspong answers:
The dollar fell to new multiyear lows against the euro and Australian dollar on Friday. The yen hit a record low versus the euro and fell against the dollar before the two-day G-7 meeting in Washington. The G-7 is unlikely to have a strong statement criticizing the yen’s weakness as Japan is not intervening in the FX market.
I believe your talking about trading the news such as the G 7 ,news is dangerous to trade and the spreads are wide as the news breaks at most brokers.
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Robert asks…
which mobile is better for forex trading?
i am new in forex trading. i want to buy a mobile for forex trading as the market moves in my office hour. so which mobile will be better? blackberry, nokia smart phone or iphone
kenspong answers:
Smartphone. LIKE AN ANDROID!
Susan asks…
Finance student looking to get into FOREX trading, anyone have a game plan for becoming a successful trader?
I am an undergrad student with a 3.7 GPA in an finance program ranked in the top 10 nationally. I will graduate early (this December) and am also studying to take the CFA level 1 in June.
I only tell you this so you know a little about my background and understand I am prepared to LEARN how to trade. I am not looking for a get rich quick scheme, but rather, want to study the art of trading until I can consistently make positive returns on FOREX during my spare time. Of course, who knows, if it goes well maybe it will become my career. More than anything though, it seems really interesting and I would like to learn more.
So, what books etc do I need to read to understand how to trade on FOREX? I understand it will take some work, but can anyone lay out a plan to follow in order to become a successful trader? For example, read x,y,x, while trading on a demo account, then open a real account and do x,y,z etc.
Please don’t recommend trading programs like FOREX tracer etc! There is no way I am going to let a program control what happens to my money and, to my understanding, most all of these programs are scams. I have to go with the old adage, if it sounds too good to be true, it probably is.
Also, for any traders out there…
What’s your holding period return for a typical month and how many hours/day do you trade to generate that return?
If I have limited capital to trade with, will this significantly impact my ability to utilize effective trading strategies?
kenspong answers:
You seem to be coming into this with the right mindset and congrats for that since 95% want a get rich quick scheme. I too had a high GPA from Ivy Leadue in Econ/Finance but sadly that degree doesnt translate into trading success immediately.
Def dont buy any programs or such online since you have no control over them. Even if they work for a period of time you have no real idea about how to control your risk and how they are supposed to react to market conditions. 99% dont work and ALL need some understanding of risk management.
For advice on trading you should learn what indicators are, such as movign averages, oscillators (like RSI) and such. You should learn common patterns that traders use and what they mean. Watch many charts, pay attention to how prices move during news anouncements and so forth. By this time you should have ideas to test in demo to see if you can make money.
Try to be CONSISTENT in demo mode and try to make like an average of 100 bucks a day or some goal. Once you can consistently hit your targets and are comfortable with your system go live and try to see if it really works. These steps might need to be repeated several times until you get a profitable system you are comfortable with.
Get a good low cost broker. I use Interactive Brokers. Oanda is good too, but i like IB best. Good brokers keep their spreads tight and are highly reliable. This may make the difference between profitability and losses.
Good luck
Charles asks…
I am aware of FOREX EA’s… What about Futures Trading Robots?
Hello,
I have been doing a lot of research and there are dozens and dozens if not hundreds of EA’s for use on MT4, trading FOREX.
But I am unable to find anything on robots for Futures trading. While I look forward to manually trading Futures in the evenings, it would be nice to have something to catch a good trend during pit hours, while I am away at work.
Thanks for any tips or keywords that may assist in a Google search. ; )
kenspong answers:
I haven’t also come across any automated futures trading system or what you are calling a futures robot. There are many futures contracts that you can trade. Maybe this has to do something with the nature of the futures market. You haven’t mentioned what type of futures contract you want to trade. Infact there are many dozens of futures contracts like stock index futures, crude oil futures, interest rate futures, commodity futures, currency futures and others. Futures markets are a lot different from forex. Futures market is a highly regulated market. You can find both price and volume in the futures market unlike forex where you only have the price action.
I came accross a swing trading strategy that works for forex, stocks and futures. This swing trading strategy takes not more than 10 minutes to trade each day. Many people think that automated trading is the solution or what you call the Holy Grail. Infact there is no holy grail. Successful traders are those who learn to trade manually first. Automated trading systems without knowning how to trade manually do not give good results as market conditions keep on changing and if you have the feel of how the market is changing you can change the setting of the automated trading system. You can only develop the feel of the market by manual trading. First practice and paper trade for one to two months. Only then trade live. Good Luck!
Paul asks…
For forex trading which currecy pairs are normally very active , their active timings for day trading?
i am a stock market player. i want to enter currency market. kindly guide me which currency pairs are normally very active and the timings (from what time to what time if I am ready to concentrate on all the 24 hours)generally very active for day trading. Also request to mention the differnce between currency trading and stock trading in various angles
kenspong answers:
By far and away the most active currency pairs are GBP/USD, EUR/USD, USD/CHF and USD/JPY.
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