NFA and CME both have started offering free online courses for Spot and currency futures respectively.
Most liquor stores now carry shark repellent. Get some!
You don't need to spend thousands of dollars to learn the Forex. My experience? The best courses are free. Don't burn your capital on junk. Pure Forex books? .... bah!
There are also a couple free e-books that I read when I got started last year. That was plenty enough for me.
Another place I'd recommend is the free Q&A sessions at FXCM -- these are recorded sessions and it will take several days to finish reading them; but it is generally good stuff, with a broad overview of the different pairs and their correlations, if any.
But for your continuing education and actually the creme de la creme, you really ought to download all the issues of CurrencyTrader magazine -- first issue was in October 2004. This is a monthly mag and it will supercharge your forex ammo.
These guys are good -- they even answered my questions meticulously and quoted me twice, thus far, hehehehe. Best news? Its free, baby.
Other advice: low position size, trade less, less, less. Keep it simple and don't go live until you're ready NOT to lose money! Its never OK to be willing to lose money to learn!
Disregard that system selling (3,000 or 3,500 pounds Sterling) moderator shark at Moneytec who has stated very often -- "you must learn to lose money professionally first!"
Goodluck! :)
Monday, March 06, 2006
Wave 4/1 overlap ..... (contd.)
Bear and ID -- good stuff, much obliged.
There you have it; I did NOT know about the overlap being acceptable on smaller timeframes; and I can tell you that I am relieved to read your answers; especially about application in leveraged markets.
So many times I've just flat out rejected a count because I saw an encroachment and then ended up scratching my head for days as I concluded that there just could not be any other sensible count.
Would appreciate ID throwing in a chart example of an actual encroachment on a smaller timeframe, esp. if such occurred on the 4-hr.
There you have it; I did NOT know about the overlap being acceptable on smaller timeframes; and I can tell you that I am relieved to read your answers; especially about application in leveraged markets.
So many times I've just flat out rejected a count because I saw an encroachment and then ended up scratching my head for days as I concluded that there just could not be any other sensible count.
Would appreciate ID throwing in a chart example of an actual encroachment on a smaller timeframe, esp. if such occurred on the 4-hr.
Answers to some of the questions
I apologize to all not participating actively this few days.
I'll start with few of the questions and answer others in a while.
Mean while I'm in the ChatRoom so I invite for a chitchat.
I'll start with few of the questions and answer others in a while.
Mean while I'm in the ChatRoom so I invite for a chitchat.
- Remember my trading system? ..... Enter/exit when the head says No, the heart whispers compassionately, Yes -- and the soul demands it!
There are experiments that show men learns (knows) things long before they are aware they know them. Long before conscious mind digest content. But this will take us to unknown territory.
My thought on this is that when we are born we know everything, but then the system makes his best to put us in as smaller box possible, our parents, school, work, are bombarding us with Constrains and we end up knowing nothing.
- So the obvious question is, "can it ever enter wave 1's territory?" By this I mean, "can any part of wave 4, be it the beginning, middle portion or the end, ever touch or enter wave 1's territory?"
It is not uncommon that wave 4 enters into wave 1 territory in a Leveraged markets and especially in highly leveraged ones. But when so, it is usually on a smaller time frames and for not more then 15% of wave 2 length and for not more than day or two.
- I knowed we wuz in trubbel when waveid's traffic meter's wave C crossed the 78.6% retracement mark, a plot of land was p-oychased right adjascent to Moneytec's afterlife jumbalaya & 100s of winners popped open the lids of their coffins and in one unified voice screamed, "what the heck is goin on?"
I'll do my best to find more time, but I'm not lacking willingness. I sincerely hope to be able to give more here, and I don't have any problem with how visited this place is. I simply enjoy this small party. Especialy since it gets just about the same regular visits as on MTec.
Wave 2 can last up to nine times the time taken for wave 1 to complete :)
Wave 1 took 1 week.
ID
PS. I’m writing a longer text to explain my points on EW, and it will be published very soon today. I believe that will answer all other questions. Later we can discuss it on a chart.
A can of worms
Joseph,
Your bringing up a question that’s going to start civil unrest. Here’s my take. And it’s just my view, so take it with a grain of salt. I believe that while the (5-3) or 8 wave pattern does define price, the guidelines or rules for wave configuration in highly leveraged markets tend to get bent. I think for the most part the rules remain intact, but when price in on a stampede it can trample down the corral that would normally contain it, ( or overshoot areas that would generally provide sup/res as the high or lows of prior waves.
Also I do not discount the fact of some minor market manipulation when price is trading near levels, there’s a lot of blackbox, system trading, I think there are times when price is near certain levels that price will be pushed to trip the levels of some systems.
I thought that Frost and Prechter mentioned leveraged markets in the book but I am unable to find it this morning, need more coffee…….
In a nut shell, yes I think they can over lap, albeit slightly I can't see wave 4 having lunch with the end of 2 , but more on the smaller time frames. I don’t think this is the norm (need some sort of structure or the whole things useless) just I keep it in the back of the noggin that’s it’s a possibility.
Your bringing up a question that’s going to start civil unrest. Here’s my take. And it’s just my view, so take it with a grain of salt. I believe that while the (5-3) or 8 wave pattern does define price, the guidelines or rules for wave configuration in highly leveraged markets tend to get bent. I think for the most part the rules remain intact, but when price in on a stampede it can trample down the corral that would normally contain it, ( or overshoot areas that would generally provide sup/res as the high or lows of prior waves.
Also I do not discount the fact of some minor market manipulation when price is trading near levels, there’s a lot of blackbox, system trading, I think there are times when price is near certain levels that price will be pushed to trip the levels of some systems.
I thought that Frost and Prechter mentioned leveraged markets in the book but I am unable to find it this morning, need more coffee…….
In a nut shell, yes I think they can over lap, albeit slightly I can't see wave 4 having lunch with the end of 2 , but more on the smaller time frames. I don’t think this is the norm (need some sort of structure or the whole things useless) just I keep it in the back of the noggin that’s it’s a possibility.
EurGbp: Look at "daily" & thou shalt understand why!
I'll just carry on talking to myself here; maybe the same fella who gave me some water to quench my thirst when I was crossing the desert alone, will return -- this time with some venison, wine and a belly dancer. Dreamin? .. yeah, baby, the heat of the sun will do that to you.
Sunday, March 05, 2006
We've got to get down to serious EW study!
Remember my trading system? ..... Enter/exit when the head says No, the heart whispers compassionately, Yes -- and the soul demands it!
The good news is that this system belongs to each and every one of us natively. Where we differ as individuals is in our ability/disability to nullify/succumb (to) the destroyer (the sole reason for the millions of trading books on the market) who sits betwixt the head and the heart and corrupts and/or deletes messages from the latter 2 -- our allies.
The message is clear -- we've got to dig deep, revisit the basic EW rules, wave structural and aerodynamic theory and practice; dovetailing conventional TA with EW -- the personality and internal character traits of waves, especially the devilishness of wave 2, humiliating capability of wave B and the aborning thrust hinted by wave 4 ..... etc., etc. And of course, let's not forget about fibonacci wave relationships.
This is what we gotta do.
The time has come to get this underway.
I hereby start the ball rolling with a rule about wave 4, that now needs a clarification .....
saw this recently posted on EWI website -- never seen this rule written like this before, but it sure opened up the question ....
"Wave 4 cannot end in wave 1's territory!"
So the obvious question is, " can it ever enter wave 1's territory?" By this I mean, "can any part of wave 4, be it the beginning, middle portion or the end, ever touch or enter wave 1's territory?"
And by touch, I mean, exact price value, wherein the lowest low of wave 4 = the highest high of wave 1 (uptrend).
For this party to get underway, we need a teacher and at least one student. I believe we have a professor and more than one student.
We can't lose! :) :)
The good news is that this system belongs to each and every one of us natively. Where we differ as individuals is in our ability/disability to nullify/succumb (to) the destroyer (the sole reason for the millions of trading books on the market) who sits betwixt the head and the heart and corrupts and/or deletes messages from the latter 2 -- our allies.
The message is clear -- we've got to dig deep, revisit the basic EW rules, wave structural and aerodynamic theory and practice; dovetailing conventional TA with EW -- the personality and internal character traits of waves, especially the devilishness of wave 2, humiliating capability of wave B and the aborning thrust hinted by wave 4 ..... etc., etc. And of course, let's not forget about fibonacci wave relationships.
This is what we gotta do.
The time has come to get this underway.
I hereby start the ball rolling with a rule about wave 4, that now needs a clarification .....
saw this recently posted on EWI website -- never seen this rule written like this before, but it sure opened up the question ....
"Wave 4 cannot end in wave 1's territory!"
So the obvious question is, " can it ever enter wave 1's territory?" By this I mean, "can any part of wave 4, be it the beginning, middle portion or the end, ever touch or enter wave 1's territory?"
And by touch, I mean, exact price value, wherein the lowest low of wave 4 = the highest high of wave 1 (uptrend).
For this party to get underway, we need a teacher and at least one student. I believe we have a professor and more than one student.
We can't lose! :) :)
Too bad they don’t pay you back when they are wrong.
Signal Services,…………. They flourish with a majority of traders for many reasons but two stand out, imo;
1) Most traders will not take the time to study and learn their craft. The forex markets are the worst, with the low initial deposits and over leverage. The golden apple of instant wealth, get rich quick mentality, permeates thru this industry. People are drawn in with the schemes and then are misled by simple indicator based strategies, when all the arrows point down in the same direction, sell!! #%&@*!………….
There aint no system that will work in every different situation the markets will throw at you, if you take every MA or Stochastic cross, ect. you’ll be in that Commodore Hotel Bar singing them lonely broke blues with all the other Boys.
2) Most traders will not take responsibility for their own trades, at least if they follow a signal service or trade rec. - when their broker makes a margin call, they can blame it on some one else. Well everyone else lost today, I don’t fell so bad. Boy the markets are brutal today, They hunted my stops. The list goes on forever…… Hello!!!! If your having a bad day some else is having the new pool installed.
I’ll crawl down off my soap box…..
Study, learn your profession better than 98% of all the other traders, it’s a tough job - very few will really succeed…………..wonder how many subscriptions I can sell with that??
1) Most traders will not take the time to study and learn their craft. The forex markets are the worst, with the low initial deposits and over leverage. The golden apple of instant wealth, get rich quick mentality, permeates thru this industry. People are drawn in with the schemes and then are misled by simple indicator based strategies, when all the arrows point down in the same direction, sell!! #%&@*!………….
There aint no system that will work in every different situation the markets will throw at you, if you take every MA or Stochastic cross, ect. you’ll be in that Commodore Hotel Bar singing them lonely broke blues with all the other Boys.
2) Most traders will not take responsibility for their own trades, at least if they follow a signal service or trade rec. - when their broker makes a margin call, they can blame it on some one else. Well everyone else lost today, I don’t fell so bad. Boy the markets are brutal today, They hunted my stops. The list goes on forever…… Hello!!!! If your having a bad day some else is having the new pool installed.
I’ll crawl down off my soap box…..
Study, learn your profession better than 98% of all the other traders, it’s a tough job - very few will really succeed…………..wonder how many subscriptions I can sell with that??
Scam watch early warning call!
The Money Trader -- a signal service.
Watch out -- you'll be dead and/or broke in 6 months!
Basic rule that has stood the test of time is as follows:
Those who cannot do, teach. Those who cannot perform in industry, become professors.
Trading is hard; only the tigers survive and even they have to be ever vigilant!
Signal\newsletter etc. providers cannot trade themselves; their only source of income is from your funds.
My personal experience with the Forex is that everything of bountiful, exquisite value came to me just like god-given gifts, such as air, water and love. No money was involved.
There are hundreds of signal providers around, but what makes this particular one lethal to your pocketbook is the dual famous names, Kathy Lien and Boris Schlossberg.
Both are technical writers for FXCM & Kathy has just written a book on FX trading.
I believe this service is not related to or connected to FXCM, but it is entirely possible that it is a strategic attack at the millions of wildebeast.
They want $1,500 per year for their signal service.
Having read their stuff for a few months at FXCM's website I can unequivocally state that both are terrible market timers.
Both are decent enough writers of technical points, but I believe an average technician, working on his own, can do far better.
Its getting so a Forex newbie can't even go to the can in peace anymore without some asshole taking a shot at his goodies!
:) :)
Watch out -- you'll be dead and/or broke in 6 months!
Basic rule that has stood the test of time is as follows:
Those who cannot do, teach. Those who cannot perform in industry, become professors.
Trading is hard; only the tigers survive and even they have to be ever vigilant!
Signal\newsletter etc. providers cannot trade themselves; their only source of income is from your funds.
My personal experience with the Forex is that everything of bountiful, exquisite value came to me just like god-given gifts, such as air, water and love. No money was involved.
There are hundreds of signal providers around, but what makes this particular one lethal to your pocketbook is the dual famous names, Kathy Lien and Boris Schlossberg.
Both are technical writers for FXCM & Kathy has just written a book on FX trading.
I believe this service is not related to or connected to FXCM, but it is entirely possible that it is a strategic attack at the millions of wildebeast.
They want $1,500 per year for their signal service.
Having read their stuff for a few months at FXCM's website I can unequivocally state that both are terrible market timers.
Both are decent enough writers of technical points, but I believe an average technician, working on his own, can do far better.
Its getting so a Forex newbie can't even go to the can in peace anymore without some asshole taking a shot at his goodies!
:) :)
Waveid\blogspot crossed 78.6% retracement? :)
:) :)
I knowed we wuz in trubbel when waveid's traffic meter's wave C crossed the 78.6% retracement mark, a plot of land was p-oychased right adjascent to Moneytec's afterlife jumbalaya & 100s of winners popped open the lids of their coffins and in one unified voice screamed, "what the heck is goin on?"
This wave 2 down is brutal; and wave B of this 2nd wave even tricked a truckload of dead people; this is a new development in wave theory, for the dead are supposed to be left alone and respected. Wave C seems to have whacked the living on their heads with a saucepan.
This is not good; it was already not safe to go to the can in peace anymore; now the graveyard too?
What will be the trigger for firing off wave 3 up?
-----------------------------------
Two waveid fellas were walking home after a party and decided to take a shortcut through Moneytec just for laughs. Right in the middle of the cemetery they were startled by a tap-tap-tapping noise coming from the misty shadows. Trembling with fear, they found an old man with a hammer and chisel, chipping away at one of the headstones.
"Holy cow, Mister," one of them said after catching his breath, "You scared us half to death -- we thought you wuz a ghost! What are you doing working here so late at night?"
"Those fools!" the old man grumbled. "They misspelled my name!"
I knowed we wuz in trubbel when waveid's traffic meter's wave C crossed the 78.6% retracement mark, a plot of land was p-oychased right adjascent to Moneytec's afterlife jumbalaya & 100s of winners popped open the lids of their coffins and in one unified voice screamed, "what the heck is goin on?"
This wave 2 down is brutal; and wave B of this 2nd wave even tricked a truckload of dead people; this is a new development in wave theory, for the dead are supposed to be left alone and respected. Wave C seems to have whacked the living on their heads with a saucepan.
This is not good; it was already not safe to go to the can in peace anymore; now the graveyard too?
What will be the trigger for firing off wave 3 up?
-----------------------------------
Two waveid fellas were walking home after a party and decided to take a shortcut through Moneytec just for laughs. Right in the middle of the cemetery they were startled by a tap-tap-tapping noise coming from the misty shadows. Trembling with fear, they found an old man with a hammer and chisel, chipping away at one of the headstones.
"Holy cow, Mister," one of them said after catching his breath, "You scared us half to death -- we thought you wuz a ghost! What are you doing working here so late at night?"
"Those fools!" the old man grumbled. "They misspelled my name!"
Saturday, March 04, 2006
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