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Forex Trading Corner, Let's discuss forex strategy

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porkchop

Mar 23 2007, 05:32 PM

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Lalala Life's Sweet

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hi bro, noob here..when u all trade forex means u buy "company stocks" of other countries rite?

billycomeback

Mar 23 2007, 06:15 PM

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QUOTE(porkchop @ Mar 23 2007, 05:32 PM)

hi bro, noob here..when u all trade forex means u buy "company stocks" of other countries rite?

No porkchops, they actually meant they are buying and selling foreign currency. FOREX = Foreign Exchange

ThanatosSwiftfire

Mar 23 2007, 06:40 PM

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forex is essentially converting currency, holding oen currency, hoping it to appreciate against another, using the constant appreciation and depreciation to earn a profit.

It's like.. stocks, in a sense.

jong52yuara

Mar 23 2007, 08:09 PM

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Forex is the best business you can do.

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http://en.wikipedia.org/wiki/Foreign_exchange_market

porkchop

Mar 24 2007, 12:27 AM

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Lalala Life's Sweet

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thanx for the intro....what sites do u all trade forex?? now hl e-broking got a service sounds ok

lanusb

Mar 24 2007, 01:01 AM

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Casual

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I have a question.

1. In forex trading, I am trading other currencies, so in a spot option, (lets say I am buying Yen) means I will be buying "units" of yen by paying with my RM rite?How long do i get before i am needed to pay this RM ?? So at the same time, I am holding this Yen, how long should I hold?? (assuming that the Yen goes up in 2 weeks time)

2. While i am holding the above units, i can also buy a "put option" to protect my self incase the Yen drops in 2 weeks time rite??

3. Anyone can roughly explain about forward/futures contract? Is it meaning that I can choose to buy e.g Baht in 4 mths time at a "pre-set" rate (could be lower than the current currency rate), and when the time comes, if the Baht appreciate, I actually untung cause, I had already pre-purchased earlier at a lower rate, correct?? for this Can I buy a "call option" to protect myself too?

jong52yuara

Mar 24 2007, 01:14 PM

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Forex is the best business you can do.

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do your own reading and research here,

forexfactory
fxstreet

so far only BANK IN MALAYSIA allowed to trade forex, normal people like us NEED TO USE USA, SINGAPORE, or OFFSHORE BROKER.

MALAYSIA DOES NOT HAVE FOREX COMPANY TO LET PUBLIC INVEST IN FOREX.

Crazy.SoT.Gila

Mar 24 2007, 01:33 PM

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ilovekyx

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luqmanz, is this the correct setting for the graph you posted 2 pages back?

Attached image(s)

luqmanz

Mar 24 2007, 02:20 PM

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QUOTE(Crazy.SoT.Gila @ Mar 24 2007, 01:33 PM)

luqmanz, is this the correct setting for the graph you posted 2 pages back?

Yes ... make sure you are using closing price and you are looking at daily/weekly charts.

Added on March 24, 2007, 2:32 pm

QUOTE(lanusb @ Mar 24 2007, 01:01 AM)

I have a question.

1. In forex trading, I am trading other currencies, so in a spot option, (lets say I am buying Yen) means I will be buying "units" of yen by paying with my RM rite?How long do i get before i am needed to pay this RM ?? So at the same time, I am holding this Yen, how long should I hold?? (assuming that the Yen goes up in 2 weeks time)

2. While i am holding the above units, i can also buy a "put option" to protect my self incase the Yen drops in 2 weeks time rite??

You are required to pay cash on the spot.

How long to hold a currency depends on your analysis. Currency moves fast.
Not many broker offer currency option.
We are actually trading currency futures that is managed to work like spot market (spot market is like when you go to Pengurup Wang and change your money). When the contract expire, our position will automatically rolled-over to the next unexpired contract.

QUOTE

3. Anyone can roughly explain about forward/futures contract? Is it meaning that I can choose to buy e.g Baht in 4 mths time at a "pre-set" rate (could be lower than the current currency rate), and when the time comes, if the Baht appreciate, I actually untung cause, I had already pre-purchased earlier at a lower rate, correct?? for this Can I buy a "call option" to protect myself too?

Currency contract specifies the exchange rate for an amount of currency at a later date. E.g.

You enter a contract to buy 100 USD with Ringgit at USD 1 = USD 3.5 in 3 days. After 3 days the rate becomes USD 1 = RM 3.8. That means you profitted RM0.30 x 100 = RM 30 after 3 days.

You dont have to worry about these mechanics. Just learn how to time your buy and sell to make profit.

This post has been edited by luqmanz: Mar 24 2007, 02:38 PM

hamster9

Mar 24 2007, 04:20 PM

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lone trader

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QUOTE(lanusb @ Mar 24 2007, 01:01 AM)

I have a question.

1. In forex trading, I am trading other currencies, so in a spot option, (lets say I am buying Yen) means I will be buying "units" of yen by paying with my RM rite?How long do i get before i am needed to pay this RM ?? So at the same time, I am holding this Yen, how long should I hold?? (assuming that the Yen goes up in 2 weeks time)

2. While i am holding the above units, i can also buy a "put option" to protect my self incase the Yen drops in 2 weeks time rite??

3. Anyone can roughly explain about forward/futures contract? Is it meaning that I can choose to buy e.g Baht in 4 mths time at a "pre-set" rate (could be lower than the current currency rate), and when the time comes, if the Baht appreciate, I actually untung cause, I had already pre-purchased earlier at a lower rate, correct?? for this Can I buy a "call option" to protect myself too?

The trades are mainly done in USD. U need to convert ur RM to USD first. Then we start... either we trade GBP(Great Britain Pound) againts USD or USD againts JPY...

Hardly I could come across people trading againts RM. However there is but those are big players.

Now... back to you question...
1. You need to pay first before play..how long should u hold depends wholly on how much moolah u have. The more u willing to risk, the longer u hold...

2. There's this thing called stop loss or exit target which enables you to sleep at night. Usually people put 50 pips - 100 pips to the loss and earning....well..up to your greed level

3. No comment... I'm just a short term trader...

I just love trading on Fridays...very exciting

amenlo9

Mar 25 2007, 05:09 PM

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Look at all my stars!!

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how many full time forex trader here?

luqmanz

Mar 25 2007, 07:23 PM

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QUOTE(amenlo9 @ Mar 25 2007, 05:09 PM)

how many full time forex trader here?

What do you mean by full-time ? Those who trade for a living or those who are spending hours in front of the pc everyday ?

I'm at learning stage still.

hamster9

Mar 25 2007, 09:04 PM

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lone trader

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QUOTE(luqmanz @ Mar 25 2007, 07:23 PM)

What do you mean by full-time ? Those who trade for a living or those who are spending hours in front of the pc everyday ?

I'm at learning stage still.

Same here

but luqmanz is my otai

amenlo9

Mar 26 2007, 05:33 PM

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Look at all my stars!!

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QUOTE(luqmanz @ Mar 25 2007, 07:23 PM)

What do you mean by full-time ? Those who trade for a living or those who are spending hours in front of the pc everyday ?

I'm at learning stage still.

yes,who trade for a living

Crazy.SoT.Gila

Mar 26 2007, 06:19 PM

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ilovekyx

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QUOTE(luqmanz @ Mar 25 2007, 07:23 PM)

What do you mean by full-time ? Those who trade for a living or those who are spending hours in front of the pc everyday ?

I'm at learning stage still.

I'm wondering, which timeline of graph do you use for refference during trades? And it is so hard to get a time when blue meets red =\ Different timeline different lines too

mentos

Mar 26 2007, 06:33 PM

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QUOTE(Crazy.SoT.Gila @ Mar 26 2007, 06:19 PM)

I'm wondering, which timeline of graph do you use for refference during trades? And it is so hard to get a time when blue meets red =\ Different timeline different lines too

timeline is dependable on your trading method
one of the method i using now is MACD and WMA.
quite profitable.

Crazy.SoT.Gila

Mar 26 2007, 06:34 PM

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ilovekyx

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QUOTE(mentos @ Mar 26 2007, 06:33 PM)

timeline is dependable on your trading method
one of the method i using now is MACD and WMA.
quite profitable.

Mind to elaborate more on it?

Added on March 26, 2007, 6:37 pmHmm.. I see that MACD uses 12 and 26 EMA.. I'm using the one luqmanz posted few pages back that uses 3 and 7 though.. Any difference?

This post has been edited by Crazy.SoT.Gila: Mar 26 2007, 06:37 PM

luqmanz

Mar 26 2007, 11:24 PM

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QUOTE(Crazy.SoT.Gila @ Mar 26 2007, 06:19 PM)

I'm wondering, which timeline of graph do you use for refference during trades? And it is so hard to get a time when blue meets red =\ Different timeline different lines too

If you use it on daily chart, yes you will get like 1-2 signal every 2 week. As you go lower timeframe you will get more signals. Depends on you how you like to trade. But higher timeframe signals are more reliable. We are not sure how well it works in timeframe lower than 1 day.