its now 12.30am.eu suddenly drop 130 pips.what happened guys?
there's not even a news at forex factory

No. That's a typical reaction to DOW falling 200 points. It went right through the floor and it's a basic forex101 that when equities, oil and commodities fall, USD goes up. It's not just the EU. Oil fell, USD/CAD went up. Typical reaction is oil price down, USD up and vice versa. Commodities fell, AU and NU went through the floor too together with it. All happened last night with the DOW leading the way down.

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Added on October 27, 2009, 9:52 am
Not so much old school trendline break. It's more old school people buying USD when riskier equities fall. It all happened last night.

lol.. Anyway im still a novice trader.. am manage to make consistent profit in very very small trade/amount.. so im nothing to fancy about.. i could share with u how my personal trading system/method.

1.i dun like clogging my whole chart wif indicators.. makes my eye pain =p..
i only have EMA,PSAR and Stoch indicator. If i would have to put more than that i will open a new chart/load it with 2nd monitor.

2.Identify Support/Resistance line..
3.News Trading.. u can visit www.forexfactory.com.. im still in the process of learning it.. know more on how it could affect on the currency u r trading.. well sometimes it doesnt help much but u will need it to keep ur account 'alive' =p
4.Remember to set ur TP/SL.. this is really useful for u to maximise ur gain/minimise ur loss.. dun be greedy, bank whenever there's a profit.
5.For ur concern over lagging indi.. try looking in here - http://www.babypips.com/school/leading_vs_...indicators.html.
there is no perfect indicator/holy Grail, some say..
6.Orders/Hedge/Scalp- i will put in order whenever i feel my indicators are talking the same at a time.. scalp when market is ranging/trending.

So to conclude, im a kind of mood trader.. whenever i dun feel like trading i dun trade.. and i play safe not to overtrade my trade size.. kinda chicken trader =) i think thats much i could share.. feel free to evalute and leave some opinion.. i dun care much if there are flames/talking nonsense...

thanks bulkbiz! =)

maybe some points to ponder for me? =p yeah im not really an 'indicator' kind of guy.. makes my eyes sore just to look at it.. Lol.. futhermore im trained to use MAs,PSAR and Stoch only... for others i got no idea how to properly use it.. whenever im free i'll just load up a new chart and play wif other thing to see it makes sense to me or not.. otherwise i wont bother to use it.. haha

If this is live account, you'll get heart attack.

one noob question! is it possible to auto close all open trades once a certain equity value is reached?

how in the hell does schoolin in babypips answers my question? mind answering that? or to make things easier just give me a direct answer to my first noob question..if u can't then just stfu rather giving lame remarks after my post..it's like asking someone to go google for answers, dumbass!

Really appreciate your help Evo. made a healthy 200 pips after using your indicator. It suddenly became so much clearer for me now.. I trade with the trend,.. wait for it to hit a Resistant or support whichever way it swings i just follow. wait patiently until it reach another resistant/support then close. Now i look at 4hr trend and trade with 1hr chart.

Anyway ALLHell.. just save ur breath. Most of the time your question here will be rebuffed with a simple.. Read here. go to this link and read. I think this is the first forum i came across where i was told to discuss my enquiry in another forum. I think all the sifu here are reluctant to share their hard earned wisdom with newbie. So my only advice to you is go read up, u could probably find your answer somewhere on the net. Try joining forex factory. Those guys there are really helpful. Occasionally you do come across ppl like Evoangel who are very helpful.

hi all sifu,
just went for a preview on forex course called forex-investology system
it will cost RM4900 for 10 days course. is it worth it? since there are few other courses around the same price for 3 days only
the speaker is Mr Sam Se who has 23 years experienced Forex Master Trainer Certified and Licensed dealer representative with the KLCE
anyone has any comment?

thanks in advance

Trading Psychology and Drawdowns

Trading psychology is the most important aspect of a trader's success.  This may surprise some readers, specifically those that are new to trading.  However, the psychological makeup of a trader is more important than market knowledge, market analysis, and even money management.  The reason psychology is so important is that even the best information can be distorted by a poor mindset.

Most new traders think the key to profiting in trading is knowing more about the market.  For instance, most new traders clog their screens with every indicator they can find, read up on European GDP trends, and feel that pro traders have some sort of secret knowledge.  However, this inevitably does not provide the lofty results the novice trader expects to achieve.

After realizing that excessive market information doesn't help (and may hurt) results, the next moment of truth most traders have is money management.  Instead to trading 1 lot every time, or even trading the maximum lots their account will allow, these traders realize losses will happen no matter what.  When you realize that everyone loses on occasion, it is easy to see why money management is necessary.  This is a big step, but does not ensure success.

Now, don't get me wrong, you need to have some form of analysis and some form of money management to profit in the long term.  In other words, you need an edge that when applied with proper money management leads to positive returns over the course of many trades.  Great money management with no edge will only mean you lose your money more slowly.  A great strategy without money management will lead to an inevitable blow up.  However, without the proper mindset, it is nearly impossible to continue to get good results in the long run.

The bottom line is that a poor mindset can sabotage even the best trading strategy or money management strategy.  I could write about this at great length, but we will look at one key example for now.  The biggest test in trading psychology occurs during a drawdown.  This occurs when a trader gets in a "slump" and has bad results for a given period of time.  Usually the most devastating drawdowns eliminate a significant amount of a hard earned profit. 

Keep in mind, draw downs are completely normal.  Everyone has them on occasion.  However, the key is reacting properly to drawdowns.  This is why trading psychology is so important.  The natural reaction during a drawdown is to change your strategy.  Sometimes traders will even take trades for no reason whatsoever except for a desperate chance at a profit.  Assuming you believe your methodology is sound, there is no reason to change anything during a drawdown.  In fact, that is the most important time to follow the basics.  Think about a baseball hitter in a slump.  Sometimes they will change their stance, but usually they keep the same basic stance and swing.  Instead, they focus on the fundamentals of keeping their head still, keeping their hands back, and so on.  For some reason traders tend to panic in this situation and change everything up.  This leads to a larger drawdown, which usually ends when the trader reverts back to their primary strategy.

In conclusion, the steps above illustrate the general process a trade takes on the road to achieving consistent results.  Virtually all traders only become successful after they able to put together a strategy that gives you an edge, money management, and proper trading psychology.

Just made my first paper trade.. i am going long on EURUSD pair.. all analysis looks good for long.. but the weekly chart say it already reach its support level and going down. LOL dont know which one is good but i trust its going up.

BTW normeck u're a day trader? Looks like you focus more on hourly chart..its call scalping rite? Is it any better than position trading?

Why so scared of LHDN? The first thing is whether u can make money from forex. Then parked them oversea or over causeway. No worries mannn

I used to get defensive when people suggested fx was just gambling. Partly because they don't understand we control the risk, don't bet the farm and likely wont lose everything, but also because I've never been a gambler and don't get a kick out of ups and downs - it's simply work.

However the last few months I have started to wonder. It seems to me you can rely on news,indicators, intuition and common sense and STILL be wrong 4 times out of 5. I went through a bad period in the gamme from about August to November when absolutely nothing I did ever worked. It was lose lose lose.

It may be because I was experimenting with different ideas, and now I've found better ways to control my losses (and suck em up); but I still feel that every time we enter a position, we are throwing ourselves at the mercy of cruel gods.

is it base on TA or FA analysis says that USD gonna go down?

can show some chart?

important thing when to trade forex is we must know how much we will loss ..
set ur SL is important ..

Guys,
One of my friend planned to invest RM36,000 in this forex company http://olympic-international.com/.
is that good idea ? please give some input 
thanks a lot.

Yes, i been there on 12th, that time still don't know what happened and the registration counter seems like don't want to disclose anything about the reason of cancellation, they just keep telling the customer "I don't know". Then later my friend told me about BNM take action then only i realised BNM already warned & prohibited the forex broker advertise on newspaper, magazine & so on. My friend told me it is because some of the brokers there do local exchange currency to help clients deposit money to them to earn the exchange rate without directly deposit to the oversea broker, BNM disallowed this action. Here the news from oriental newspaper 8th Dec 09:-

外匯交易廣告猖獗　國行料將嚴厲取締

（吉隆坡7日訊）隨著我國近期平面媒體刊登的外匯交易廣告有逾越標準之嫌，引起國家銀行的關注，市場預料國行將嚴謹執行1953年外匯監管法令（ECA）取締違規者。

由於意識到近期平面媒體刊登的外匯交易廣告日漸猖獗，恐為市場帶來負面影響，國行將在本週五（11/12）召見各報媒體廣告部高層，以詳細闡明1953年外匯監管法令（ECA）第4章的細節，作為媒體刊登外匯買賣廣告的指引。

據瞭解，國家銀行將在本週五召開上述研討會，並邀請媒體廣告部高層出席。該會議將由企業通訊部主任哈山阿爾沙裡及外匯管理部主任哈妮莎共同主持。

探討黃金與外匯交易

該會議料將詳細探討1953年外匯監管（ECA）第4章下的兩個重點：黃金與外匯的交易，以及黃金與外匯交易的相關廣告。

根據上述法令第4章的4（1）條文，如果沒有得到監管單位的批准，除了授權交易商，任何一方都不可擅自購買或借貸黃金或外匯；不可出售或借出黃金與外匯；以及不能參與黃金或外匯交易的活動。

與此同時，該法令的第4章第4（2）條文指出，除非取得監管單位的同意，除了授權交易商，特定區域的任何人士都不可參與有關向國外人士買賣，借進與借出黃金與外匯的活動。

另一方面，該法令的第4章第4A（1）條文註明，在沒有監管單位批准的情況下（除了授權交易商），沒有任何一方可以提出、刊登含有說服買賣或商借黃金或外匯的廣告；和任何直接或間接慫恿黃金與外匯交易的資訊。

與此同時，該法令將「廣告」詮釋為：以任何方式或形式的傳播或傳遞信息，邀請或要約的工具。

廣告的涵蓋範圍包括報章、雜誌、海報、照片、紀錄片、以及電子媒體等等。