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 Forex Version 20, Foreign Exchange Market Discussion

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Goodboy92
post Nov 27 2018, 07:08 PM

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QUOTE(johnnyzai89 @ Nov 27 2018, 06:02 PM)
it's volume profile
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Volume profile was info that i dont use , not sure i am right or not , but it point out which price area has more volume transact , thus i look at it as a support/resistance , and forex has not real volume thus the info are wrong logically, except you were using futures.
SUSlowya
post Nov 27 2018, 09:30 PM

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QUOTE(johnnyzai89 @ Nov 27 2018, 06:02 PM)
it's volume profile
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no centralized exchange means every chart you pull from different broker will look different.
fairylord
post Nov 27 2018, 11:36 PM

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QUOTE(lowya @ Nov 27 2018, 09:30 PM)
no centralized exchange means every chart you pull from different broker will look different.
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means it actually capture individual broker volume instead of the market volume, right boss?

johnnyzai89
post Nov 28 2018, 12:35 AM

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yeap, i'm aware of that. but if u look at big brokers, they give you a decent idea

Anyway i'm not using that la.. just pure naked chart
SUSlowya
post Nov 28 2018, 07:50 AM

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QUOTE(fairylord @ Nov 27 2018, 11:36 PM)
means it actually capture individual broker volume instead of the market volume, right boss?
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yes, followed by question which broker actually represent the whole market volume? probably none.
Goodboy92
post Nov 28 2018, 09:21 AM

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I think I have to conclude something that a system need

1. Direction - determine direction of price going
2. Time/Price your entry - find an good entry point
3. Risk Reward - a min. of 1:1
4. Take Profit point - price don't go all the way in 1 direction
5. BE point - when price reach a place where you think it should not go back to entry price

Some people with high accuracy will scale out before it reach tp

This post has been edited by Goodboy92: Nov 28 2018, 09:24 AM
ched6560
post Nov 29 2018, 10:54 AM

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QUOTE(viruz @ Nov 26 2018, 11:08 PM)
Hi all sifu:

I would like to know in order to fund from local bank to forex broker eg IC Market, Pepperstone etc, what channel you guys usually use without blocking from bank?
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Try avoid directly depo from you bank account to forex broker. You can use Netteler, skrill, etc. Or can use Local depositor.

If you depo using card, you just can withdraw same amount you depo. Cannot more than that.

You still need to use other method to withdraw amount more than you depo using card. Unless you withdraw less than you depo because of loss. biggrin.gif biggrin.gif
#Victor
post Nov 29 2018, 11:23 AM

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QUOTE(ched6560 @ Nov 29 2018, 10:54 AM)
Try avoid directly depo from you bank account to forex broker. You can use Netteler, skrill, etc. Or can use Local depositor.

If you depo using card, you just can withdraw same amount you depo. Cannot more than that.

You still need to use other method to withdraw amount more than you depo using card. Unless you withdraw less than you depo because of loss.  biggrin.gif  biggrin.gif
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U mean the profit earned cannot be withdraw to the card?
daus89
post Nov 29 2018, 01:14 PM

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hai,just wanna share my setup here
got SL too
TAYOR

» Click to show Spoiler - click again to hide... «


i also buying NU and EU

good luck
johnnyzai89
post Nov 29 2018, 03:19 PM

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QUOTE(ched6560 @ Nov 29 2018, 11:54 AM)
Try avoid directly depo from you bank account to forex broker. You can use Netteler, skrill, etc. Or can use Local depositor.

If you depo using card, you just can withdraw same amount you depo. Cannot more than that.

You still need to use other method to withdraw amount more than you depo using card. Unless you withdraw less than you depo because of loss.  biggrin.gif  biggrin.gif
*
yeah but what about withdrawal? can't use skrill for that right?
crimosnx7
post Nov 29 2018, 04:22 PM

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QUOTE(AllnGap @ Nov 26 2018, 02:11 AM)
Long time I never browse here.
Don't trade Forex. Switch to crypto, it's much easier.

I give u one example why small guys can't make it.

Assume u can grow 5% monthly in account, u expect like RM 10k per month, so you'll need 200k RM or 50k USD account.
Small guys are way too undercapitalized.
Trying to use 500usd to earn 5000usd. Very fast account burn in a few months time.

Second big problem is like this, Forex is super duper ultra manipulative. Besides TA crap, I have access to some data where I get to see other things that you guys don't have. What we see as candles are only price time relationship. Normal traders don't get to see the value of transaction behind it. It's like you fish with normal fishing rods. Bank traders fish with sonar equipment.........

My accuracy is to extent that when it's ranging, I can pinpoint 2 points that when price touches there it will U turn or make big reversals.
Even with that it's hard to be accurate.

Why is it like that ?
Banks wanted to fill their big volume orders, maybe at 2 certain price point when ranging. Within 300-400pips price point only 2 levels are of utmost importance. The rest is just rubbish, noises.

If I take a piece of boxed math paper, I mark down a few important levels, then I could have many many combinations. Not only those bounce is here therefore it's a good support, but it may break this support to a lower one, then next week it goes back up again. It's like I want to fill 1.41 price. The price whacks above this week(+120pips) next week below(-100pips), next week above then continue with real move.

It's whacking like mad to getting filled. Sometimes it's supposed to go up, but haven't fill enough, so bankers play with it. If you can fill lower and earn more will U do it ?? Definitely will.
So bankers don't even know how low they can go.

- Some of the levels broken today, then bankers push it up for another 5 days, evidently with GU. Later drop it like a hammer. It's not TA is not working, it's price is being manipulated.

- Sometimes they could slowly push up a currency to fit in to the NFP news. Currencies are managed to move within 1.2-2% daily. This Friday NFP they already know the results. So they sometimes push it slowly from Tuesday to Thursday only to drop it on Friday to prevent things triggering other things.

And I can tell u this truth because I saw bank Traders said this. Last time before 2008, euro/pounds/yen or mainly USD pair were moving like 200-300pips daily. During that time it's so much easier to daytrade. Either it break during London, if not real move comes during US open.  Just follow engulfing candle. If wrong just martingale go the other side. Since the daily movement is 200pip, losing 30pip is nothing cus risk to reward is great

Now the daily pip range becomes 60-70pip range.
Minus the volatile stop hunting candles, u are left with 50pips. Minus confirmation candle, left 35pips.
Minus spread 2pips, minus slippage......u get my point. The daily volatility has reduced tremendously that it's impossible to day trade, plus spreads dint go smaller. Risk to reward ratio is pretty much shitty

Another factor that TA traders don't know is that central banks has been at war with each other ever since 2009. Before that they already 'agreed' behind to let their own currency devalue or evaluate. Like since Bush went up, he devaluate USD, so euro appreciate like mad for 6years. Just long euro for 6years can retire d. Now they like angry neighbors.
This month devaluate, next month appreciate. Later Brexit drama, later this and that, and as China becomes stronger, the trade volume on USD becomes lesser. USD volume drop becomes daily movement becomes lesser.
Day trade = gamble.

Don't waste your time on the most manipulative unfair game there is. Why bother try to prove yourself at a so high difficulty level game.

Even buying dips on stock market is easier. (Some counters dip a few percent every few days)
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haha...bro u wrote so many..

when i first learn Forex at China...my mentor told me TA skills is only 15%~rest is capital,Risk reward and risk management~
for the PAST 2 yrs i lost ard 5-6K USD only start realizing i need to learn from a good mentor,im just lucky i found it.(lol..ofcoz i paid for the fees)
merely just trade on Technical Analysis is fine, but have to very careful with big news like FOMC,ECB...i hardly trade on news,baically i trade after news unless i have a floating order.


Just wanted to say forex you can make good money~if you got a good plan n system.
I only happen to spot 1-3 good chance per instrument a week. i only trade E/U 80% and G/U 20%~others i dont trade this 2 pair work out the best for me.
i knw institution r manipulating the price most time, but they cant forever do it,becoz after ive learn the Supply n Demand course, you know where they can manipulate where they hardly can.
Ive been told all these behind are just the cause of Supply/Demand logic...it work well most time.


I agree with you forex can b manipulate and is safer to trade, ~but share also b manipulate smile.gif~the only thing i like forex is the liquidity.
Agree with you smile.gif most brokers are hunting SL~so SL is our best friend~
Ya forex need capital to trade if you want make 10K~ but 10K RM is enough (2-3k USD cap) ofcoz the more the better.
but ive seen my fren trade with 50USD to 2K USD in 2 months.
After done analysis~to me is just how much you r willing to risk for that trade if you dare to put on the risk you will be rewarded.




crimosnx7
post Nov 29 2018, 04:33 PM

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QUOTE(johnnyzai89 @ Nov 26 2018, 10:04 AM)
hey Crimosnx, are you still trading now? and after 3 years of trading, what would be the main takeaway you got from trading ah?
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hmmm...evrything count~
i only trade E/U n G/U others i dont trade~
have to keep an eye on Dollar Index (DXY)
dont trade cross pair
if you know Supply n Demand theory for forex...you will have a higher winning rate.
ive learn SnD,Harmonic Pattern, Price action.....if all r pointing the same direction you got more chance .
Then only u need to decide how much you r risking on that trade...and how u need to put the SL.
because if you r placing SL just becoz u want SL...your SL very high chances gonna be touch, so ur SL have to be logic. (you dun put SL below resistant line biggrin.gif )
so everything count...dont trade low Time frame~only H1 and above

but if you want to be more precise on TA...i use
EMA 26,EMA 89
fib extention 161.9
RSI 7(20,80)

im still learning actually...and happy with the progress
johnnyzai89
post Nov 29 2018, 04:36 PM

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QUOTE(crimosnx7 @ Nov 29 2018, 05:33 PM)
hmmm...evrything count~
i only trade E/U n G/U others i dont trade~
have to keep an eye on Dollar Index (DXY)
dont trade cross pair
if you know Supply n Demand theory for forex...you will have a higher winning rate.
ive learn SnD,Harmonic Pattern, Price action.....if all r pointing the same direction you got more chance .
Then only u need to decide how much you r risking on that trade...and how u need to put the SL.
because if you r placing SL just becoz u want SL...your SL very high chances gonna be touch, so ur SL have to be logic. (you dun put SL below resistant line biggrin.gif )
so everything count...dont trade low Time frame~only H1 and above

but if you want to be more precise on TA...i use
EMA 26,EMA 89
fib extention 161.9
RSI 7(20,80)

im still learning actually...and happy with the progress
*
nice nice
glad to hear that hehe
which broker do you use at the moment ah? and any issues with withdrawal to local bank?
Goodboy92
post Nov 29 2018, 04:45 PM

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QUOTE(ched6560 @ Nov 29 2018, 10:54 AM)
Try avoid directly depo from you bank account to forex broker.
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Why?
#Victor
post Nov 29 2018, 05:14 PM

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QUOTE(ched6560 @ Nov 29 2018, 10:54 AM)
Try avoid directly depo from you bank account to forex broker. You can use Netteler, skrill, etc. Or can use Local depositor.

If you depo using card, you just can withdraw same amount you depo. Cannot more than that.

You still need to use other method to withdraw amount more than you depo using card. Unless you withdraw less than you depo because of loss.  biggrin.gif  biggrin.gif
*
QUOTE(Goodboy92 @ Nov 29 2018, 04:45 PM)
Why?
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Yea, why said so? What could potentially dangerous using deposit from local bank is login with their platform that they process the transfer on behalf of ur online banking in the back end and request TAC on behalf of u to complete the transfer to their local bank account.
johnnyzai89
post Nov 29 2018, 05:28 PM

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QUOTE(#Victor @ Nov 29 2018, 06:14 PM)
Yea, why said so? What could potentially dangerous using deposit from local bank is login with their platform that they process the transfer on behalf of ur online banking in the back end and request TAC on behalf of u to complete the transfer to their local bank account.
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erm dude.. u are trying to say that your forex broker can hack the bank?
crimosnx7
post Nov 29 2018, 06:12 PM

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QUOTE(johnnyzai89 @ Nov 29 2018, 04:36 PM)
nice nice
glad to hear that hehe
which broker do you use at the moment ah? and any issues with withdrawal to local bank?
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i use XM~ withdraw within 24 hours~
but i knw they r market maker...so far so good~
i register an IB acc then recruit myself tongue.gif ~so i rebate my own commission~but beware they will freeze ur IB acc if see you dont recruit any people~
they gave me a rebate of 7usd/lot~
but if i got capital above 5kUSD i wont choose XM

maybe some others broker with better regulation.
johnnyzai89
post Nov 29 2018, 06:23 PM

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QUOTE(crimosnx7 @ Nov 29 2018, 07:12 PM)
i use XM~ withdraw within 24 hours~
but i knw they r market maker...so far so good~
i register an IB acc then recruit myself  tongue.gif ~so i rebate my own commission~but beware they will freeze ur IB acc if see you dont recruit any people~
they gave me a rebate of 7usd/lot~
but if i got capital above 5kUSD i wont choose XM

maybe some others broker with better regulation.
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erm why not use ecn broker?
crimosnx7
post Nov 29 2018, 06:29 PM

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QUOTE(johnnyzai89 @ Nov 29 2018, 06:23 PM)
erm why not use ecn broker?
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not many real ECN acc~ECN acc usually require at least 5k to start~(frm my understanding)
haha..fake ECN alot.
XM so far work fine on me...just sometimes/once a while they might get very dodgy.
sometimes dun let you TP (when news hit)

but if u know chinese you can check all the brokers here with rating/complaint
http://www.fxeye.com/
johnnyzai89
post Nov 29 2018, 06:45 PM

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QUOTE(crimosnx7 @ Nov 29 2018, 07:29 PM)
not many real ECN acc~ECN acc usually require at least 5k to start~(frm my understanding)
haha..fake ECN alot.
XM so far work fine on me...just sometimes/once a while they might get very dodgy.
sometimes dun let you TP (when news hit)

but if u know chinese you can check all the brokers here with rating/complaint
http://www.fxeye.com/
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so far i'm scouting IC Markets or Pepperstone, looks pretty legit so far and is fully regulated. Commissions are around the price u are getting also.
I think minimum funding is 200 USD

I think better than XM la hahahaha



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