Forex Tradingwithrayner

[tradingwithrayner]

So you recommend going long AUDUSD but short AUDCAD. Why not just sell USDCAD?

Hi! Like what supratentorium has said earlier, i'm not giving any buy or sell recommendations. But rather those are the key levels i'm looking at.

Because in the market anything can happen. E.g. on the AUDCAD I mention if price closed strongly back into the trading range, I will be looking for longs.

Thus in my head I develop a lot of IF THEN statements. If this occurs I will do this. If that occurs I will do that.

For my AUDUSD pair, if price forms a bullish pinbar or engulfing pattern which is larger relative to the prior candles at the level I identified, I will look to long.

Again another IF THEN statements in my head. The markets are dynamic, it's not static thus my IF THEN statements are constantly changing.

What I mention earlier was just a small portion of my IF THEN statements. I still have not taken into consideration my entry, stops and exits.

And that itself is another batch of IF THEN statements.

Thus there's no one size fits all in trading.

Hope that helps!

 

[lxxsam]

Hi

Can i get a recommendation on what online trading platform to use?

For demo account and live account. Small time investor - looking to put in maybe $1000 to $5000 to learn.

 

[tradingwithrayner]

Hi

Can i get a recommendation on what online trading platform to use?

For demo account and live account. Small time investor - looking to put in maybe $1000 to $5000 to learn.

You don't need an amount to start with. Work with demo.

Google MT4 and there's a range of demo platforms from the various brokers. Some brokers I used for charting on MT4 are pepperstone, FXDD.

Again they're solely for charting purpose. Get familiar with the demo software.

DO NOT FUND YOUR ACCOUNT, YET.

 

[shawnwong]

Fair enough postings ...

I.M.O., the most important in FX trading other than having a system/a set of rules to abide, is good money management and emotional control.

Trading no matter how you see it, is a mental thing. When to buy/sell/take profit/cut loss and any other decisions will affect you mentally. Even if you trade with a bot, you are still affected (example your auto trade took a series of losses, etc).

A little about myself. I used to trade cable but now I trade fiber. I have my own set of systems. I trade reversal regardless along or against trend. My chart is setup on a demo MT4 platform but I use IG markets to place my trade.

 

[lasnoblur]

Hello everyone!

My name is Rayner and I have been trading the forex market since 2010.

This thread is to illustrate my trade ideas and provide free knowledge to those who are passionate about trading.

There is no hype, no bull****, no gimmicks and nothing to SELL here.

Just common sense trading to share with the masses.

Thanks for sharing.

Noticed quite a few traders chart with mt4 platform and use another platform to trade.

Im using oanda mt4 (chart + trade) anyway. do u recommend it?

 

[tradingwithrayner]

Thanks for sharing.

Noticed quite a few traders chart with mt4 platform and use another platform to trade.

Im using oanda mt4 (chart + trade) anyway. do u recommend it?

Hi there!

Ultimately I would say do whatever you feel comfortable with.

I like MT4 due to its simplicity however some brokers in SG may not offer MT4, thus that's one way of going about that issue.

I think it's perfectly fine, matter of getting used to it.

 

[shawnwong]

A number of local brokers do not support mt4 trading but uses their own charting system.
Using mt4 u can code your own trading system. Furthermore, it is good to separate ur charting so that they dont know ur trading system. If u trade long enough u will find all sort of tricks done by these brokerage. Ridiculous slippage, hanging order, etc. Search the web and u will see tons and tons of people with all sort of "cheating" complaints.
Underlying is, if u loss money they r fine but when u hit a series of big wins, u will encounter funny problem...

 

[tradingwithrayner]

Weekly analysis 12-05-13

 

[shawn_wong]

For those new or wanna try FX, maybe you can consider the followings:

i) System
a) Say you r a TA person. Do you have a proper working system?
b) Trading is personal so make your system personal even though you may be using someone else.
c) Did you backtest your system properly? Make sure your sample data covers all scenarios like when the pair is trending up, down and sideway. A system can perform very well when the pair is trending up but failed miserably when thing changes.

ii) Moneny Management
a) People generally advise not risking more than 2% of your account for each trade. Reason is simple. Losing streak is common. If you risk say 10% each time, when you hit a losing streak of 7, 70% of your account is gone!
b) Try not to trade a full lot even thou you can afford it. Go for mini lot so that you have more control on your account sizing. With risk fixed, you can adjust your lot size and stop loss accordingly.

iii) Psychology
a) Trading is mental so you will experience fear, joy, anger, despair, etc. Try to control them. Example, after a losing streak, a person may just close a trade at the slightest profit. After a losing streak, a person may start to question or lost confident in the system used and starts to look for another "holy grail" ...

Lastly, they said only 5% make it so all the best !!!

 

[tradingwithrayner]

How i draw a gartley pattern

 

[tradingwithrayner]

Chart talk 15-05-13

EURUSD
A strong close below support.
We could see a potential move towards the 1.2750 level.
Or it could be a bear trap as price rallies back into the range.

EURAUD
The 1.3150 area is the level to look out for.
If we get a bearish reversal pattern, there could be a short opportunity.

GBPJPY
The 155.00 area is the level to look out for.
If we get a bullish reversal pattern, there could be a long opportunity.

GBPUSD
The 1.5200 level is the level to look out for.
If we get a bullish reversal pattern, there could be a long opportunity.

 

[tradingwithrayner]

Weekly analysis

 

[___jeff]

very good effort! i am gonna be learning from your video as i advance to forex trading

 

[tradingwithrayner]

very good effort! i am gonna be learning from your video as i advance to forex trading

Welcome aboard!

 

[HWZ1973]

Hello, takes a look at gpbusd...
Broke neckline of a double top...

I've taken a trade to short.

 

[HWZ1973]

Hello, takes a look at gpbusd...
Broke neckline of a double top...

I've taken a trade to short.

Closed trade for 20 pips profit...

 

[tradingwithrayner]

Closed trade for 20 pips profit...

Hey there!

If you could post up a chart, we could discuss it further

 

[tradingwithrayner]

Chart talk 22-05-13

We have support around the 102.00 level.

Notice how nicely price bounced off the levels?

I believe there are cluster of stops which will likely be triggered.

We have resistance around the 1.0320 level.

Looking for a bearish price action setup before warranting a short.

Price finally broke out of its trading range.

Will be looking for pullbacks towards the 0.8500 for longs.

 

[HWZ1973]

Hey there!

If you could post up a chart, we could discuss it further

I don't know to put chart...
Anyway I should had hold the trade, looks like gbp is crashing...

 

[jlpk007]

Great to see a forex discussion ....