Forex Tradingwithrayner

[tradingwithrayner]

Understanding your trading timeframe

There are all sorts of traders out there. From scalpers, intra day traders, swing trader, position trader etc.

The only difference? They trade the different time frames thus you can expect them to have varying degree of stoplosses, take profit targets and duration of trade.

Before you want to start trading, you need to ask yourself how much time can you devote to it? You are not going to be a intra day trader when you have a full time job.

How many times have you heard of stock traders who end up being investor? They usually buy a stock and intend to sell it after a few days AKA contra. But the moment they buy, they price goes against them and they refuse to sell because they don't want to take a loss.

Then they start convincing themselves of the fundamentals on why the stock is a hold when INITIALLY it was meant to be a short term trade. You see my point now?

You need to understand your trading time frame and what you want to achieve out of the trade. If not the market will torment you and you'd be an emotional wreck.

Thus if you're a scalper and a trade goes against you, you BAIL out. You don't hold onto your trades and tell yourself "ok nvm i will be a swing trader for this trade". NEVER.

How do i know this? Because i've suffered the same thing as anyone of you out there.

 

[SpinTop]

Nice thread here to learn trading.

I am learning to trade the futures, can u share which broker is safe and good in your opinion to open a live account ?

If you are not comfortable posting the broker name, u don't mind PM me.
Thanks !!!

 

[Milo-Dino]

so where are the trading ideas?

TS trade solely based on TA?

I wanna learn forex based on FA....

 

[tradingwithrayner]

so where are the trading ideas?

TS trade solely based on TA?

I wanna learn forex based on FA....

I do not have enough post count to bring up charts or videos.

If you really want some trading ideas now, you can just refer to my signature.

If you wanna learn forex base on FA, then sorry because fundamentals don't play a huge part in my trading. (Probably 20% just to know the macro picture)

 

[MaoZeDuo]

wow. bookmarked

 

[supratentorium]

There are all sorts of traders out there. From scalpers, intra day traders, swing trader, position trader etc.

The only difference? They trade the different time frames thus you can expect them to have varying degree of stoplosses, take profit targets and duration of trade.

QUOTE]

This is golden. Looking forward to more of your posts.

 

[Lasogette]

Great will look forward to ur charts

 

[tradingwithrayner]

I think i need 50 posts before i can start posting charts and videos.

Thus in the meantime i will try to churn out as many useful posts here.

If i can prevent 1 account from being blown up, then this thread would have met its purpose

 

[tradingwithrayner]

"I turned $1000 into $10000 in 2 weeks!"

How many times have you guys come acrossed statements like "I turned $1000 into $10000 in 2 weeks!". I have 2 questions to that statement.

1) Can it be done? Yes.

2) Can it be done consistently? NO!

I personally find such statements very misleading and it's a pure marketing gimmick if you ask me.

Do you guys ever wonder what happen after that 2 weeks? I can assure you there's a high probability that the account is blown up shortly afterwards.

Do you know how they achieved such excessive return in a short period of time? EXCESSIVE LEVERAGE.

Using a hypothetical example.. let's start from an account of $1000.

Say we risk the entire account on 1 trade and so happen it went favourably in our favour. We manage to triple our initial capital and we're at $3000 now.

Again we risk our entire account (which is the $3000 present) and we manage to triple our account this time round and we got lucky again, thus it stands at $9000.

And again we risk our entire account this time round, but hey we are not so lucky this time round. What happens is that instead of making money, we lost it. We lost all on that single trade because we risked our entire account (The $9000).

Now this is the actual fact that has been hiding from you! You don't hear people saying how much they lost, but rather how much they make! And it's the same marketing gimmick over and over again. They tell you how much they make, but never how much they lose.

So in future if you come across statements like "I turned $1000 into $10000 in 2 weeks!" do get an update from the person who make that claim in a couple months time. Chances are he'd probably lost it all.

 

[Milo-Dino]

I do not have enough post count to bring up charts or videos.

If you really want some trading ideas now, you can just refer to my signature.

If you wanna learn forex base on FA, then sorry because fundamentals don't play a huge part in my trading. (Probably 20% just to know the macro picture)

Ok thanks. I already know TA so maybe will drop by time to time to look see

 

[tradingwithrayner]

Ok thanks. I already know TA so maybe will drop by time to time to look see

You're most welcome!

 

[kechiki]

Wow helpful thread, will keep an eye on this. Have been in the equities market but dare not go into the world of forex yet ( lack of TA knowledge also), shall attempt to learn more here!

 

[tradingwithrayner]

Wow helpful thread, will keep an eye on this. Have been in the equities market but dare not go into the world of forex yet ( lack of TA knowledge also), shall attempt to learn more here!

Welcome aboard! Feel free to ask any questions if any

 

[buxinxie]

Initially when I learned about price action, support and resistance levels, confluence levels, fibonacci, gann levels, I thought I was king of the world. Soon I realized that most experienced traders, profitable and not-profitable, knew about them since charting became conveniently available. For those beginners, you will be amazed for a while by what TS will show you. But to become profitable consistently, there is still a long journey ahead hopefully some 贵人will show up. Good luck to all.

 

[feli_meneses]

Hi TradingWithRayner, I am a newbie in trading. Could you advice how to get started with forex? Also, if you have some startup books materials, please let me know so i can build my knowledge on.

Also, do you advice to start with a live account at this time and assuming i can only start with 500$? Is that ok to start and which broker with good platform and not so expensive do you recommend?

Thx...

 

[tradingwithrayner]

Hi TradingWithRayner, I am a newbie in trading. Could you advice how to get started with forex? Also, if you have some startup books materials, please let me know so i can build my knowledge on.

Also, do you advice to start with a live account at this time and assuming i can only start with 500$? Is that ok to start and which broker with good platform and not so expensive do you recommend?

Thx...

Don't touch your $500. First of all, open a demo account and get a feel of what forex is all about. Leave the $500 somewhere safe, you don't want to open a live account without knowing what's this business is all about.

Go google babypips, that's where i first started and they have a "School" down there. Go through the cirriculum and you'd have a good idea later on.

If you need a demo account, open one with MT4 platform. It's the most popular one by far. Google it as well.
Good luck!

 

[Lasogette]

hi rayner what time frame do you trade? and normally which pairs ?

 

[tradingwithrayner]

hi rayner what time frame do you trade? and normally which pairs ?

Hi. I trade multiple timeframes. E.g. i will look at weekly chart to define the trend and drill down into the 4hr charts to find an entry.

I trade most pairs as long as the spread are decent.

Cheers!

 

[wooty100]

As a newbie , u recommend what kind of set up ? Hardware set ups . Any recommendation on habits that a trader need to cultivate ? Like trade during 5am to 6am etc . I have heard alot weird habits and seen my bro waking up at like 4am to trade . I guess his 3min burnt up in a short span .

 

[hellfire88]

shorted eur/usd at 1.3074

now gain of about 50 pips.

i'm trading daily chart.... trend reversal?

target price is below key support of 1.30

what's your view on the current eur/usd trend?