FOREX Trading Mentor

[Khanzada4x]

I trade a little on the FOREX markets using technical analysis and do OK.

I understand the importance and relevance of Fundamental analysis, but finding it hard work at the moment.

I know there are no shortcuts so I am not looking for a magic strategy or anything like that, however I wondered if there were any experienced and successful FOREX traders out there using fundamental analysis who may be able to offer a bit of mentoring to help kick start my understanding and improve my trading?

Cheers,

Gary

[JohnnyJazz]

If you're doing ok you're already better than me. Not that I'm losing money or anything like that, I just haven't start yet.

Like I believe many other posters here, I'm a semi retired guy with some time on my hand and I'm attracted by the thrill of day trading. The problem is I just don't know where to start. So maybe you can help yourself by helping others and share your experience.That would definitively help to jump start your thread and entice other traders to share their experience too.

[4evermaat]

You do realize this is not a forex trading forum, but an expat forum for Thailand?

[Nomyai]

many hansum man support themselves trading forexx..............dont ya know.................................lol. At least when they notdoing covert Iran ops. Or fighting Somali pirates in the Somali see.

Edited February 18, 2016 by Nomyai

[Khanzada4x]

Thanks for the responses,

4evermaat: Yes I am aware this is an expat forum not a trading forum - however as an expat living in Thailand (when he's not working) I thought it may be a good place to find a like minded person who may be able to mentor, at which point I could take the discussion of the forum.

JohnnyJazz: I have no problem sharing what I have done so far, but as you may have guessed I don't have 100% confidence in what I do yet to feel I am in a good place to give advice, but certainly if you do want to discuss further contact me off the forum and I will email all what I do know so far.

But to give you some idea - I began trading shares a small time ago with a small fund with the intention of learning before I committed more money. In fact I started with £1,000 and soon had it down to £200 by January 2015. At this point I changed my strategy and market, away from shares to FOREX which has more volatility - which is what you need to make money - changes in price.

I have now traded the £200 up to £2,400 using technical analysis - essentially identifying a trend and then identifying an entry point, a target price and a stop price. I try use pretty tight risk/reward and money management techniques - though it is more difficult with a small trading fund.

I also try and use a bit of fundamental analysis - for example I know a country raising interest rates will likely increase the currency value, conversely reduction in interest rates will decrease currency values. So for example recently US FED were talking about raising rates (which they have now done) where as New Zealand were more likely to reduce rates. So the last year was a good year to SELL NZD/USD, it has dropped around 1,300 points I think over the last year. By selecting a STRONG (USD) Currency against a WEAK (NZD) Currency I guess its a bit like putting a BIG Muscular tug of war team against a bunch of wet weaklings - only one team will win, in this case USD.

However, despite what success I have had I have also made some howlers, and this I put down to NOT having as good a grasp of Fundamental analysis and the factors that affect an economy and its currency as I would like, hence my call for a Mentor. Because I still feel at times I am guessing about the fundamentals I feel I may be only one or 2 bad trades away from losing everything and I don't want to commit more trading funds to my account untl I feel more confident.

I believe some people only trade on technical analysis, are happy to do so and make (if you believe all they say) a decent profit from it. I just want to be better equipped and although I can - and will - read and research all I can about fundamental analysis, I just thought it would be nice if there was alike minded individual out there who understood more than I did and was willing to help me along with a bit of mentoring.

Cheers,

Gary

[silvester2]

Can somebody recommend a Forex broker for EUR/THB? So fare I haven't found any broker who provides that pair.

Edited February 18, 2016 by silvester2

[smacko]

OP,

If TA is working for you forget fundamentals. Google forex school online, purely TA, may be of interest.

[manarak]

I realized that fundamentals, as technical analysis, doesn't work 100% of the time, or better said, I would say there are periods where fundamentals work, and other periods where TA works.

I think the last couple of years have been a good example of a period where fundamentals didn't work well, especially in the past few months.

TA, on the other hand can be relatively simple by using TA to detect a good timing to enter the market and then play "the trend is your friend" game.

A current big problem of central banks is that they are unsuccessful in creating inflation because they don't want to or can't give away free money to private persons and the corporations getting the cheap money don't have projects where to invest it, so the money stays in the financial markets instead of flowing to people/consumers. As a result, huge amounts of money are shifting around on the markets creating disruption where it concentrates or dissipates.

I expect real estate to get all bought up by corporations - in Switzerland, pension funds are buying / building residential rental property and they are happy with a yield of 1 to 2 %, it's crazy.

[prestburypark]

http://eurusdtrader.com

If you want a realistic down to earth Forex training with no B.S. I highly recommend Jimmy Young's course.

You get technical and fundamental analysis training, daily trade finder reports with expected room to go (how high or low the market is expected to move that day based on an average of the last two weeks peaks and troughs).

Daily charts for preview, daily charts for reviewing the previous days trading. Including commodity pairs, Dow, Dax, Oil and how they all interact.

A common sense and practical course that debunks the hustlers with magic indicators or bs bots and puts you in control with manageable limits.

I have nothing to gain from recommending Jimmy, but for 3 years he has been the bedrock of my trading and you will learn to be self sufficient .

Check him out on youtube:

Good luck

PP

[4jasmin]

The Importance of a Mentor

http://www.admiralmarkets.com/analytics/traders-blog/the-importance-of-a-mentor?utm_content=buffere424e&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

one of the best forextraders on FOREXFACTORY

http://www.forexfactory.com/showthread.php?t=302511&page=1128

once you are able to do your OWN analyse and creating your OWN charts and your OWN trading plans -

YOU ARE READY

[Nomyai]

Another lamb being led to the barbershopp! forex is just as deadly(to the pocketbook) as village girls (thai variety).

[4evermaat]

Thanks for the responses,

4evermaat: Yes I am aware this is an expat forum not a trading forum - however as an expat living in Thailand (when he's not working) I thought it may be a good place to find a like minded person who may be able to mentor, at which point I could take the discussion of the forum.

..........

I believe some people only trade on technical analysis, are happy to do so and make (if you believe all they say) a decent profit from it. I just want to be better equipped and although I can - and will - read and research all I can about fundamental analysis, I just thought it would be nice if there was alike minded individual out there who understood more than I did and was willing to help me along with a bit of mentoring.

Cheers,

Gary

I could mentor. but trading derivatives is much more than the actual strategy (which most people only think deals with market risk). But guarding against counterparty risk, unexpected volatility, etc. is just as important, if not MORE important. More hedge funds and fund managers are looking for 100% algo strategies. Less human error, greater transparency and consistency, etc.

I could lease the algo along with the mentoring. How much in $$ funds do you intend to trade? Is it your funds or someone else's capital (hedge fund, prop firm, etc)?

Edited February 19, 2016 by 4evermaat

[Nomyai]

Thanks for the responses,

4evermaat: Yes I am aware this is an expat forum not a trading forum - however as an expat living in Thailand (when he's not working) I thought it may be a good place to find a like minded person who may be able to mentor, at which point I could take the discussion of the forum.

..........

I believe some people only trade on technical analysis, are happy to do so and make (if you believe all they say) a decent profit from it. I just want to be better equipped and although I can - and will - read and research all I can about fundamental analysis, I just thought it would be nice if there was alike minded individual out there who understood more than I did and was willing to help me along with a bit of mentoring.

Cheers,

Gary

I could mentor. but trading derivatives is much more than the actual strategy (which most people only think deals with market risk). But guarding against counterparty risk, unexpected volatility, etc. is just as important, if not MORE important. More hedge funds and fund managers are looking for 100% algo strategies. Less human error, greater transparency and consistency, etc.

I could lease the algo along with the mentoring. How much in $$ funds do you intend to trade? Is it your funds or someone else's capital (hedge fund, prop firm, etc)?

What a nice guy. Leasing the algorithym? hahahahahahaha. rent the mentoring to BOOT!

People concerned with Thais and scams. Options traders, forexx boys n girls are right up there with thais.

Edited February 19, 2016 by Nomyai

[Khanzada4x]

Many thanks for all the constructive responses, very much appreciated.

I am now sorted with the assistance I was seeking.

Cheers

Gary

[PCA]

 

Many thanks for all the constructive responses, very much appreciated.

I am now sorted with the assistance I was seeking.

Cheers

Gary

 

easy Gary,

you are already doing ok then just tenfold your position size and you'll do well accordingly.

Should things unexpectedly go sour just ask pros like 4evermaat or Manarak and they'll be continuously of great help.