Woodiepedia CCI Trading University

[willo]

Hiya Costa, I see your in Australia. What time do you trade? The times when the good moves tend to happen are around the U.S. trading times which correlate to about 12am onwards for us aussies. Hard to stay awake.

willo

[Costa]

All my trades are between 6am-midnight AEST. Since I favour 15-minutes charts the most, I like to keep an eye on my trades throughout the day but at the same not being glued to the computer screen.

There are alternative methods of checking FX quotes if you're away from your main PC. For instance, with [url=nonewww.metaquotes.net/mobile_terminals]MetaTrader4 Mobile Terminal[/url] on [url=nonewww.i-tech.com.au/products/1900_O2_XDA_IIs_Pocket_PC___GSM_Mobile_Phone.asp]O2 XDA intergrated phone[/url] you can have all the charts anywhere you go, plus full remote desktop ([url=nonewww.microsoft.com/windowsxp/using/networking/expert/bridgman_02june10.mspx]RDP client[/url]) access to your home PC when you need to execute/modify a trade. Works beautifully.

During both Asian and European sessions there are usually enough of good moves to catch, so I'm not overly concerned about trading US session. Market dynamics shift from month to month. Some weeks you see biggest moves happen during European session, then few weeks later US session has most activity. FX is like that. If there hasn't been any good moves all day, then there is greater chance of it happening while we sleep (during US session). In such cases, I usually leave a smaller size trade on with pre-determined stop or a limit order, and then go to bed. If you do your analysis right, often you'll wake up in the morning happily surprised with overnight moves.

The key point is that because we're trading 24-hour market that is constantly changing, we have to adapt to the dynamics of the environment and improve our skills every day. Learning never stops. And despite how simple we want trading to make, it's much more complex than we think, especially when you take into consideration psychological toll it takes on most traders.

[willo]

Absolutely brilliant. You have answered about 84 other questions in that last post. One of the problems I also have is being away from my main pc, and the mobile solution looks fantastic. Looks like I have to do some big boys shopping :) Are you in the hotcomm forex room often costa?

Do you primarily concentrate on the 4 majors? or are you also into other currencies ie, AUD, NZ etc? Do you use currency futures, or trade spot futures say with GFT, MG etc or with a CMC.

Thank you in advance for you time and answers.

cheers :)

willo

[Costa]

What pairs do I trade? Mostly I concentrate on six majors and have a different strategy for three crosses (more of a long-term view). As far as futures goes, I don’t trade them for a number of reasons. Firstly, there are scale advantages in FX spot that you can integrate into your strategy that otherwise would be much harder to do in futures (unless you have a very large capital to trade with). The platform I'm using allows infinitely variable trade size (trading non-standard number of units instead of fixed sized lots or contracts). Plus, getting paid interest for holding a position is another major advantage in FX spot market that you simply don’t have in futures. Secondly, knowing when and how to correctly use the leverage available in forex, as the trade is going your way is another huge advantage. Futures typically don’t offer anywhere near as much leverage as you get in the forex spot market. You just have to be extra careful and only use high leverage when markets clearly have broken a major trend after exhaustion, and are reversing very fast. All other times, use safer leverage like 10:1 or less.

CCI plays an important role in my strategy but I don’t rely on it solely to make all my trading decisions. I believe it's very important to see the "big picture" with all the other information that is available and understand the reasons behind price moves, that what gives you the edge. It's important to have the edge in trading. By definition, the edge is "An observable sequence of repeated events, which when traded over time, creates a consistent net profit. The nature and the causation of the series is irrelevant, once the sequence stops repeating, the edge no longer exists."

[lovingplanet]

I really need to earn income on regular basis after all those loses in stock market.

Is there any kind soul wanna be my mentor in Australia ???

I need basic training etc from the experienced.

Please email me if you can. I would like to be able to chat online chatting while trading also holding my hands to start with.

Cheers

Thanks