Forex Guide answers:

In case you are looking for forex robots or automated system, there is NO such things that will work in the long run, else everyone is rich.

But if you are looking for guides especially on technical trading such as candlestick, MACD and so on, you can easily search it online. Good luck.

Forex Guide answers:

A few years ago, an academic paper was done showing that a random walk does a better job of predicting changes in FX prices than any of the existing macroeconomic models.

Subsequent research by Lyons and Evans shows that the one variable that does a good job of predicting future short-term FX prices is order flow. Order flow is like signed volume — where the sign is determined by who initiates the trade — the buyer or the seller.

Unfortunately, the only people with access to order flow are the traders at the major banks. That puts you at a distinct disadvantage.

In the mean time, the best way to find if FX prices will go upo or down? Flip a coin.

Forex Guide answers:

I’ve read a lot about Forex, but I’ve never seen a proven profitable forex indicator or strategy, despite the claims of some scam web sites.

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.

Forex is similar to what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Read the warnings in the links below:

Forex Guide answers:

FXCM has several free charting version. Including ADX and stochastic indicators. Dont know exactly what you mean by sentiment but you can try FXCM. I have included a free demo version of FXCM trading platform video clip here. And a free utility Forex trading reality check tracker. Http://www.geocities.com/lcming/Forexhome & http://www.geocities.com/lcming/Forexbooks

Forex Guide answers:

Given the indicators are currently the most talked about Pro Trade Copycat.

Forex Guide answers:

Hi!! What a nice question!! Not everybody wanna know really how MACD works!!!
It will be different because MACD (Moving Average Convergence-Divergence) is calculated based on 3 Moving averages… Custom setting 12, 26, 9… Apply to the close… That means.. That it calculate the average of the close value of the last 12 bars periods or candles… Also the average of the las 26 candles and also the average of the close of the last 9 candles… Si the close of a bar on a 15 mintue chart is different that the close of a daily chart… Thats why the value of the moving averages are different!

If you wanna completely understand how MACD works you can go to

http://en.wikipedia.org/wiki/MACD

cheers

Forex Guide answers:

News trading can be tough especially if the broker widens the spreads.I will wait till the markets settle down after news and stay with the trend.

Forex Guide answers:

Trading is an art. There is no formula. Everyone successful trader develops their own trading systems.
From your question… I’d say you’re 3-5 years away from being successful (that’s actually average, for the few that succeed).

Spend more time on money trading management/risk control. In Forex 30% of your success is on Technical Analysis….. The rest is how you manage your trades.

Forex Guide answers:

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus. You are being mislead by people who are trying to make Forex appear easy, when it is horrendously hard for people to make money in it in the long run.

You’ve already tried one strategy and you’ve blown up. You will probably find your new strategy blows up eventually too. Forex is a treacherous game.

Forex is similar to what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Read the warnings in the links below:

Forex Guide answers:

Thanks I learned in Forexnext.com and earn $142 in my first trade. Thanks a lot.

Forex Guide answers:

To build the site you would need a domain (basically a name of website), you can go to godaddy.com and buy a name (will cost you 10-15 USD per year)

Then a hosting company which will host your webpages ($10-$15 per month)

Forex Guide answers:

I’d go with http://comefollowme.zulutrade.com/SignUp_Intermediate.aspx and then it will give you a long list of brokers you can use. For you, I’d select either FXCM.co.uk, or global.fxdd.com.

By opening your broker account through the link above, you’ll also get some additional features added to your account that those brokers don’t normally give to everyone, mainly, the ability to follow signal providers. If you are totally not interested in this feature, and you’d rather just use MT4 (or, if you’d rather BE a signal provider), you’ll need to go directly to FXCM.co.uk and set up an account with MT4 access. But then you won’t have access to the something like 8,000+ free strategies that you get access to by using the link I gave at the top. It’s up to you though.

FXCM by the way would be my first choice, since they have no dealing desk. FXDD has a dealing desk, and their disclaimer says they make profit when you lose money, and they lose money when you make money, so watch out, because they actually want you to lose. That’s what a “dealing desk” is. Oh, and their disclaimer goes on to say, that their prices which they send to you are fabricated, and they can make the market appear to move against you anytime they want, and they can make the market move in different directions for different customers at the same time. Very scary stuff.

Both FXCM and FXDD are really big though, and both of them are compatible with signal providers, and both work with MT4 also.

EDIT: I don’t think MT4 supports 5 day charts.

Forex Guide answers:

I haven’t also come across any automated futures trading system or what you are calling a futures robot. There are many futures contracts that you can trade. Maybe this has to do something with the nature of the futures market. You haven’t mentioned what type of futures contract you want to trade. Infact there are many dozens of futures contracts like stock index futures, crude oil futures, interest rate futures, commodity futures, currency futures and others. Futures markets are a lot different from forex. Futures market is a highly regulated market. You can find both price and volume in the futures market unlike forex where you only have the price action.

I came accross a swing trading strategy that works for forex, stocks and futures. This swing trading strategy takes not more than 10 minutes to trade each day. Many people think that automated trading is the solution or what you call the Holy Grail. Infact there is no holy grail. Successful traders are those who learn to trade manually first. Automated trading systems without knowning how to trade manually do not give good results as market conditions keep on changing and if you have the feel of how the market is changing you can change the setting of the automated trading system. You can only develop the feel of the market by manual trading. First practice and paper trade for one to two months. Only then trade live. Good Luck!

Forex Guide answers:

If you just want to draw something on the chart with some text or whatever, you can use the CreateObject function in MT4.

I post my buy/sell signals in real time right here: http://comefollowme.zulutrade.com/Performance.aspx if you are interested in following me. Also there are a lot of other professional forex traders there who are also posting their buy/sell signals in real time. It’s a great alternative to MT4 if you are having trouble with MT4.

Forex Guide answers:

Forex is a very risky business if you don’t know what you are doing and it takes years to learn and become good at it..

Forex Guide answers:

To master forex trading. Its is NOT about using Indicators. All indicators are lagging indicators.

To master forex trading – You need to know Price Action.
This is what separates the 5% profitable traders from the 95% wannabes.

Money management, trading psychology are the next important elements that comes into place.

This is what i do for the past 14 years.

To an Awesome trading,
Ezekiel
http://www.asiaforexmentor.com/

Forex Guide answers:

I think Forex Tracer is the best out there at the moment which works with mt4. The Forex Tracer is USD/EUR pairs.

Http://www.forextracer.forexrobotreviews.com

Or if you want USD/JPY pairs then you should be considering Forex Funnel.

Http://www.forexfunnel.forexrobotreviews.com

Good luck

Forex Guide answers:

Hi bob,

I have tried numerous Forex Expert Advisors but to no success except for this two EAs that has so far produced consistent monthly profits for me. They are Fap Turbo and Forex MegaDroid.

However, do not expect to double your capital every month like what they said. This is because, i am currently using them and my capital don’t double every month. But getting return on investment (ROI) of around 20% to 80% per month is possible. Don’t expect to win everytime as there are times of losses (you just have to stick it through). However in the long run, you should be able to see your account size grow.

I run both of them with different brokers and it’s been great so far. Hope this is useful to you.

To Your Trading Success,

Thomas

Forex Guide answers:

Lexy,

It really depends on what indicator you are looking for. There are literally thousands. However, the best place to look is on any of the free Forex forums online. The best (most trafficked) are www.forexfactory.com and www.tsd-forex.com.

Start there and good luck!

Forex Guide answers:

Here is a good article that explains the Most Market Moving Economic Indicators for the US Dollar.

Http://www.dailyfx.com/story/special_report/special_reports/2006___What_Are_the_1155132699816.html

This same website also has an excellent economic calendar for the currencies.

Http://www.dailyfx.com/calendar/

Here’s another economic callendar

http://forexfactory.com/

Briefing.com give a good explanation and weights the economic evensts on the calendar if you click on them.

Http://briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

Forex Guide answers:

Try the forex tutorial at www.forexlane.com. The technical section has an explanation and methods of use for all the technical analysis tools that you are looking for.

Forex Guide answers:

This works for me and it is free!

Http://forex-strategies-revealed.com/

Forex Guide answers:

I hope that I found an article that will probably answer your question.

Forex Guide answers:

Opening and closing prices in forex do not have the same weight they do in stock trading, since forex is a continous 24 hour market. If you are using a 5 and 6 day EMA, and trading the crossovers, you might get many false signals. Test EMA 5 over EMA 13 on the close prices.

I have never used the Heiken-Ashi, but the MACD is pretty accurate on the daily chart when it gives bullish or bearish divergences and that is confirmed by a crossover or another signal elsewhere.

Back testing has the drawback of allowing the trader to ‘curve-fit’ the chart, better to test how the indicators perform in a demo account.

ADX is an okay indicator, but proper use of EMA with MACD will probably give better trade calls over the long term than the ADX alone.

Do not neglect the fundamental picture and know when to stay out of the market (major data, announcements), practise, practise, practise.

And good luck.

Forex Guide answers:

Essentially, yes. Perceptions of a “rising economy” will tend to move capital out of relatively low-yield bonds and into equities. Thus, the bond yields rise because demand for them slackens.