Baruch's Forex System Journal
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?i like fishing, too, pulling some big fish out of the sea called the market
.i want to trade intraday in forex(even if im in for some days), so i need intraday data which i dont have at the moment.
i think there are huge difference between forex and indexes.
one point im thinking about here is, though very simplified, the inherent tendency of equity indexes to rise continually, with fluctuations, of course, symbolising long term economic growth. on the contrary forex rates rather have the tendency to oscillate, though in a very wide range (please correct me, if im wrong).
for example with equity indexes one very successful strategy has always been buy and hold - im not sure if thats the case with forex rates too.
Quote from rax:
i like fishing, too, pulling some big fish out of the sea called the market
i want to trade intraday in forex(even if im in for some days), so i need intraday data which i dont have at the moment.
i think there are huge difference between forex and indexes.
one point im thinking about here is, though very simplified, the inherent tendency of equity indexes to rise continually, with fluctuations, of course, symbolising long term economic growth. on the contrary forex rates rather have the tendency to oscillate, though in a very wide range (please correct me, if im wrong).
for example with equity indexes one very successful strategy has always been buy and hold - im not sure if thats the case with forex rates too.
I don't understand. How can you trade forex without intraday data???
Before I was a index trader - but I think forex is more easy (and profitable). There are no inside trading in forex. We all have the same information.
im not talking about trading without intraday data, but developing a system. this can be done without intraday data, daily o, c, h, l, would be enough. of course open an close are not the same than in equity, with a market open 24x5.
you can trade forex on a daily basis, of course. that is NOT trading for pips, but cents and dollars. think about the 2 year downtrend of the usd vs eur or the uptrend since february. only look at the daily and weekly and then determine if you want to go long or short for some days, weeks, years. can be very profitable. look at what buffet is doing right now.
i use it to see where we are in the current daily bar trend.
it is a good timing mechanism for entries and exits.
i tend to shoot for 20-30 pip profit targets and risk between 30-50 pips. i don't have alot of time to watch the mkt so i use the O.C.O. orders and let the platform do all the work and i just periodically check my account to see what happend.
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