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Posts by GJim

Should I go live? In New Traders Apr 04 2010 at 23:46
A couple of points that I failed to cover in my previous post: Forex is a zero-sum/minus game - compare this to playin' high-stakes poker at a Las Vegas casino. For every hand (trade) there is a winner and a loser - and the house (broker) takes a percentage of the pot. The house (broker) always comes out ahead, regardless of the outcome of the hand (trade) - only the players (traders) win/lose. The Forex game can also be compared to swimming with the sharks; you just need to make yourself so small, and inconspicuous, that you don't become a tasty morsel to be consumed. Get your li...
Should I go live? In New Traders Apr 04 2010 at 23:14
You need to realize that there are many factors to the Forex marketplace. In the simplest terms, the exchange rates are based on 'the fundamentals' (interest rates and the strengths/weaknesses of the various economies). Those factors are inviolate and drive the exchange rates over the longer time-frames. There are many technical indicators (moving averages, support/resistance lines, trend lines, fibonacci's, histograms, channels, &c, ad infinitum) that will assist you in tracking (and hopefully predicting) the movement of the various pairs - based on the time-frame that yo...
Woodie Pivot Indicator In Programming Apr 04 2010 at 21:51
Mea culpa, make that 131 other colors that are supported by MT4.
Woodie Pivot Indicator In Programming Apr 04 2010 at 21:41
I hadn't heard of this particular pivot indicator before, and I don't envision using it. However, the formula was available on-line, and these types of indicators are really very easy to code. If you don't like the color I chose (chosen so as not to interfere with other indicators that I use), you can easily change 'Magenta' to any of the other 120 colors that MT4 supports. Enjoy - no charge. If this indicator is of use to you, and if we should happen to meet some day, you can treat me to a shot of 'Buffalo Trace' Bourbon. G'Jim c):{-
Camarilla In Programming Mar 27 2010 at 21:00
I use the Camarilla indicator on pairs actively trading during the Asian session (USD/JPY, EUR/JPY, AUD/USD). Camarilla shows potential levels of daily support/resistance. The indicator will automatically draw new lines, when the new trading day starts, based on previous day high/low/close. G'Jim c):{-
What would happen if EURO reaches 1.0000? In Experienced Traders Mar 27 2010 at 20:55
For almost all the period from Jan 2000 through Nov 2002, EUR was below 1.0000 - Currency trading continued, world did not end. G'Jim c):{-
How to start to develop EA? Books, Websites, and anything informative! In General Mar 26 2010 at 13:21
Yep, coding indicators or EA's really isn't all that difficult if you have programming experience. I have coded several indicators, never have coded an EA - but that's just adding a bit more code once you have programmed the indicators that you wish to use. Coding Robots is an entirely different game - one that I'm not prepared to play. I have absolutely no idea of how to code for watching the Economic News calendar. Regardless of what particular indicators/strategy that I might use, I always check the news calendar (http://www.dailyfx.com/calendar/) at the beginning of eac...
Camarilla In Programming Mar 21 2010 at 22:00
My contribution to the Forex trading community and the programming section. The Camarilla indicator for MT4. Enjoy G'Jim c):{-
How to start to develop EA? Books, Websites, and anything informative! In General Mar 20 2010 at 12:01
Metatrader is, by far, the most popular platform for developing EA's. If you have worked extensively with any programming language before, MQL is not at all difficult to learn/master. Best way to get a feel for the language is to look at the source-code for any of the indicators and EA's that are supplied free with Metatrader. Just use the MetaEditor (found under the 'Tools' tab) to open any of those .mq4 files. You won't be able to look at the code for most commercially marketed EA's, as those are supplied in compiled code (.ex4) that cannot be read. Now, that was...
Trading Journal In New Traders Mar 17 2010 at 00:58
In addition to all the other advice new traders may find here, I will add a suggestion of keeping a trading journal. I have logged every trade since May 2005 - win, lose, draw. The reasons for entering a trade, strategies, &c. - a 'post-mortem' on losing trades, and also on winning trades. Every trade includes a chart picture showing entry/exit points, along with the indicators used for the particular strategy. It's often enlightening to review those historic trades to see the lessons learned. I'm currently running a few robots - along with some manual trades. I onl...
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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.