JacoAF's Posts - Page 2

PHP MySQL backtesting results in Programming Mar 15, 2018 at 08:18

Hi shotputty,Love the idea! I'm a programmer myself (although more C# and VB web applications), and I've written a few EA's over the last 3 years. Always chasing that one system that works on any pair, any time-frame.What you are trying to do is very difficult. The first challenge is working with ANY indicator. Technical indicators like MA's are lagging and will give you more false signals than actual profitable trades. The reason for this is simple. Forex markets are consolidating +- 70% of the time. If you use any trend indicator, like MA's, you will get false signals ab...

Newbie ans strategy in New Traders Dec 30, 2017 at 07:28

"Price Action Trading" is a very broad concept. It can mean anything from trading Japanese Candle Patterns, Historical Support & Resistance, Fibonacci Retracement/Extentions, Elliot Wave and countless chart patterns like Double Tops, Head & Shoulders, etc. A Trader can use any one of them or a combination of a few of them, and it is still technically called Price Action Trading.Price Action literally means analyzing the movement or behavior of the price of an instruments over a particular time frame. I personally think all new traders should learn the basics of Price Action t...

Trading the cryptocurrencies Bitcoin,Etherium, Litecoin etc.... in Crypto Dec 27, 2017 at 09:02

These are bold statements my friend. My personal view, and this MY PERSONAL VIEW, Bitcoin may hit $40 000 / BTC during 2018. I am too much of a conservative trader to trade Bitcoin, but I may invest in it (buy and hold if the price comes down to say about $2000/BTC.I don't know man. Most Investors/Traders currently into Bitcoin is doing it purely for speculative reasons, which will cause volatility to be extreme, meaning sudden sharp moves up will always cause sudden sharp moves down not soon after. Greed, Fear and FOMO (Fear Of Losing Out) is driving Bitcoin at the moment. Don't get m...

Merry Christmas and a Profitable New Year! in General Dec 24, 2017 at 16:25

I know it's a bit early, but I'd like to wish all of you a Merry Christmas (for those who celebrate it) and a Very Profitable 2018!

Trading the cryptocurrencies Bitcoin,Etherium, Litecoin etc.... in Crypto Dec 22, 2017 at 14:31

---------------->I agree with Leo, if you want to trade Bitcoin and other Crypto's then DO NOT trade with a margin account. Your account should effectively have a 1:1 margin.Just look at at Bitcoin this week. Dropped from $19800 to $10400. These moves are made by big players on the CME. The small traders with margin accounts (e.g. 1:50, 1:100, 1:500) will now be in a world of pain.Crypto's are NOT for noobs with margin accounts.Good luck anyway if you are trading these markets.PS: Just a quick edit to include the following article on Crypto's. Check out the "Top 10 Crypto-C...

Community Open Source Projects in Suggestion Box Dec 19, 2017 at 07:29

Was just wondering is a Community Open Source Projects section would work?A projects could be started by a member suggesting the development of an EA, Indicator, Script or Library. Other members would then vote on the suggestion, and if successful a new Community Project would be started.Any registered member MyFXBook may then participate in the development of the project. Let's say for example the project specification states an EA should use the Bollinger Bands together with Candlestick Patterns to find entries and exits. The participants can then discuss the best way of developing the E...

Which trade to enter when there's more than one opportunity at the same time? in New Traders Dec 14, 2017 at 13:49

I always find it useful to do a Currency Strength Analysis before I look for trade setups. Basically you compare a base currency, i.e. AUD, against the other currencies and then open the charts where the base currency is strongest, and look for trade setups in favor of the base currency. For example right now the AUD is very strong against the NZD and GBP.Here's a link that will help you quickly find String vs Weak currency pairs:https://www.oanda.com/forex-trading/analysis/currency-heatmapGood luck!

Can forex trading make you rich ? in General Dec 12, 2017 at 18:33

I think Kieran hit the nail right on the head. Just like to add, the 98% of people failing Apple1 talks about (some say its 90%, other say its 80%, who really knows) come in the market thinking they can get rich quick, be a millionaire in a year.So lets say you are an experienced trader, and lets say your trading strategy you a consistent average yearly (modest) return of 15% for the sake of this exercise. And lets assume you are disciplined enough not to take any money out of the account. And lets assume you saved up enough money to open a $10 000 account.If you then trade for 40 years based ...

Downloading XML from Economic calendar - via API ? in Programming Dec 06, 2017 at 18:58

Not sure if this is what you are looking for.... found these articles on an EA that trades news events. Have a look, seems interresting:https://www.mql5.com/en/code/8491 - maybe download this EA and indicators first.https://www.mql5.com/en/articles/1502 - then read this article carefully on how to set the above upPlease don't go and run this on your live account. I suggest trying it out on demo first. Have not checked this out myself (too busy with a battle with my own EA :), but still want to.The code in this EA may give you ideas on how to incorporate and use economic calendar da...

What is your trading strategy ? in New Traders Dec 05, 2017 at 07:51

I feel a trader's trading strategy should be a reflection if his/her personality and background.If you like taking big risks and thrive in an intense, almost chaotic environment, then perhaps a scalping strategy will suit you best. People who tend to be more extroverted and and have a sense of adventure will probably do well with scalping. But be warned, scalping on a demo account is exciting and a lot of fun. Doing this on a live account if you are inexperienced will be a wild emotional roller coaster, and a recipe for disaster.If you have a great knack for managing your personal finance ...

EMA Crossover Indicator that works? in General Nov 30, 2017 at 13:49

Hi, I agree with most people here. Using only one or more indicators to base your trading strategy on will never work in the long run. Markets tend to spend around 70-80% of the time trading sideways. Almost any indicator will give you false signals when the market is consolidating.The most reliable method to determine entry and exit points for your trades is to use key support/resistance levels on higher time-frames. I use the daily charts to identify major support/resistance levels and wait until the market reaches these levels. I would then look at a lower time-frame, like the 1 Hour or 30 ...

Help me i am a newbie in General Aug 18, 2017 at 05:47

This is good very good advise... but I would like to add a very important distinction between demo and real. With a demo account, when trading a manual system/strategy you will not experience the emotional roller-coaster of live trading. By this I mean the fear of losing, the greed of moving a slop-loss or having none at all, the anger at a market that just took your real money, the revenge on a loss when doubling-down on the next trade.When you trade live you will experience a whole range of emotions that will influence your trading decisions. My advice is to open a demo account with the same...

Forex Contest GDMFX in Contests Feb 21, 2017 at 15:36

Hi Lorenzo, all you have to do is click on the Market Watch button to see your pairs/instruments.... then right-click in the list and select Show All.... This will display all available pairs/instrumentsGood luck 😄

Forex Contest GDMFX in Contests Feb 20, 2017 at 07:05

I agree, this contest is FREE to us, and we should see it more as a priviledge to be able to partake in the contest for free, than bitch and moan as if GDMFX or MyFXBook owes us something... I'm sure they will sort this out, and a bit of patience will go a long way in helping the process.

Forex Contest GDMFX in Contests Feb 19, 2017 at 22:24

Same here ... still 0 balance... maybe the day in NZ start a little later than than the rest of us :)

Forex Contest GDMFX in Contests Feb 19, 2017 at 21:13

Contest starts in 1 hour 45 mins.... all accounts should be enabled with the 10 000 starting balance at 22h00 GMT... thats what I understand anyway.... good luck!

US Elections in General Nov 09, 2016 at 08:05

Wow... Trump as US President.... Good luck America, you gonna need it with that clown as president.... just my personal opinion....

GBP??? in General Oct 10, 2016 at 09:06

I think its extremely difficult in the Forex Markets to determine exactly who or what is responsible. In the GBP case I read an article by an HFT operator that the algo's they develop today are so sophisticated that they can "sniff out" Stop Orders and trigger them to initiate a larger move.So if you think about it, after Brexit the market was heavily short the GBP. So many larger traders and institutions had Sell-Stop orders below certain key Historical Levels (going back to 1985 or even further). So all these algo's have to do is send thousands of buy/sell orders and immedi...

GBP??? in General Oct 07, 2016 at 11:37

Try some of these videos by Nanex - it explains visually with live data streams what HFT do and how they operate. Once you see the frightening speed at which these machine trade, it is easy to imagine how a small error in the code of an algo can cause something like a flash crash...NANEX HFT Trading Model:https://www.youtube.com/watch?v=B_k_elbBz8cWild High Frequency Trading Algo Destroys eMini Futures:https://www.youtube.com/watch?v=a-9A0ar70pIKeep in mind these videos are from the US stock markets. Forex markets work a little different, but basically your order goes from your PC to your Bro...

GBP??? in General Oct 07, 2016 at 00:14

Comment by French president Hollande:"Britain must suffer the consequences of leaving the EU to avoid EU existential crisis" (According to John Kicklighter, DailyFX)This triggered an HFT Flash Crash on thin liquidity during Asian markets.Think the market should retrace to levels before the drop.

EURUSD	1.07599	GBPUSD	1.25452	AUDUSD	0.66091
USDJPY	153.053	USDCAD	1.3685	USDCHF	0.90475

Posts by JacoAF