June 2nd, 2005
Alexandria & Roberto
Learn More Forex
Forex and Internet Secrets
By Devika A Kumar
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Tips By Peter Bain
1. Initially set a goal of 20 pips a day
2. Use MACD: divergence; otherwise, it just
confirms the trend.
3. 20-30 pip stop losses – but on the other side
of event that caused you to take action.
4. Specialize in one currency pair. I love the Euro
5. Keep a log.
6. Sit on your hands unless you “SEE” something
concrete to do.
7. Don't scalp. Ride the trend! Currencies trend well.
8. Calculate Pivots at midnight ET.
9. Don’t buy too soon in a downtrend; don’t sell too soon
in an uptrend; currencies trend well.
10. Average trading range (ATR) usually fulfilled
starting at 3 am ET.
11. Forget trading retracements when you catch the main trend.
12. Four things to watch out for … to be discussed later.
13. Single versus multiple lots.
14. NO MAN’S LAND – except where you see ironclad
signals like bar/candle/chart patterns, multiple bottom/top,
MACD divergence, trendline break.
15. You don’t need to draw pivot points. If you do, they don’t
have to be exact.
16. Green lights.
17. Learn, paper trade, demo, live.
18. Look at lower-level chart when price is at a
pivot point and moving fast.
19. Automated systems kick in at pivot points; therefore,
lots of follow-through.
20. Shades of gray. Trading is not a science.
21. M1/M3 and M2/M4 – like early warning radar, but not cast
in stone; S can become R, and R can become S.
22. Buying below the central pivot point and selling above the
central pivot point can be influenced by signals like
bar/candle/chart patterns, multiple bottom/top, MACD
divergence, trendline break.
23. If bias is to be short, think short – not long; if bias is
to be long, think long; go one way or the other, but not both.
Try hedging.
24. Use standard default settings for indicators.
25. Do not trade holidays, Mondays, month-end, quarter-end,
year-end.
26. Repeat after me, “The trend is your friend.”
If the trendline holds, buy the dips in an uptrend, and sell
the rallies in a downtrend. Currencies trend WELL! In an
uptrend, don’t look to go short; in a downtrend, don’t look to
go long.
27. No volume figures; but, a very liquid market.
28. Take your signals off higher-level charts, unless you
see something concrete at the lower level. Remember,
the five minute chart is your ‘trim tab.’ It is not to be
used for scalping! Use the 5 min to spot price reversal
situations, where price is on a tear, and/or where price is
moving quickly in and around a pivot point. You won’t know
what hit you on the 15 min in such situations.
29. Any one indicator like a hammer or spinning top
may not be enough ammo to pull the trigger. Look around
for more evidence of an impending shift in price direction.
http://www.forexmentor.com
http://www.forexbillions.com
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