Hey y’all; I’ve been studying forex off & on for the last couple years, and am just now feeling confident enough to start taking my demoing seriously. I also now have enough free time to dedicate to this. Here are my questions:
When using technical indicators, how can I find out what the different parameters mean? Example: EMA 5,8 - what do the 5 and 8 represent? If there is a site or a link on this site that explains the parameters in detail that would be helpful.
Say I’m trading EUR/USD. US trading ends at 4 or 5 EST. When the London market begins at 2:00 EST, what happens to the EUR/USD?
If I plan on being a daily/weekly trader, could I print out a monthly chart to see the trend, say on the 1st of the month, and use the daily or weekly to see when I will enter a trade?
Why do some traders have 2 monitors?
When the Feds cut interest rates, the value of the dollar goes down. (?) Does this automatically mean that this is a good time to go short? And vice-versa?
When something is said to be oversold/overbought, does this mean that the price is near/at an all time low/high? What price is the current price being compared to, to call it oversold/bought? Or, am I totally off base, and is oversold/overbought dealing with volume and not price?
Don’t laugh too hard - I said I was a newbie, and this is the newbie forum! <smile>
search the forums and go through the school as nytrader mentioned…From there you will have a great grasp, and then read some books my favorite is forex conquered there are tons of books and info available, all you have to do is look…good luck !!!
It’s not that we don’t want to answer your questions, it’s just that most of these questions have been asked repeatedly and it takes up space unnecessarily to have to keep answering them again and again. That’s what the search feature is for.
You’ll find many of the answers by doing some quick research and will get more satisfaction out of finding something yourself rather than having someone simply hand everything to you.
Go through the Babypips free school and you’ll find a lot of information.
Also, a search here in the forums on keywords such as “ema settings”, “2 monitors”, “overbought” should give you details.
hey pipsup, i joined this sitemaybe about 2 weeks ago, and you can trust me when i say just look like In2blues had mentioned. I learned more than i ever thought I could in the last 2 weeks from this site alone, its amazing. best of luck to you in your trading.
…first let me clarify something that I should’ve mentioned before.
My hard drive is crashed, so I have no pc access at home. I’m on the library pc right now. There are time limits on these pcs, so while I’m familiar with message boards and searching for the answers to commonly asked ???s, I have a time issue. Which leads to one of more questions.
I’m just demo’ing right now. if I stick to longer timeframes, is it possible for me to trade with only having pc access a few times a week?
When I said in the original post that I’ve been studying forex off and on for the last 2 years, that sporadic studying has been the babypips school material. I printed it off at work - I chuckle when I look at the date at the bottom of the pages (11/5/2005). The questions I posted before were ones I had in spite of going through the material. However, I am not one to argue against advice from people smarter than me, so I will go through my printed lessons (the ones I have left anyway) again. But I still don’t think I’ll find the answer to my next question, which is:
Where do I find the parameters of the different technical indicators? I’m sure If I do a search I’ll find the answer, but I am pressed for time (see above)
The numbers represent periods of time. So, on a one hour chart, a 5 period EMA would represent 5 hours. On a 10 minute chart, a 5 period EMA would represent 50 minutes (5 x 10 minutes).
Not sure what you mean here. The markets are always open somewhere in the world (except on weekends), so the EUR/USD can still be traded, just in a different market.
Yes, it’s possible.
Some traders have 2 (or more) monitors so see more things at once. For example, one monitor could have your broker’s platform up, while another has news on it. Or you could have two different broker’s platforms up at once, etc.
Not necessarily. It depends on how the market reacts.
