What Every New & Or Aspiring Forex Trader... Still Wants To Know

[JavaPro]

Sorry to clog the thread… I have been away from the threat for a few weeks, but I had to comment on this once I read it… I’m quite the IT Nerd, so I think these kind of setups are pretty fantastic. I would agree you don’t need all this for forex. Judging by the displays this guys is a option trader in the e-mini. Each display would be single stock or index with put and call options on opposing sides of the blue divider. This is probably way too much information and totally off topic, for that I apologize. I would consider this computer art and I am all for decorating my house with it.

Here is the set-up you need. Anything less, and you’re just wasting your money —

Just kidding! — Just wanted to see if you were paying attention.

I agree with PerchTird. It just doesn’t take a whole lot of CPU capacity, memory, hard-drive space, or display capability (monitors) to trade forex using any trading platform and charting package out there.

And with a minimum computer, you can stay connected to your browser, and you can stay logged in to this Forum, while you are trading and working with your charts, all without overloading your computer.

I am partial to desktop computers, so I can’t talk from experience about laptops. But, in the desktop category, any computer on the market today has more than enough capacity for retail spot forex trading.

Problems, when they occur, usually involve all the other stuff you like to do, while you’re waiting for a trade to set up, especially anything involving videos. And gaming — well, forget it, if a minimum computer is what you’re on.

So, buy a computer that can handle that other stuff that you know you’re going to do — intense web-surfing, watching videos, etc. Compared to those “other” loads on your CPU/RAM/HD/etc, the added load of your trading platform and charts will be almost negligible.

Many broker websites suggest minimum system requirements, and from my experience their suggestions will point you in the right direction.

Also, if your internet connection speed is adequate for videos, it will be more than adequate for trading. If you want to set up an absolute minimum computer for trading only, then a DSL connection (or anything faster) will do just fine.

[bobmaninc]

Sorry to clog the thread… I have been away from the threat for a few weeks, but I had to comment on this once I read it… I’m quite the IT Nerd, so I think these kind of setups are pretty fantastic. I would agree you don’t need all this for forex. Judging by the displays this guys is a option trader in the e-mini. Each display would be single stock or index with put and call options on opposing sides of the blue divider. This is probably way too much information and totally off topic, for that I apologize. I would consider this computer art and I am all for decorating my house with it.

Yeah I meant to comment on this. Clint please ask next time you take pictures of my trading lab. Thank you

[JAYPIPS]

Hi Everyone,
Great thread!!! loving all the videos and hoping to make heads and tails off it more down the track.
Right now Im looking for Michaels formula for his price at the 79% on his OTE indicator, it seems to be a great little help.
OH yeah and Michael thank you very much for your time last night in the chat room explaining a lot of confusing issues with the why/how does the big banks move the price. I tried to take notes later but was not able to return to previous comments. Im sure I will work it out next time. Anyways thanks Mike for your 3 hours in the chatroom and of course this constant attention you have given us all for so long a time…

[JAYPIPS]

sorry also forgot… very excited about your new videos coming this week yyyiiippppeeeee:D

[CryAgony]

I understand the concept that it’s accumulating positions, I just don’t know how to ‘read’ this accumulation in the charts during the asian session. If this is established by the session trend then what is used to determine trend? The first one in the screenshot I used, at least to me looks like up, down, up, down, up - how can I determine thats trending down and thus there’s an accumulation of shorts? I’ve seen the power of 3 video and it deals with accumulation/distribution in terms of judas swings after the open but not reading the asian session.

Yes but the principle at the base is the same.
The smart money in that session is not on the play, they are only observing. “Accomulating” in the way that they allow street money to put bucks in the trade, so that in LO Smart money can lead the price where they want!

They can make money only when “we” open enough trades, so that they can take them off us!

How can you see if it accomulated shorts or longs? You see it when London opens, noticing where the price goes, not during Asia itself, as the big players that move the markets, are mostly off from that

[Allan87]

How can you see if it accomulated shorts or longs? You see it when London opens, noticing where the price goes, not during Asia itself, as the big players that move the markets, are mostly off from that

Right ok, that’s something I didn’t grasp from the videos. Thank you.

So after the LO there is an anticipated move up/down towards a S/R level? If so this bit seems like pot luck, today for instance on the cable the price went down to roughly the 1.58 big fig level, but looking at the charts at 8am this morning I wouldnt have been able to anticipate that. Maybe I shouldn’t and I need to wait for an OTE to form after its bounce from 1.58, but today no OTE formed. If that’s the best way to approach these things and I just have to sit tight and wait for an OTE retracement how often on average do people get one?

[Flying_Rhino]

…
Also you can see that I changed the lot size column on the original to a £per point so that any pair can be traded using the sheet. You would gave to work out the exchange rate but I reckon I could create a separate sheet which you could use to calculate this on. Again this would have to wait until I come back.

I would also suggest that the swap column is renamed to adjustments and the that can be used universally as and when an amendment was needed.
…

That’s a good idea, simple solution for a difficult task

…
This is flying rhino’s baby really. I am more than happy to fiddle around with it but this excel sheet was based on his excellent work for Mac numbers so I would like his approval to mess around with it before doing so.
…

I absolutely appreciate your efforts. So feel free to fiddle and make some mess

Perhaps Michael can add this tool to the ones at the first page when it’s completed so it’s easy to find for everyone who likes to use an offline log.

@ ICT
What do you think?

[Flying_Rhino]

DT if I may add my 2 pips here. A good trade log is a very valid part of this thread so I dont see a problem adding a few more posts to a thread with pages of pointless stuff.
…
If ICT disagrees with me saying this fits on this thread I am sure he will say so. But honestly I think he already would have if he disagreed.

I totally agree:

…
If you do go back to playing with the spread sheet if you could make my life easy and add a chart to show an equity curve that would be sweet.
…

There is an equity curve in the original file. I saw that in DT’s version at least the graphics of the original equity curve is included but i don’t know if it’s working, can’t check that.
Let’s wait for DT to return from his holidays, he will tell us.

:57:

[Flying_Rhino]

Right ok, that’s something I didn’t grasp from the videos. Thank you.

So after the LO there is an anticipated move up/down towards a S/R level? If so this bit seems like pot luck, today for instance on the cable the price went down to roughly the 1.58 big fig level, but looking at the charts at 8am this morning I wouldnt have been able to anticipate that. Maybe I shouldn’t and I need to wait for an OTE to form after its bounce from 1.58, but today no OTE formed. If that’s the best way to approach these things and I just have to sit tight and wait for an OTE retracement how often on average do people get one?

OTEs are all over the place. You can use them but you [B]don’t have to[/B]. An OTE gives you a higher probability that your trade will be profitable.
[B]But[/B] you have to have a bias first, at least for the next hours. Then you need support or resistance depending on your trade direction (s+r are: natural levels created by price movement, psychological/institutional level e.g. big numbers, .20, .50, .80 level, pivot level, fibonacci retracements). The more s+r you find around a level the better probability for your trade.
If [B]then[/B] an OTE forms at that level (doesn’t have to be absolutely exact, some pips apart is ok), in sync with your trade direction and in a kill zone of course, well…can’t get any better.
If you want to trade high probability setups you have to wait most of the time.
You can trade lower prob. setups too and you can trade without OTEs, it’s up to you.

I wait for an OTE to form as an addition to other confluences for most of my trades.

[didko]

Hey guys, is it correct the killzone for london close is from 8.30-9.30 AM EST?
thanks in advance

[system]

10am to 12 Noon can extend into 1 pm on ocassions.
{Eastern Time}

Hey guys, is it correct the killzone for london close is from 8.30-9.30 AM EST?
thanks in advance

[didko]

10am to 12 Noon can extend into 1 pm on ocassions.
{Eastern Time}

I was just watching one of the pro trader’s club videos and you mentioned from 8.30-9.30 and just wanted to make sure this is correct.

[Allan87]

I’ll be going back to basics until I am confident enough to add more of ICT’s concepts as I feel I am making it too difficult on myself trying to incorporate everything into one trade.

Seeing S&R has been difficult for me outside the natural Hi/Lo levels and I’ve attached a screenshot of the cable and fibre below. The pink lines are natural S&Rs from the last year/quarter/month, the yellow are where I think price has been respected inbetween the natural S&R levels. Is this on the right track?

[podz]

hey dude,

just watched vid on scalping, and i get wot your saying, but you dont mention if theres a specific time frame we shld be watching to enter on, wether going short or long. i undrestand about geting the daily bias right, but wondered if we shld be on a lower time frame for entering the trade???

cheers fella!

[peterma]

New video on InnerCircleTrader’s Market Review 04/08/12 on Vimeo

Settles my mind on market bias nicely, many thanks ICT

[podz]

Hi peterma

thanks for posting, but i think your missing my point, i get all the stuff about levels and when it gets to a certain level then we shld look to either buy or sell, i really do understand the whole thing about trading, but i look at the chart when its there and i just dont c it, what, do the candles show something that im missing, i just dont c a sell or buy signal, wot are you guys seeing that makes you enter a trade, i mean actually c it on the chart! any help wld be much appreciated,

cheers

Podz

[kubio]

Hi peterma

thanks for posting, but i think your missing my point, i get all the stuff about levels and when it gets to a certain level then we shld look to either buy or sell, i really do understand the whole thing about trading, but i look at the chart when its there and i just dont c it, what, do the candles show something that im missing, i just dont c a sell or buy signal, wot are you guys seeing that makes you enter a trade, i mean actually c it on the chart! any help wld be much appreciated,

cheers

Podz

you understand [B]nothing[/B]… :54:
may I suggest you start your education here:

thanks

:41:

[podz]

sorry, but i think i know wot I understand. if you go back and read i didnt say i know it all!!! i SAID i understand wot ict is saying and teaching, but having trouble with the entry signalls!!

Thanks for your input!

[Bones123]

live chat over – check out any recordings at…

Babypips Inner Circle Trader - live streaming video powered by Livestream

[podz]

thanks dude,

have been back and watched a few on optimum entry, kinda getting it abit more now, lol

thanks again

Podz