What free charts and market data do you use?

I have IB, but the charts in IB are not so user-friendly.
Is there any free charts out there?

I have looked at xtick (the one used in the blog video), but it cost $86 a month…

I do all my charting in MT4 on an IBFX demo account, while placing my trades with Oanda. It’s worked great for me!

One quesion:
does IBFX demo account give out real time quotes or?

Yes, they do. My IBFX demo and Oanda live charts are within 2 pips of each other 99% of the time.

IBFX MT4, with my live micro account.

Cool! I was reading another thread and they are saying that VSA is the key to their trading success. Does Oanda have VSA indicator?

One more question: what is your trading strategy?

I am thinking of using the babypip trading system on the blog; looks simple, not sure how it would turn out.

I looked and Oanda doesn’t appear to have a VSA…

If you mean the Cowabunga system I highly recommend it. I traded it when I started out and made money with it, but I don’t trade it anymore. I hear it’s going through a drawdown period right now, but it does make profits in the long run, and that’s what counts.

I primarily use two trading strategies now. I use the NickB system (see the PDF I included) and a system I came up with myself that I call the Sunday Breakout. You can read about it on my thread here.

nickbmethod.pdf (476 KB)

Thanks! :slight_smile:

I’ll go ahead and read them before coming out with any further questions! :slight_smile:

Hi phil838,

How do you hooked up MT4 to use IBFX demo? I couldn’t find any configuration on google.

It’s done on the backend by the broker. You have to download and install a new copy of MT4 from each broker you want to use.

Just go to ibfx.com and hit the demo account button.

ahhhh!! I thought ibfx stands for Interactive Brokers’s FX!! Okay, let me try this now~ :slight_smile:

I was trying to hook up MT4 with Interactive Brokers Data`

That’s my fault, sorry. I should have said InterbankFX.

Most people abbreviate InterbankFX as IBFX and Interactive Brokers FX simply as IB, in case you ever see those again.

On a side note, this is a screenshot of how I use Oanda and IBFX demo at the same time. The windows on the left are popouts from the Oanda software…

It works very well for me!

wow! Thanks! I finally got the setup going. How do I make use of this file (Weekly ATR.mq4) which is included in your attachment?

btw, I have an account with IB, and from their website, it seemed to charge a commission of USD$2.50. Was wondering if it’s a better deal as opposed to using spreads as commission?

Depends on how much your trading. The way to find the answer depends on your money management plan. If you’re using a set risk amount per trade you need to take your risked dollar amount and divide it by your stoploss, then multiply that by the broker’s spread. That would be how much your actually paying in spread. Just see which is better, that or the $2.50 commission.

If you’re using some other money management technique I don’t know the equation off the top of my head, but we could figure it out.

All MT4 indicators go in the /experts/indicators folder in your MT4 installation. On my computer it’s C:\Program Files\Interbank FX Trader 4\experts\indicators. You’ll need to restart MT4 for it to show up in your Navigator. Then just drag it to your charts like you would any indicator.

I was thinking of starting small, like $2,000 in the account, and risking 2% max per trade.

Based on http://www.babypips.com/tools/forex-calculators/positionsize.php:
it seemed to suggest that I should trade with only 8,000 units? Maybe I got it wrong.

ahhh! Thanks, got it loaded up; what does the 4 lines mean? Are they in pips?

W1 Range
Current 768
Previous 8227
ATR(14) 4835

Forex charts

these ones are pretty good

That’s the Average True Range on a weekly (W1) chart. They are in pips, but since IBFX is a 5 decimal broker you need to account for that.

It means the price has ranged 76.8 pips during the current week, 822.7 pips last week, and an average of 483.5 the last 14 weeks.

For my breakout system I use half the ATR(14) as a profit target, so this week I’d be going for 241 pips.

I have read quickly on the NickB system, and on the first few pages. He said that he only looks at 4 hours charts; does he mean 4 hour candlesticks?

If it’s 4 hours candlesticks, don’t he need to spend 24 hours on his computer? Or check his computer every 4 hours?

I thought the same thing when I was new, but it’s actually the exact opposite. The higher the time frame you trade the less you need to check your charts.

I plan out all my trades on Sunday night, set up pending orders, then I’m done! Total time at my computer is 30 minutes for the week.

I do sometimes monitor the trades while they are active, but that’s optional. You can squeeze out more pips if you do. Most trades with the system are over in an hour or less.