How are the Daily Pivot Points on your site calculated?
I use the most common way of calculating daily pivot points:
R3 = (high + 2 x (pivot point – low))
R2 = (pivot point + (R1-S1)
R1= (2 x pivot point – low)
pivot point = (high + close + low) / 3
S1 = (2 x pivot point – high)
S2 = (pivot point – (R1 – S1))
S3 = (low – 2 x (high – pivot point))
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Where can I find other Forex websites you recommend?
I maintain a Forex Directory of websites that does not contain junk.
Each submission for a forex website is reviewed by me periodically to ensure that the content contained within is useful to both you and I. You can find this directory here:
http://www.forexproject.com/forex_directory/
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What software do you use for your website?
I won't reveal this because I don't know what the motive is of knowing. My site is constantly barraged with spammers attempting to add linkbacks to their sites so the only thing I will say is that it is highly customized and programming is done by me.
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Where can I get your eSignal Squeeze Indicator?
The Squeeze indicator was initially created by John and Hubert over at http://www.tradethemarkets.com. They call it the TTM squeeze.
Here is an overview of the Squeeze right from John Carter's mouth:
"The Squeeze Play takes advantage of "quiet periods" in the market when
volatility has decreased significantly, and the market is building up
energy for its next major move higher or lower. This indicator was
introduced to me by my trading partner, Hubert Senters, and it has
become an integral part of my own trading plan. These quiet periods
are identified when Bollinger Bands narrow in width to the point that
they are trading inside of Keltner Channels (I just use the default
settings on TradeStation for both of these indicators). This marks a
period of reduced volatility and signals that the market is taking a
breather, building up steam for its next move."
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1180+26251,00.html
I attempted to create an exact replica of the squeeze indicator myself. I call it the FPSqueeze. It can be downloaded below. Feel free to modify it and make it better. I no longer use eSignal so my motivation to make it better is gone.
If you use metatrader, you can try the Bollinger Squeeze attached below as well.
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How long have you been trading forex?
I first heard of Forex in the summer of 2005. I started reading and demo trading that summer. I started trading with real money the fall of 2005.
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Where can I find the Commitment of Traders report on your site?
There are actually 2 places where you can find it.
The first place is directly on my site by clicking the Forex Volume menu item or go to http://www.forexproject.com/Forex_Volume/. I process this report every Friday when it is released and give you the results in an easy to read format.
If you want the actual report from the CFTC, go to http://www.cftc.gov/cftc/cftccotreports.htm
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Have you ever used FXEngines?
Yes, I have. Here is a post describing my experiences using FXEngines over 9 weeks.
After 30 trades and 9 weeks of automated trading via FXEngines, I am
abandoning ship. It isn't because I've lost money because believe it
or not, I'm up 49 pips. The primary reason is because I just don't see
how this system of trading will benefit me in the future.
First, I just do not want to be reliant on anyone but myself when
trading. This method of trading put a little bit of discretion in your
hands but not enough for me to feel like "I" had a good trade when the
trade made money.
Secondly, initially I thought that automated trading may be a good way
of supplementing my discretionary trading income in the future. I just
don't feel that it can. The trades that were profitable were mostly
the medium volatility news trades that slowly moved in your favor.
This could have just as easily done manually. The trades that this
system is advertised to catch were just not possible. This could very
well be that FXCM is the broker and the limitation is with them.
This was certainly an experience, one that was educational. How? It
really shows that if you remain disciplined and consistent, you can
come out on top or at least even. Like I said, I'm ending my
relationship with FXEngines with a 49 pip profit. In all, I made 30
trades. 12 were winners, and 18 were losers. The key here was also
money management and the tighter stops.
To see the weekly results, go to http://www.forexproject.com/FX_Engine_Performance/
To see each trade by week, go to http://www.forexproject.com/Forex_Engine_Trades/
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Forex Knowledge Base
First, I wanted to mention a new feature of the site called Forex Knowledge Base. You can also find a link in the "Trader Rich" menu to the left. This section already contains some frequently asked questions that I get in email (squeeze indicator, brokers, etc) and will ultimately contain much more information that either I had posted in the past or that I've stumbled upon in my journey. In the future, anyone will also be able to submit a question here that either I will answer or another visitor will answer. This question can be anything trading related.
I'm still watching the market a little this morning but I'm probably done for the week. The US CPI announcement at 8:30am was .2%, the CONSENSUS so I don't see any point trying to force anything. The nice moves started during the European session at around 2 am this morning anyway.
This week was a good one and so has this month. Halfway through September, I'm up 273 pips or $2774 with 259 of these pips coming this week.
I've been manually tracking my new system, the h-system via a spreadsheet since 8/28 and the results have been great. It's just too bad I didn't start trading it then.
Since 8/28/2006:
12 TOTAL TRADES
11 WINS, 1 LOSS
+979 pips
The average risk/reward has been 2.46.
I remain cautiously optimistic about this system. It is in still its infancy and I know that the results from the last 2 weeks are not going to come around every week. This could have just been pure luck. Either way, everything seems much clearer when you have a very well defined trading plan as opposed to randomly hitting the buy and sell button. I hope everyone else had a great week. If you did, let's hope for more the same next week.
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How is Rob Booker as a mentor?
In 2 words, "Too Busy."
When I signed up with Rob Booker, the cost was $1000. This is all you have to pay until you become a profitable trader.
Like I said above, Rob is way too busy, too busy collecting enormous amounts of money from you and I. He does answer his email, though not always timely. His responses are short to say the least. Sometimes, he doesn't even answer all your questions.
On a more positive side, Rob seems like a nice guy and his method of teaching is humorous which is hard to find in this business. As a subscriber, you have access to all the training material on his website which in their basic form includes PDF's and video on technical analysis, fundamental analysis, and money management. This content is relatively static and doesn't change very often. The most up-to-date content on his site are the Chart School PDFs and interactive video updates. The Chart School PDF's usually include charts of currencies he's looking at and trade ideas. His interactive video includes the method he used during a particular trading day.
In Rob's defense, I never utilized the Team Trading aspect of his training which paired you up with numerous people around the world. By way of email or chat, you can talk about trading with these other students. I don't know if I would have benefited from this plus you need to have access to instant messenger mostly during the US session which I did not.
Rob's main method of trading that he teaches are channel breaks during the US session. It's quite simple. I have attached an example of his trading method and 1 of his chart school PDF's.
Popularity: 1% [?]
Why trade forex?
There are many reasons.
- It has very low dealing costs; 4 to 5 price interest point spreads
- It has 100:1 leverage for margin trading
- It has a very volatile, trending market
- It has a two-way market; traders can participate in bull or bear markets
- It is open 24 hours a day from Sunday night to Friday afternoon (EST)
- There are no separate commissions
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