Author Topic: Newbie Guide to Forex Trading (Read 51651 times)

SAGAD · « **Reply #345 on:** Jun 30, 2012, 11:06 AM »

nope...

i did try using a software...wherein it spits out the results instantly...

but i found out that becktesting manually by going back for 3-5yrs (for the daily TF strategies) has a lot of benefits...

1.) Gives u more confidence in the system as u would really see candle by candle how different scenarios would play out...

2.) Better if you would also have an excel journal that would record all your trades, this will train you to have that discipline money management wise...

3.) It would make you resilient to periods of drawdowns as you will be exposed to different scenarios in your backtest...

4.) You will become a master of the system you are backtesting as you will notice different parameters of your stategy...word of caution though: u might be tempted to make some changes in your system, i suggest that u don't and finish the targeted backtest period... by doing that u would have significant amount of data to fully conclude if the revision u intended indeed has merit or were u simply curve-fitting to a particular market condition...

i read somewhere that part of the training of the infamous turtles of Dennis Richards was a very extensive manual backtest w/ the purpose of instilling confidence in the system and eventually themselves as well...

Prospera · « **Reply #346 on:** Jun 30, 2012, 12:07 PM »

^I've never tried back-testing kasi since I'm too tech-challenged (can't do excel, for one). But apparently many people swear by it and credit it for improving their trading. All good...

SAGAD · « **Reply #347 on:** Jun 30, 2012, 01:07 PM »

^ u know what the most important button is for backtesting? F12...

that's all u need...

and of course ur journal...

ferrariEverest · « **Reply #348 on:** Jun 30, 2012, 08:23 PM »

^ F12 yahoooo! (MT4 ka rin d ba?)
ako mas gamit ko Home & End button, page up/down, saka mouse (for scrolling)

libre & effective

ect1 · « **Reply #349 on:** Jul 05, 2012, 08:43 AM »

eh ano b maganda gawin sa journal di ko kasi namemaintin sakin hehe minsan parang ewan lng haha.. tips nman po dyan mga pro

SAGAD · « **Reply #350 on:** Jul 05, 2012, 09:39 AM »

basically, this is what i keep track in my trade journal:

trade #
Date
pair
position (long or short)
entry price
stop loss in pips
stop loss in $
target profit
target profit in pips
target profit in $
R:R Ratio
Trade duration
R Multiple ( P&L divided by initial risk)
% Wins
Results (Win or Loss)
Running count of wins
Comment before entry
Remarks after exit

ect1 · « **Reply #351 on:** Jul 08, 2012, 08:04 PM »

maraming salamat po

kambal825 · « **Reply #352 on:** Jul 09, 2012, 09:37 PM »

Advise naman po. Nag open na po ako ng account sa oanda for live trading po, at the last part of signing up my application Medyo nagdalawang Isip po ako. Need pa po ba mag upload ng mga valid ID's at mga proof of billing,etc. before maapprove ang account ko? Salamat po

suntzu · « **Reply #353 on:** Jul 10, 2012, 12:37 AM »

Quote from: kambal825 on Jul 09, 2012, 09:37 PM

Advise naman po. Nag open na po ako ng account sa oanda for live trading po, at the last part of signing up my application Medyo nagdalawang Isip po ako. Need pa po ba mag upload ng mga valid ID's at mga proof of billing,etc. before maapprove ang account ko? Salamat po

yes. your valid ID is needed just in case of some problems that needs to establish your identity rather than a "pre-requisite" for approval. they wanted to know who they are dealing with. if ID security is your apprehension, i think oanda is one of those last entity to steal your ID. they make more money as dealers/brokers than as "phisers". lol

wildtaurosapp · « **Reply #354 on:** Jul 15, 2012, 07:10 PM »

bukod sa oanda, ano pang broker ang safe at recommended for beginners?

denyx01 · « **Reply #355 on:** Jul 16, 2012, 11:13 AM »

bukod sa oanda, ano pang broker ang safe at recommended for beginners?

Try the winwood group ltd. We do offer a mini account and before starting the live account we will provide you a demo account to practice the trading in a live market. PM me and we can discuss something about forex.

ferrariEverest · « **Reply #356 on:** Jul 16, 2012, 05:13 PM »

With all due respect, I have a limited trading experience (since circa 2005), but I have never heard of Winwood, even in 2-4 international trading forums i've been to/posted at.

in an age when even BIG names like Lehman brothers and Barclays capital get tainted reputations, mas dapat mag-ingat tayo.

Prospera · « **Reply #357 on:** Jul 16, 2012, 06:06 PM »

Very much agree with fE here. If clients can lose their funds using CFTC-regulated brokers with supposedly good reputations (like MFGlobal and more recently, PFGBest), the more we should be careful about our choice of who we do business with.

We can never do enough due diligence these days, it seems, as far as brokers are concerned.

PaoloValler · « **Reply #358 on:** Jul 18, 2012, 03:05 PM »

:thankyou:Hello, I'm new here at forex, 1month plang ako and naka demo account pa lang po ako. I'm a current employee and I want to quit my job na. Thing is, I can only invest $250 with my current situation. I only need $20/day so that ill be able to quit and focus on forex and investing on other concepts.
My question is, for a newbie trader like me and with that little investment, is it possible to achieve my short term goal of $20/day?

This is also my first day here at pinoymoneytalk.com, looking on expanding my knowledge as much as I can to make this possible.

ferrariEverest · « **Reply #359 on:** Jul 18, 2012, 03:36 PM »

Hello Sir Paolo,

$250 capital & a $20 daily goal is possible. but for a newcomer, it won't be that easy.
kailangan humakot ka muna ng knowledge at experience, at ideally palakihin mo ang capital mo (to at least $500 to $1k)

commit yourself sa pag-aaral ng trading for at least 6months to 2 years.
after 1-5 years at ok na ang trading mo, saka mo palang dapat isipin ang pag-reresign.
NEVER resign kung d pa stable ang trading mo or wala ka pang stable alternative income source.

Good luck Sir