Forex Traders in Dublin!

Technoteze

Hi there guys!

Do you trade forex?

I'm looking to meet with some other Forex traders that may live around Dublin or close by. This is to share experience and hopefully gain some more. It's a lonely road traveling alone and it doesn't need to be.

Ideally I would like to find a small group of traders that would like to meet up every now and then and hopefully develop a trading system.

Thanks

gnr2206

whats your background ?

Technoteze

gnr2206 wrote: »

whats your background ?

I began trading stocks in 2008 for about 4 months until I blew my account. I had no clue and had bitten off more than I could chew and was taught a valuable lesson.

Since then I have been trading forex with a focus on technical analysis. I have taken my time since then to get a feel for the markets. I work a pretty hectic schedule so my strategies have all revolved around higher time frames and I can carry trades for a few days.

Profits are still not consistent and it dosn't look like I'll be leaving my day job any time soon. I'm keen on meeting up with other traders with the hopes of it being mutually benificial. I work hard and I put a lot of time and effort into trading. I'm not looking for a free ride, just another perspective.

What about yourself?

shangri la

its tough to make money from forex especially without any resources.

Why does it appeal to you?

Technoteze

shangri la wrote: »

its tough to make money from forex especially without any resources.

Why does it appeal to you?

To be honest I see it as something that will enable the life I would like to live. Sure it's tough to make money but with time and effort it would be worth it.

Initially I have to admit the thoughts of making a fortune was pretty enticing which drew me in initially (like I'm sure it is for most traders) but it soon became a lot more than that, now making money is just an exciting by-product!

For me trading has become more about the journey. Developing my own system, tailored to my needs. Something I've created that will enable a new part of my life. Beating the system! Trading has become more of a long term goal and to be honest I've gained a lot of appreciation for it.

Let's be fair about it though. As much as I love trading and I know I will be successful at it, it can be frustrating and I'm man enough to admit I could use another set of eyes or like a said before, another perspective.

I seriously doubt I'm the only guy coming home every day to stare at charts. You guys don't think we all need a little help?

Throw me a bone here

OfflerCrocGod

Maybe you should take a look at stock trading again, with some limited leverage (3:1) you can use divis to help cover interest charges and you can invest for longer term. If you want to FX trade you are best of doing it full time really, doing it as a side hobby in snatches will rarely be successful unless you take longer term positions which are more macro based and try and keep the interest charges covered by interest rate diffs in your favor for the trades. Goes without saying that you also need to keep the leverage low.

Also only trade when you should, I think coming home to stare at charts and constantly trying to trade is a bad idea. Wait for the market to come to you if you are not there all the time.

Technoteze

OfflerCrocGod wrote: »

Maybe you should take a look at stock trading again, with some limited leverage (3:1) you can use divis to help cover interest charges and you can invest for longer term. If you want to FX trade you are best of doing it full time really, doing it as a side hobby in snatches will rarely be successful unless you take longer term positions which are more macro based and try and keep the interest charges covered by interest rate diffs in your favor for the trades. Goes without saying that you also need to keep the leverage low.

Also only trade when you should, I think coming home to stare at charts and constantly trying to trade is a bad idea. Wait for the market to come to you if you are not there all the time.

Thanks for the advice brother!

Let me clarify a little. I find forex more accesible and the markets are more fluid. Sure my current lifestyle does not suit the lifestyle needed to be a successful trader but while I develop my strategy it will have to do. I'm only using a demo account now and don't trade in snatches. I develop a strategy and then spend some time testing it.

I trade longer terms, nothing shorter that 4 hour time frames. I trade using micro lots and use proper money management. I may try trading stocks again in the future but it's not which market I trade that's the problem it's more to do with my strategy. I seem to be having a hard time finding a strategy that works consistently.

I have no interest in fundamentals as I believe you can be just as successful being a technical trader. "Staring at charts" was a poor choice of words. Some people play video games I like to look at charts. It's more a labour of love then added hours to my working day. Everytime I fire up my trading platform is a step closer to my goal and I really enjoy it. When I get frustrated or tired I walk away and take a break. Sometimes a week sometimes a couple of months.

I began this thread was because I'm keen on meeting like minded traders. I seriously doubt I'm the only one who has dedicated so much time and effort to trading. There must be other people out there who would also like other traders to bounce off of.

You obviously trade yourself. How do you do in the markets? Care to share with a fellow trader?

shangri la

What is your background?
Do you have any financial education?
Why do you feel that you can ignore fundamental analysis?
What resources do you use?

Why does forex appeal to you moreso than other forms of investment?

OfflerCrocGod

Sorry I shouldn't have used the word trading, I invest for the long term but I have a preference for cash flow sources those would be mainly stocks but can also be currencies (AUD, SEK anything that has positive macro story and yield pickup).

Fundamentals don't matter so much for short term trades where technicals can help you slide in and out of positions but I would only go with the trend in those situations - usual follow the momentum rule. I'm not comfortable trading when I can't give it my all in concentration hence the investment long-term approach. I can take a more relaxed approach where I care more about fundamentals then current RSI values and trend. I'm in London though not Dublin and I don't think my approach is what you have in mind. I spend my time reading the FT not charts I'm afraid.

gnr2206

im based in dublin and may be interested

moneysurfing

Come to www.fxjunction.com and show your account. You can also find me with same username.

Dejva

Hello, I moved to Dublin last Sunday and I'm looking for people who have experience with forex trading. I'm 28 years old and I'm from Czech Republic. I trade forex for 5 years, from the beginning on demo account and now I'm trading live on micro lot account. I developed own strategy on daily EUR/USD. I backtested this strategy from year 2000 and the final result is about 21.000 pips, it is about 2000 pips per year. This strategy is very time-saving (about 3 minutes per day).

Technoteze

Dejva wrote: »

Hello, I moved to Dublin last Sunday and I'm looking for people who have experience with forex trading. I'm 28 years old and I'm from Czech Republic. I trade forex for 5 years, from the beginning on demo account and now I'm trading live on micro lot account. I developed own strategy on daily EUR/USD. I backtested this strategy from year 2000 and the final result is about 21.000 pips, it is about 2000 pips per year. This strategy is very time-saving (about 3 minutes per day).

Hello Dejva,

I began this thread because I wanted to meet with people who had an interest in trading forex. I really feel acccelerated learning is possible when you start thinking with more than one head!

I travel quite a bit for work but it seems things will be slowing down for a while so if you're interested in meeting up I would be keen.

I'm based in the city and can travel so whatever suits.

PM me if you're interested.

Thanks!

Dejva

Hello Technoteze,

we can meet in Lucan if you want? What is your experience in Forex?

Technoteze

In post #3 I mentiond my experience to date. In short I began trading stocks but was way out of my league and was taught a nice little lesson. I was doomed to fail from the start but not all was lost.

I left it for a couple of months and then discoverd forex. The platform was a lot better and I had a more information at me finger tips. I've been trading forex ever since. I take abreak every now and then to let my mind relax but it's something I've been working on for around 3 years now.

I've developed a few systems but all with mixed results. Nothing that is consistent. I prefer the 4h time frame and like my trades to carry over for a few days. I work erratic hours so smaller time frames don't suit.

I can call out to Lucan. Name a time and a place and we can meet up for coffee or something and we can take it from there.

Cheers!

freeze4real

I might join you on these during the summer. I traded forex a year ago. 9months ob demo account and about 1- 2 months on real account. tripled my starting capital them boom blew it away.

Technoteze

Hey sure!

The more the merrier. I'm all for pooling our experience. Get in touch when you're ready and we'll go from there.

arrowloopboy

Technoteze wrote: »

To be honest I see it as something that will enable the life I would like to live. Sure it's tough to make money but with time and effort it would be worth it.

Initially I have to admit the thoughts of making a fortune was pretty enticing which drew me in initially (like I'm sure it is for most traders) but it soon became a lot more than that, now making money is just an exciting by-product!

For me trading has become more about the journey. Developing my own system, tailored to my needs. Something I've created that will enable a new part of my life. Beating the system! Trading has become more of a long term goal and to be honest I've gained a lot of appreciation for it.

Let's be fair about it though. As much as I love trading and I know I will be successful at it, it can be frustrating and I'm man enough to admit I could use another set of eyes or like a said before, another perspective.

I seriously doubt I'm the only guy coming home every day to stare at charts. You guys don't think we all need a little help?

Throw me a bone here

The only thing you'll have to beat is the person you see when you look in the mirror,the FX market can be your master or your bitch,its up to you ,not the market ,its you that pulls the trigger .
If you havn't allready,have a read of Mark Douglas's Trading in the zone,it'll be one of the best investments you'll ever make.

Good luck(but if you have your back testing done and plan your trades and trade your plan you shouldn't need that).

Technoteze

Excellent advice and very much appreciated. If anything I would be guilty of not sticking with one strategy long enough to work out all the kinks. I work as an operations manager and spend much of my time developing systems and procedures. If I see something and it's broken I do what I can to mend it. Unfortunately I think this carries over to my trading where if I'm not getting a certain result I the timeframe I expect I move onto another solution.

Cheers for the recommendation on the book. I'll see if I can pick up a copy in town or I'll order it online.

How long havbe you been trading yourself?

alphatrader

Hello Guys, Just wanted to give you my own view on trading. I've been swing trading forex, indices and precious metals for the past three years full time. I make my living from trading, and am quite happy with my trading style now. I started off trading forex, didnt really know what I was doing and basically blew my trading account twice within 4 months. Its very difficult to get decent trading advice out there or even to get an unbiased view on certain elements. The only way to learn this stuff is to do it, however without a decent trading plan with realistic milestones its never going to work, Ive been making very consistent trades for say the past two years, I trade with a colleague 5 days a week. My trades are all swing, scalping only provides a small amount of pips per week with a high risk element. I prefer swing because indicators are much stronger, intraday noise from the news does not impact as heavily and the overall risk reward (around 1:3) is much more stable. In a good week +500 pips, a bad week maybe +100, although the ltro annoucement the week before last caught me a little off guard. I just thought I'd post this reply, as I know how difficult it is to speak to anyone that does this stuff full time. Anyways please reply to my post if you need me to clarify anything, best of luck.

arrowloopboy

alphatrader wrote: »

Hello Guys, Just wanted to give you my own view on trading. I've been swing trading forex, indices and precious metals for the past three years full time. I make my living from trading, and am quite happy with my trading style now. I started off trading forex, didnt really know what I was doing and basically blew my trading account twice within 4 months. Its very difficult to get decent trading advice out there or even to get an unbiased view on certain elements. The only way to learn this stuff is to do it, however without a decent trading plan with realistic milestones its never going to work, Ive been making very consistent trades for say the past two years, I trade with a colleague 5 days a week. My trades are all swing, scalping only provides a small amount of pips per week with a high risk element. I prefer swing because indicators are much stronger, intraday noise from the news does not impact as heavily and the overall risk reward (around 1:3) is much more stable. In a good week +500 pips, a bad week maybe +100, although the ltro annoucement the week before last caught me a little off guard. I just thought I'd post this reply, as I know how difficult it is to speak to anyone that does this stuff full time. Anyways please reply to my post if you need me to clarify anything, best of luck.

1oo pips of a bad week:eek::eek::eek:,if i could pull a 100 pips a week consistantly i'd have more money than God,what pairs do you trade and on what TFs and useing what indies, whose methods have you adapted ,if anyones.Post a few set ups/charts and give us a goo,
Oh,and welcome to Boards,good to have you here.

Technoteze

alphatrader wrote: »

Hello Guys, Just wanted to give you my own view on trading. I've been swing trading forex, indices and precious metals for the past three years full time. I make my living from trading, and am quite happy with my trading style now. I started off trading forex, didnt really know what I was doing and basically blew my trading account twice within 4 months. Its very difficult to get decent trading advice out there or even to get an unbiased view on certain elements. The only way to learn this stuff is to do it, however without a decent trading plan with realistic milestones its never going to work, Ive been making very consistent trades for say the past two years, I trade with a colleague 5 days a week. My trades are all swing, scalping only provides a small amount of pips per week with a high risk element. I prefer swing because indicators are much stronger, intraday noise from the news does not impact as heavily and the overall risk reward (around 1:3) is much more stable. In a good week +500 pips, a bad week maybe +100, although the ltro annoucement the week before last caught me a little off guard. I just thought I'd post this reply, as I know how difficult it is to speak to anyone that does this stuff full time. Anyways please reply to my post if you need me to clarify anything, best of luck.

Hey there alphatrader!

Thanks very much for your post and yea, welcome to the forum!

I agree with arrowloopboy. I too am curious about your setup and also the trading platform you use and whether you use a combination of fundmental and technical analysis?

I like the idea of trading with a partner as you can keep each other in check and also motivated when either one of you is feeling the pressure. It's kinda why I began this thread to hopefully find some people in the same boat as me. It really is a jungle out there and trying to get some sound advice is much harder than it should be.

Would you mind sharing more with us? I'm sure we could all learn something from you?

ixus

alphatrader wrote: »

....... although the ltro annoucement the week before last caught me a little off guard. .....

I'm sorry, but there is no way you should have been caught off guard by the LTRO announcement. It was flagged a long time ago and the size of it came in as expected. If you didn't think there was going to be approx 500 billion in three year loans available or that there would be a significant currency reaction to any market news, you are a rank amateur.

Forex trading is all about what Central Banks are doing at the moment. Nothing else.

You are playing with fire if you do not understand this. End of.

To the other posters, a first time poster tells you he normally makes 500 pips a week and a bad one is 100 pips. Well, I have some magic beans I would like to sell you.

Fools and their money....

alphatrader

Hi guys, yeah no problem giving a couple of my trades, at the moment were back to risk on! thank god, I hate risk off. This is the most fundamental element of trading. If you can identify risk on/off we can apply certain trades that almost always work out. So my trades at the moment are aud/usd from 1.05 my target is 1.1 so a nice trade, stop just below recent lows, also trading nzd/usd from 0.8170ish target is 0.885 again stop placed below recent lows. Im long eur/usd from 1.3090 target is 1.38 stop at 1.3060, their all working fine, because were risk on. Generally I try to stay away from eur/usd as its heavily affected by current doom and gloom in europe so I use a proxy trade simply replacing eur with swiss franc, gives a much smoother trade. Im also long gold from 1690, using usd/chf as an indicator, i.e. if this pair is falling, gold is rising, I like gold as a trade at the moment, but its not for the faint hearted!! I mainly trade the s&P500 and am currently long from 1345. I try not to have too many trades running at one time, because if market changes sentiment my trades will generally all turn against me at once, i.e. risk on changes to risk off. I use ig index for most of my trading but also have accounts with mycmc and delta (dont use delta much). I will generally stay away from trading pairs that are geographically close together as I find them much more volatile, i.e. eur/gbp usd/cad, nzd/usd etc. Sorry i meant to post a bad week is -100 pips, oops, Im not that consistent LOL. Anyways I'll keep an eye on this thread and stay in touch. best of luck

alphatrader

Sorry I wanted to just to give my own opinion on technical analysis. I dont really use much too be honest. I really think most indicators only tell us where the price has been and not where its going, the stock market is human after all and cant be foretold by ma, fib etc. However I do use rsi for timing entry on my trades. I also use very simple trend lines to identify entry and exit points. I also trade for simple breakouts, i.e. a pair that has been tightly ranging over a day or two, set buy and sell orders 5 -10 pips above highs and lows, generally when it breaks out it will rally, this is scalping really, which I occasionally do. Anyways stay in touch

alphatrader

Ixus, the ltro announcement had a completely adverse affect on many eur trades, the take up was in line with expectation but the currency markets did not react well at all, this is very common knowledge. I take it you dont do well at forex? I've been trading very successfully for a number of years now and definitely am not a rank amature. I think your probably the amature if you dont realise a decent strategy can yield thousands of pips per month. I consider myself a very small day trader compared with some guys out there. Your pessimism will keep you losing, its your mindset!

freeze4real

It's good to see many forex traders commenting on their styles of trade.

while trading I always paid attention to the economics calendar on interest rate consumer confidence etc.

Best trade I ever made was when GBP/USD fell over 60 pips last summer, it was great.

Thing about fundemental analysis is thats its good for the long run purposes.

Alphatrader how's your chart reading skills ? Do you mind me asing what broker do you use and how's the spread ?

alphatrader

Hi freeze, I use ig index and mycmc, spreads are generally 1-3 pips which is ok. My chart reading skills are ok (i think) but i generally only look at weekly charts for my overall analysis and then switch down to daily/hourly for a closer look for entry. Curious as to how many people here trade indices as well, mainly US? It would be nice to hear your take.

ixus

The currency market reacted exactly as it should have. It bid up prior to the announcement on the expectations. When the expectations were met, it promptly sold off as there was nothing else in it. It's called buy the rumour sell the news.

As for your trading strategy. It appears severely flawed. It is a binary bet on risk on/risk off and, you only like risk on. You are putting on the same bet across five markets and probably think this is diversification. It is not. You run a real risk of taking some big hits across five markets. Especially if you think you have a limited risk exposure on each trade. The cumulative is what will matter when there is a real turn. And finally, you are a retail trader and will be the last to know when things really do turn.

I care not about your returns. I am simply highlighting the risks to other board members.

alphatrader

Ixus, ltro induced a sell off that was significantly more than expected, thats my point. With regard the rest of your post; your correct, but thats just my trading system, no one else need follow.

ixus

Risk off.