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philhackett · 07-12-2004, 05:03

Hi

If you are serious about trading go to www.sta-uk.org which is the site of UK Society of Technical Analysts. Follow the links to your national association, join, take the courses and qualify as a Technical Analyst. You will meet the real professionals there. Most of the people on this site are amateurs who do not have the remotest idea what they are doing and even worse, do not realise that they are amateurs!

The problem is that trading looks simple and it is; but it isn't easy!

I have offered advice elsewhere on this site and I offer it again here. I am a qualified Technical Analyst and member of the Society of Technical Analysts here in the UK otherwise referred to as and MSTA. I trade Forex full time, 12 hours a day.

Money Management:

I suggest that you start trading with the smallest amount that your broker will allow. If you email Wes Newman at Dealbook wnewman@gftforex.com or telephone him 001-616-956-9273 x 3793, give him my compliments and say that I said he would set you up with a low risk account, he will do so.

You learn very little when paper trading but learn a lot when there is risk involved. If you follow my advice you will rarely lose money.

I have three screens linked with a Parhelia Matrix card. You should aim to have the same as a minimum.

How And When To Trade;
Set up your screen with the following studies;
Keltner Channel
Bollinger Bands
Dema (Double Exponential Moving Average) which is a sophisticated 5 day moving average only available from Dealbook.
Put Kagi on 20% of your screen, probably on the right hand side. This means having two charts of the same currency pair on the same screen, but one is narrow and set for Kagi not candles.

You do not need anything else, but you may feel comfortable with a CCI at the bottom of the screen. It will show you the crossover points and the depth of a move. By placing trend lines top and bottom on the peaks, you will be able to anticipate significant crossover moves.

I make the upper and lower bands thicker and use a strong colour to make them very obvious. Do the same with Dema.

How to trade as the professionals do;

When the candles move out of the Keltner Channel together with the Dema, you have a trade. Enter at this stage with confidence. The Bollinger Bands will also spread apart and the candles will track the relevant Bollinger Band. Always place a stop immediately after you enter a trade, literally as fast as you can because market makers and National Governments sometimes manipulate the market and it will move fast against, you literally in a millisecond if you are careless.

Never stay in a losing trade.
If you are uncomfortable or panicking, do not enter a trade.

Always pay yourself 50% of your Bank at months end.

Sincerely

Phil Hackett

07-12-2004, 05:03	#7
philhackett level 1 Join Date: Aug 2004 Posts: 56 Downloads: 0 Uploads: 0 Rep Power: 0	How and When to Trade Hi If you are serious about trading go to www.sta-uk.org which is the site of UK Society of Technical Analysts. Follow the links to your national association, join, take the courses and qualify as a Technical Analyst. You will meet the real professionals there. Most of the people on this site are amateurs who do not have the remotest idea what they are doing and even worse, do not realise that they are amateurs! The problem is that trading looks simple and it is; but it isn't easy! I have offered advice elsewhere on this site and I offer it again here. I am a qualified Technical Analyst and member of the Society of Technical Analysts here in the UK otherwise referred to as and MSTA. I trade Forex full time, 12 hours a day. Money Management: I suggest that you start trading with the smallest amount that your broker will allow. If you email Wes Newman at Dealbook wnewman@gftforex.com or telephone him 001-616-956-9273 x 3793, give him my compliments and say that I said he would set you up with a low risk account, he will do so. You learn very little when paper trading but learn a lot when there is risk involved. If you follow my advice you will rarely lose money. I have three screens linked with a Parhelia Matrix card. You should aim to have the same as a minimum. How And When To Trade; Set up your screen with the following studies; Keltner Channel Bollinger Bands Dema (Double Exponential Moving Average) which is a sophisticated 5 day moving average only available from Dealbook. Put Kagi on 20% of your screen, probably on the right hand side. This means having two charts of the same currency pair on the same screen, but one is narrow and set for Kagi not candles. You do not need anything else, but you may feel comfortable with a CCI at the bottom of the screen. It will show you the crossover points and the depth of a move. By placing trend lines top and bottom on the peaks, you will be able to anticipate significant crossover moves. I make the upper and lower bands thicker and use a strong colour to make them very obvious. Do the same with Dema. How to trade as the professionals do; When the candles move out of the Keltner Channel together with the Dema, you have a trade. Enter at this stage with confidence. The Bollinger Bands will also spread apart and the candles will track the relevant Bollinger Band. Always place a stop immediately after you enter a trade, literally as fast as you can because market makers and National Governments sometimes manipulate the market and it will move fast against, you literally in a millisecond if you are careless. Never stay in a losing trade. If you are uncomfortable or panicking, do not enter a trade. Always pay yourself 50% of your Bank at months end. Sincerely Phil Hackett __________________ Homer