Replacing the TRY for another risk barometer means focus on CNY, JPY and CHF and their crosses. The ...
Trading Lessons: Where Forex Traders Gather 24/7 on Skype
11/03/2017 6:00 am EST
Forex traders: there’s only one place in the world where you can talk with highly successful, extremely talented currency traders from 27 countries, all at the same time, writes CBOT veteran Jeff Wecker. Look for more Trading Lessons every Friday on MoneyShow.com.
Of course, traders all know the technical stuff, but they also know the local economic and political conditions in their respective countries. And more knowledge = better trades (Just ask Warren).
Here are the countries where our current members reside:
Great Britain, Canada, Australia, U.S., New Zealand, India, France, Phillipines, Croatia, Georgia, Malaysia, China, Hong Kong, Germany, Denmark, Italy, Malta, Ireland, Egypt, Cyprus, United Arab Emirates, South Africa, Greece, Taiwan, Kenya, Serbia and Switzerland.
Why does the group exist? It only made sense to us. If you are going to trade an international market, why not put together a group of international traders, dealers and bankers, open to anyone interested in the world of currency trading?
So that’s what we did. It’s called “Currencies, Coffee and Croissants” (CCC).
And what do we do? Well, we meet on Skype 24/7. Members drop in when their schedules permit, read what other members have to say and leave their comments.
Discussions include trading strategies, the psychology of trading, reviews of specific trades, and discussions about local economic and political conditions in each member’s country. It’s all valuable and timely information.
Another interesting and useful project in the group was to put together its own robot, aptly named Forex Forager.
What members wanted wasn’t easy but the group included some software engineers and developers who were able to create it. It is designed to find swing trades and long-term trades with a maximum of 15 pips of risk and a potential of 300-700 pips profit, a nice risk reward ratio.
The robot also is a money manager, taking partial profits automatically as it goes, putting members in the position of always playing with the market’s money. Members love Forex Forager because they can go to sleep or out to the golf course and know they won’t miss anything.
Another nice part of the group is that because they are in different time zones, there are always members on Skype to discuss a trade or let you know what’s going on in different parts of the world. For example, before you put on a trade in the Canadian dollar, don’t you want to talk to a trader at the RBC as well as an oil trader in the Mideast? Before you put on a trade in the Australian dollar, don’t you want to know the state of the processing and mineral refining business? In other words, everyone knows what MACD is, but what everyone knows is generally not worth knowing.
As a former member of the Chicago Board of Trade, and moderator of the group, I’m very excited about the future of CCC, now in its fourth year.
The group is open to all traders interested in currencies. Just contact me at email@example.com and you can be my guest for a week or two and see how you like it.
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