David Waring

In our last lesson we continued our free forex trading course with a look at the broker that I feel is the leader in the retail forex market, FXCM. As we touched on briefly in our last lesson, one of the best things about FXCM in my opinion is the huge amount of value added resources they provide traders, most of which come free of charge. In today's lesson we will cover all of the great features Dailyfxplus, their premium level research portal available free to live accounts.

As we have covered in past lessons, FXCM has a large research team which publishes a vast amount of research via Dailyfx.com, which is available to both FXCM and Non FXCM clients alike. In addition to Dailyfx, for their live clients, FXCM also provides a premium research portal free of charge called Dailyfx plus. While there may be some out there who will debate other parts of FXCM's offerings in relation to other brokers, I think almost everyone would agree, that no one comes close to a free offering for live clients that even approaches the depth of Dailyfx plus.

After opening a live account, you will be given access to Dailyfxplus which you can log into through your trading platform or by clicking the trading signals button in the upper right hand corner of Daiyfx.com. This will bring you to a login page where you can find several other video overview presentations of Dailyfxplus where you can find more information. Once logged in you will find the main page of Dailyfxplus, which gives you realtime quotes as well as a 24 hour streaming forex news feed from Thompson Financial. As you can see the feed is highly comprehensive and updates every few minutes at a minimum.

In the upper left hand corner you will see a section that says trading ideas, and after clicking the trading signals button under that heading, you will be taken to a page that gives signals from three different strategies including a range based strategy, a strategy based on breakouts, and a momentum based strategy. In addition to the entry signals, this page also provides exits, as well as additional information on the currency pairs the strategy is trading such as the volume that is being traded in the pair at FXCM, the overall trend in the market, and the volatility in the pair.

Below the trading signals button you will see a button called "technical analyzer", and after clicking here you will find streaming technical levels which are put out with an enormous amount of detail by a team in Europe, who writes each update by hand. This page updates somewhere around 70 times a day, and as you can see, in addition to giving technical levels the team of analysts also gives potential trading ideas with both entry and exit points.

Below this you will see a button that says, Intra Day Market Analytics, which after clicking will take you to a page with intraday technical and fundamental updates direct from the Daliyfx research staff. One of the key differences between the research given to live clients here and the research published free to everyone on Dailyfx, is that trade ideas are given here are updated more frequently and with much more detail, including both potential entry and exit points.

Below this you will find the market news section, which filters the realtime news feed by currency pair, and provides additional information such as country economic analysis, economic events, and information on the country's central bank.

If you would like access to Dailyfxplus all that is required is a live FXCM trading account, there are no other restrictions such as minimum account size or number of trades that must be placed. You can learn more by visiting their website at FXCM.com.

Thats our lesson for today, and that wraps up our free forex trading course. In our next lesson we will begin a new course on strategy development, which will be put together by InformedTrades community member Shaun Overton of Onestepremoved.com, so we hope to see you in that lesson.

As always if there are any questions or comments please feel free to leave them in the comments section below, and good luck with your trading!

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Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

Thank

 

P-P

hey david,

Thanks heaps for this FOREX course, i really learnt alot...

Cant wait for the next course on strategy development....

Thanks,

Peter

Thank

 

David Waring

Hey Peter,

My pleasure thank you for the kind words and again for your great participation in the community.

Best Regards,
Dave

__________________
InformedTrades University | IT Shopping Guide | Site Map


Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

Thank

 

prolog

Hi David

What are your thoughts and comments on Autotrading robots such as this one?

Forex Auto Trader - artificial intelligence Forex robot software, expert advisor for MetaTrader4


As I'm totally new to forex, should I rely on myself or a robot?

What are the pros and cons?



Can those robots be ranked above the intermediate/top human traders in terms of the profit they generate?

Thank

 

Borges

Hi David,
Have the Strategy Development course ever materialized? – I cannot locate it.
Thanks,
Borges.

Thank

 

David Waring

Hi Prolog,

Glad to hear from you and welcome to the community.

Below are some thoughts on automated trading systems like the one you have listed above:

Automated forex accounts

In my opinion a trader is better off learning the markets and relying on themselves in the initial stages of trading and then once they have learned the markets then they are in a better position to decide whether an automated system is right for their style or not.

Best Regards,
Dave

__________________
InformedTrades University | IT Shopping Guide | Site Map


Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

Thank

 

David Waring

Hey Borges,

Thanks for pointing that out the videos are on the site but I have not made a course out of them yet which I will do now. In the meantime you can find the videos below:

Lesson of the Day: How to Develop a Trading System Part 1 - The Inspiration Moment

Lesson of the Day: How to Develop a Trading System Part 2 - Creating Entry/Exit Rules

Lesson of the Day: How to Develop a Trading System Part III, Backtesting

How to Develop a Trading System Part 4 - Walkforward Testing

Best Regards,
Dave

__________________
InformedTrades University | IT Shopping Guide | Site Map


Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

Thank

 

dma

Hi Dave,

I have a few questions


1. How accurate are the signals from DailyFX+?


2. Can everyone make profitable trades by just simply following the entry and exit points given by DailyFX+?


3. When DailyFX+ gives a buy signal, everyone would start buying the pair, loading up the boat. Wouldn't it increase the demand of the currency and drive the value down before reaching the expected profit target? I don't understand that part

Thank

 

David Waring

Hi dma,

Glad to hear from you.

I have been meaning to do a more thorough review of their signals however I have not had a chance to do it yet so to be honest I don't know how accurate they are.

I do however know the people who developed them and I can tell you that they are designed with the intent of helping traders make money and the people who designed them have developed other profitable strategies which I am more familiar with.


I don't think it is a good idea to rely completely on trading signals, unless you understand how they are generated, when they are expected to perform well and when they are not.

With this in mind I would think that they would work better as a supplement to a trading strategy which is designed by a trader rather than stand alone signals.

One of the benefits of the forex market is that it is the most liquid market in the world so it is very difficult for an individual trader or group of individual traders to move the market.

While FXCM is one of the biggest retail forex brokers, they trade 10 to 20 billion dollars in volume a day. Considering that the average daily volume in the fx market is over 3 trillion you can see that this would not be a problem.

Hope that helps.

Best Regards,
Dave

__________________
InformedTrades University | IT Shopping Guide | Site Map


Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

Thank

 

dma

Thanks Dave,


What are range, breakout and momentum strategies?


The portal seems to give two contradictory signals, both BUY and SELL.


Do I have to select one of them based on the strategy performance table?





On the other hand, technical analyzer gives only a BUY signal



I'm kind of confused which to follow

Thank