I have the freedom to move to any part of the world, without having to worry about my job. JD I discovered Forex completely by chance after searching for a currency conversion website ahead of a trip I was planning. In contrast to this, no successful institutional traders that I know of use technical analysis as the basis for their trading. Trading and working online in general has given me a lot of freedom to live life on my own terms.
It was valuable experience but somewhat disappointing. It was not entirely my fault. My broker was also to blame for some technical problems, which were solved successfully a few months later. As for me, I also made some progress — I worked out an algorithm for an Expert Adviser. Loopholes and bugs were detected and fixed by their support department. I would have never made such achievements without the help of the technical support team, to which I extend my thanks.
Spotting market inefficiencies and trading on them. Statistics, confidence intervals and many other factors are of great importance here. That is why the number of trades per day may exceed , while the number of trading orders can be well over , Here we are not talking about high-frequency trading.
However such trading specifics entail certain restrictions imposed by the MT4 platform. Personally, I take the advantage of placing orders in Level II thus being able to affect the price directly. That is the reason why I prefer Limit Orders in my trading. In this case I can act as a kind of institutional market maker, offering better prices compared to those set by banks. I just react rapidly and grab ECN liquidity, directly bypassing sluggish intermediaries such as trading platforms.
It gives me a chance to take the best possible orders form the STP without negative slippage. At the same time it provides an opportunity to compensate for a substantial part of commission through the frequent positive slippage. In this process, everything is tuned to maximize fill rate and minimize trading costs. So, I tend to use not only the standard bid history when searching for market inefficiencies, but the ask history too.
Fortunately, this functionality is provided by the broker in their MT4 trading platform. Almost every algo trader arrives at the point of creating personal research and trading infrastructure, which includes collection and storage of market data, back testing, visualization and logging of numerous trading parameters and so on.
You are actually reinventing the wheel and developing a tool that could be universal for all algo traders and their trading styles. If you have the infrastructure, you can dedicate most of the time to different research and analysis. Everyone has his own methods and tools of how and where to dig and delve and where not to. As a rule, an algo trader makes himself a hostage to his own strategies and ideas which are hard to digress from or abandon.
That is why it is always worth expanding horizons by learning new visions of the market and approaches to trading as a whole. Certain currency pairs are closely related in forex, therefore there is not one specific answer to this question. Any currency pair can be traded by means of two other pairs. There is as well an opportunity to trade currencies not only in pairs but in units of three or four.
That is why it would be more precise to say that the whole trading must be based on synthetic currency. I have posted on forums regarding this issue. I intended to speak to some competent EA creators and developers from the stock market sector during the Best Private Investor contest.
Unfortunately, most of them have a rather vague idea of what institutional forex is. But such trading terms as prices, liquidity, latency, execution, pricing model, commission and API play a crucial role.
Choose the best broker, the one that best suits your strategy. By doing so you will only have to fight with the market itself. They say success in forex is a myth. However, you have shown a phenomenal result. What is your secret? Every person has his own vision of success. I have had to go through certain stages of development.
But there are still a lot of things that I plan to do. Despite the seemingly all-around automation and EA trading, sometimes I really feel tired and exhausted. This may trigger some uncontrolled trading activity or no trading at all. Not to mention the never-ending market research. This, actually, is a huge topic for discussion.
The very brokerage model is going to change soon. Thus, the value of the customer base will be estimated not in the number of clients or deals but in the level of experience and success of the traders. Here we are talking primarily about scalpers making the highest return. This will help to integrate huge retail liquidity, which is separated at the moment, as well as to add the institutional liquidity.
These factors will prove to be a leap forward in the history of development within the forex industry. They limit themselves in their approach to trading. Currently, the development of retail forex is hindered by the same product that used to contribute to its torrid growth.
By this, I refer to the MT4 trading platform. Obviously, its resources have been almost exhausted. Sad enough but the imposed MT4 stereotypes that were useful once have gone out of date. We are talking about the need to develop an affordable Forex product with an emphasis on automated trading. Such a product should make it possible to carry out absolutely new market analysis and try new trading solutions with the lowest maintenance costs. Institutional forex is far from perfect, too.
It will inevitably become more mainstream and undergo a number of changes. Investors will also become more reasonable with time. So, did you like this post? Please feel free to comment below. Remember, sharing is caring. This is a very encouraging article to fellow Kenyans who want to make money online through Forex Trading. However, you did not capture the lowest amount a person can invest in the business, Sheeroh.
Am happy to meet you here, perhaps my hope will be awakened by you. Have just read the article. Already have a forex account introduced by a friend. But will require training. Also i think for any forex trader it is almost important to find your own way and that way you are very likely to succeed in your trading career. I love the article….
Just got of campus and looking 4ward to venturing in this field as a profession. Thanks soo much to the concerned parties in a availing the info. Yours such a blessing. Ken is a great tutor by the way. He taught me about forex. Happy to hear that Izzy.
You definitely need a competent and patient tutor when it comes to Forex Trading. Good information ms kiarie I rem time back somebody introduced the idea but due my work schedule I dint get enough time. I should talk to ken now that am a bit free.
This is interesting stuff. The desire to be an online entrepreneur will make me look into this and read available material on the subject. Reading about a fellow Kenyan who is making it online is encouraging and easier to relate with. Thanks for organizing this interview. Forex is a very interesting business. Feel free to get in touch with Ken too! This is a great and informative article.
Keep up the good work. I must train in this also. There is no limit in how much we can learn. Keep us posted on such good stuff anytime you come across them. I would like guidance and training on how I can venture to Online Forex Trading.
Can you offer the much needed assistance? Thank you Sheerow for featuring me on your blog. I love this article. This is encouraging info. Thanks for the good work. Young but you are teaching me great things. I thought it had ended at Raibow Resort but alas! You have greater thing mama. I have always admired Forex work. Thanks so much Sheeroh, God bless you.
I have been interested in forex trading for a looooong time. Let me look for the book recommended and read. I have been doing academic writing for sometime but i want some more avenues of making money online.
How much does one need to commence, and how do i get training, azn connect with the professionals. You can see his email right up there. Quite informative i must admit. As i expand my online working territories, i will for sure come back to this article for me insights.
Thank Ken for being bold and sharing. Thanks Sheeroh, great stuff. I was interested a few years ago but shied away because of all the negative things people say about forex trading. Reading from Ken has shed some light and dispelled the fear of doing this business. In everything, when you become over ambitious then you are putting yourself at risk.
It happens even in to the average online worker doing article writing, transcription etc. Sheeroh this is good information.
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