Learn about Japanese Candle Stick

Steve Nison is the person who actually introduced Japanese Candle Stick to the West.
If you are interested to learn more about this you can download the ebook here.

Knowing the candle stick chart will help to find reversal pasterns and combined with the western indicators it can really be a big help in our trading.

Click here to view a webinar done by Steve Nison himself.

Knowledge is the foundation of being a successful trader.

Cheers,

Mike PS

Channel Indicator

My common mistake I do is always selling at support or buying at resistance. So to overcome this I have this cool indicator which draws the  channel for me. It tell me the trend and support and resistance. Now this is helping me to buy at support and sell at resistance.

Here is a sample picture on how the indicators looks like on your chart. Click on the image to have a better view.

You can download the indicator here.Download Here

Cheers,
Mike PS

Beware of Illegal Foreign Currency Trading Schemes By Bank Negara Malaysia

Yesterday I read this article on the news about Bank Negara Malaysia banning illegal foreign currency trading. I am not sure what they actually mean by that. Read it for your self.

Beware of Illegal Foreign Currency Trading Schemes

Bank Negara Malaysia would like to caution members of the public not to participate in any illegal investment or training programme on foreign currency trading offered by individuals or companies both domestic and foreign.

Members of the public are usually enticed to attend such investment or training programmes with promises of quick and good returns. The modus operandi of such programmes have included:

• Offering free training, seminars or workshops to lure investors, prior to inviting investors to set-up an online foreign currency trading account with a principal company (purported to have valid licence to trade foreign currency overseas);
• Providing convenient access to the principal company's website and trading facilities to facilitate online foreign currency trading by investors;
• Recruitment of fresh graduates as marketing executives and encouraging them to get their family and friends to trade foreign currency; and
• Requiring investors to deposit an amount of money into a bank account to begin trading foreign currency, and subsequently, requesting for a top up on their initial investment ("margin call") to avoid losing their capital.

Under the Exchange Control Act 1953 (ECA), it is an offence for a person in Malaysia to buy or sell foreign currency or do any act which involves, is in association with, or is preparatory to, buying or selling of foreign currency with any person, other than an authorised dealer. It is also an offence for a person to aid or abet another person to buy or sell foreign currency with any person, unless the person is an authorised dealer.
The list of authorised dealers and financial institutions permitted by the Controller of Foreign Exchange to buy or sell foreign currency can be obtained from Bank Negara Malaysia's website (http://www.bnm.gov.my).

Some response from other people I found on the web.

http://www.koonlip.com/2010/01/bank-negara-malaysia-notice-to-forex-trading/

http://www.forexfactory.com/showpost.php?p=3342449&postcount=21947

http://biz.thestar.com.my/news/story.asp?file=/2010/1/9/business/5432021&sec=business





FxSolution is a NFA (National Future Association US)

You can read the Regulation and the  NFA Certification here.

IG Markets is a FSA (Financial Services Authority UK)

You can read the Regulation here.

Regards,

Mike PS

How to Insert a Custom Indicator to Metatrader Platform

Custom indicator is an indicator which has been customized by a programmer for a certain task. How to know which one is an indicator file ? Well an custom indicator file has an extension of .ex4 or .mq4. What is the difference between these to file extension? .ex4 is a compiled version means you can only use it you can't change it but the .mq4 is the source code there for you can change it by using the MQL programming language.

Now how to insert this custom indicator into our Metatrader Chart ?

Step1
First you must have a custom indicator file with you. For this example I will use FiboPiv_v2.ex4 as the custom indicator.

Step2
Close your Metatrader Platform.

Step3
Copy the custom indicator into this folder (I am using Alpari metatrader)
C:\Program Files\MetaTrader - Alpari UK\experts\indicators

Step4
Open your Metatrader

a) Open a chart
b) From the Menu, select INSERT -> INDICATORS -> CUSTOM and select the new custom indicator you just copied. For this example it was FiboPiv_v2

c) Upon selecting the indicator you will get a small window, just click OK.

 d) Now you should have the new custom indicator on your chart.

I hope this has given you some idea how to insert an custom indicator into your Metatrader Platform.

Good Luck.

Cheers,

Mike PS

How to Change The Forex Factory Time to Your PC Time ?

Why must I change the Forex Factory time to be same as my PC time ? So that We don't have to keep manually calculating the time difference. Eg. If US Time now is 10AM then our local (Malaysian) time will be 10PM or 11PM (if Day light saving).

By changing the Forex Factory time to our local time, we need not do any conversion. All the news will be stated as our local time.

Step1

Open your browser and go to this URL
www.forexfactory.com

Step2
Click the Clock as shown in this picture below. The clock has been circled.

Step3

Synchronized Time should show the same time as your PC after you do the setting below.

a) If your region  observes day light saving the set it as DST on or like in Malaysia set it to DST off

b) Select you time zone. For Malaysia select GMT +8.00 Beijing, Perth, Singapore, Hong Kong

c) Select the Time format to display. am/pm or 24H (leave it as default)

d) Select Start of week (leave it as default)

e) IMPORTANT: Click SAVE CHANGES
 

After saving your Synchronized Time will show the same time as your PC time.

If its correct then give a pat on your back and say good job.

Cheers,
Mike PS

Clock Indicator

When I trade hourly time frame, I like to know when the next candle will be appearing. The problem is I don't know as there is no indicator to inform me that. If I have one then I can set my alarm clock on my PC and do other things. Well now there is. This indicator will display the no of minutes for the next candle to appear.

Here is a sample picture on how the indicators looks like on your chart. Click on the image to have a better view.

You can download the indicator here. Download Here

Cheers,

Mike PS

Trendbar Indicator

Here is a cool indicator I use in my chart. Its called the TrendBar indicator. It gives a color coded signal on the trends on all time frame for that particular currency pair. Green for Up Trend, Red for Down Trend and Yellow for Sideways. These gives me a summary of what is the trend on other time frames at one go.

Here is a sample picture on how the indicators looks like on your chart. Click on the image to have a better view.

You can download the indicator here. Download Here

Cheers,
Mike PS

Daily Pivot Point Indicator

This is a daily pivot point indicator. Once you have this on your chart, the pivot point support and resistance lines will be drawn for you automatically. No more required to calculate manually and drawing it.

Here is a sample picture on how the indicators looks like on your chart. Click on the image to have a better view.

Well nice indicator, where can I get it ?. I know that you are going to ask me that so I have included a link below for you to download it here. Download Here

Enjoy and happy pipping.

Cheers,
Mike PS