phemite194:
Trade with proper risk management, the new trend is to the upside, you might wanna wait for that ..

Eagba:

bros I'm a fool in fx. abeg teach me how to use volume please

Piptocoin:


boss, don't say that. We all start from somewhere. Volume trading are of many types. Meshpips has his style of trading using volume, some traders use Volume Weighted Average Price (VWAP), some use tick volume, and others use volume profile. I use tick volume after having gone through the ones I just mentioned because it suits my personality. There is no style that is better than the other. You have to determine the one that suits your personality and go for it. One thing is sure, regardless of the one you choose the road will not be easy but it will definitely pay off if you don't give up. If you have any more questions please shoot.

HumbleTrader:
It's not a competition, I have nothing to gain from your success or failure, I'm just trying to help.

1. Stock Exchange market is different from Foreign Exchange.

2. Volume is useless in Foreign Exchange because the volume is based on your broker, different broker, different volume, expect you can gain access to the volume of all the traders on earth you're decieving yourself with that thing on your phone.

4. You do not need a volume Indicators to know the overall direction of the market and that's because.
[b][/b]
3. Volume isn't everything, market makers might make you think there's a lot of buy power only for you to buy, and they cancel their order and enter a sell trade, hitting your stop loss as they profit from your bias.

Eagba:

Lets look at volume tick. I know not, and I'm also using mt4 mobile ( meaning I checked and didn't see volume tick or vwap or vsap. Please walk me through)

HumbleTrader:
If must use volume, use OBV available on meta trader 5.

But don't rely on volume alone, volume is like heavy breeze blowing that rain wants to fall, but at the end it may not fall.

dmahn:
VOLUME: THE NEGLECTED ESSENTIALS. Volume is the only reason I add more to losing trade, when you use it and knows how to use it well, it's give a Very Objective view of the market. When I see divergence in volume, Over confidence comes, Price might run ur stop, but finally you ll see the market in the direction its shows you

Don't Stop Learning

meshpips:


Let me ask you, do you use volume to make your own trading decisions? If no, you cannot in anyway tell others to use it.

I use volume everyday and have been making the strategy even more robust for the past 6 years out of the 16 years that I have been trading.

Throughout those 16 years I have worked (a 9-5 job) for less than 4 years put together.

You still think I do not know what I am saying?

Note: I put up a question yesterday about the average cost per unit of hypothetical shares bought.

You (or anyone else) have not answered it yet you prefer to keep arguing about what you are completely ignorant about.

HumbleTrader:
If must use volume, use OBV available on meta trader 5.

But don't rely on volume alone, volume is like heavy breeze blowing that rain wants to fall, but at the end it may not fall.

meshpips:


Thanks for sharing this article.

I am amazed at the difference in the way of reporting between the NYSE and the LSE (New York Stock Exchange and London Stock Exchange respectively). On the Nigeria Stock Exchange, they record volume traded and number of deals.

Nice article. Thanks again for sharing!

Eagba:

No vex o, is us30 an index of an American stock exchange like the sp does? And if one will have to trade it, does show volume traded or trading?

HumbleTrader:
I made use of volume when I initially started trading, I don't need it anymore.

Let's just agree to disagree.

meshpips:
Let me give a simple (but extreme) example of the importance of volume (or quantity traded).

I bought 100 units of share XYZ at $30 per unit

Then added an extra 1,000 units at $100 per share.

How much is the AVERAGE cost per unit ?

Now see the same question if I discard volume (quantity).

I bought share XYZ at $30 then again at $100. How much is my average cost per share?

Work out the answer and let's talk a bit more.

Eagba:

Lets look at volume tick. I know not, and I'm also using mt4 mobile ( meaning I checked and didn't see volume tick or vwap or vsap. Please walk me through)

meshpips:


Here is the question. Let's get the answer in the two scenarios and then we will see whether they are same (which will make volume useless).

If they are different, why is it so?

EASYLIFE4US:

X1=30÷100
=0.3
X2=100÷1000
= 0.1
Av=( 0.3 + 0.1)÷2
= 0.2

meshpips:


Here is the question. Let's get the answer in the two scenarios and then we will see whether they are same (which will make volume useless).

If they are different, why is it so?

meshpips:
Let me give a simple (but extreme) example of the importance of volume (or quantity traded).

I bought 100 units of share XYZ at $30 per unit

Then added an extra 1,000 units at $100 per share.

How much is the AVERAGE cost per unit ?

Now see the same question if I discard volume (quantity).

I bought share XYZ at $30 then again at $100. How much is my average cost per share?

Work out the answer and let's talk a bit more.

meshpips:


Send me a DM

You will get a $10,000 prop firm evaluation account for yourself.

You will not need to keep begging people to trade for them.

meshpips:


It is 100 units at $30 per unit.
The calculation you put up is not quite correct sir.
Also note that there are 2 scenarios.
So I expect to see the answer for the first part that includes the quantity traded and a different answer for the second part that only told us the price at which he bought without including quantity.

Thanks for making an attempt.
You rock!

Piptocoin:


The average cost per unit is $11.81¢ or approximately $12.

The average cost per unit for the second one is $65.

meshpips:


First let me thank you for attempting to answer the question.

Kindly notice that the upper and lower extremes are $100 and $30 respectively. The average will not be higher than $100 neither will it be lower than $30.

Of necessity, it will reside between the values that bound it.

meshpips:
Let's try to re-orient the mind of a few traders in this space that are ready to listen and learn.

It is well known that 90% of traders will lose 90% of their trading capital within 90 trading days.

Why do you think there is such a high rate of failure in this industry? Which profession can we call the most difficult? Now check the failure rate of that profession. Let's talk about Medicine . . . the graduation rate in US schools has a lower band of around 81% (meaning less than 20% fail to graduate in Medical Schools in the US). A screenshot is attached to substantiate this fact.

Now compare 20% failure rate to what we see in the financial markets. I hope we all can clearly see that something is very terribly wrong with the FX industry. I am very aware that people that are not cerebral will not want to come anywhere near the FX market. Most traders I have met are very intelligent people.

It is needless to say that I finished with straight "A"s in secondary school. I finished as the Senior Prefect (Head Boy) in my set. i went on to get a degree in Mechanical Engineering yet the market showed me shege for many years. Our dear @gabsonfx also known as @pipsbasketing is a first class graduate of Engineering. He attempted to trade solely for a living and relocated to Nigeria from Canada. The market showed him shege! I can go on and on with stories of very erudite people that the market has shown shege.

Now think about this . . . if they have been telling us the truth about the market from the start why then do so many people fail? So I went on a journey of doing the reverse of what they instruct us. I turned the trend lines in the opposite way, checked the inverse of price quotes and did all sorts of things to see where the truth could be.

Let me not make this post too lengthy. I will post another shortly on how I started using volume.

BrightFuture48:

Answer #1 = $99.86
Answer #2 = $65

The difference is occasionned however to more data provided in question #1. As in any form problem, the more data you have, the better the outcome, It not necessarily have to be volume.

The volume of any security is more accurately use in equity/ stock trading than forex because you easily get aggregate volume of buyers and sellers at the exchange. But in case of fx is a bit difficult because volume you're checking is only reflecting the broker you're using.

Commitment of Traders report COT is closet thing to get a glimpse of volumes being traded in fx mkt, but then this can only be used for long term trading not otherwise.

meshpips:


Here is the question. Let's get the answer in the two scenarios and then we will see whether they are same (which will make volume useless).

If they are different, why is it so?

bigbasho:
It is interesting to read how knowledgeable people are in this game. We think we are all correct as a professional trader. have we even ever thought we can all be wrong? Yes! We are making money with whatever strategy we use, but what is the real deal? To me, it. Means when you look at the chart and tell me this will happen and it does. While I am not trying to put a feather on my own hat, I still made a call on Friday and hit it down and up 100%. And I equally made a projection of GU Tanking down over 2000 pips and rising over 5000 pips. This is even devoid of any knowledge you ever come across. If it played out, which i think it would because it is already, then I will tell you there is holy grail in forex and once you see it, you can never unsee it again. Fingers crossed till March or April.

Piptocoin:


Yes, you are absolutely right. I miscalculated (in my haste) and used 10,000 units rather than 100,000 units. The average figure is $93.64¢. An error on my part for the first question.

meshpips:
Let me give a simple (but extreme) example of the importance of volume (or quantity traded).

I bought 100 units of share XYZ at $30 per unit

Then added an extra 1,000 units at $100 per share.

How much is the AVERAGE cost per unit ?

Now see the same question if I discard volume (quantity).

I bought share XYZ at $30 then again at $100. How much is my average cost per share?

Work out the answer and let's talk a bit more.