Hello Everyone


Its good to see so many people getting interested in trading Forex . I've been into forex for the past 8 months. I see a lot of newbie’s trying to find Help. Well I’ve been there n ill tell u wot i did so it might help u guys. Ill be postin helpful info in this thread so keep ur eyes open. I spent 6 months Reading and learning everything I can from the internet without paying a Dime because I am a student at University lol. I finally opened a demo account 2 months ago and started practicing and testing out over 50 strategies. Trying to copy another persons strategy is not very rewarding because everyone’s style of trading n strategies are different. So u need to develop your own style and strategy from all the strategies and indicators u learn to use.


Let me try n walk through wot u need to know

1. FOREX has a HUGE amount of information to learn so u will never stop learning even if u trade for 50 years. So learn to accept this and remember the following:

!!!LEARN WOT U NEED TO MAKE MONEY AND LEAVE WOT U DONT NEED TO KNOW!!!

This is wot i did:

1. EDUCATE YOURSELF

Read and understand all the basic stuff on forex ie all the free materials from the internet and how some indicators work e.g. MACD, Bollinger Bands, Stochastic, RSI, Pivot Points etc. A really good and simple place to learn them free is: http://www.fxstreet.com/education/fxstrategy.asp

2. JOIN THE FORUMS AND MAKE A NETWRK OF TRADER FRIENDS
I cant stress the importance of joining Moneytec http://www.moneytec.com/index.php and elite trader http://www.elitetrader.com/. It will help u immensely and learn things in an hour which might normally take a week to learn. It has loads of strategies n advice from other traders. It is also a great place to make a network of trader friends to help u on the way .

3. PRACTICE ON A FREE DEMO ACCOUNT - U know wot they say PRACTICE MAKES PERFECT. I recommend u practice all the strategies n indicators on all the 6 major currency pairs. JUMP INTO THE DEEP END n practicing on a demo account its the best way to learn forex. Always keep your eyes open and observe carefully how all the indicators work. Also flip back n forth on the time charts 1min, 5min, 15min 30 mins 1 hr, 4hrs etc n look at the trends. The BEST trading platform that i found to trade on is Metatrader 3.0 or 4.0 http://www.metaquotes.net/metatrader because it has tons of indicators, its pretty easy to learn compared to others, u can automate strategies n its free.
Oanda http://www.oanda.com/ is another very good one, its probably the easiest one to use but it doesn’t have many indicators to use.

4. CONTROL YOUR EMOTIONS, GREED AND DICIPLINE YOURSELF TO A CERTAIN STRATEGY TO WIN THE GAME OF FOREX .

Control your emotions and don’t be Greedy because u will end up losing more. Its always good to take small bites at the apple instead of trying to Swallow the whole thing lol. Forex is not for everyone as u may know the famous figure of 90 to 95% fail. So if u try it out n think its not for u !!!LEAVE AT FIRST SITE!!!. From day one Practice n in your mind set a goal to develop your own style and strategy. From months of practice i have noticed i like short trades which lasts 10 - 30 mins per trade (sometimes up to an hour) on a 5 mins chart picking up 3 - 10 pips per trade . I am suited to this style and i have developed a strategy to go with it AND DECEPLINED MYSELF TO FOLLOWING IT.

*NEVER THINK U WILL FIND A STRATEGY THAT WORKS 100% OF THE TIME*

You WILL lose money in forex ladies n gents but U can win MORE time than u LOSE in forex that is the key to remember. Its possible to develop strategies that will win 90% of the trades u take and lose 10 % . That’s wot u have to aim for.... U will get there if u put in the hours and work SMART N HARD. It is really worth it at the end. Like all things "the first step is the hardest to take". When u know your stuff its simple.

5. HAVE A REALISTIC AIM

Before u start trading make sure u have a clear head otherwise u WILL LOSE. Aim for 10 to 15 pips of profit a day for starters. It’s pretty simple to catch 10 - 15 pips per day if u know your stuff if u dont u WILL LOSE. when u'r fairly consistent at getting that aim for 20 - 30 pips this is possible when u get experienced and understand how different currencies behave n also develop ur senses for predicting accurately, u become a PRO at using a number of good indicators and DECEPLINE URESELF at using them. Occasionally u will catch 80 - 100 pips a day when u are at it so there is somthin good to look forward to .

Well thats how far i got up to folks with my trading. I hope it helps u guys. I have heard of people getting over 100 pips a day consistently n i think it is possible when u become a GURU in forex . I am not online as much as i like to because of my busy lifestyle but feel free to ask questions when iam online on MMG or post it here. So good luck n work ur way through smoothly "DONT LEARN TO RUN BEFORE U CAN WALK".

Keep ur eyes open on this thread as ill be posting helpful thoughts and links.

A BIG Wooooow! Thanks for your work!

Great Post!! Another good simulator is www.fxcm.com The only problem that I found with Oanda is that you can't put on a trailing stop, which makes it difficult if you don't want to have to spend a lot of time managing your positions.

Good work dude007,very interesting reading and well put

Hi Guys

The picture below shows a really good system at work. It has enough in there to catch alot of pips. The person who showed me this technic makes alot of pips.

The most important technics u guys must learn to use in every trade are:

**PIVOT POINTS AND FIBONNACHI RETRACEMENT**

I have labelled on the chart so u know how they look like . i cant stress enough how important they are because it is at those levels that the trend can change around most of the time. Think of them like walls where the ball can bounce of from. if u spend abit of time reading about them and then use them in every single trade u will soon master it. IT MIGHT LOOK COMPLICATED and annoying but its VERY IMPORTANT. If u learn them PROPERLY u can predict how the trend will develop for the day with a 70% accuracy. When u use this technic it better to trade on 1hr or maybe 15mins as well.

You can download a pivot daily indicator from Moneytec but u need to work out the fibbonnaci levels using the following calculator http://global-view.com/ssi/fibcalc.html by entering the previous days High and Low.

If its too confusing for the newbies study the PIVOT POINTS AND FIBONNACHI RETRACEMENT and then u will know wot iam gettin at.

The other 2 indicators are good to use along with STOCHASTICS which i forgot to put on for entering and exiting trades.
Anyway have fun with it guys.!!! goodluck.

nice thread. thanks dude for posting.

No problem! I am just trying to help u guys .

great stuff dude007, but does anybody have trouble reading the first post? maybe if it wasnt all in bold it would be more pleasing to the eye? just a thought. otherwise great info.

If it discomforts u just copy n paste the doc onto word n change it to whatever font that comforts u .

Hi guys there is a new forum dedicated to AUTOMATED TRADING.

www.Autoforex.biz

They dont sell anything just provide a forum. Just check it out n see if u can find anything to help u.

Hi Guys

I have a really good link with loads of EBOOKS in forex. If your a newbie interested in learning forex this is a must..... If u want it just pm me.

thanx dude007 great stuff!

Good tips, Would also like to add my 2 Cents on Trading "Never Trade On More Then 10% Of Your Account Balance" That way if the trend goes against you you can stay in and watch for the Retracement.

Hello Everyone

Its good to see tht this threads been helpful .
I am sorry but the link that i was providing from my previous post no longer exists. Nevertheless I have a system that is ideal for newbies. It simply ROCKS. It has a very simple & effective strategy that is explained in simple words from A-Z , its makes 5-50 pips per trade and its highly consistant. All u need to do is read the short system and take the strategy seriously and decepline urself to using it and it will work for u. I personally tested the system on friday and made 23 pips with 3 trades (6,6,11).
If u want a copy just send me a pm.

Maybe it's just lucky, but today i manage to gain 47 pips from 2 trades, (31 and 16) and recover my loss yesterday, i still don't have clue to use indicators, i trade today base on my felling, but i'm more interested in forex trading now

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