Here is lift of questions I have about Forex Trading:
1) Do you make money through Forex Trading?
2) Have you made any huge losses that you haven't been able to recover elsewhere?
3) Are there any resources, books, websites, articles, etc that you really recommend I look at before going into Forex Trading?
4) Where and how can I learn about making money through Forex Trading in a simple way?
5) Do you have any useful tips and tricks that you can share?
6) Which platform do you recommend and what is their minimum deposit?
7) What is a broker and what are they used for? If I need it or should use it, any you recommend?
8) Do you use a robot to make money through Forex, which platform is is compatible with and where can I look at it?
Anything I do not know about to question that you think you need to bring to my attention!
Many thanks for taking the time to answer my questions!
Full Version: Forex Questions
MoneyMakerGroup > MoneyMaking: Markets, Real Estate, Banking, and Investments > Forex > Technical & Fundamental Analysis, Daytrading, & Other Strategies
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QUOTE (annemariemyers @ Jun 24 2010, 11:17 AM)  Here is lift of questions I have about Forex Trading: I am not certain if this is a open question or one that is addressed to a particular member. If this is not a open question. Please ignore my post. 1) Do you make money through Forex Trading?Yes 2) Have you made any huge losses that you haven't been able to recover elsewhere?I have made huge losses over the course of my trading career. Am I money ahead via trading. Yes 3) Are there any resources, books, websites, articles, etc that you really recommend I look at before going into Forex Trading?Yes their are several but I do not wish to violate the rules above in red. I would suggest a google search of "BabyPips.com" as a place to begin learning. Also their are many forums directed at forex trading. In those forums you can gain a good deal of free knowledge. A couple of them are forex-tsd.com and ForexNirvana. I have found the latter site to be a good place for a "newbie" to as questions. 4) Where and how can I learn about making money through Forex Trading in a simple way?The more you study, odds are the more complicated trading style you will try to use. Please keep it simple. Please visit some forex only type of forums. 5) Do you have any useful tips and tricks that you can share?Yes. Trading is a long term way of producing income. If you are looking to strike fast and gain 100's of percentages in returns. Odds are heavly stacked against you. If you are willing to put the time in to learn to trade. Then follow a particular style of trading you have proven to yourself works. Then MOST importantly. Use sound money management. You can make a very good living off of trading. The "key" would be to find the type of trading that works for you and your emotions. Then follow the rules of your system. 6) Which platform do you recommend and what is their minimum deposit?I use the MetaTrader 4 platform but I think you might mean which brokerage house I use. Again I do not wish to violate the above warning in red. Please choose a brokerage house that is registered with the appropriate government agencies. Also I would strongly suggest using a ECN brokerage over a market maker broker house. I believe you can find ECN brokers that allow very small deposits, but the bigger issue would be to have enough capital for the lot sizes you choose to take. I recommend using a micro account for a beginning trader. Roughly speaking each PIP is worth 0.01 US cent. (that is roughly speaking) What this means to a small account holder is. You can safely trade your account without being over extended. When losses occur (they will) your account is less likely to be wiped out. 7) What is a broker and what are they used for? If I need it or should use it, any you recommend?The "job" of the broker is to accept your funds into a trading account. Then allow you to place trades in the market place using your account balance as collateral. What you will want to avoid is what is known as a "market maker" this type of broker will take a opposing trade to your trade without sending your trade to the open market. Market Makers are known to manipulate the prices in order to force a traders open positions to close. Please stick to a regulated brokerage house. One that has a known history is better then the newest one on the block. Again you can find many different inputs on various forums about brokerages. 8) Do you use a robot to make money through Forex, which platform is is compatible with and where can I look at it?I use several "robots" or EA's and most EA's are not worth two cents. Most EA's are written for the MetaTrader 4 platform. One EA I know that does work is free. Please google the words "Blessing Forex EA"....once you locate the site that is the author of the EA you will note. It is free. You will also find a forum that discusses the EA and the various settings other traders are using with success. Anything I do not know about to question that you think you need to bring to my attention! Go slow. Use demo accounts, they are free. When you go "live" use a micro account if you are able. Watch out for the market maker brokerages. Watch out for forums that appear to be free and honest, but attempt to compel you to buy something only they off. One of the better known forex forums is run by a scam artist....it has useful information....just do not pay for the other stuff. If you are willing to look and read, you will be able to find hundreds of ways to trade, and they are all free. What I strongly suggest is. Decide what type of trading you wish to engage in. Scalper or day or long term trader. Be honest with yourself. How much time do you wish to devote to trading. Then choose your style based upon that. Find a style of trading that works for you, having proven it via a free demo account. Stick to your rules you will develop. Understand that losses do occur, but if you have given your trading style that you have demo traded. And it has worked, you should already know in the end you will be making money. Many thanks for taking the time to answer my questions! You are welcomed and if I have overstepped my bounds by replying. Please ignore my post. QUOTE (protalk @ Jul 17 2010, 02:56 AM) How can i acquire the best forex platform? There really isn't a perfect trading system. So if you have been in the trading for a certain period of time and have good grasp of trading, you may also consider creating your own system. In this manner, you'll never the different curves your system does and the design it the way you want it to. That would be the best forex trading system for you. But we know that developing your own system takes time and expertise so just in case you want someone else do it for you. You will want trading systems that of course provide you what you need. You need to make sure that it can provide reliable information. In this line of business, you need real time data and accuracy of information.. Make sure to be knowledgeable about the system. Identify it gives you everything you need at the same time; test the features to get a feel of what the system can do for you. It is highly advised that the provider has free trial. You can get a chance to text it and study it's capabilities as well as extra features.
Here is lift of questions I have about Forex Trading:
1) Do you make money through Forex Trading? Yes and no depending if you are winning or losing 2) Have you made any huge losses that you haven't been able to recover elsewhere? No. I only lost $300 USD before 3) Are there any resources, books, websites, articles, etc that you really recommend I look at before going into Forex Trading? http://deforex.blogspot.com learn about MACD, Stochastic, Bollinger band, and Fibonacci combination 4) Where and how can I learn about making money through Forex Trading in a simple way? http://babypips.com comprehensive lesson for absolute beginner 5) Do you have any useful tips and tricks that you can share? MACD + Stochastic + Bollinger Band + Fibonacci indicator make good trade 6) Which platform do you recommend and what is their minimum deposit? OANDA only $50 USD 7) What is a broker and what are they used for? If I need it or should use it, any you recommend? Broker handle trade through trading platform and they make money from spread. I recommend OANDA for small trader 8) Do you use a robot to make money through Forex, which platform is is compatible with and where can I look at it? Robot fail. Even the winner of robot competition Kiril Kartunov didn't use robot 100% to make 10,000 USD to 165,000 USD within 3 months. He use robot + human (himself). So its call semi-automated trading Anything I do not know about to question that you think you need to bring to my attention! Luck and Instinct is important...You must know how to sense where the big crowds is going in forex trading. That's how you can win more trade.
Hi,
The following will pretty much cover points 3&4 (regarding the forex education) There are plenty of free resources out there that help you learn about forex and many sites that offer free books, articles etc. Another great way to learn forex is through webinars. They let you listen and watch an expert explain about the forex market and you get to ask questions after the webinar. On Forexpros.com we have an upcoming webinar this Thursday, January 6th at 10am EST (15 GMT) You can visit our site and sign up for free at http://www.forexpros.com/live-events/ The upcoming webinar will be with expert Sam Seiden from the 'Online Trading Academy'. This session will cover a simple set of rules that anyone can use for short and long term trading in the Forex market. After we go over these rules, we will go into the live market and apply them. QUOTE (jackie101 @ Jul 18 2010, 12:29 PM) There really isn't a perfect trading system. So if you have been in the trading for a certain period of time and have good grasp of trading, you may also consider creating your own system. In this manner, you'll never the different curves your system does and the design it the way you want it to. That would be the best forex trading system for you. But we know that developing your own system takes time and expertise so just in case you want someone else do it for you. You will want trading systems that of course provide you what you need. You need to make sure that it can provide reliable information. In this line of business, you need real time data and accuracy of information.. Make sure to be knowledgeable about the system. Identify it gives you everything you need at the same time; test the features to get a feel of what the system can do for you. It is highly advised that the provider has free trial. You can get a chance to text it and study it's capabilities as well as extra features. Yes sometimes it is difficult to have good real trading system, however luckily there is a system which offers very attractive package and services. I found it, that is okpay and uwcfx.com. They lunched a special offer with a payment solution called okpay all you have to do is go and register with okpay at okpay.com then you will get an e-mail with a coupon code for the free 100$ and from there you go to uwcfx.com sign up and verify your account with the needed documents then enter the coupon code in the deposit page in your account and really you have 100$ in you account. After completing the registration you can apply for the UWC Quick Card, until 31 January 2011. QUOTE (annemariemyers @ Jun 24 2010, 11:17 AM) Here is lift of questions I have about Forex Trading: 1) Do you make money through Forex Trading? 2) Have you made any huge losses that you haven't been able to recover elsewhere? 3) Are there any resources, books, websites, articles, etc that you really recommend I look at before going into Forex Trading? 4) Where and how can I learn about making money through Forex Trading in a simple way? 5) Do you have any useful tips and tricks that you can share? 6) Which platform do you recommend and what is their minimum deposit? 7) What is a broker and what are they used for? If I need it or should use it, any you recommend? 8) Do you use a robot to make money through Forex, which platform is is compatible with and where can I look at it? Anything I do not know about to question that you think you need to bring to my attention! Many thanks for taking the time to answer my questions! I found some very interesting reading at www.fecima.com website about the technical analyses. Check it out .... .gif)
In fact the questions have been answered quite nicely. I just wish to say that do not consider Forex trading as ways and means to get rich over night. Trading is a business and consider it as business. Proper knowledge, continuous learning and reading, proper trading discipline and money management are the key. Other keys are avoiding very high leverages, using proper stop-losses and putting a trade just for the sake of putting the trade without carefully analyzing it.
The robots generally use small profit taking targets and larger stop-loss levels. This goes opposite to logical risk-reward rations for the trades which should be more than 1:1. We run a site which is completely free but I will honor the rules. You can try to search for ForexAbode or see the signature. Wish you the best |
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