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kiasu

Mar 9 2005, 05:58 PM

Go to http://www.elliotician.com you can sign up for free calls generated by their Elliot Wave Software. They've also got a free forex trading course going on right now as well, but you need to be signed up for the free calls to get it.

Cheers,

Kiasu

Pipster

Mar 10 2005, 01:17 AM

Sign up for free and do what?have to pay them 3000$ to do their course and use that software licensed...better invest that amount with someone else.

kiasu

Mar 10 2005, 07:51 AM

I swear man there is one of you on every board. Look the signals are FREE to see if the software works or not. The forex course is FREE, whether you want to pursue the software is your choice. I've been following their trades with the FREE service for awhile and have found value in it and am planning on signing up for their course and purchasing their software. I've been trading for years and have seen tons of crappy software and courses and feel this has value and wanted to share it with others. I get no kick back or affiliates commission at all.

If you don't agree fine, but I think it's comical that you are investing in something called Patrick Johnson HYIP and the Pajama Income Network and you're giving out financial advice like you're Warren Buffet.

Cheers,

Kiasu

Heywood U. Cuddleme

Mar 10 2005, 08:21 AM

QUOTE(kiasu @ Mar 10 2005, 11:51 AM)

If you don't agree fine, but I think it's comical that you are investing in something called Patrick Johnson HYIP and the Pajama Income Network and you're giving out financial advice like you're Warren Buffet.
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Rofl

Hey kiasu, I'm learning forex and find using elliot wave indications to be very promising concept. I mean like not using there software but using your own charts to see them and wait for the numbers to line up. The problem is it seems like you'd have to sit and wait at your computer for a long time for them to line up.

So my question is do you know a good strategy for watching your charts for the numbers to line up without having to sit there all day?

Also, I was wondering what strategy you use? And do you trade the fundamental announcements?

Regards

Edit: How many pips do you usually capture in a day?

investress

Mar 10 2005, 11:59 AM

This forex stuff really intrigues me.I have to watch some videos, get software, get an account and start trading.In this cruel world of scams and ponzi's only thing you can do is to trade on your own

kiasu

Mar 10 2005, 10:52 PM

QUOTE(Heywood U. Cuddleme @ Mar 10 2005, 08:21 AM)

Rofl
Hey kiasu, I'm learning forex and find using elliot wave indications to be very promising concept. I mean like not using there software but using your own charts to see them and wait for the numbers to line up. The problem is it seems like you'd have to sit and wait at your computer for a long time for them to line up.

So my question is do you know a good strategy for watching your charts for the numbers to line up without having to sit there all day?

Also, I was wondering what strategy you use? And do you trade the fundamental announcements?

Regards

Edit: How many pips do you usually capture in a day?
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Hi Rolf-

1. The thing about Elliot Wave is that it is a very difficult thing to learn and it can be very subujective. Even the so-called experts cannot agree on how to read things. The only reason I am looking at this software is because of the results it's been showing in the free picks and it makes Elliot Wave a lot less subjective and more mechanical. The thing with subjective trading systems is that people see what they want to see. Aside from that Elliot Wave is extremely complicated.

2. Yes the problem with Forex is that it's a 24 hour market so you need to sit and wait for trades. You can enter limit orders when you think it's going to hit a support level however and then just let it go on its own with a trailing stop and a exit target.

3. Rolf most of my experiece is in Futures trading, which is very translatable to Forex with some adjustments but right now I am just paper trading.

4. If you want cash flow my recommendation is to use an Auto Trading Service like the one I have in my signature. They will execute all the trades for you and they've been averaging over $3,000/month.

My recommendation is to use the FREE TRIAL and just paper trade the system, in other words in a simulator to see if it works. If you like it sign up for the service. This way you can learn as you go and still have Cash Flow. If you are dead set on learning it on your own just using books and manuals it is a hideous time consuming process of trial and error to see what fits your style and goals. The beauty of the Trading service in my signautre is that they have an established Track Record using a mechanical system (rather than a subjective one) which is completely duplicatable and it's relatively inexpensive for the service.

If you want to learn to trade on your own the things I've found most effective are Fibonaccis, support and resistance, Trendlines, Bollinger Bands, and yes pay attention to fundamental reports as you don't know how the markets will react to them. Meaning NEVER Trade before a report.

Paper Trading I've been averaging about 75-100 Pips/week, but I've got a lot of experience trading and I'm still learning. For someone like you just starting there is no way you will duplicate my results without help and to be honest I had help getting those resulsts as well. So my recommendation is to Auto Trade unless you want to be up at all times of the night watching your trades.

Heywood U. Cuddleme

Mar 10 2005, 11:39 PM

QUOTE(kiasu @ Mar 11 2005, 02:52 AM)

The rofl means rolling on the floor laughing. I was laughing at what you said.

The chart I use automatically figures out the elliot wave for me, I just wait for the numbers to line up to set my entry. The problem I see with this strategy is that you could be sitting here for awhile waiting for the numbers to line up.

Trading one fundamental announcement i captured 50 pips. I would have easily captured over 100 had i been here when it happened. But I ended up being two hours late and was riding the trend it produced for the 50 all within about an hour

Regards

kiasu

Mar 11 2005, 12:21 AM

QUOTE(Heywood U. Cuddleme @ Mar 10 2005, 11:39 PM)

Hi HeyWood thanks for clarifying the ROFL thing. Well it sounds like you've got your trading under control. I actually think I"m just going to go to autotrading for Forex markets and go back to Trading Futures just because I hate the Forex hours and I don't think I can produce any better results than services like Netpicks.

The only thing I can suggest if you don't want to use Auto Trading is using the Trade Station trading platform. I know that you can program parameters into the system and it will execute the trades for you. I think you might be able to do it with Interactivebrokers as well.

Yes you can trade fundamental announcements as they will move the market quite often, but IMHO it is a bit of a gamble because you're not always sure which way it will move. .

Anyway best of luck with your trading.

Regards,

Kiasu

Pipster

Mar 11 2005, 02:47 AM

Hi

You are right i was quick to judge without looking into it.
Sorry about that.

I have downloaded the file and installed it,updated to last version
subscribed registered and got password

I don't get any data ,live one in it..except for the sample placed in it

Am i missing anything..you said its free...so where is the data tobe displayed and see the analyazing tools with the charts in action?

muscle_girl

Mar 11 2005, 06:46 AM

I am looking at Netpicks right now ... am I understanding correctly that the minimum is 10K?
I am very interested in Forex was using Oanda for a while (papertrading - the game) - did OK but then fell off the wagon...
An autotrade system with these kind of results looks good.

FinallyRetire

Mar 11 2005, 07:07 AM

Good luck, but I would never trust a 'box system' to make trades for me. You would be much better off learning it yourself. There is huge learning curve and that's why most people won't give it the time of day.

The easy way out never pays off in the long run.

kiasu

Mar 11 2005, 07:20 AM

QUOTE(muscle_girl @ Mar 11 2005, 06:46 AM)

Hey Muscle Girl-In order to get the results that they've posted on the website they recommend $5,000 per currency pair. 4 currencies= $20,000.

That's to get their results, if you don't expect 430 pips/month then start with less. To be honest I would take the FREE TRIAL and paper trade it just to see if it works. Then when you see that it does you can start with a smaller amount and trade minis rather than full contracts. You could start with $5,000 to do this of course your results will be less, but if you're making a profit who cares. You just have to make sure that it's covering your fees.

Anyway for more details questions you should probably talk to the owner as he can advise you better than me support@netpicks.com.

One other word of advice and this is pretty obvious. Make sure that you are using risk capital for any auto trading you do. Meaning this isn't money that you need to pay rent with, but is money that you don't need right away. Despite the fact that they are averaging 430 pips a month it doesn't mean you will make that every month. In any mechanical system there will be drawdowns from time to time.

Best of luck,

Kiasu

kiasu

Mar 11 2005, 07:31 AM

Finally Retire-You're entitled to your opinon, but I would beg to differ. Research has shown that people that use mechanical systems are by far more successful than those who use indicator based systems. The reason being is that any data that you have to interpret is subjective meaning that you will tend to see what you want to and people when handling money tend to be very emotional. Whereas mechanical systems are black and white and remove the emotion.

The learning curve in trading is very very steep. I've been trading since 1999 and still feel like I have tons to learn and I've read well over 100 books on trading. Most people are not that dedicated and that's why 90% of people who trade the markets will end up losing. This is the so-called dumb money usually the retail investor.

So it makes sense to me for someone starting out who has little experience, doesn't have time to research the markets to trade and just wants to make money that they follow a proven system with the SMART MONEY. Netpicks has been around for 8 years and has a winning track record with all their trades so there is transparency. On Top of that it's a FREE TRIAL that you can just sit back and paper trade rather than use real money. Also you can follow along with the commentary and get an education as you earn money.

When I first started trading I wanted to do everything myself and learn everythng like Finally Retire said. Well it cost me well over $20,000 and to be honest if I had found something like Netpicks before I could have retired long ago.

Just my opinion, but it's based on solid experience and hard knocks.
No offense, but I always question the advice of people that say Auto Trading doesn't work, but push Doublers and HYIP things like the Pajama Income Network. At least with Auto trading you have control over your money and there is complete transparency. With the Jammy Network you're just handing over your money and saying please don't screw me.

Cheers,

Kiasu

Pipster

Mar 12 2005, 12:51 AM

Kiasu

Can you guide me and tell me what do i have to do in order to be able to see live data with this program?i have downloaded their software and got it registered and password as well as updated but i cant seem to have any live data or analyazing tools implemented on real time.

Am i missing anything there?

Heywood U. Cuddleme

Mar 12 2005, 06:27 AM

QUOTE(Pipster @ Mar 12 2005, 04:51 AM)

Hi pipster,

The markets are closed on the weekends, so that could be why your not seeing any change. What software did you download?

Regards

Edit: If your talking about a demo account you can open a demo mini account at fxcm.com. It's free and gives you real time.

kiasu

Mar 12 2005, 08:52 AM

QUOTE(Pipster @ Mar 10 2005, 01:17 AM)

Sign up for free and do what?have to pay them 3000$ to do their course and use that software licensed...better invest that amount with someone else.
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Um Pipster please don't tell me my advice is bad and then ask me for my help. If you can't figure out how to get the free signals on your own when there is an area on the website with a big FREE sign on it, then I'm thinking doing something very complex like trading might not be for you. You should probably stick with the Pajama Income Network and your other Gold HYIPS.

Cheers,

Kiasu

Pipster

Mar 12 2005, 09:04 AM

Oh the ego speaks loud...you are pathetic,unlike you i can admit when i do mistakes.as to the software i downloaded it on thursday night,friday early morning and i didnt get any live data there.

Thanks a lot .

and BTW nothing is wrong with additional passive income..

Seem you have serious trouble there.

I will get support with that site

Thanks for your post.

QUOTE(kiasu @ Mar 12 2005, 08:52 AM)

kiasu

Mar 12 2005, 04:21 PM

QUOTE(Pipster @ Mar 12 2005, 09:04 AM)

Oh the ego speaks loud...you are pathetic,unlike you i can admit when i do mistakes.as to the software i downloaded it on thursday night,friday early morning and i didnt get any live data there.

and BTW nothing is wrong with additional passive income..

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Hey Pipster- I'm rubber and your glue whatever you say bad bounces off of me and sticks to you

Sticks and stones man sticks and stone. You're going to get even angrier

when you realize that what you're looking at has nothing to do with passive income.

Doh!! Ha ha!!

You're kind of good for a laugh man thanks for posting you made my day.

Kiasu

Lloyd

Mar 12 2005, 11:02 PM

That was hilarious, yeah who the hell would put money in a program called Pajama Income Network, hell I wouldn't be able to sleep, lol. Nice to meet you Kiasu, Marlon Lloyd here, I used to play the Ponzi Scheme game here but I decided to see if there were any improvements on the site and what do you know they are starting to empliment real ways to make money, so I just wanted to pick your brain about the Forex Market specifically, the more I learn about trading currency the more I get excited about it for the obvious reasons, but i was wondering if you could help me put this into the proper context as to how a 20 year old should be looking at the forex market, what level of income is possible to achieve with the forex market if you have time on your side and are willing to learn the system, and be disciplined with it? I am actually taking time off college because of some opportunities that I have discovered to make money, and the more I learn about the markets the more I am confident about making money with out a degree right away, but education is important to me so I will go back, but not to learn how to be an employee, lol. Take care, and nice meeting you!

Marlon Lloyd

Heywood U. Cuddleme

Mar 13 2005, 12:05 AM

QUOTE(Lloyd @ Mar 13 2005, 03:02 AM)

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Hi,

I'm not kiasu but I can help with some of the questions.

I've been learning forex and I beleive that a smart trader can easily pick up 100 pips a week. I am very confident that I can do this, and could even do more.

What a pip is worth depends on the account and the amount of lots you control.

On a mini account one lot is 10,000 worth of currency.
On a regular account one lot is 100,000 worth of currency.
A pip is 1/100th of a percent.

So on a mini account trading one lot, a pip would be worth $1.
Trade two lots a pip is worth $2, and so on.

On a regular account trading one lot, a pip would be worth $10.
Trade two lots a pip is worth $20

So if your trading and getting 100 pips a week at 2 lots of a regular account, that would be $2000.00 a week.

I hope this helped a bit.

Regards

kiasu

Mar 13 2005, 04:57 AM

QUOTE(Heywood U. Cuddleme @ Mar 13 2005, 12:05 AM)

Hi Hey Wood and Lloyd-As HeyWood said 100 Pips a week isn't an unreasonable amount to expect to make, but this isn't like taking home a pay check. One week you make 100 pips the next week you lose 200. The week after that you make 400. Make sure that you are playing with risk capital, money that you don't need to pay rent and bills with. If you are playing with scared money you will lose as it is a very emotional ride that you are getting yourself into and you cannot force a trade.

My advice start off playing very small with minis and then progress from there. There are essentially 3 crucial aspects to master with trading

1. 50% of the game is mastering your mind and emotions. You can sign up for www.innerworth.com and get their free newsletter there's some good advice about that in here.

2. 25% is technique, ie-indicators, whether your technique is discretionary or mechanical. I would say mechanical is always better for new traders.

3. 25% is having a solid money-management system and sticking to it. Use your stop-losses and a trailing stop.

I haven't found any good books on trading currencies, but what you learn in the futures or stock markets is very applicable as far as indicators and such you just have to tweak things a bit. With that said thesse are some books I'd recommend.

Larry Williams-How to trade futures online -This will teach you about mechanical systems and how they work.

All of the Market Wizard books by Jack Schwager there's a series of 3 books with inteviews with the best traders in the world. This will give you an idea of what types of indicators and systems they use.

This will get you started on your journey, but it's really a journey without a destination there's so much to learn and markets are always changing to systems that worked for 20 years will no longer work in the future without changes. My advice is educate yourself, but in the meantime if you're looking for cash flow now use a good trading service.

Cheers,

Kiasu

Pipster

Mar 13 2005, 08:51 AM

You are Rubber and glue as well..i have nothing to do with people like you.
Maybe one day you will learn the meaning of the word forgiveness ..
Or be able to admit when you do a mistake..no one is immune of mistakes
You think you are smart and wise but with your ego you will reach no where.
Thanks for showing me your real face and wont waste my time over you anymore.

I am sure that this will be the only thing we agree on.

Doh and Ha HA..

Lloyd

Mar 13 2005, 05:09 PM

Palmer I was wondering if you have discovered this sitehttp://www.traderspress.org/cstmzed/fxcm.asp, I see that have a few books by Jack, on it, have you read any books by John Murphy or Elder? By the way I can't seem to find any of them at my local library, looks like I have to get them.

kiasu

Mar 13 2005, 05:37 PM

QUOTE(Lloyd @ Mar 13 2005, 05:09 PM)

Hi Lloyd-I've read the Elder book and it's good, but I was never able to get a lot of his indicators like MACD and stochastics to work, I think they're sort of lagging indicators. Haven't read Murphy, but it's sort of like the bible to Technical Analysis. It's got hundreds of indicators and it is a bit overwhelming, but hear it's good. You should try these forums
http://www.elitetrader.com and http://www.moneytec.com these are some good forums for learning about trading.

Another book I liked was Rule the Freakin' Markets by Michael Parness he's got a website http://www.trendfund.com he had some original insights into the markets that I haven't read anyplace else and his ideas really do work. Lloyd when getting books and any seminars there's one thing you should know. Only buy books written by traders. In other words by people that actually make their living trading the markets. This should seem like common sense, but there are a ton of books out there written by economists, journalists, and analysts that don't have a clue and write about a bunch of theoretical nonsense. These people are trying to make money selling books not by trading.

cheers,

Kiasu

trax777

Mar 13 2005, 06:01 PM

Thanks for the info here Kiasu. Any help for this newbie is appreciated.

kiasu

Mar 13 2005, 06:15 PM

QUOTE(Pipster @ Mar 13 2005, 08:51 AM)

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Ok I'm done

Lloyd

Mar 13 2005, 07:05 PM

Yeah, I remember seeing Mike on Television Marketing his program, and saw a similar program last night, by and Asain guy, I guess Forex is the place to be these days. Palmer is it possible for everyone to make money in Forex or is it mathmatically impossible for everyone to make money?

goodserver

Jul 24 2008, 06:15 PM

QUOTE (Lloyd @ Mar 13 2005, 07:05 PM)

A friend of mine told me that only 20% investors can make some money and 80% will lose all their money in Forex, Is that true ?

FerruFx

Jul 24 2008, 11:28 PM

QUOTE (goodserver @ Jul 25 2008, 09:15 AM)

A friend of mine told me that only 20% investors can make some money and 80% will lose all their money in Forex, Is that true ?

Absolutely NO ... 5% winners and 95% losers. That is the reality.

FerruFx

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