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

i am using some indicators and it helps a lot
i began with demotrading yesterday and made 2,4%

Since this is the "Forex for Dummies" thread, I have sort of a dummy question. Where do you go to open an account to start trading? Can the metatrader program (one I just started using for demo account) be used with a real account?

How is the account funded? Are there any places that will accpet egold?

Thanks for the help!

Hi

The best 2 brokers to trade LIVE with metatrader in my opinion are:

Interbankfx http://www.interbankfx.com/

FXDD http://www.fxdd.com/

There are alot more brokers which u can use to trade metatrader:
# Alpari
# MIG Investment Group
# Admiral
# Cradlewood
# Euronet
# Progress Bank
# Integral
# FX Pro
# Real Trade
# Darrington
# KVB Kunlun
# Teletrade

Unfortunatly i dont know any which use egold to fund the account. Most use Bankwire, Credit Card, Western Union etc but do look around n if u find any which does use egold pls let me know.

Another good way of trading live is to use Metatrader quotes but place trades on oanda, fxcm, cms etc .

Wow dude!! You really do know your stuff!! Hope you do some successful trades and give me some cash!!

Hi Guys

Good to see some of u r making good progress with forex. Guess wot i got some more goodies for u to improve ur trading. I have 2 exotic custom made indicators thts works excellently with the strategy that I recommended. These 2 indicators which I have attached below only work with metatrader 4 (that’s y I’ve been nagging u guys to use metatrader 4).
The indicators are as follows

1. ERGOTIC - its very similar to MACD but is more sensitive n gives a clearer picture of trends. So remove MACD n put this one instead.

2. WILLIAMR36 – this is a new one tht Iam using n probably one of the best indicators tht I’ve come across with. Just place this on your chart n u will see 2 lines probably a green n red line. When both lines are at the centre u wait but when the green or red light starts moving apart u quickly check the other indicators for a trend change n make a trade. This indicator works wonderfully with the strategy which I recommended.

Finally I got one more surprise for u guys. Remember I told u how important it is to use Fibonacchi Retracement with every trade. Well few of u asked me how it works so I found a nice ebook which explains HOW fibonacchi works. All I can say is READ n LEARN IT. Its nicely worded n only 22 pages. The website is currently allowing people to view the ebook for FREE .

Check it out at: http://www.fibonacciprofits.com/fb

Thats all for now but do post some some of ur trading results in this thread so it will give others n idea of how people are performing.

Goodluck

oops !! wanted to pm

The link to the free e-book you posted wont connect for me. Says "can't connect to aweber.com" Anyone else having this problem?

ERGOTIC and WILLIAMR36 are formulas that can be used in other charting services as well. I use WILLIAMR36 in VTrader, don't really care for ERGOTIC.

Here is my trading today spending $500 per trade;

N/N CloseDate/Time TicketN Instrument BS Lot Open Rate Open Date Close Rate Gross PL Reason
1 03/31/2005 18:39:32 2014269 EURUSD B 10 1.2964 03/31/2005 15:51:33 1.2974 $1,000.00 LimitProfit
2 04/01/2005 03:56:28 2013860 GBPCHF S 10 2.256 03/31/2005 10:49:43 2.256 LimitProfit
3 04/01/2005 09:14:30 2015890 EURUSD S 10 1.297 04/01/2005 08:28:19 1.2968 $200.00 LimitProfit
4 04/01/2005 09:14:37 2015998 EURUSD S 10 1.3033 04/01/2005 08:33:04 1.2968 $6,500.00 LimitProfit
5 04/01/2005 09:54:27 2016600 EURUSD S 10 1.2964 04/01/2005 09:48:10 1.2961 $300.00 Close
6 04/01/2005 10:11:04 2016769 EURUSD S 10 1.293 04/01/2005 10:05:52 1.2918 $1,200.00 Close
7 04/01/2005 13:11:12 2016950 EURUSD B 10 1.2901 04/01/2005 10:17:50 1.2906 $500.00 LimitProfit
Total $9,700.00

Wow , how did you do that, what strategy/analysis?

Mike, I see you were using 200:1 leverage, quite risky wouldn't you say? You must be using a mini account, most good platforms only do 100:1 with standard accounts.

Not as risky as 400:1 and what do you mean by 'good'? I'm using http://cmsforex.com

I think as long as you have a excellent strategy that is very consistant in making profits its doesnt matter What leverage u use.

I am doing a 100:1 leverage... Does any one here use 400:1 leverage in a good platform... If so, how is the trading going?

Hi!

I`m a total newbie in the Forex market, but think it`s really interesting.

I got this link from a friend, has anyone tried this system before?

60 Minute Trader

Joern

Welcome Aboard!!!

By the way, I have tried 60 minute trader, and although I didn't make $2000 in an hour, I made over 90 out of 100 trade wins!!! Hope that is helpful to you!!

Thanks dude007 for the links
It's very useful

That`s awesome!! Thanks!!

That was the reason I asked, don`t want to spend $97 on crap

Looking forward to this!!

Joern

This system looks interesting. Can you give any more information about it?

thanks

Hi Guys

Thanx for the positive comments guys . I hope u guys are improving each day. To help u guys i thought i might as well show u a screen shot of how i have been performing this month. JUST CLICK ON THE LITTLE ATTACHMENT PICTURE BELOW TO SEE MY TRADES. I gotta tell u tht i havnt had much time to trade this month as i've been busy. I dont trade just by using 1 strategy but from bits n peices tht i found useful from loads of strategies that i read. The main concept of my trading is:

1. I use daily, 4hr, 1hr and the 30min chart to get the big picture of wots going on.

2. Then i use fibonacchi n pivots on a 15min or 5 min chart as a guide ie u can also chk 1hr or 4hr charts as well.

3. Finally i place a trade when my indicators show me a GO signal .

Please post ur own trading results too so it can help others n also assess ur own level .


[attachmentid=624]

I am trying to do get a screenchot and attach it, but it is not working... I will try to post, after I sort this problem out.. Thanks!!!

Excellent info dude007, though you ruined an article as I was about to do for my blog You pretty much have covered a ton of topics that take away all the get super-rich quick hype and other myths and show the facts and how someone can learn all about trading. Good links and resources too, very well done. You have taken a lot of the mysteries out that confuse people or lead them to believe that it's easy money and *oh, my mortgage is coming due, better make some trades today and Joey needs braces, damn, might have to work until lunch *

This should be a sticky
NUK

Yes, I agree Nuk, Dude has posted some great info here and has helped my out alot. However, dont give up on your idea about your article for your Blog. I would be really interested in reading it since I am just a newbie with a demo account trying to learn here.

Also have mortgage and another kid that needs braces.

Yah, Dude, you have done a gr8 job here.... I will also try to make an up to date post about the introduction of the new signal, and the way it has helped me out...!!

Here is todays chart!!!

Thanx NUK . I didnt know tht u were into trading . Anyway please do write ur article on your Blog. It would be great to read it .

edit

700 pip move will happen for any of the pairs, could take awhile though

Any predictions of which pair????

I don't look that far ahead, I'm more concerned what it will do in the next 5 minutes

P.S. Stockbroker, I don't know wy you edited your post; I was only kidding. I know you know what you are doing and if the others here don't they should.

Yeah, the trendlines are quite helpful, but they do go wrong sometimes!!!!

I am not an active trader by any means, but know and played around enough to see that you are providing some real good information and resources. I've picked up a couple of things also from it.

Offline wise, people would be probably suprised at how conservative I generally invest my money. If I can do 7-10% a year consistently with minimal risk and not of lot of activity or constant monitoring, I'm meeting my goals.
NUK

Just getting myself involved.

Have lotsa free time and might as well fill it up with something.

Thanks to dude with the help... and advice throu pm...

Dang theres lots to read..... hope to get myself trading soon....

gotta get used to the demos first... gives me a headache just lookin at it..

Looks fun too...

Wow. Information overload. Cant I just pay you guys to trade for me

Hello Everyone

Its Update time again . Its great to see tht people r benefiting from this thread . I updated my current strategy with 2 more indicators yesterday n its been SUPERB. I made 6 trades since yesterday n havnt lost any. Just see the results below which are from a mini demo account in fxcm. Iam using fxcm just to place trades but i use metatrader 4 with all the indicators to monitor wots happening. I've been trading 10 lots per trade on the mini account.

CLOSED TRADE LIST

fx5m144545 03603587EURUSD100K4/14/05 5:44 AM
4/14/05 5:49 AM1.2849
1.2838
110.00
0.00
0.00
0.00
110.00Mkt
Cfx5m144545

fx5m144545 03603668GBPUSD100K4/14/05 5:53 AM
4/14/05 7:08 AM1.8845
1.8838
70.00
0.00
0.00
0.00
70.00Mkt
Cfx5m144545

fx5m144545 03604149GBPUSD100K4/14/05 7:14 AM
4/14/05 8:47 AM1.8821
1.8815
60.00
0.00
0.00
0.00
60.00Mkt
Lfx5m144545

fx5m144545 03612200GBPUSD100K4/15/05 3:47 AM
4/15/05 4:13 AM
1.88351.8827
80.00
0.00
0.00
0.00
80.00Mkt
Lfx5m144545

fx5m144545 03612689GBPUSD100K4/15/05 4:57 AM
4/15/05 7:33 AM
1.88491.8842
70.00
0.00
0.00
0.00
70.00Mkt
Lfx5m144545

fx5m144545 03617117GBPUSD100K4/15/05 12:17 PM
4/15/05 12:26 PM
1.89241.8922
20.00
0.00
0.00
0.00
20.00Mkt
Cfx5m144545
fx5m144545


I tried to get a screenshot of fxcm report but i dont know how. it doesnt five me a option like it does for metatrader . If anyone knows pls snd me a PM so i can post a screenshot as a proof for sceptics lol.

Its really difficult to explain my strategy but here it goes.

These are the indicators iam using:

Bollinger Band (default setting)
EMA 10 & 50 (both short)
Kaufman 2 (default setting) - this is same as EMA but i use this as a trigger when it crosses EMA 10 .
Daily Pivots (make sure u turn the Camarilla to TRUE in the properties of the indicator) .

Stochastic (Default setting)
William 36 (Default Setting)
Ergodic (Default Setting)
ADX (default setting)
Denapoli MACD Histogram (default setting) - this is a new one i picked up n is very similiar to ergodic but better than the normal MACD. The reason i use this is to remove whipsaws and get a clear picture of wots going on. However ergodi allows me to view the trend closer. U can use either this or ergodic but i prefer both to be there .

Finally and most importantly place FIBONACCHI RETRACEMENT for the day on the chart .


I know iam using tooo many indicators but they all help me n u need to practice looking at all of them within 20 sec before a trade n make a judgement.

This is wot u do

1. Look at the 4hr, 1hr, 30 min and 15 mins charts to check the big picture of wot exactly is happening for the day.

2. Check between which Fibonacchi retracement level the trend is currently at e.g. 61.8 to 100. Then look at where all the pivot points are between the fib levels.

3. Goto 5 mins or 1 min chart n check where the 50 EMA is. If its below the currency trend its a BUY signal if its above the currency trend its a Sell signal. Also check the trend in relation to Bollinger band as well. Once thats confirmed u need to look at 10 EMA and Kaufman 2 for a cross to occur in the direction of the trend.

4. As soon as the cross is about to occur u need to look at Stochastic, adx, Denapoli MACD Histogram to see if they are in the correct postion n the trend that is developing will be a genuine one ie not a whipsaw or a fake signal.

5. The u quickly look at william 36 and ergodic to see if they have both changed directions if they have then GET READY TO PLACE A TRADE. As soon as William 36 and ergodic cross the trend will accelerate n make u big money lol.


PLEASE BEAWARE THT WHEN THE CURRENCY TREND GOES BELOW 0 OR ABOVE 100 IN THE FIBONACHI LEVELS U NEED TO BE CAREFUL N BETTER NOT TO PLACE NEW TRADES.

To make it easier for u i have attached all the indicators u need below for Metatrader 4. I have also attached a screenshot of the chart so u know how it should look like once u set it up.

Even if u lose just be patient n practice with this u should soon see how everything works together n then u should start making profits.

The trades should be quick but sometimes it can take time. Aim to catch 5 - 15 pips per trade. Set the stop n limit at the fibonacchi levels. if the fibonacchi levels are short keep about 25 pips stop limit.


Goodluck as always .








[attachmentid=646]

Dude,

What type of returns are you getting on average? I have no idea about forex so those numbers you posted dont do me much good