im one of those newbies...thank you!!
lol

I'm newbie to.....

Hi,
Just like to say thanks to all those that are helping out other newbies in this forum and to Dude007 for starting this thread. I have been demoing for about 6 months, with ok results, it is a long learning curve but its good to see others helping out each other.
I am hoping to test the strategy by Dude007 and see how it goes. Just sick of these scamming HYIPs.

Regards

I have a dumb question. Whats the avarage monthly percentage an avarage forex trader makes? And is trading with 200k a big risk?

No. Why? Ok, If this is all your money that you have than is a big risk.

lol... 200K is great risk, because if you depositing 200K into fx markets, the leverage will allow to trade 20,000,000 which is $2000 a pip in e/u. Remeber leverage can mangnify both profits and losses; money/risk management are excellent skills to use in FX. Set urself a goal, if you earn less than 5% return a month, stop, give a break from FX mayb 2 weeks or so and learn wot u done wrong and adopt another stredgy. Plan ur way into FX. Do not just sit and impluse trade, meaning trading for the hell of trading, picking up small pips about 1 and having no Stop-losses. Remeber, Small Losses are ok, we all make mistakes NO-ONE can be a perfect trader and win every trade, how wud like losing 40 pips or losing 400 pips? Yea... I thought so... DO NOT risk ur well-being for trading. If it becomes addictive and u become filled with eurpohia and everything u touch turns into gold no-matter wot event it is, stop and have a chill. U may lose more than u win if continue like this. Read E-Books, learn Fundamental indicitors such as Employment, Trade Balances, Balance of Payments, FOMC's, Core CPIs can pridict in long term how it may effect the currency, who knows, Monday it is 1.2100 on e/u but after an strong US event, on Wednesday it goes down 1.1997. Hey, if u can spend 200k on fx, if u spend 5k on education.. ull b over tha moon. Learn Techincals, Mathematical/Scientific apporches such as Fibbo Retracements, Fibbo Expansions (still need to learn that one) and Elliots Wave (need to learn that also, see) If Interbanks, Banks (Desuchbank, Citigroup, JP Morgan Chase) can make millions with FX, y can't u...

Happy trading

Hi Everyone,

Another newbie/dummy here when it comes to Forex. I've been reading quite a few lately and of course the most common advise will be "practice on a demo account". My question now is, where is the best place to open a demo account?

Thanks!

Its entirely up to you, try a broker that you are going to use for Live Trading. Marketiva has a live and demo desk together, and the perfect for newbies. I use Interbank FX its my fav broker.. so yea I use that... I hope it answers your q.

Thanks AppleXY!

I decided to download MetaTrader 4.0 and open a demo account with Interbank FX...And now I'm more confused...

Anyway, is there a "best time" to do trades depending on which currency pair you're dealing with? Any rule of thumb?

Hi WallyM,

I knoe its a pain learning thru MT4, but experiment around wit it, u'll understand sooner or later. the Insert Menu is ur friend, it contains all the indicators u'll need. I'm giving you this indictor where it tells u wen to buy and sell simply. BEWARE: THIS INDICATOR IS NOT 100% ACCURATE

Instructions:

Open ur Mt4 folder > Experts > Indicitors > Drag/save it in there

Once the file is in there, Open the File, Which should open MetaEditor. Press F8 or Compile. Easy. Open MT4 in ur naviagator window, go down to Custom Indictors and drag 'alttrend...." to ur chart. Volia!

Yea.. the best times to trades are wen the Japan/Euro are open, coz they aggresive. Try not to trade at Friday at the last moments, it may not be very liquid than usual.

Use this : http://www.worldmarkethours.com/Forex/Defaulta.htm?12,0,0,0

I hope it helps!

Cheers!

edit : decided to send PM instead....

I'm really new at this forex
I have done few researches but I don't think I'm ready
What kind of things should i be worried about?
and also, like above question, how much does average trader earn??
and what should be the minimum amount u should have in ur account?
thank you

you should not let this how much a trader earn?
Different traders have different risk level for their portfolio.

You should learn to invest in your knowledge about forex and the strategy that works best for you.
Read up in forum like www.moneytec.com for forex traders.

Follow by is practical.
Sign up a trading platform and learn how to trade.
Practice make perfect.




Cheers
TI

Hi
can you send the link to me...im a newbie and dnt have enuf posts to PM u. thanks
Shama

dude007
I don't have enough posts to PM, can you send it to me or send me a link? I am new to Forex and would like to learn.
Thanks.

kevin4u98 u want to trad forex
im using www.maketiva.com
it easy to learn

Hi to all forexers here

I am totaly new to forex, I mean totaly, totaly new ...

I would like to know how much money would a person need to start doing some forex trading? I know that probably there can be some serious looses at begining so this is why I ask this!

It depends wot broker ur with. With Marketiva or Oanda u can trade from a buck, i suggest u hone ur skills with 2 months demo pratice, and try out $1000 which u can afford to lose with a respected broker.

Also New to Forex and cant wait to know all there is to know

may i remind u and every1 that forex is a massive place. Imagine the NYSE/ASX/UK STOCKS/CAN STOCKS, all combined that how big forex is, an excess of one trillion (1 * 10^12 or i think ) it invovles signficant losses, and ANY can experience 'em, so u shud ask urself, Can I trade curriecies?

That is not a reason not to try - as it's free to give it a go. Most brokers will give you a free demo account.

I say jump in, if you lose it's a lesson learnt.

yea.. i never u said u can't try, tho... i said it may not be suitable to all investors, mayb they like slow moving equities or futures.. yea

I'm also new to Forex. After setting up the sysem now I'm awaiting for results.

Total newbie, don't even really know what forex is all about...an recommended information to help me decide if I want to indulge in forex? any recommendations would be appreciated. Thanks so much!

Honestly I'm not that impressed with Forex yet. The training seemed great but it depends a lot on Google Ads and they are just a waste of money if you ask me.

I'm following the system, the cheapest way. I refuse to keep giving my money to google to steal. Haven't made anything yet, honestly doubt I will.... just another site where people lie about the amount of money they make. I've found a lot of those.

oceanlver77 I'm not sure what your talking about in that post. You mean the Forex market as a whole is a scam?? I'm sorry I just don't understand what you are trying to say there. Can you elaborate a little further?

I think he's tryin to say that Forex Programs which r run by independent people r scams. Or else i dunno, coz if US,Euro,GBP,aud is a scam, wot next, Microsoft and Apple

Did you ever thought of why they can afford to place and pay so much in adwords??
It's because there is billions of dollars in transaction each day.
That's why they are RICH..
About you??

Just my 2 cents worth.

What's relation between google and forex?

Can I do forex with as little as $200?

I think that guy is talking about this program http://www.forexenterprise.com/

It has nothing to do with forex and is all about advertising using google adwords and all that stuff. Was a waste of money to me.

And yes there are places to open an account with $200. North finance minumum is $100 and Oanda has no minimum just to name a couple.

Yes, I think that is what he is referring to, I also purchased that system, it is a complete waste. I think it gets a lot of attention because of having "forex" in the title.

Okay, I'm a total newb in the forex market, so pros be easy on me

Not sure if this has been brought up in here before, but I'd like to know what people think of these programs I've seen on those infommercials like wizetrade and 4xmadeeasy... helpful or a complete waste of money?

i havent used them but from what I have heard a waste.

Hey guys,
This has been a very helpful post, Im a newbie in the Forex market and I'm trying to learn as much as possible before I got live. I was wondering has anyone used GAIN Capital Groups Forex.com? and is it any good?

Thanks-

hi

i am interested in your books but i cant PM cause i don have 25 posts...
tx

How To Avoid Forex Broker Traps

Forex brokers seem to be a dime-a-dozen these days. Furthermore, it seems like everyone is calling foul about his or her broker. Indeed a lot of brokers are less than honest. Here's what you should look out for.

Q. Where can I find an honest broker offering a 1 or 2 pip spread?

A. That depends. For a mini-account or a micro-account, you can't. The smallest spread I've ever seen (that was legitimate) was 1.5 pips offered by Interactive Brokers. However, they required that you have an account size of $25,000.00.

The only other broker that I know of that comes close is Oanda. They offer spreads that get very low during times of high liquidity for very small accounts. However, during other times of the day, the spread on the EUR/USD can get as high as 6 pips.

If a broker is willing to give you a fixed 2 pip spread and let you trade an account that is only $200 in size, that is a problem. I can almost guarantee you there is some shading of the price going on. In other words, you aren't getting the real price. You've getting a price that will be more favorable to the broker. That means you'll have more losing trades. The old phrase, buyer beware, has much meaning in the forex broker world.

Q. Why shouldn't I use 400:1 leverage?

A. The higher the leverage you use, the harder it's going to be for you to make money. The more leverage you use the more value each pip has. Since the pips are worth more, you have to risk fewer pips per trade to avoid risking your account's wellbeing.

Here's the problem. When you risk fewer pips, you'll get stop too close to the market's current price. Then any market "hiccup" will take you out with a loss. If you had lower leverage, you would have had more room for the trade, and it may have very likely become a winner.

Many new forex traders are trying to trade with these really tight stops (10 to 15 pips). That's way too close. Decrease your leverage and give your trades some room to breathe. You'll probably find that you have more winning trades.

Q. When I'm shopping for a new broker, what should I look for one their website?

A. Actually, you shouldn't be looking for something. You should be looking for the absence of something. What exactly? Hype.

Anywhere on the website (especially on the homepage), do they talk about how easy it is trade forex? Do they make it sound like making money is easy? These are problems. Immediate cross that broker off your short list.

You should also look for something else. Do they make a big deal of the fact that you can open an account for next to nothing and trade at very high leverage? Those kinds of brokers are like sharks. They try to take your money. Avoid them.

In summary, avoid brokers that heavily advertise high leverage, trade with lower leverage, and lastly, avoid any kind spread that seems too good to be true. It is.

Nathan Pennington is author of the (sold-out) forex trading book "The Rubber Band Method": How to Trade Against the Trend for Consistant Profits. His current website is http://www.moneymakingforex.com/ which shows forex traders how to become winning traders.

Article Source: http://EzineArticles.com/?expert=Nathan_Pennington

This needs to be bumped. Mods. Can you make it a Sticky?

I agree with you. Its should be sticky thread. Its help alot
I almost forget that this topic is exist

Thank you for sharing HAWK.. I am using a broker whom offer 1 Pip spread on all major currencies pair. have a look at www.crownforex.com based in Swiztherland.
And i do agree with most of words that mostly brokers are very bad. Once i have been in meeting with my all Forextrader friends. So we find out that mostly in start Broker do trade against you and try to close ur trades with loss.. If you are experienced trader and you win the trade they wouldn't trade against you in future and will put you in other list. and keep playing with newbies.
10 to 15 Pip Stop loss isn't good in Technical trades .. we should follow the money management rule in Technical trades.

Another trick used by some unethical brokers is to route their successful clients onto a different server with different performance parameters.

They will also keep track of the ratio of amount deposited versus amount withdrawn to identify 'troublesome' clients.

Re small stops....if you choose the right support or resistance points you do not need to have stops of more than 15 pips ... market flow statistics show that if the price moves more than 15 pips from the correctly selected critical points it will generally continue moving away and take those wider stops. The general problem is that most are not patient enough to wait for the correct entry points.

alot of info to cram into one day. I read about 10 threads including all of tis one, 4 ebooks, and a bunch of sites such as www.babypips.com

I got a demo account with fxcm .....the spread is pretty damn big on most transactions....like 4-5 pips on most major ones...

I started with 50000 today though and am up to 51000....

I am still kinda wrapping my head around everything. When I first heard of currency traders I thought how can someone make so much money when currencies change so small everyday? after reading and using leverage it is easy to learn..... easy to lose money to.

I just need to re review everything I have learned and then train myself on graphs and trends in currencies...hopefully I can do alot better then.

Eric G.

can you please pm me the link??

Thanks.

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dude007

Great posting but I cannot see the picture you are refering to...would you help out.




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dude007

I am interested in the ebooks in forex...I am just entering as you had done...



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dude007

It's me again...I am very interest in the info that you are suggesting. Would you help me out..once again thankyou.

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dude007

Would you please send me the file I tried to d/l but it some how it says that it is missing...I would really appreciated...from one that is in its first stages of forex...thanks.

Dude007 got banned from this forum a long time ago.

However there are loads of people here that can help you and offer advice. Take a look in my sig for loads of free stuff.

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mutant dog

Thank you for your kindness...I'll pass the gesture to another...thanks again...

May I ask why dude007 was banned?

You are such an intelligent guy. May God continue to strengthen you in wahtever you do in life. You will succeed in Jesus name.