.gif)
Full Version: FOREX FOR DUMMIES
MoneyMakerGroup Forum > MoneyMaking: Markets, Real Estate, Banking, and Investments > Forex > Technical & Fundamental Analysis, Daytrading, & Other Strategies
|
|
Thanks to Dude, I am now using the Metatrader Software Demo account instead of Oanda. At first it was hard to navigate around but I am getting used to it and like it better now.
hi dude
where can i get to learn on this...Keen on building knowledge on this QUOTE(unclejesse @ Apr 16 2005, 04:21 AM) 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  [right][snapback]217318[/snapback][/right] Although i've just started to get into this stuff..... I'm still with UJ and have no idea what those numbers mean..... 
QUOTE(oNLooKER @ Apr 15 2005, 11:15 PM) Although i've just started to get into this stuff..... I'm still with UJ and have no idea what those numbers mean..... [right][snapback]217780[/snapback][/right] Me too 
QUOTE(unclejesse @ Apr 15 2005, 08:21 PM) 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 [right][snapback]217318[/snapback][/right] Well if u don�t know how the numbers work in forex check this thread out on MMG http://www.moneymakergroup.com/PIPS-definition-t9664.html. Well if u look at my results from my previous post I have made: 24 pips of profit on 14/3/05 which means 24% of profit on top of my total for that day. 17 pips of profit 15/04/05 which means 17% of profit per day on top of my total for that day. Its very difficult to put down my average per day but Iam happy with my results:). i have even doubled my money in 1 day (100%) on my demo account when occasionally the market has huge moves. All i can say is if u put in alot of effort n time and learn n master all the guidelines u should be able to make over 10% a day consistently fairly easily (i repeat that�s only after months of effort n practice with the guidelines). Its not a bad return compared to good hyips which pay u about 2 - 3 % per day  . It sounds good but what u need to know is that i put in alot of hours and spent last 3 months practicing alot n sacrificing my time, learning from mistakes n educating myself. Wotever u do PLS DONT TRY TO LEARN WOTEVER U SEE ON FOREX BECAUSE U WILL GET CONFUSED. That is wt happened to me for the first 5 months of my newbie days. JUST LEARN WOT U NEED TO MAKE A PROFIT N WIN IN FOREX. Thats wot i've been trying to do in this thread 'FOREX FOR DUMMIES". All the stuff in the posts shows u step in the rite direction to succeed otherwise i wouldn�t waste my time puttin all these advice up. As i have told u before this is not like doublers n Hyips it is a real opportunity but its Intense and risky. Its like trying to swim across a SHARK INFESTED SEA without getting eaten up  . You need to have a very good knowledge, understanding, alot of practice and patience to achieve success and consistency in trading. Its not for everyone but if u are SERIOUS n determined to learning forex without giving up, willing to put alot of hrs into practicing for months until u achieve consistency U can do it . Atfer u reach a good level of consistency just 1 - 2 hrs of trading a day is enough to make a lovley return. If u think u can just jump in without proper knowledge or practice n gain 10 - 20 % a day think again because u would most likely loose 100% of ur money in a flash n join the 95% of the people who loose out in it. If ur tht type of a person forex shouldn�t be a problem. Good luck as always .QUOTE(dude007 @ Apr 16 2005, 08:32 AM) Well if u don�t know how the numbers work in forex check this thread out on MMG http://www.moneymakergroup.com/PIPS-definition-t9664.html. Well if u look at my results from my previous post I have made: 24 pips of profit on 14/3/05 which means 24% of profit on top of my total for that day. 17 pips of profit 15/04/05 which means 17% of profit per day on top of my total for that day. Its very difficult to put down my average per day but Iam happy with my results:). i have even doubled my money in 1 day (100%) on my demo account when occasionally the market has huge moves. All i can say is if u put in alot of effort n time and learn n master all the guidelines u should be able to make over 10% a day consistently fairly easily (i repeat that�s only after months of effort n practice with the guidelines). Its not a bad return compared to good hyips which pay u about 2 - 3 % per day . It sounds good but what u need to know is that i put in alot of hours and spent last 3 months practicing alot n sacrificing my time, learning from mistakes n educating myself. Wotever u do PLS DONT TRY TO LEARN WOTEVER U SEE ON FOREX BECAUSE U WILL GET CONFUSED. That is wt happened to me for the first 5 months of my newbie days. JUST LEARN WOT U NEED TO MAKE A PROFIT N WIN IN FOREX. Thats wot i've been trying to do in this thread 'FOREX FOR DUMMIES". All the stuff in the posts shows u step in the rite direction to succeed otherwise i wouldn�t waste my time puttin all these advice up. As i have told u before this is not like doublers n Hyips it is a real opportunity but its Intense and risky. Its like trying to swim across a SHARK INFESTED SEA without getting eaten up . You need to have a very good knowledge, understanding, alot of practice and patience to achieve success and consistency in trading. Its not for everyone but if u are SERIOUS n determined to learning forex without giving up, willing to put alot of hrs into practicing for months until u achieve consistency U can do it . Atfer u reach a good level of consistency just 1 - 2 hrs of trading a day is enough to make a lovley return. If u think u can just jump in without proper knowledge or practice n gain 10 - 20 % a day think again because u would most likely loose 100% of ur money in a flash n join the 95% of the people who loose out in it. If ur tht type of a person forex shouldn�t be a problem. Good luck as always .[right][snapback]217912[/snapback][/right] Something I'm not understanding. How can people fail at it if the indicators are what tell them when to buy/sell?
Thanks.
I think I might have to suck it up, sit down and really try to learn it by myself. My question is, there are plenty of very experienced traders out there who have been doing this for 8 plus years. Why can they only offer 10% per month when you are saying 10% per day is possible? I dont see how I will be able to out perform the pros and I wonder if my money would be better off in their hands? QUOTE(Heywood U. Cuddleme @ Apr 16 2005, 03:25 PM) Something I'm not understanding. How can people fail at it if the indicators are what tell them when to buy/sell? [right][snapback]217930[/snapback][/right] the indicators dont guarantee the moves at the chart. there are only a little help for you. QUOTE(unclejesse @ Apr 16 2005, 03:28 PM) Thanks. I think I might have to suck it up, sit down and really try to learn it by myself. My question is, there are plenty of very experienced traders out there who have been doing this for 8 plus years. Why can they only offer 10% per month when you are saying 10% per day is possible? I dont see how I will be able to out perform the pros and I wonder if my money would be better off in their hands? [right][snapback]217932[/snapback][/right] i assume that 10% per month is very secure. they are only using about 1% of the available money, so that there is a very low risk rate. when you want to have 10% per day, you can do lots of secure trades with only 1% of your available money or you trade with more risk and use about 10% of your money. QUOTE(againstbush @ Apr 16 2005, 09:38 AM) the indicators dont guarantee the moves at the chart. there are only a little help for you. [right][snapback]217935[/snapback][/right] Right, but if they're following the indicators that provide 75% accuracy, then no matter how much experience they have, shouldn't they win 75 times out of 100? QUOTE(Heywood U. Cuddleme @ Apr 16 2005, 04:55 PM) Right, but if they're following the indicators that provide 75% accuracy, then no matter how much experience they have, shouldn't they win 75 times out of 100? [right][snapback]218013[/snapback][/right] well, i am not an expert and i guess it is very difficult to use the right indicators and to know what to do. i have started demotrading some days ago and some indicators just say nothing to me  so better ask the experts here
QUOTE(againstbush @ Apr 16 2005, 01:38 PM) the indicators dont guarantee the moves at the chart. there are only a little help for you. i assume that 10% per month is very secure. they are only using about 1% of the available money, so that there is a very low risk rate. when you want to have 10% per day, you can do lots of secure trades with only 1% of your available money or you trade with more risk and use about 10% of your money. [right][snapback]217935[/snapback][/right] Your absolutly rite. Another point to make is that Experts with 8= years expereince would have made their million already therefore they must be trading Huge amounts n can afford to spend 1% of their toal to make a good income . Based on my expereince and the results iam getting from my trading i think 10% per day is easy to make IF U KNOW UR STUFF. I've always been tradng my full amount in my my demo. As long as u have a very consistant strategy say for eg u win 8 out of every 10 trades (80% accurate) u will still make a profit even though u make a 20% loss . So it doesnt matter wot leverage or how many lots ur trading . I know as a beginner u wouldnt want to jump in with full throttle but all the results i have shown is from a Demo account n when i go live i will start of cautiously n as i get more n more confident i will increase my lots n leverage as long as i have a good consistant strategy . If iam trading small amounts expecting 10% a month from forex i wouldnt bother as i might as well invest in programs such as Studiotraffic n PIN and make more . If i had alot of money in my account then i would trade maybe 1% of it n still make a big amount . I hope it helps. If u have expereince in forex u know that indicators alone cannot give u consistancy. U NEED A SOLID STRATEGY THT HAS STOOD THE TEST OF TIME N PROVEN TO BE CONSISTANT.
I wish I could just sit behind an experienced trader for a week and have him/her show me exactly what to look at and how to read the data.
Its very hard trying to read everything online and picture it in my head.... QUOTE(unclejesse @ Apr 16 2005, 10:36 PM) I wish I could just sit behind an experienced trader for a week and have him/her show me exactly what to look at and how to read the data. Its very hard trying to read everything online and picture it in my head.... [right][snapback]218271[/snapback][/right] i am feeling the same  i know a guy in my city who is an experienced trader. he even trades for some banks sometimes. maybe i should talk to him
I cant seem to find a guide to each of the indicators, ie: what they are, what they tell you and how they help you determine buy/sell. Can anyone point me in the right direction? There must be a eBook or a simple guide to learn about them?
Also, I would like to start off small with one or two indicators and work my way up to all of the ones that Dude has listed. Which ones should I start with (easiest to understand) Thanks!
unclejesse if you're using metatrader you can go to "Help" and it will tell you about the indicators.
QUOTE(unclejesse @ Apr 16 2005, 05:28 PM) I cant seem to find a guide to each of the indicators, ie: what they are, what they tell you and how they help you determine buy/sell. Can anyone point me in the right direction? There must be a eBook or a simple guide to learn about them? Also, I would like to start off small with one or two indicators and work my way up to all of the ones that Dude has listed. Which ones should I start with (easiest to understand) Thanks! [right][snapback]218338[/snapback][/right] I know good indicators to use if you have the time. If you use FXCM, download there marketscope charts and implement all 3 elliot wave indicators You have ewtrend, which can be either 1, 0, or -1. 1 means upward trend, 0 means flat, and -1 means downward trend. You have ewn, which can be be 0-5. This would take a bit to explain, so I'll just tell you how it works. Basically you only need to worry about 3-5. 3 means buy-long, 4 means sell-short, and 5 means buy long (3 being better than 5). You have ewo, which is an oscillator and i'll explain it more when i tell you how to do it. First, you must use 15-minute or higher charts, anything lower and the spread will eat your profits. What you want to do is look for a new EWN. Which means as soon as the number changes you want to see if the other indicators line up. Say it changes from 4-3. You look to see if EWTrend is either 1 or 0 (1 being better than 0) and if the EWO is positive. If they line up, then set your entry order to buy for the open price of the period. If not then don't do anything. When the EWO goes negative, that is your signal to sell the position. To sell-short would be a new EWN of 4, a EWTrend of -1 or 0 (-1 being better than 0), and if the EWO is negative. The only problem with this strategy, is that you have to watch your computer for a trade opportunity, which could take a long time. Hope this helps. Regards, Brian
Hi Guys
I found 3 nice FREE video tutorials which teaches 3 different technics of trading. There about 3 minutes each but worth looking at if u want to know how indicators work n how they must be used. Check the link out: http://rapidmarkettrading.com/videos.htm
Thanks for everyones help. I couldnt sleep last night this was so exciting!!!
I have some Metro Trader questions: 1. How do I add the EMA 10 and 50 indicators? I cant seem to find them on the list? 2. Very Stupid Question: If I want to buy Euros against the USD, do I go to the EURUSD chart and click on buy? What is a good rule to use for Stop Loss and Take Profit? Are they asking for values in PIPs? 3. When does the market open? I cant wait to get going on my demo account Thanks!
Thanks for your Help Dude! I got them added.
QUOTE(unclejesse @ Apr 17 2005, 08:48 AM) Thanks for everyones help. I couldnt sleep last night this was so exciting!!! I have some Metro Trader questions: 1. How do I add the EMA 10 and 50 indicators? I cant seem to find them on the list? 2. Very Stupid Question: If I want to buy Euros against the USD, do I go to the EURUSD chart and click on buy? What is a good rule to use for Stop Loss and Take Profit? Are they asking for values in PIPs? 3. When does the market open? I cant wait to get going on my demo account Thanks! [right][snapback]218894[/snapback][/right] Unclejesse The EMA 10 and 50 refer to the moving average indicators. Click "Moving Averages" under indicators in MT4 and set the period for 10. Thats your EMA 10. Then do the same thing except type 50 in this time for your EMA 50. If you want to buy EUR/USD then yeah just click buy. The limit and stop loss really depends on your strategy. A good idea is to adjust your stop loss once the trade has gone in your favor, to make sure a winning trade doesn't turn into a losing trade. When they ask for buy price and stop loss etc they are just asking for the currency value. The last digit is 1 pip. The market opens Sundays evening around 4:30 EST and closes Friday at 4:30 EST I believe. Here are 3 major trading sessions in Eastern time zone: New York Open 8:00 am to 4:00 pm Japanese/Australian open 7:00 PM tp 3:00 am London open 3:00 am to 8:00 am The time zone where the most trading opportunities occur is between 2:00 am and 12:00 PM eastern.
dude007 can you tell us where you get those additional indicators to load onto Metatrader?
Here's a link to the new Currency Trader Magazine. Subscription if free to first 5000 subscribers.
Back issues are available from Oct-04. Enjoy! http://www.currencytradermag.com/
Well. Tonight was my fist night trading with a demo account and............. I managed to sneek out a small profit of $37. Not too shabby since I know absolutly nothing except what I read in this thread. Thanks everyone!
This is weird.... I opened up a new trade and then all of the sudden it closed on me with a loss? I didnt even touch my keyboard and I did not have a stop loss set?
The only thing I can think of is maybe my wireless internet connection cut on and off really fast so I lost conneciton with the server? Would this cause the program to cancel out my trade? QUOTE(DoubleMeUp @ Apr 17 2005, 10:11 PM) dude007 can you tell us where you get those additional indicators to load onto Metatrader? [right][snapback]219209[/snapback][/right] I get all my indicators from my trader friends and also from a very good yahoo group dedicated to Metatrader. You can join it free at : http://finance.groups.yahoo.com/group/Meta...and_Indicators/ Its one of the best places for resources. BEWARE U will somtimes get over 100 emails a day so i would open a new email account just for this. When u join the group it usually takes couple of days for the invitation to be accpeted. Just remember not everything u find in the group maybe be useful for u but its a get place to ask for help n get resources for metatrader . QUOTE(unclejesse @ Apr 18 2005, 01:33 AM) This is weird.... I opened up a new trade and then all of the sudden it closed on me with a loss? I didnt even touch my keyboard and I did not have a stop loss set? The only thing I can think of is maybe my wireless internet connection cut on and off really fast so I lost conneciton with the server? Would this cause the program to cancel out my trade? [right][snapback]219311[/snapback][/right] Well loss of connection will not effect the trade but in metatrader 4 the stoploss n trailing stops dont work if u loose the connection because its still a beta version.. I somtimes make a trade and then switch the comp off n go out lol it shouldnt have an effect. U might have set a stoploss whithout u knowing. Just remember that METATRADER 4 is still a BETA Version so its still got bugs here n there thts why u should always update it when it says so. Apart from that i think the quotes u get from there are excellent. Anyway your doing really well Uncle Jesse just keep up the good work and practice. U will get the hang of things quickly . Good luck to everyone else too.
QUOTE(oNLooKER @ Apr 16 2005, 02:15 AM) Although i've just started to get into this stuff..... I'm still with UJ and have no idea what those numbers mean..... [right][snapback]217780[/snapback][/right] He has posted his trades for the day , and they are showing the indicator, pips gained, etc.... You must know all these details, trust me OnLooker, it takes more than experience to master FOREX... By the way, dude you have made all profits... Well done!!! 
QUOTE(dude007 @ Apr 18 2005, 12:41 AM) I get all my indicators from my trader friends and also from a very good yahoo group dedicated to Metatrader. You can join it free at : http://finance.groups.yahoo.com/group/Meta...and_Indicators/ Its one of the best places for resources. BEWARE U will somtimes get over 100 emails a day so i would open a new email account just for this. When u join the group it usually takes couple of days for the invitation to be accpeted. Just remember not everything u find in the group maybe be useful for u but its a get place to ask for help n get resources for metatrader .[right][snapback]219567[/snapback][/right] I think I know that yahoo group... BEcause I get my indicators from a really good yahoo group as well!!! QUOTE(unclejesse @ Apr 17 2005, 09:33 PM) This is weird.... I opened up a new trade and then all of the sudden it closed on me with a loss? I didnt even touch my keyboard and I did not have a stop loss set? The only thing I can think of is maybe my wireless internet connection cut on and off really fast so I lost conneciton with the server? Would this cause the program to cancel out my trade? [right][snapback]219311[/snapback][/right] The same thing happened to me UJ last week using Metatrader. I had 2 trades closed out without me doing a thing. One trade closed out giving me a loss of $19,000 and the other trade for a loss of $160.00.  Thank goodness it is only a demo account. I was told by support to just open a new demo account since this is beta version.
I joined a free group that gives forcasts for the day. I have no idea how to read them? For example, what does this mean for today (April 18)?
IN
 using our usual doubler term. let me start from the begning. Its always good to learn how to make money
Wow. I got my 10 pips of profit already. The US dollar is really taking it up the
 Thanks Dude and Double Me Up for getting me into this
QUOTE(unclejesse @ Apr 18 2005, 09:55 AM) Wow. I got my 10 pips of profit already. The US dollar is really taking it up the Thanks Dude and Double Me Up for getting me into this [right][snapback]219891[/snapback][/right] Well Done Uncle,, you are on your way to success, I must admit I started my FOREX trading with many losses and learning on the way!!! Just make sure you visit www.moneytec.com if you really want to increase your PIPS.. I am sorry if this link has already been mentionned.. I can be very ignorant!!!
One thing I always tell everyone is to get subscribed to the Innerworth Newsletter. I have been getting it for the past 7 years and it always has something refreshing. They deal with the psychology of trading. You get a new newsletter every morning.
Just Sign up FREE as a visitor for instant access to Innerworth http://www.innerworth.com/ Here is todays newsletter to give you an idea of what you get; QUOTE Accepting and Reducing Risk
Trading is risky. Depending on your personality, you may be extremely intolerant of risk. Most people avoid risks at all costs. Humans had to make prudent decisions in order to survive and evolve. Even though traders know they must risk money to make money, the natural inclination to avoid risk is powerful. How much risk are you willing to take? There's no right answer. It depends on you. If you are a risk seeker, you may not mind risk. You may actually embrace risk and uncertainty. But if you're like most people, the more risk you can eliminate, the better. You could avoid risk entirely by putting your money in a savings account, but such an investment would bring relatively little profit. The lure of short-term trading is that you have the potential to make huge profits. The downside is the uncertainty and risk you must accept. The amount of risk you take is still up to you, however. For example, it is more risky to trade markets with excess volatility or very little liquidity, so avoiding them will help you stay calm if you have low risk tolerance. Traditional approaches to risk control can also help, such as having a diverse portfolio. If you trade various stocks that have little correlation, you have some insurance that a drop in one stock may not automatically coincide with a drop in other stocks in your portfolio. But no matter how much you try, you must decide how much risk you are willing to take. Perhaps the most unnerving aspect of risk in the markets is the fact that it is impossible to know all possible risks up front. Who knows what will happen? There are many events that you just can't control. For example, a media analyst may talk up or talk down a stock you're trading and it may thwart your trading plan. An unexpected national event may influence the markets in ways that you hadn't anticipated. And when it comes to selling off a position, you may not get the price you want at the moment you're trying to sell. And then there are more basic problems that hamper your plans, like a computer crash or a DSL line going down. In the end, you must psychologically accept the fact that there are some risks that you can't control. You may not be able to completely avoid all possible risks, but you can take steps to reduce risk. For example, by setting a stop loss you can determine how much loss you are willing to take. It may take some skill to know where to place the stop loss so you won't get prematurely "stopped out," but in principle you can reduce your risk by deciding a point where a loss is great enough that you would rather close the trade than continue. You can also reduce risk by avoiding thinly traded stocks. Even the most brilliant trading plan will fail if there aren't enough buyers and sellers to make it work. Reducing risk can be a matter of choosing the right stock. And if you are especially risk averse, you can stand aside until there is a strong bull market. But whatever you decide to do, always remember that you have choices. You can decide how much risk you want to take. By matching the amount of risk you take with your tolerance for risk, you can trade more calmly, and that usually means you'll trade more profitably.
I think most of us here at MMG are pretty risk tolerant
Hoping to catch some massive waves today. The more I practice, the more I start to realize just how tough it is to make a profit.....
Ouch! This one hurt pretty bad. Thank goodness it was a demo account
GBP/USD Looks great Thanks QUOTE(mikeyp2 @ Apr 18 2005, 08:56 PM) Looks great Thanks [right][snapback]220488[/snapback][/right] Mikey, I love your car. Is it a 70 cuda? Back on topic, Uncle Jesse I never have had luck trading the GBP/USB pair either. For some reason though, have always done well on USD/JPY pair. QUOTE(unclejesse @ Apr 16 2005, 03:28 PM) I cant seem to find a guide to each of the indicators, ie: what they are, what they tell you and how they help you determine buy/sell. Can anyone point me in the right direction? There must be a eBook or a simple guide to learn about them? Also, I would like to start off small with one or two indicators and work my way up to all of the ones that Dude has listed. Which ones should I start with (easiest to understand) Thanks! [right][snapback]218338[/snapback][/right] The Investors Guide to Technical Analysis Trading for a Living, Dr. Alexander Elder The Complete Guide to Day Trading STOCKS Janke Bernstein (stocks but technical analysis principles are the same) Hit up the library. 
QUOTE(unclejesse @ Apr 18 2005, 06:38 PM) Ouch! This one hurt pretty bad. Thank goodness it was a demo account GBP/USD [right][snapback]220443[/snapback][/right] You should be really glad that this is a demo account!!! You see, when you lose money in this, there is no one to blame but yourself!!! That can hurt real bad sometimes, probably give you a mental breakdown!!!  only kiddin!!! like you said, all MMGers are risk TOLERANT!!!!! QUOTE(daniel_arch @ Apr 18 2005, 10:47 PM) You should be really glad that this is a demo account!!! You see, when you lose money in this, there is no one to blame but yourself!!! That can hurt real bad sometimes, probably give you a mental breakdown!!! only kiddin!!! like you said, all MMGers are risk TOLERANT!!!!! [right][snapback]220737[/snapback][/right] Well, I recently entered the forex market like six days ago...Got tired of doublers...So I needed something new to retrieve my losses... ....Well, I joined refcofx....It had a demo acct. of about 50,000....That should give me some avenues of experimenting in the business....My main strategy is minimizing my losses..Getting profits will come in due time..But losses can be detrimental...During the first day of trading I lost about 3 grand....Starting playing around with stop/losses and trail stops....I had no clue which was normal....As the next 3 days came along did some more trades of about 3 or 4 the max...Lost another 3 grand...As the fifth day came along, I lost about a total of 10 grand...Good thing this was a demo.... As the 6th day came along....I finally cut my losses to more than a half....That day I was in the verge of losing about 1300 dollars....I only lost 45 bucks.... I dont rely too much on fibro and all those complex indicators...I'm that type of person who reads headlines on the news...Anything that's positive with that particular currency i go for it....Anything that's negative I stay away.... If you adjust your stop losses the right away....Especiallly your trail stops....those can be helpful....Another thing is always look at your charts....If you see a good trend going on your currency, profit is heading your way..10 or more pips above your open buy is good Luckily I play offshore gambling....They have live betting which acts like the forex also..So it gave me an idea of when to buy and to sell.... SO STICK TO WHAT HELPS U....
who all here use oanda
i do recommend it for nu traders, its easy to learn when you are a forex virgin. i have never had a major slipage with oanda, at least not since last 4 months another thing that i can recommend is watch the trends, draw trend lines, that surely helps at times. and, why is my sig not showing in my posts ?????
what is oanda ?
QUOTE(unclejesse @ Apr 23 2005, 04:01 PM) what is oanda ? [right][snapback]224717[/snapback][/right] www.oanda.com you can open a free demoaccount there.
Where do you play your offshore gambling? What is the name of the site? PM me if you'd rather. I know this is off topic...
QUOTE(sugal534 @ Apr 23 2005, 12:56 AM) Well, I recently entered the forex market like six days ago...Got tired of doublers...So I needed something new to retrieve my losses... ....Well, I joined refcofx....It had a demo acct. of about 50,000....That should give me some avenues of experimenting in the business....My main strategy is minimizing my losses..Getting profits will come in due time..But losses can be detrimental...During the first day of trading I lost about 3 grand....Starting playing around with stop/losses and trail stops....I had no clue which was normal....As the next 3 days came along did some more trades of about 3 or 4 the max...Lost another 3 grand...As the fifth day came along, I lost about a total of 10 grand...Good thing this was a demo.... As the 6th day came along....I finally cut my losses to more than a half....That day I was in the verge of losing about 1300 dollars....I only lost 45 bucks.... I dont rely too much on fibro and all those complex indicators...I'm that type of person who reads headlines on the news...Anything that's positive with that particular currency i go for it....Anything that's negative I stay away.... If you adjust your stop losses the right away....Especiallly your trail stops....those can be helpful....Another thing is always look at your charts....If you see a good trend going on your currency, profit is heading your way..10 or more pips above your open buy is good Luckily I play offshore gambling....They have live betting which acts like the forex also..So it gave me an idea of when to buy and to sell.... SO STICK TO WHAT HELPS U.... [right][snapback]224496[/snapback][/right] QUOTE(jackncoke411 @ Apr 23 2005, 10:09 AM) Where do you play your offshore gambling? What is the name of the site? PM me if you'd rather. I know this is off topic... [right][snapback]224912[/snapback][/right] I goto world sports exchange.... QUOTE(sugal534 @ Apr 23 2005, 01:56 AM) Well, I recently entered the forex market like six days ago...Got tired of doublers...So I needed something new to retrieve my losses... ....Well, I joined refcofx....It had a demo acct. of about 50,000....That should give me some avenues of experimenting in the business....My main strategy is minimizing my losses..Getting profits will come in due time..But losses can be detrimental...During the first day of trading I lost about 3 grand....Starting playing around with stop/losses and trail stops....I had no clue which was normal....As the next 3 days came along did some more trades of about 3 or 4 the max...Lost another 3 grand...As the fifth day came along, I lost about a total of 10 grand...Good thing this was a demo.... As the 6th day came along....I finally cut my losses to more than a half....That day I was in the verge of losing about 1300 dollars....I only lost 45 bucks.... I dont rely too much on fibro and all those complex indicators...I'm that type of person who reads headlines on the news...Anything that's positive with that particular currency i go for it....Anything that's negative I stay away.... If you adjust your stop losses the right away....Especiallly your trail stops....those can be helpful....Another thing is always look at your charts....If you see a good trend going on your currency, profit is heading your way..10 or more pips above your open buy is good Luckily I play offshore gambling....They have live betting which acts like the forex also..So it gave me an idea of when to buy and to sell.... SO STICK TO WHAT HELPS U.... [right][snapback]224496[/snapback][/right] You are right! In addition to sticking to what helps, you should also propagate your skills and understandings within this community so that no one falls in to the same pit that you fell into, likewise, share your success and glory with others, so that you feel even better!!!!
QUOTE(daniel_arch @ Apr 23 2005, 12:04 PM) You are right! In addition to sticking to what helps, you should also propagate your skills and understandings within this community so that no one falls in to the same pit that you fell into, likewise, share your success and glory with others, so that you feel even better!!!! [right][snapback]225005[/snapback][/right] Thanks Daniel, that's I'm trying to do...making a network of friends and share ideas and strategies of being successful in this market...So far I'm absorbing all the helpful hints and freebies around this blog to keep improving day by day....What ever helps in your success stay with it...I'm more of a short term person in this market...Number crunching is my forte....So I dont mind stayin hours on the comp...  .... I keep my leverage at 100k...As I progress in the coming days and weeks...I'll level it up bit...Till I feel confident I can hang with the pros...If you wanna go all out in trading wit a demo go wit refcofx....50,000 is more than enough to play around.. ...Im not sure with the other sites...The reason I stayed with them is they had credibility and stability...So I wish all of you guys success...
And what do you think about this ones: http://mercury3.tradeodds.com/GB/PORTAL/CR8725 and: http://www.fxsol.com (They accept PayPal)
fxsol.com is a good one. I dont know about bet on markets though
|
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.