GP
Full Version: FOREX FOR DUMMIES
MoneyMakerGroup > MoneyMaking: Markets, Real Estate, Banking, and Investments > Forex > Technical & Fundamental Analysis, Daytrading, & Other Strategies
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I have been trading a demo account for a little while now and i am almost ready to open a small account and just wondered if anyone had heard anything about this broker fastbrokersfx.com as they are the demo i have been using and they have credit card features and a reasonable spread.
GP
Havent heard of them. The general opinion round here is Oanda or Northfinance are the best brokers.
QUOTE(mutant dog @ Jan 26 2007, 08:21 PM) [snapback]3593212[/snapback] Havent heard of them. The general opinion round here is Oanda or Northfinance are the best brokers. Thanks for that mutant dog and one other question that i have is i have come across the term scalping a bit and wondered what it means? GP
Scalping as a term is often used to mean different things, generally speaking scalping is very short-term trades for a small number of pips, usually 10 pips in less than 5 minutes. This is the sort of scalping that brokers dislike.
Sometimes people refer to scalping techniques that are infact just intraday systems for sideways movements.
easy-forex is also pretty good
this site teaches you step by step
hi everybody.. i trade forex for living.. i trade for personel only and as i see this thread so popular, i think this thread can help me in few tips by expert here..
i trade in North Finance as here accept egold. Good luck everybody!! Hope we will get +ve pips everyday..
i really appreciate and enjoy the post as i am a complete newbie in forex trading. i am actually in this forum to learn from those has been there before me. looking forward to read more of this type of post.
There are many ways to trade forex but I don't recommend relying on your feelings
    you need a plan and stick with it .gif) There are several ways to trade correlated pairs (Eur/usd and usd/chf for example) where you can hedge your investment and limit you losses Volatility is your friend in a hedged position just have a plan and stick to it Its better to set limits to give 10% gains and end up with them than let your emotions get you into a margin call Under most conditions if your trading with minimal funds its better to use lower margins 10%-20% and higher leverage . Some allow as much as 400:1 leverage but thats not for everyone Just some thoughts keep up the good post GOOD TRADING  Buy the way great sight in your sig MUTANTDOG
Can anybody help learn forex, i am very interested of learning and was wondering if you could recommend me a broker which has like a automated advice kind of interbank fx but i cant the expert advisory to work
QUOTE(peste19 @ Apr 8 2007, 05:24 PM) [snapback]3945618[/snapback] Can anybody help learn forex, i am very interested of learning and was wondering if you could recommend me a broker which has like a automated advice kind of interbank fx but i cant the expert advisory to work take a look at forex.com they have allot of options and a good training course (I think its $100 now) but thats still pretty cheap compared to trading blind I think the demo account is limited to 30 days but they do allow mini accounts ($250 min.) hope that helps
Hi, I will like to receive the strategy to see how it works. Thanks. Goodgem
QUOTE(mutant dog @ Jan 26 2007, 05:21 AM) [snapback]3593212[/snapback] Havent heard of them. The general opinion round here is Oanda or Northfinance are the best brokers. I use Northfinance primarily and like them. There are a couple of brokers that may be good for very small investments to start, liteforex.org accepts e-gold and offers micro lots, a $1.00 deposit is shown in cents which allows you to make real live trades but without risking large amounts of capital. Also forexclub offers a $100 signup bonus, you cannot withdraw from this $100 but you can withdraw profits you generate from this balance.
is this program working for anyone?
Hi group....
Here is another "Forex for DUMMIES" program... This is a system of hedge and arbitrage where one pair offsets another corresponding to less risk, and gaining interest on holding, of course, you use whatever you are comfortable, 200:1 , 400:1 and any margin, but I stay conservative with 200:1 and 8% to 12% margin and have done very well since Sep 2006, in fact, the best I have ever done using serveral systems before it. This simple hand-free system also allows newbie trading their own currency accounts just HOURS after joining. Here is why... - It required no research - It required no charts or graph to read - No class, no seminar, no CD/books for references - It does not required you to stay up late nights looking on computer screens - It required just 20 minutes a week to manage. No suck up of your time - It takes the guesswork out of investing - It takes care of mo.ney management and most importantly the Trading Psychology - It is an investment system that combines the best trading strategies that the profitable (5%) elite professional investors use - It is investment system that came with one closely guarded built-in technique that the highest paid professionals and Investment Bankers use to make mo.ney in the market no matter if the Markets go, up, down or sideways. - an investment system that make it so easy to tap into these global markets, that "A Complete Idiot could make huge mo.ney in a single day" Well I don't mean that you change your existing strategy, but just have an open-mind and take a look, and you will glad you did that. Go ahead and put your credit card back in your wallet! and watch the two 10-minute videos presentation via the link below, so that you can see for yourself these powerful concepts before you have to spend a dime! ...Then go ahead to signup the 15 days free trial to test drive the system yourself. This could be what you have been looking for. http://www.cocoonz.net/fdrfrmmmg.html For your info, I am a newbie and I used this system to make 70% investment return in 4 months....not just that, many American and Canadian have been using this system to make big bucks..... Well, like I said why not take the opportunity to try out see whether if it work for you since the startup cost is not high, rather than you pay few thousand dollars up-front to attend some expensive classes and you do not know whether the strategy work at the first place... If you need more info, email me direct at brandon.liew@cocoonz.net as I sometime outstation and have limited access to internet to reply to this forum. Regards QUOTE(jwpdad @ Apr 19 2007, 01:58 AM) [snapback]3992117[/snapback] I use Northfinance primarily and like them. There are a couple of brokers that may be good for very small investments to start, liteforex.org accepts e-gold and offers micro lots, a $1.00 deposit is shown in cents which allows you to make real live trades but without risking large amounts of capital. Also forexclub offers a $100 signup bonus, you cannot withdraw from this $100 but you can withdraw profits you generate from this balance. for me fxegypt is the best..i already trade at northfinance before but when northfinance not accept e-gold anymore,i change my brooker..  very fast transaction whether deposit or withdrawing..if anybody have any comment please tell me..they also have support in msn,skype,yahoo messenger and also email.i like this brooker also because they will sent me the daily comfirmation about our trade everyday. If we have any confius about our trading we can make the comment.
Typically New Zealand data does not move the market but today saw 50-75 pip movement with an increase in the interest rate to 8%. were any of you guys in?
Great thread!!!
hi dude2007
I still new.. and I wanna download the indicator that u provided.. but it's seem like error.. I can't download it from the forum... can u help me.. thanks dude...
seem the indicator is no longer valid. already expired
QUOTE(chaoz @ Jul 10 2007, 05:52 PM) [snapback]4250212[/snapback] seem the indicator is no longer valid. already expired chaoz, Why did you say so? 
yes, i agree great thread. I've just joined and i already enjoy it:)
QUOTE(chaoz @ Jul 10 2007, 01:52 AM) [snapback]4250212[/snapback] seem the indicator is no longer valid. already expired Everything starts and ends... ;-)
hi, im totaly new here only thing i know about this currency trading is from this forum.so, can someone tell me how can i start playing that.what program to download and some guide book for using it.can someone u send me link. tnx.
I really dont know how u can luse money from converting courrency if u playing smart and patiently. From my point of view and strategy u can only build your money. buy some courrency when goes low compare to other , sell when goes high compare to other. Like everithing else for making profit.So, if u play safetly you can earn low profit if u play with few courrency. but with some time spended playing it u can watch more and more courrency so more chances to collect money faster.never sell courrnecy for less than u exchange it., So i think u cant luse money, but u can collecting it very very slow if ure noob like me, but spending more time playing and watching courrency goes up and down u can collect money faster.maybe im wrong , but now reading about that i have to try it. but im only scared if its not some sort of sham(90% of people lusing, weird). i mean u playing some sort of virtual trade courency money on internet(its softwer like automats in casino it can be programmed in some ratio)and u put real money to some borkers or what.
What books are recommended for beginners in forex trading ?
QUOTE(jezzy @ Sep 8 2007, 04:29 AM) [snapback]4388390[/snapback] What books are recommended for beginners in forex trading ? I like Raghee Horner books. But I have found a known great learning program at NFA: http://www.nfa.futures.org/forex_training/...t/coverpage.htm It's free. QUOTE(jezzy @ Sep 8 2007, 04:29 AM) [snapback]4388390[/snapback] What books are recommended for beginners in forex trading ? Hi, friends I think in forex trading, we are dealing with probability and not certainty. And with a good money management skill and high probability trading strategy with discipline, you can make money in a monthly basis. In the market right now, there are some forex trading ebooks claim that it could make you money. My practice normally is to buy it and carefully review it if it lives up to its expectations. If not, I will make full use of the 2-month money back guarantee to claim back my money. Period. So, in short hundreds of testimonials in the website are meaningless because you can't verify them. If you are a newbie, the easiest way to make money trading forex is to learn from someone who is successful. So, by practising on your demo account with the newly learned strategy, you will grab a feel on how to fire your trades in a proper way and with good discipline. See the link below for more info: 5 minutes exploring this site will change your trading life forever http://www.extra-income-online.com/recommends.html QUOTE(unclejesse @ Jul 26 2005, 09:12 AM) [snapback]339545[/snapback] Too bad I have been breaking the rules of this sytem and loosing lots of money. Time to get back to basics Good thing you learned from your mistakes.. experience and learn! learn and experience.. Good luck to everyone 
QUOTE(sweetforex @ Feb 21 2008, 12:10 PM) [snapback]4697913[/snapback] Good thing you learned from your mistakes.. experience and learn! learn and experience.. Good luck to everyone The guy you are giving advice to is an experienced news trader. Why did you bounce this thread?? QUOTE(mazdaz @ Feb 23 2008, 08:00 AM) [snapback]4701511[/snapback] The guy you are giving advice to is an experienced news trader. Why did you bounce this thread?? lol, he is bouncing many old threads 
QUOTE(a_bu @ Feb 25 2008, 01:10 PM) [snapback]4706659[/snapback] lol, he is bouncing many old threads You can probably expect a nice sales pitch from him soon. 
Hey, good links. Thanx. Try Stock Trading Giude Very informative!
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Excellent post! Lots of great info there!
In addition to what you're talking about I suggest newbies check out this site... There is nothing to buy or sign up for here, it's just a free training course of how to forex trade. If you're completely new and want to know the basics check this out. http://www.golearnforex.net/forex101/intro.html great post! great tips! QUOTE(frankyfigs77 @ Mar 16 2008, 01:06 PM) [snapback]4754618[/snapback] Excellent post! Lots of great info there! In addition to what you're talking about I suggest newbies check out this site... There is nothing to buy or sign up for here, it's just a free training course of how to forex trade. If you're completely new and want to know the basics check this out. http://www.golearnforex.net/forex101/intro.html great post! great tips! thank you for the site, appreciate you
yes, its quite informative i see
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No sane person would jump into the forex market blindly. You might as well set your money on fire if that’s what you’re going to do. Sensible investors study the market carefully first, learn the ins and outs of currency trading -- and even then, before they launch into it, they devise a smart forex trading strategy.
The market is constantly changing and is not always predictable, true. But you still need a strategy, one that allows for unknowns and surprises.Your strategy should begin with how much money you can afford to lose. That may sound like a negative outlook -- after all, the goal is to MAKE money, not lose it -- but common sense tells you that the forex market is a gamble. There are precautions you can take that will make you less likely to lose your initial investment, but there’s no way to guarantee it. Your strategy must allow for the possibility that you’ll take a bath, and for that reason you should never invest more than you can afford to lose. Another good tip for your trading strategy is to avoid putting all your investments in one currency. What’s the old saying about eggs and baskets? Yeah, don’t put ‘em all in one. Spreading them out makes it much, much less likely that you’ll be wiped out, the way you would if you relied on one currency and it bottomed out. As you prepare your trading strategy, make yourself aware of what the market is doing right now. Is it trending upward, or downward? What’s the general mood among traders? They all have a strategy, too, and are eager to know what others are thinking. Consider also what your timeline is. How long do you want to stay in the market before taking your profits and getting out? Your strategy must also involve learning the timing of the business. Timing is everything: Too late or too early and your potential profit evaporates. As you learn to gauge the market and make trades at just the right time, your profits will increase. A good strategy will factor in this learning curve and allow for a few mistakes at first. Above all, to prepared to accept surprises when it comes to forex trading. Strategy can only get you so far. The rest is ingenuity and a little bit of luck. orex education for beginners and advanced Forex tools for experienced traders. ! QUOTE (dude007 @ Mar 15 2005, 03:18 PM)  <span style='font-size:14pt;line-height:100%'>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 :lol: :lol: . 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. </span>helpful advice QUOTE (frankyfigs77 @ Mar 16 2008, 08:06 PM) Excellent post! Lots of great info there! In addition to what you're talking about I suggest newbies check out this site... There is nothing to buy or sign up for here, it's just a free training course of how to forex trade. If you're completely new and want to know the basics check this out. http://www.golearnforex.net/forex101/intro.html great post! great tips! Thanks a lot!
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