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Thread: Im new Heeeeeelp

  1. #1
    Hello everyone, I'm new in here and to say the very least, this is the very best source of Foreign Exchange knowledge I've come across online, I don't think I will waste my money on buying books unless its written by a member of this forum, ty all for donating your views and trading ideas, I'd love to thank Jim for his chart analysis, I really dint understand much about charts until I read that thread. Ok I have a few things I'd like to clear before I go trading live. It is worth mentioning here that I've been around several demo accounts with different brokers for over than 5 weeks.



    - What would urge be the first capital investment required? I've tried trading with miniature demo accounts and I've found that starting small in Foreign Exchange isn't a good idea since it doesn't give you much space to maneuver the motion of the market, I exchanged $ 25,000 demo accounts and did well.

    - What broker is best to take care of? I am hoping I don't sound like I am soliciting here but out of all I feel that forex.com has the most user friendly trading platform.

    - Which broker's platform generates the greatest charts? I like the charts Jim utilized in my own thread but I don't know what he used for that.

    - Can I really trust online brokers together with my money? Have there fraud incidents where brokers went belly up and traders money was a part of settlements?

    - What is the ideal percentage I should aim at to grow my funds with?



    That's it for today ty in advance to for all replies.



    Regards.



    Walid

  2. #2
    Hi good luck to you.
    Start small. Trade one lot and only 1 lot to begin with. Keep your risk to a minimum around 0.5% is good. If you can trade consistently at this level after a little time increase your position dimensions. It's not necessary to bung $25k into account at the start, try a grand or 2. It is going to stop you from losing your bankroll on a dumb mistake. (you'll create a few, anticipate that.)
    When you play with real money ( assuming your egy is solid) it becomes a mind game. Remember that. Give yourself some display time to become aquainted with the markets. Reside yourself to the fact that it is going to take some time to learn this match, just like any other. Months, maybe years but stick to it by playing small. It is going to eventually make sense.

    So far as novels, look at the Joe Ross stuff (http://www.tradingeduors.com/), and Alexander Elder I've discovered they are the most helpful. Lars Kestner wrote a good one called Quantitative Trading Strategies that will be VERY useful if you would like to design your own systems. The Market Wizard Books are good but there is alot of reading between the lines. The more time you trade the more sense they make.

    For goodness sake do not get suckered in by individuals promising holy grail form systems. After 20 declines in a row it can be awfully tempting to hear one of those crooks and waist your time and cash. (I've been there)

    Brokers? Hmmm. Stay away form market manufacturers. The game is rigged in thier favour. No matter what they say, they do perform against you and they understand where your stops are. Forex is unregulated so whatever goes from what I've experienced.
    Rather go for ECN's such as Interative Brokers. They use more than 1 market maker (who in turn compete with one another) and making things more of a level playing field.

    Hope that this helps,

    Steve

  3. #3
    Quote Originally Posted by ;
    - What broker is best to deal with? I hope I don't sound like I am soliciting here but from all I personally think that forex.com gets the most user friendly trading platform.
    Regards.
    Walid
    I think Oanda should be a MM you seriously consider. The ability to fine tune your trade size, to 1c if you need also, lets you great flexibility in bolstering your trading egies. Additionally, unlike many MM's they aren't taking the other side. It is hedged out. Plus being a 100% digital platform signifies no re-quotes etc.. Better still, read their forums, so that you may get the good the bad. They don't censor their clients opinions (except where inappropriate)
    Even if you don't pick them have look at this link. They recently sent this out to most of their clients as h/copy, but it's now available online.
    http://fxtrade.oanda.com/billofrights/

  4. #4
    Quote Originally Posted by ;
    - What will recommend be the initial capital investment required? I have tried trading with mini demo accounts and I have discovered that starting little in forex isn't a fantastic idea as it doesn't give you much space to move the movement of the market, I traded $ 25,000 demo accounts and did nicely.
    Your initial investment ought to be an amount that you're prepard to lose. A lot of people feel that you should not risk more than 1% to 2% of your account on one trade and 5 percent to 6% of your account on total open positions.

  5. #5
    Quote Originally Posted by ;
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    Quote Originally Posted by ;
    What would urge be the initial capital investment required? I've tried trading with miniature demo accounts and I've discovered that starting little in Currency Market is not a fantastic idea since it doesn't give you a lot of space to maneuver the motion of this market, I exchanged $ 25,000 demo accounts and did nicely.

    Only put money which you could afford to lose. This does not mean that if you can manage to lose $25k, you go put them in just one account, NO. If your capital is big enough, diversify involving brokers. When you have 3 live accounts, it's easy to get into the market when two out of the 3 are either down, or else you can't get their servers. It happens.

    Starting small is the very best thing to ensure that you won't overtrade your account, and in the event that you formerly did this mistake, you're certain that you won't lose your trading money.


    It's not important if you start big or little, it is compounding which is important. Re-investing your profits is the key to growing your account bigger and bigger. If you're trading profitably, it is won't matter if you start small or large, you will end with your account bigger at the close of every year in both cases.


    Quote Originally Posted by ;
    -
    Quote Originally Posted by ;
    What broker is best to deal with? I hope I don't sound like I'm soliciting here but out of all I think that forex.com gets the very user friendly trading platform.

    I exchange with MG Financial Group. Lately, I have been experiencing some server problems at which their platform moves down for both presentation and live several times every day. Although they go down for a couple of minutes everytime, but this is not acceptable. I can take an entire blackout day, but I can't take hundreds of 5 minutes downtimes. Stability is the key here.


    I urge InterBankFX Oanda. I urge those two from the reputation. I'm trading a demo account with InterBankFX right now, but I never tried Oanda. InterBankFX is extremely stable from the platform point of view. The appliion is a mild one, lots of features, alerts, tracking stops, news, mail, they have quantity, although I am sure that it is hype, but I like the platform generally.

    I urge TradeStation too. You exchange what you would like to exchange, and get extra bunch of bonuses which are really usefull.

    Quote Originally Posted by ;
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    Quote Originally Posted by ;
    Which broker's platform generates the greatest charts? I like the charts Jim utilized in my own thread but I don't know what he used for this.

    Well, all platforms generate good charts. It's not the platform, it is the trader infront of the display who makes the gap

    Quote Originally Posted by ;
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    Quote Originally Posted by ;
    Can I actually trust online brokers with my money? Have there fraud episodes at which brokers went belly up and traders money was a component of settlements?

    I believe they answered your question but for much more info regarding this problem, please check out these threads, as we've discussed this issue over once.

    Https://forexintuitive.com/discussio...form-saxo.html

    https://forexintuitive.com/discussio...-ibook-g4.html

    https://forexintuitive.com/discussio...1-usd-jpy.html

    https://forexintuitive.com/forex-tra...940-kicks.html


    Quote Originally Posted by ;
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    Quote Originally Posted by ;
    What is the ideal percentage I should aim at to grow my funds with?

    This is dependent upon your character, and you're the only person who can answer this question. If you're conservative, you're likely to look for low to moderate percentages a month or a year.

    If you're aggressive and more of a risk taker, you will be looking for high percentages per month or per year.

    It's the egy you're likely to use to exchange the market that will decide the percent, but it is your responsibility to dump a conservative/aggressive egy or proceed with it.


    Wish you happy trading my own brother.

    Thanks,

    Nader

  6. #6
    Ty all for your ideas views.



    I just got back from a dentist appointment and still under anesthesia, so if what I'm going to say is absurd PLEASE attribute the doc ”twasnt me” lol (now you understand why I wish to trade, I still need to pay my dental treatement bills guy)



    I've tried the Onada and I think that it's not at all a user friendly platform, on the other hand the InterbankFX is simple to deal with.



    This is how I practiced trading, it may sound naïve, backward but it worked nicely for me to the demo, lets take for example the USD/JPY first of I look at the performance for the day and watch highs lows, if I'm somewhere near the low I'd buy my lots and wait, even when the market goes against me I average and wait patiently for it to shoot up market, now then if the market still dips I average and leave breakeven or using the minimum losses possible so I basically flow with the pattern of the pair. That is why I said I did well on the 25,000 demo account, it gave me enough space to average.



    Regards



    Walid

  7. #7
    You are averaging!!!! In Forex Markets ?????? This is suicide...I could understand people averaging in stocks or bonds, but I can not know people averaging in Futures or Forex. . .In shares and bonds, it's a pain in the buttocks, but in futures and FX, it's suicide. It is like jumping from a plane without a para, and trusting that you'll have a safe landing on the ground!!! ...

    My brother, from time to time, the trend goes up 2000 pips at a month or 2, and nobody can stop it, because simply nobody can. Take good care that averaging is really very very hazardous. The very best you goal from averaging is to breakeven, whilst FX ought to be a sport of profit, not breakeven.

    You will read the exact same view from many other traders over here, it's just normal. I never tried averaging neither in stocks, nor in FX. In stocks, I used to stay with losing positions, until they came back again. Although I am not doing this anymore now I cut losses shortly based on chance, but that I never pour good money after bad money as many say. Can I add to some LOSING trade? What's so good in it makes me add to it? After the transaction is dropping, all the fundamentals and technicals are against my view, therefore why should I stay with my view if I know that it's not right??

    Think of it this way, don't throw good money after bad money.

    Joyful trading brother,

    Thanks,

    Nader

  8. #8
    Quote Originally Posted by ;
    You are averaging!!!! In Forex Markets ?????? That is suicide...I can understand people averaging in stocks or bonds, but I can't comprehend people averaging in Futures or Forex. . .In stocks and bonds, it is a pain in the ass, but in stocks and FX, it is suicide. It's like jumping from a plane with no para, and trusting that you will have a safe landing on the floor!!! ...

    My brother, from time to time, the tendency goes up 2000 pips at a month or 2, and nobody can stop it, because no body can. Take care that averaging is really quite hazardous. The very best you aim from averaging is to breakeven, while FX should be a sport of profit, not breakeven.

    You may read exactly the exact same opinion from a number of different traders over here, it is just ordinary. I never tried averaging neither in stocks, nor in FX. In stocks, I used to stay with losing positions, until they came back. Although I'm not doing this anymore today I cut losses shortly based on probability, but that I never pour good money after bad money as many state. Can I add to a LOSING trade? What's so good in it makes me add to it? When the transaction is dropping, all the fundamentals and technicals are contrary to my opinion, therefore why should I stick with my opinion if I understand that it's not right??

    Think of it this way, don't throw good money after bad money.

    Happy trading brother,

    Thanks,

    Nader
    Yup, that Is Quite wise. If you're wrong, you're mistaken. Get out quick, put the loss behind you and begin to focus on the next potential trade. I believe the less time spent in the market the greater. The sole reason to maintain, is that there is a money making opportunity that is defined. If it does not pan out then requirements of your trade have changed. There's no purpose in being subjected to any risk and its imperative that you close our position.

    Regards,

    Steve

  9. #9
    Demo Demo Demo Demo Demo!!!!....

    Fight the urge to go live until you can always earn money on the demo software with what ever broker you select.

  10. #10
    Quote Originally Posted by ;
    Demo Demo Demo Demo Demo!!!!....

    Resist the need to go live until you can consistently make money on the demonion software with what broker you select.
    Well I do not agree with an excessive amount of demo account.

    A large - perhaps 1/3 - of trading is individual plogy and you cannot understand what will become your stress until it's real cash. Demo account would be to learn the platform not to learn how to exchange.


    Start small but begin with actual cash. The egy you construct is the one you'll be comfortable trading with it and you'll only discover the degree of anxiety you can accumulate with a real money account.

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