Forex - Who is going to jump in?

[Repulsor]

Its been all good till now. Invested $200. $100 allocated to copy another trader. $100 for personal trades.

Made $15+ today. More than happy.

 

[mirrorer]

Interesting to see so many IMers into forex trading. I see some comments about the use of indicators and my opinion is that they are a good and much needed tool, I have my own custom indicator I use, you should look into getting one made or find one you like but they are just guides.

The rest of my trading ideas come from watching the markets. That being said you should watch CNBC and or Bloomberg and understand whats going on in the markets. You need to get a handle on whats going on with the central banks. The Yen move last April is the perfect example any one paying attention to the BOJ made big money, myself included.

My suggestion is to find a good US based broker that is registered with NFA. That way you can check out their licence on the NFA and see what kind of complaints they've had, there are a ton of fly by night forex shops that will trade against you and hunt your stops.

And I saw someone mentioned algos, yes algos killed the retail broker and floor trader. Just watch CNBC when Rick Santeli give the bond reports from Chicago, the place is a ghost town compared to what it used to be.

And don't forget to pay yourself, if your making good profits then you should be making regular withdraws instead of adding on bigger positions. Good luck, glad I saw this thread, I've been busy and havent been trading for a while, now inspired to get back in as soon as I can clear my plate a bit.

Regarding indicators is a personal choice.
Regarding the media,i hate them,i really hate them,they always try to trick you.How many times those "experts" have been right? Maybe 1-2 in 20.After all,if they were really experts who could predict the market,they shoud be making serious money for their self and not jumpinb from one media to another.
Like another member from another forums said: "Expers are friends of big/fat cats,bidding at the media against you"

Best regards,
Tim

 

[OnlineA]

LOL Very low leverage 1:100...good luck with that. If your account survives 5 days, congratulations. Low leverage is 1:1, if you can double your account on that(10k+ pips), then trade at 1:10. I'm able to make 5-10% profit per week at 1:10, everytime I went higher, it didn't end up well, I tried even 1:100-200 and had weeks where I made 600-700%, but its just a matter of time to lose it all at that leverage.

 

[OnlineA]

price action trading can be very profitable, i agree. But i dont understand why you would not use indicators with it?
There is no reason not to use them, because they simply visualize the price action in whatever form you like

Indicators are a joke, why do do think retailers lose money? All use indicators, so how is it possible? Because the big banks and funds who move the market, couldn't care less of the lines retailers draw on their charts. lol

 

[subster]

I made big time losses on binary options. First I killed it and made 1-2k / a day, end of it all are now 5k debts. Now I started a sideproject promoting BO - CPAs making 300 per action to fill the whole BO made. CPA is the only real way to profit good with binaries and forex for the most of us - thats just my guess.

 

[mirrorer]

I made big time losses on binary options. First I killed it and made 1-2k / a day, end of it all are now 5k debts. Now I started a sideproject promoting BO - CPAs making 300 per action to fill the whole BO made. CPA is the only real way to profit good with binaries and forex for the most of us - thats just my guess.

Revenue from average cpa/user:
Binary Options :350$+
Forex: 550$+

 

[mirrorer]

LOL Very low leverage 1:100...good luck with that. If your account survives 5 days, congratulations. Low leverage is 1:1, if you can double your account on that(10k+ pips), then trade at 1:10. I'm able to make 5-10% profit per week at 1:10, everytime I went higher, it didn't end up well, I tried even 1:100-200 and had weeks where I made 600-700%, but its just a matter of time to lose it all at that leverage.

Sorry to hear that pal.Actually,leverage is not the problem,controlling yourself is.Leverage it gives just more power to buy more,with less money. 10 pips move at 1 lot (100,000 units) is 100$,no matter how much leverage you use.
Tim

 

[Wania]

The ONLY people who make money off forex in long run are forex companies themselves and their affiliates - it's the same as with casinos, but this time the odds are stacked even more aganist you.
Resarch shows that 90% of people who enter forex markets, lose their investements within first year. Now think about how much of remaining 10% are big corporation/banks employees with huge resources, research departaments and tools? Do you think you can compete aganist them ( forex market is zero-sum game - your profit always come from someone else's lose - there's no money created out of thin air here)?

Remember - The house always wins.

 

[mickyfu]

I like forex gambling, and eToro is the best for it, but make sure not to go big time on eToro, they are cnts, and will have you off, closing you out when you are well in the money, this is because eToro is a dealing desk broker, no matter how much they will probably deny this.

I gamble using their trader insight tool, if it is 90%+, I will bet on it and ride it out.

 

[mirrorer]

The ONLY people who make money off forex in long run are forex companies themselves and their affiliates - it's the same as with casinos, but this time the odds are stacked even more aganist you.
Resarch shows that 90% of people who enter forex markets, lose their investements within first year. Now think about how much of remaining 10% are big corporation/banks employees with huge resources, research departaments and tools? Do you think you can compete aganist them ( forex market is zero-sum game - your profit always come from someone else's lose - there's no money created out of thin air here)?

Remember - The house always wins.

I agree.The fail rate in IM is the same or even bigger.

 

[OnlineA]

Sorry to hear that pal.Actually,leverage is not the problem,controlling yourself is.Leverage it gives just more power to buy more,with less money. 10 pips move at 1 lot (100,000 units) is 100$,no matter how much leverage you use.
Tim

No offence, but you have no clue. At 1:200 and a tight margin, a trade goes 10-15 pips against you and the broker closes the trade(real broker, not dealing desk jokers as Oanda, who are not even on the market), its not about self control at all. Even when I'm right at the trade and it goes 100-150 pips in my direction, its a matter of luck to get an entry point that it exact to the pip. In many cases, there is stop loss hunting 20-30 pips lower or higher before the trend goes the expected way. Sometimes 50 pips. And yes, 1 lot is $10 per pip, but no matter what leverage? Its different to trade that 1 lot with $1k in the account and $1mil in the account.

 

[Repulsor]

LOL Very low leverage 1:100...good luck with that. If your account survives 5 days, congratulations. Low leverage is 1:1, if you can double your account on that(10k+ pips), then trade at 1:10. I'm able to make 5-10% profit per week at 1:10, everytime I went higher, it didn't end up well, I tried even 1:100-200 and had weeks where I made 600-700%, but its just a matter of time to lose it all at that leverage.

Using 1:50 Leverage on all my trades. Account is just fine. Well, I get your point though. Being a starter I am jumping in with caution, and close trades without much profits. Just making sure I am not at loss. Thanks for the tip though, I get your point.

 

[mirrorer]

No offence, but you have no clue. At 1:200 and a tight margin, a trade goes 10-15 pips against you and the broker closes the trade(real broker, not dealing desk jokers as Oanda, who are not even on the market), its not about self control at all. Even when I'm right at the trade and it goes 100-150 pips in my direction, its a matter of luck to get an entry point that it exact to the pip. In many cases, there is stop loss hunting 20-30 pips lower or higher before the trend goes the expected way. Sometimes 50 pips. And yes, 1 lot is $10 per pip, but no matter what leverage? Its different to trade that 1 lot with $1k in the account and $1mil in the account.

Well,i am talking always about good money mangment too.I know that tight margin will kill you if you have mircro/tiny account.
When i answered,i answered just regarding numbers.Not regarding capital and money managment.Also my point was that leverage is just buying power,which in the wrong hands,can kill you,in the right hands can make you money. Conclusion: Leverage does not kill you,is money managment and everything else that kills your trades.
May the pips be with us

 

[| ALIEN |]

Well it's nice to see a trading discussion here. I do a little trading on the side. It's mostly price action trading in larger time frames. My trades are usually ok, but no larger profits yet due to my small trading capital. I'm going to look into binary options as well in the next year.

ps. like mirrorer said, leverage is not your enemy, but bad money management is. For all I know my leverage is 1:1000 and I never risk more than 20-30 bucks per trade(i.e. I calculate the stop loss like this and it depends on your trading capital)

 

[sexwork101]

I have a 50K practice account I am running since last week. My biggest gain was $265 my biggest loss was $75. I really don't know what I am doing but I don't appear to be moving much considering I have 50K in there.

 

[imtiaza20]

Funded the account with $100 today. Will start trading soon.

I am also looking to start a Fore account soon. What progress have you made in your tradings?

 

[sephoral]

Hi, I can give you few tips as I'm in the forex market since 5 years now.
I'm running the biggest french forex website and I traded a bit to know the requirements

Advice 1 : Don't pretend you are a trader or your confidence will screw you up!
Advice 2 : Don't get greedy or trade with high leverages or you'll screw up
Advice 3 : Even if there is a lack of psychology simulation, Trade demo again and again
Advice 4 : Only work with regulated brokers (MiFID is the safest and the more expensive license, CySec, AMF, etc...)
Advice 5 : Stay away of binary options. They win on your losses... I know them personnally and I met lots of them physically... Stay away from it Or if ever you are sure you want to loose your money, open an accout with my affiliate links
Advice 6 : Affiliation will you bring much more than regular trading if you know how make it work. I could help you


Regards

 

[abaddon86]

Anyone play a game called Gain by a company caked Nouse (I think)? It's not real currency trading but if you do good enough you get small payouts and it is completely risk free.

 

[Repulsor]

Back to the forum after a while. As far as the trading is considered, I banked something really good, and lost almost half of it later. Still was a good deal though. I am still continuing it in small scale and I do quick scalping.

 

[HelenStclair]

who ever is interested in share market,stock means complete commerce then he/she may start Forex trading but suggested used with Software like we Use Binary Option Pro.