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Any Forex Veterans

Discussion in 'Making Money' started by Mokai, Sep 23, 2010.

  1. Mokai

    Mokai Junior Member

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    Hey,

    dont shoot me lol but i know absolutely nothing about forex trading and it sparked my curiosity slightly any really experienced forex traders who are successful or once were down to teach me the basics and some tips to get started?

    i can exchange some knowledge in the CPA world and making money online :p
     
  2. semutxander

    semutxander Newbie

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    you got to be kidding bro.. are you serious in FX? It's not as easy as you think bro but sure it can make you money with it. It's really a high risk business. I can surely share you my experience but is it allowed here?
     
  3. Mokai

    Mokai Junior Member

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    lol noo im not super serious about it was just extremely curious as to people's experiences with it and what not. Not saying i was going to do it, but always hear people talking about it and was curious of there experiences with it and wanted to know the basics but i just learned a lot about it and realize its complicated as shit lol not my cup of tea.
     
  4. hardinflash

    hardinflash Regular Member

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    Mokal,

    There's tons of good information out there. Grab yourself a practice account while your researching and teaching yourself. Then when you feel confident put up like 10k of your own money.

    I believe investopedia has a ton of information. Personally I think you have a better chance with the stock market vs. forex but I'm sure there's plenty of people that disagree.
    Posted via Mobile Device
     
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  5. Ransackedout

    Ransackedout Junior Member

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    Follow this good poster's advice..
     
  6. superspiderman

    superspiderman BANNED BANNED

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    I can hook you up with some good ebooks for background reading. The advice I give to people who are looking to trade is to think 'whats my edge?'

    Because without an edge in the game (Fundemental Knowledge/Technical Analysis/Global Politics) your up against some big players that may steamroll you
     
  7. semutxander

    semutxander Newbie

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    Well, if you want to study the mechanism of FX, perhaps you might want to look into chaos theory. There's a lot of method that have been developed using this theories such as Gann, Bill Williams method, VSA (Volume Spread Analysis).. to name a few. Personally, I think it would be better if you study this theory first and use it to confirm your Technical Analysis (Fibonacci, support and resistance, candlestick pattern, etc) before you place your positions or price.

    If you want to study about VSA, I think there's a book somewhere in the internet which covers the basics of volume analysis. You can try to search for Master The Markets by Tom Williams. I try to post it here but I don't know why maybe I think at my current level, I am not allow to post anylink here, sorry mate.

    Hope that helps.
     
  8. superspiderman

    superspiderman BANNED BANNED

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    VSA is more applicable to stocks than forex, as it is rare and hard to get an accurate picture of Forex Volumes as there is no one central exchange.

    Start small and understand moving averages and oscillators then move up to the hard stuff!
     
  9. stressfree

    stressfree Senior Member

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    i did it for 2 years. it was ok. Came up with my own systems etc... BUT and it's a BIG BUT...do you want to day trade for a living? You are tied to the quoate machine worse than any job...... I didn't want that long term. It helped me out whern I needed some $$$'s but I have switched to longer term trading again.

    This guy helped me out and was good:
    http://www.colintradeslive.com/
     
  10. plut0

    plut0 Regular Member

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    I was a trader quite long times. But Already get burnt on hand. Greedy always a common enemy. My previous intraday trading strategy just so simple... based on pivot point and fibonacci. Why i am stop on doing that ?? Because.. Some Spike Storm made me drawdown to the knee. :)
     
  11. semutxander

    semutxander Newbie

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    Agreed with your point, the closes forex can get with volume I think is thru the esignal charting service.
     
  12. waterman262

    waterman262 Registered Member

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    i reccomend you don't do what other newbies do which is jump around from many currency pairs. Pick one pair and study it as in depth as you can. Look at all the historical data and start understanding how and why it goes up and down. This can take years of study just to understand. Once you understand this and have a "model" of what changes will cause what you can start balling hard.
     
  13. iseegreen

    iseegreen Power Member

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    go join a proper fx trading forum

    global-view dot com


    at least you can speak with people there who actually trade.
     
  14. Mokai

    Mokai Junior Member

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    thanks guys, it honestly sounds really complicated and i dont like to jump into anything without feeling extremely confident so its something i just may read and research for a few months if my off time to see if i am still interested in it or not. Thanks for the feedback
     
  15. johnboyz26

    johnboyz26 Newbie

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    hi all, i was a forex trader for about 2 years,

    the truth it is just betting plain and simple 50/50 win or lose

    i was doing hedge trading, which is very safe compared to open trading, i used to do a gbp/chf hedge, go long on the interest paying account and go short in the interest free account (offered to muslim faith)

    was clearing about 40 dollars a day in interest, but i pulled out of it just in time. if i hadnt i would of lost over 25k usd, i did lose about 6k but got a way light.


    id stay well away from it now myself, i read for years all in about it, and its a long term losing game. i used to be on a the money tree forum. alot of them lost serious money


    just my 2 cents i been there and it is super stressful to stay the least!!!!!

    better of going down the horses and betting afew hundred that way!!!
     
  16. solar2010

    solar2010 BANNED BANNED

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    Some traders prefer to trade without using any indicators, and some base soley on Fundamental news. I prefer technical indicators.
     
  17. webguy

    webguy Newbie

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    Agreed, it's basically gambling and there are better ways to ensure continual gains.
     
  18. Whatthe?

    Whatthe? Junior Member

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    OP... there have been some good advice here... BUT, learning how to get into the market is only a small portion of trading. I would suggest FULLY understanding (asymmetrical) leverage, money management, and really the most important... psychology of trading. I've taken a few courses and next to NONE teach this. If you do trade by indicators (I don't pure price action) understand how the indicator is used to display on the charts. I just have found that less is more.

    A pretty good site to look into is forex factory... keep an eye on some of the threads that have been around for a bit... or better yet members with over 500 post... there is a ton of them.

    HTH
     
  19. tacopalypse

    tacopalypse Executive VIP Jr. VIP Premium Member

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  20. regcleaner

    regcleaner Junior Member

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    I found there are so many EA, is EA good for newbie trader?