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Blah blah blah about FOREX!

Discussion in 'Making Money' started by shark216, Jul 29, 2011.

  1. shark216

    shark216 Registered Member

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    I've seen my fair share of forex threads opening up here lately. I'm not saying scammers are lurking but be careful. The forex market is dangerous if you don't know what you are doing. The experienced traders are even more dangerous. They prey on those who are desperate and those who have been struggling to trade.

    Me, personally I would not pay one cent for a forex system. I am a forex trader, 7 years. I trade without indicators. Price action along with the right support and resistance levels is the only things you should be concerned with.

    Everything I've learned, I've learned on my own. Bottom line is most people want something handed to them....I make tons of money trading and If I were to ever advise anyone, it wouldn't be about the money....You can get a perfectly good system for $100...im jus sayin...

    $700 to $495,000 in 36 months is achieveable............forex is a slow process...Understanding money management and compounding your earnings is vital...the best system can be a failure if you don't understand money management...
     
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  2. Curt7

    Curt7 Junior Member

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    I've been involved in that, as well as futures. You can have several good trades wiped out by one bad trade. I was told that by a broker, but I didn't listen very well. Later on, it happened to me. That same broker told me the best thing to do, is to decide how much money I want to make today. When you do, get out of the market. That turned out to be pretty good advice.

    Personally, trading is too much of an emotional roller coaster for me. Up one day and down the next.
     
  3. shark216

    shark216 Registered Member

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    Trading can indeed be very emotional. However, good money management and the proper usage of stop loss will eliminate one single trade wiping out your account. The best thing to do is to focus on one or two good trades per day...don't overtrade!
     
  4. shark216

    shark216 Registered Member

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    If you are trading this is a live call here. Short eur/jpy at 110.600, take profit at 110.300, stop/loss at 110.750

    Here you are only risking 15 pips to gain 30. This is a live call. I will update the thread from time to time with live calls.
     
  5. monsieur

    monsieur Newbie

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    I agree there is a lot of sharks around this market but isnt there any good courses or method about forex or futures trading ?
     
  6. ``Yousef

    ``Yousef Power Member

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    I think a little bit of Warren Buffet's philosophy can be applied to any form of trading, whether it be currency, commodity, stock or anything else.

    "If you've got an IQ of 150, give 30 points away to someone else, because you really don't need them. What you need is emotional stability, and the ability to make choices based on rationality/reason and not emotion"

    ^ Not the exact quote, but similar enough.
     
  7. shark216

    shark216 Registered Member

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    I've coached others in the past but most of the time I'm too busy managing trades. There are courses out there, I like the Peter Bain Course I purchased 7 years ago. It teaches how to trade pivot points and price action...that's all I use today.

    Maybe in the future I'll begin to help others but people please be careful.
     
  8. BlackSeng

    BlackSeng Jr. VIP Jr. VIP

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  9. toyo

    toyo BANNED BANNED

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    this thread has probably been started because the OP wants PMs from people wanting to learn how to trade....

    otherwise, troll....

    lol
     
  10. shark216

    shark216 Registered Member

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    Mods, please close the thread..not my intentions.