Does any one have experience with Forex ? | I'm gnna try this out :)

If your going into FX trading learn and completly understand "leverage".. ..you can normally get 200:1 which is fine, unless your trade is the wrong way.

Also look at the daily FX turnover value, those big banks eat small players before breakfast 24 hours a day.

The only way I found to make money was to scale in, and scale out on a trend with wide enough stops on the initial side to not get swept out, then let the trailing stop do the work. Run you profit, cut the losses, MONEY MANAGEMENT is critical.

Just look at a cable chart on any first Friday of the month when the US Jobs data comes out.

Good luck.
 
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If you are not planing to spend 10 hours per day in front of 6 pc monitors constantly monitoring currency value changes, forget it.

It is not easy sport at all, you need to learn a lot and to work even more.
 
have any of you ever followed the 'guru's and just copy what they do? I'm trying to find someone legit to follow.

my brother and 3 of his friends use to follow "thaner1" back in 2004.. they had to pay a monthly fee to get an email about what he was planning to do.. and what time.

but I'd like to find some more of these dudes to follow.
 
eeesh, some advice given by people who have never traded apparently.
(not all of it)

www.currensee (wondering wtf is going on with the site) is a community of REAL MONEY trading people...you can get good info there. No demos, no faking accounts.

you can trade with very little time each day, just trade higher time frames.
Most people who lose, close winning trades too fast and let losers ride hoping they will turn around.
And they have no system
 
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captchadreams said:
have any of you ever followed the 'guru's and just copy what they do? I'm trying to find someone legit to follow.

my brother and 3 of his friends use to follow "thaner1" back in 2004.. they had to pay a monthly fee to get an email about what he was planning to do.. and what time.

but I'd like to find some more of these dudes to follow.
Click to expand...

Have a look at zulutrade , its a big community of traders and investors , there are literally thousand of traders available for following with transparent statistics.
 
Forex is more about the psychology than method. You have got to be willing to lose a lot of money. If I were you I would pick up some book on psychology of trading and start grinding.
 
I think forex is a gamble, even for the 'experts'. Much better if you are spending clients money for a % of the profit.

it is good fun though & aslong as you are spending money you are willing to possibly lose you can't go wrong..

There are some good video tutorials, check out videos/books on candlestick charting etc..
 
money management&psychology is important...Read books,forums,stay in demo for a long time,although it is very different with real money.
I dont know about ebooks but you cant try books of Jack schwager...It really takes time to learn staying in profit...Well,lots of things to say abt forex but instead of forex I would choose stocks to learn to invest in long term.Forex ruined my nerves anormously :)
 
Hi,

Don't know what kind of investor you are and what level you are at, but if you are like me, I am looking for safe strategies.

I found 3 simple tips which I hope can help:

1. Only trade when fundamentals and technicals line up
2. Trading daily levels of supports and resistance with the market trend
3. Trade with low leverage and small lot sizes
(Note: I take these from the post here "http://foreignexchangewiki.com/forex-strategies/3-safe-currency-trading-strategies/")

Another thing I make sure I have is setting a stop lost limit so I don't get caught with my pants down...

Best wish
 
Lot of forex sites give Welcome Bonuses without deposit required.
Good way for start learning how it works without your main money.
 
you can do it. all you need is strong self discipline and focus... i m still trying!
 
captchadreams said:
have any of you ever followed the 'guru's and just copy what they do? I'm trying to find someone legit to follow.
Click to expand...

To actually answer your question... I know of someone. Me. I'll do it for zero, send you alerts while I trade myself.

I tried to explain more in this post but the forum system was finding rule-breaking errors in my post. I kept trying to adjust but I'm now fed up with trying.

So I pasted my full reply at a paste text website, yet the forum would not allow me to post a URL. Good grief. I am not selling anything but only trying to help.

I will try to send to you via PM....
 
Here is my full reply. Encoded. (Man this is annoying).

Pastesitedotcomslashplainslash44225dottxt
 
Captchanightmares,

You'll have to post your contact here somehow if you want me to send you alerts while I trade. I see that I cannot send a PM either, and I don't want to tinker around wasting my time posting to qualify for PM. I only came here to answer you specifically because of your request, and since the alerting person is me.
 
Here's another encoded attempt:

pastesitedotcom/plain/44225dottxt
 
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