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FOREX Beginners

Discussion in 'Making Money' started by avsfan151933, Mar 27, 2009.

  1. avsfan151933

    avsfan151933 Newbie

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    To begin with I do not want a whole bunch of newbies picking up some of the EA's I have posted and putting them on to a demo account and thinking they are the shit because they have an expensive system.

    It is important before you begin to trade even in a demo account to familiarize yourself with all the terms of FOREX, a simple google search will get you acquainted.

    The next step in my opinion would to begin reading about Fibonacci systems, and candlestick trading. These are basic systems and are pretty easy reads.

    Once you have got that down choose an online broker and sign up for a demo account. I recommend ibfx, just google it.

    Now begin trading and get comfortable with either your system or using indicators or expert advisers. I recommend you should trade 3 months and make absolutely sure you are comfortable with trading and your system.

    Now you should be comfortable to begin live trading with real money..

    Some things to remember.....

    All systems no matter how good you think yours is will lose money, the point is to just make more than you will lose. You have to accept the fact that you will lose money as well as make it.

    Do not rely on expert advisers, why? Because as good as they may seem to perform in a demo account take into consideration most EA's are used to running on a 10,000 $ account. Which means it's stop loss can go as low as $500-$1000 dollars, and take those hits. In other words they generally need a lot of money to be able to cover losses and adapt to the liquidity of the market.

    If using an EA always always always optimize it for your needs, this can be done with the strategy tester option. I will post more on this later once I have reached 15 posts so I can show you guys screen shots which will make the process 100 times easier rather than me trying to explain it.

    I will update this topic a bit more.

    Any questions? Feel free to ask away I'll do my best to answer and provide helpful advice.
     
  2. avsfan151933

    avsfan151933 Newbie

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    I have never used them personally but I have read good things about them, the best I could say is try a demo account see if you like them. Like I said I personally use ibfx