Forex Trading system
- Thread starter reddy
- Start date
gegejosper
Supreme Member
- Sep 1, 2011
- 1,356
- 104
, first, you should read and learn some tips and techniques from forex trading sites. This can help you with experiences. Don't jump into trading so quick when you have no ideas about that. This will be risky.This should probably be posted in the lounge.
Regardless I would definitely do some research and learn some strategies/systems before going live. In the mean time almost all brokers all you to create a demo account and trade fake money the same way you would with real money as a test to see how you do. I highly recommend getting setup with that. I use the Metatrader 4 platform which is very popular for use with automated trading software, but there are some other great platforms out there as well like the new MT5.
Regardless I would definitely do some research and learn some strategies/systems before going live. In the mean time almost all brokers all you to create a demo account and trade fake money the same way you would with real money as a test to see how you do. I highly recommend getting setup with that. I use the Metatrader 4 platform which is very popular for use with automated trading software, but there are some other great platforms out there as well like the new MT5.
blackhatchampion
Senior Member
- Dec 29, 2010
- 1,069
- 552
Looking for same. Any courses available.
ramanacore
Newbie
- Dec 5, 2011
- 20
- 14
Forget Forex. Seriously. You are going to loose lots of money.
First thing is that demo account and real accounts are completely different. On real account your broker bets against you, delays your orders, increases spread in the middle of transaction, etc. On demo account, I routinely make $1M+ from $100K lot in less than a week. But on the real account factors above come into play, and I've never managed to break even. Of course, you can go to a professional broker which plays more nicely, but it's going to require deposit at least $50k-$100k or larger.
Second thing is that lots of shaving happens directly on the floor. WallStreet gang has access to the market at the speed of miliseconds - yours is going to be order of a magnitude slower. WS is going to make 10 transactions before you will notice that something had changed.
If you want to play, go with stocks or better, with futures. Currencies are the least honest from all of these games.
First thing is that demo account and real accounts are completely different. On real account your broker bets against you, delays your orders, increases spread in the middle of transaction, etc. On demo account, I routinely make $1M+ from $100K lot in less than a week. But on the real account factors above come into play, and I've never managed to break even. Of course, you can go to a professional broker which plays more nicely, but it's going to require deposit at least $50k-$100k or larger.
Second thing is that lots of shaving happens directly on the floor. WallStreet gang has access to the market at the speed of miliseconds - yours is going to be order of a magnitude slower. WS is going to make 10 transactions before you will notice that something had changed.
If you want to play, go with stocks or better, with futures. Currencies are the least honest from all of these games.
trooper
Regular Member
- Jun 5, 2009
- 207
- 214
You do not need 50-100K to get an ECN (Electronic Communications Network) account. ECN are better because there is no "dealing desk" (where your broker bets against you).
Both MB Trading and FXDD (JForex -> Dukascopy) offer an ECN option.
FXDD = $250 minimum.
MBT = $400 minimum.
here is (just) one strategy to try/check out
Code:
[URL]http://www.investopedia.com/articles/forex/06/ECNmarketmaker.asp#axzz1jHAIDBYk[/URL][URL="http://www.investopedia.com/articles/forex/06/ECNmarketmaker.asp#axzz1jHAIDBYk"]
[/URL]Both MB Trading and FXDD (JForex -> Dukascopy) offer an ECN option.
FXDD = $250 minimum.
MBT = $400 minimum.
here is (just) one strategy to try/check out
Code:
[URL]http://forexbeginners.net/files/beginners/journal/Stop_Hunting.pdf[/URL][URL="http://forexbeginners.net/files/beginners/journal/Stop_Hunting.pdf"]
[/URL]ramanacore
Newbie
- Dec 5, 2011
- 20
- 14
Thanks Trooper for clarification, although I didn't mean ECN, but just a "nice broker". It's much harder to work on ECN, given the variable spread.
forexbrokers
BANNED
- Nov 27, 2011
- 35
- 1
if you want really learn forex so use fxstay book learn forex simple but note forex is too risky you must trade on demo account first for several months
Code:
http://www.fxstay.com/forex-book.html
NoirHat
Regular Member
- Feb 4, 2011
- 449
- 216
this is about 98% wrong.
anyways, learn about risk & money management first then learn about price action trading techniques.
The Forex market is a scam. There are no consistently profitable retain Forex traders.
No "trading robots" work.
If you insist on trading currency, trade currency futures. At least the futures market is regulated and you can't be screwed over by your broker like you can in Forex.
As ramanacore mentioned, Forex brokers bet against you. They manipulate their data feed to hit your stops and close your positions. This doesn't happen in any market other than Forex, because Forex is unregulated.
I expect to be flamed heavily for this post, yet no retail Forex traders will ever post audited account statements showing they are profitable because they do not exist.
Forex only appeals to "get rich quick" type of people.
No "trading robots" work.
If you insist on trading currency, trade currency futures. At least the futures market is regulated and you can't be screwed over by your broker like you can in Forex.
As ramanacore mentioned, Forex brokers bet against you. They manipulate their data feed to hit your stops and close your positions. This doesn't happen in any market other than Forex, because Forex is unregulated.
I expect to be flamed heavily for this post, yet no retail Forex traders will ever post audited account statements showing they are profitable because they do not exist.
Forex only appeals to "get rich quick" type of people.
LightSaviour
Newbie
- Jan 14, 2012
- 22
- 1
Gambling is not healthy Best advice of the day
Best advice of the dayLightSaviour
Newbie
- Jan 14, 2012
- 22
- 1
Hahaha
trooper
Regular Member
- Jun 5, 2009
- 207
- 214
Forex is not a scam. I am a "newer" trader (1.5 years invested - haven't quit my programming job yet), but I personally know full-time traders & have met them in person at their house. They have shared their strategies & indicators with me.
They trade their own $ accounts, do not work for anyone else, and have tremendous success.
I'M NOT SAYING IT'S EASY. The most successful one I know gets up at 3AM Eastern to trade. ("best" times to trade are 3am Eastern to roughly 10AM)
But, it can be done. You must treat it like a business and not a get rich quick scheme. Greed and fear are what destoyers traders. Also you must have good money management and understand things like stop hunters, etc. Don't discount it just because it's not a get rich quick, anyone can do it in 5 minutes, type of venture.
I agree 100%, trading robots DO NOT WORK.
If you want to make money in FOREX, then put the work in to understand it. Don't think there is some magic robot system out there. That's just scammer guru snake oil.
I think Forex is awesome and will never do Internet marketing again.
They trade their own $ accounts, do not work for anyone else, and have tremendous success.
I'M NOT SAYING IT'S EASY. The most successful one I know gets up at 3AM Eastern to trade. ("best" times to trade are 3am Eastern to roughly 10AM)
But, it can be done. You must treat it like a business and not a get rich quick scheme. Greed and fear are what destoyers traders. Also you must have good money management and understand things like stop hunters, etc. Don't discount it just because it's not a get rich quick, anyone can do it in 5 minutes, type of venture.
I agree 100%, trading robots DO NOT WORK.
If you want to make money in FOREX, then put the work in to understand it. Don't think there is some magic robot system out there. That's just scammer guru snake oil.
I think Forex is awesome and will never do Internet marketing again.
Code:
[URL]http://forexbeginners.net/files/beginners/journal/Stop_Hunting.pdf[/URL]