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Forex - Who is going to jump in?

Discussion in 'BlackHat Lounge' started by Repulsor, Dec 11, 2013.

  1. Repulsor

    Repulsor Power Member

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    I have lately been intrested in Forex and its potential, well, both to make us more grands, and make us lose it too.

    I have been reading and rereading things for a while now, listening to news about the happenings affecting the market so and so and am going to step into trading tomorrow or the day after.

    I know there are Forex gurus in here and I would surely love some tips.

    I am planning to start low, and go through first few trades with very low leverage. (1:100 max)

    Maybe someone can make a skype group for this, so its better for us all.
     
  2. FUBSZ

    FUBSZ Jr. VIP Jr. VIP Premium Member

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    I actually tried Forex about a year ago, one crucial tip you must always keep in mind. If you make a losing trade 2 times in a row or lose 3 out of 5 trades then STOP cool off and come back the next day. Never ever think you can make it back, just leave it be.

    make a plan and stick to it no matter what, because the biggest problem you will have when trading is your emotions.

    good luck its alot of fun once you start making money :D

    if you have any questions PM me Ill try to help as much as i can
     
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  3. Repulsor

    Repulsor Power Member

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    True. Read, and set in my mind to put a Profit and Loss Limit for everyday. Once you hit that loss or profit for the day, stop for the day and come back next day. :)

    Yeah. Will put that into practice.
     
  4. swagthegame

    swagthegame Regular Member

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    I've been trading for 2 years.. The lower the leverage the better.. Setup a strategy, try demo for like a month jump into real money with a low amount i mean very low. Read Forexfactory forum the best out there. You can make alot money trading. Just be careful, also look for low spreads. The lower the better. Good luck
     
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  5. Repulsor

    Repulsor Power Member

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    Point taken buddy! :)
     
  6. bgp90

    bgp90 Regular Member

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    Yeah I agree with the already given replies.

    For me it was really helpful to sign up with a demo account and start trading on paper, so if you found some point where you want to jump in, write down your starting point and write down on what point you want to jump out. Later on check again and see if you were right. I did this for 3 months before I started real trading, it helped me alot. And if you see that you're wrong but still in the game(so that you didn't reach your stopping point) don't get in panic, stay calm. Maybe as you already know those markets can go really fast up and down.
     
  7. Eeter

    Eeter Registered Member

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    Started learning forex too recently. I'm not sure I can share links yet or if it's forbidden or what but I've found a pretty cool site that teaches for free so I'm following/learning from them.

    From what I gather, it's important to start demo trading quite early. A lot of people (me included) want to learn everything first then blast into the market right away and expect to make money. At first I thought like that, but when I finally opened an account I realized that I was making loads of mistakes. So now I'm on a demo account, chilling and trading when I have time.
     
  8. Dj Co2

    Dj Co2 Elite Member

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    I'll have to disagree with you. A lot of traders including me will tell you to start with a big amount. There's a reason to it, say for example you need $2,000 to live an ordinary life, so if you have let's say $100k in your account then that is 2% of your balance, you can easily make that but if you have $1k then that's a different thing. You will have to take more risks and that is how most of the beginners lose their money, they try to earn more with a little money.
     
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  9. GreyKnight

    GreyKnight Regular Member

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    I agree with you that beginners lose their money for trying to earn more with little money, but I disagree with your opinion that we should start big. The essence of starting small is not to earn much money, but to test the water first, apply what little we know, learn which techniques that suits us (there are hundreds of possible techniques) and basically doing some research. One bad call can vaporize your entire deposit if you are not careful.

    The thing about forex is not to be too ambitious, but not to be timid too. Don't expect crazy returns, expect moderate returns. Don't be too greedy, don't be too careful.
     
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  10. fabgonber

    fabgonber Newbie

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    Hi Everyone,

    I trade futures about 6 years ago (forwards in the money-market, to be specific, with direct line to dealing desk in the bank) and i win and lost a big money. You need practique, practique and practique (i always say: is a very expensive course), when you go in a demo account, you do not have emotions in the game, and the emotions are the big problem.

    My advice:
    1) Play one or two months in demo account
    2) Play one or two months in a real account only with 1.000 U$D and very low leverage, you need learn to trade with real money, you will lost the 1.000 U$D,
    3) Learn only one method and use it.
    4) Read, Read, Read,
    5) Read about money managment (very important topic)
    One aditional thing: put your metatrader client in a vps, and always program a stop lost.

    Regards
     
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  11. Dj Co2

    Dj Co2 Elite Member

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    To test the water you can get a demo account. Now I know it's not the same thing as trading with real money. What I want to point out is that, have you ever wondered why demo accounts usually have a big amount? If you had the ability to specify the amount you would like to start with and let's say someone starting with $1k in a demo account lost it all then these forex brokers wouldn't be getting much business, don't you think?
     
  12. kacperp94

    kacperp94 Regular Member

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    Actually 1:100 leverage is quite high. You should start with 1:20 max
     
  13. SPQR

    SPQR Elite Member

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    Ugh, stop giving me cancer. A better word would be 'expert' or something of that nature. Forex is something that I have been interested in a a bit of time now. Thanks for reminding me, going to look up some videos now.
     
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  14. GreyKnight

    GreyKnight Regular Member

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    Demo accounts have big sum of money so that the people using it can rectify their mistakes better. Losing $100 is easier than $10k. Technically, to study your techniques it's the same if you use demo account and the real account.But a lot of people have different emotion when they deal with real money. If you lose some real money, there is some strong urge to recoup that losses, leading to some irrational choice of position, while if it's on a demo account people will have better logic.

    But in the end, honestly it ends up with your own personal risk aversion level. If you like to play risky, just start up big. But what must still be remembered is not to put your expectations too high.
     
  15. Dj Co2

    Dj Co2 Elite Member

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    I agree. It's better to do a lot of research first then draw up a gameplan according to how much risk you're willing to take and then stick to that no matter what.
     
  16. Repulsor

    Repulsor Power Member

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    Funded the account with $100 today. Will start trading soon.
     
  17. Bulking

    Bulking Registered Member

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    Its a wealth transfer game, your loss is someone else's gain, that being said, 95% of traders aren't successfull, and almost all beginners blow there accounts really quick.
     
  18. davidzweber9

    davidzweber9 Junior Member

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    Forex is an unregulated market. Go play craps.
     
  19. HeavyHell

    HeavyHell Newbie

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    A demo account is only needed to master terminal.
    If you spend a lot of time to demo the result is relevant to the real money as in the demo.
    ps Many brokers spend almost weekly contests. Participate in them, that would understand his strategy. This will give less of a risk for your money, but understanding that the winnings in real money
     
  20. manking

    manking Regular Member

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    I did forex about a year ago, wasn't very successful, so I stopped