oxonbeef
BANNED
- Jan 4, 2009
- 2,220
- 7,920
If you're asking that question you're asking the wrong one. The qestion you should be asking is do I have enough knowledge to trade?
My MT4
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Permanently Closed Marketplace Sales Thread
- Thread starter powerx
- Start date
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- Tags
- forex money easy
- Status
My MT4
lexmark
Junior Member
- Jul 30, 2009
- 197
- 90
My broker is in USA an official Co, reg by US Gov. they take 30% profits but make a 10% monthly average why should I switch to your services..??
sorry but an account is not enough proof for accepting deposits, usually 1 year records is needed for any trader.
let me know
Mark.
sorry but an account is not enough proof for accepting deposits, usually 1 year records is needed for any trader.
let me know
Mark.
hey guys nice coversation going on, though i'd add my 2 cent as a trader on a few questions out there.
first to powerx, nice thread man but I do have one suggestion that may help you out with your track record comments, with the MT4 you can sign up for a service that costs about $99 that posts your traded for the world to see your track record.
basiclly they provide you with a code you input into MT4 and every time you place a trade it gets sent to them and shows your track record, trade history ect. also gives you a chance to provide a full overview of your trading style.
$99 per month is a lot less expensive than becoming an NFA member and registering as a CTA, which is the only other way i know of to show a track record legally.
also someone asked about demo accounts vs live accounts, this may take a long time to explain properly so i'll be short, any questions let me know.
1. First thing to understand is that OTC (over the counter, also meaning non exchange traded) forex FCM's (the clearing firm you actually deposit money at) are some what like Casinos, meaning that for every fx postion you trade that have to X $amount in the bank, if you lose they can keep the amount you lose, minus fees they pay to the interbank market among other costs. In turn this also means they lose money if you win and request money sent home so hedge their positions in the market when you place a trade so if you do win they don't lose.
so the point is when you place a trade in a demo account they have no $ at risk and your trades are filled ASAP. In a live account the trading system is set up in a way that if they cant hedge a postion in the market your order never gets filled. Other tricky things they do is widen the spreads or give you bad fills, called "slippage"
Please keep in mind that this is NOT ALL FCM`s and NOT ALL Forex Traders and this in no way is saying that IBFX does this, because I Don't know them and have never done business with them.
A very valid question was asked about why traders, if making so much money dont trade themselves and keep all the money. Or something to that effect.
Ans. Pt1 NFA members are not allowed to trade their own account while trading client account, I cant remember the SEC rule about this. This is to aviod a conflict of interest, example your a broker with a trade on in xyz, trading is tight and if you sell too many positions it will drop the price of xyz, so which poistions do you try to get filled, yours or your clients, a real moral issue for some.
Pts2 OTC money managers or offshore brokers (regulated buy other regulators) who maybe able to trade in their account as will do both for many reasons, but one is pure financial gain. example if i have manage $100,000 of my money and can make X $amount per month that's great, but if i take on 100 clients who in trust me with $10,000 now i manage $1,100,000. And the risk can be managed better, at least in my opinion more money = better risk management.
Also Forex, or ANY kind of trading/investing is always high risk and you should only trade with money you can afford to lose, this is a blanket statement required by all brokers/money managers but is a really big issue.
So what dose it really mean, besides the obvious it also means if you lost $10,000 who would it affect you both financially and emotionally.
Also more leverage dose mean higher percentage gains on smaller price moves but the reverse is also true, it means bigger losses if it goes the wrong way.
Now in no way is this trading advice (not the place for it) but what i do is #1 ALWAYS use stop losses (this is never a sure thing) #2 Use hedging, example for every 3 xyz long 1 xyz short or 5:1 ratio depending on market conditions. MT4 is good for this but no all dealers allow it and some even reduce your margin (a good thing) another example 3 EC long 1 USD index long. #3 plan you trades and trade your plan. #4 if you can change you screen from showing $ profits or losses to Points, trading in points vs $ helps take the emotions out of the trade.
Hope this helps
first to powerx, nice thread man but I do have one suggestion that may help you out with your track record comments, with the MT4 you can sign up for a service that costs about $99 that posts your traded for the world to see your track record.
basiclly they provide you with a code you input into MT4 and every time you place a trade it gets sent to them and shows your track record, trade history ect. also gives you a chance to provide a full overview of your trading style.
$99 per month is a lot less expensive than becoming an NFA member and registering as a CTA, which is the only other way i know of to show a track record legally.
also someone asked about demo accounts vs live accounts, this may take a long time to explain properly so i'll be short, any questions let me know.
1. First thing to understand is that OTC (over the counter, also meaning non exchange traded) forex FCM's (the clearing firm you actually deposit money at) are some what like Casinos, meaning that for every fx postion you trade that have to X $amount in the bank, if you lose they can keep the amount you lose, minus fees they pay to the interbank market among other costs. In turn this also means they lose money if you win and request money sent home so hedge their positions in the market when you place a trade so if you do win they don't lose.
so the point is when you place a trade in a demo account they have no $ at risk and your trades are filled ASAP. In a live account the trading system is set up in a way that if they cant hedge a postion in the market your order never gets filled. Other tricky things they do is widen the spreads or give you bad fills, called "slippage"
Please keep in mind that this is NOT ALL FCM`s and NOT ALL Forex Traders and this in no way is saying that IBFX does this, because I Don't know them and have never done business with them.
A very valid question was asked about why traders, if making so much money dont trade themselves and keep all the money. Or something to that effect.
Ans. Pt1 NFA members are not allowed to trade their own account while trading client account, I cant remember the SEC rule about this. This is to aviod a conflict of interest, example your a broker with a trade on in xyz, trading is tight and if you sell too many positions it will drop the price of xyz, so which poistions do you try to get filled, yours or your clients, a real moral issue for some.
Pts2 OTC money managers or offshore brokers (regulated buy other regulators) who maybe able to trade in their account as will do both for many reasons, but one is pure financial gain. example if i have manage $100,000 of my money and can make X $amount per month that's great, but if i take on 100 clients who in trust me with $10,000 now i manage $1,100,000. And the risk can be managed better, at least in my opinion more money = better risk management.
Also Forex, or ANY kind of trading/investing is always high risk and you should only trade with money you can afford to lose, this is a blanket statement required by all brokers/money managers but is a really big issue.
So what dose it really mean, besides the obvious it also means if you lost $10,000 who would it affect you both financially and emotionally.
Also more leverage dose mean higher percentage gains on smaller price moves but the reverse is also true, it means bigger losses if it goes the wrong way.
Now in no way is this trading advice (not the place for it) but what i do is #1 ALWAYS use stop losses (this is never a sure thing) #2 Use hedging, example for every 3 xyz long 1 xyz short or 5:1 ratio depending on market conditions. MT4 is good for this but no all dealers allow it and some even reduce your margin (a good thing) another example 3 EC long 1 USD index long. #3 plan you trades and trade your plan. #4 if you can change you screen from showing $ profits or losses to Points, trading in points vs $ helps take the emotions out of the trade.
Hope this helps
shapsp
Power Member
- Feb 15, 2009
- 743
- 559
Live Account - Real Money.
Emotions do come into play.
Be warned.
Emotions do come into play.
Be warned.
lol 5% of forex investors make money, like me. I make 30-60% a week. Low leverage if you ask me. On a $5000 account I play 1 lot = $10 a pip moment. I pull in about 5%-20% a day, 25-100 pips. I am doing so well that I have not even had a losing day! Its been 1 Month now and I am trading on a DEMO account. In fact I may give up blackhat and IM all together. Forex is much more profitable for me.
No I will not disclose my methods so don't ask. It took me 4 years to find it. I may sell signals one day but not sure if its worth my time.
Always demo trade FIRST!!! With tens of Thousands of techniques and systems, I am sure you will find one that works for you. It took me about 100 techniques before I found a true profitable one.
My goal is to start with a $1000 tax free investment account (new law starting in Jan,09 in Canada only
I LOVE CANADA!!!!
Good luck to all!
Canadians who didn't know about this tax free account starting Jan. 09, please THANK ME!
very very true shapsp, i should have said trading points vs $ "helps" with the emotions, at least for me it does
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