On the fxcm practice account, I start out with 5,000 and it allows me to buy 100(K) using $100, but on moneyForex which gives me 50,000 to start out with, the order box says 100, but I end up buying 10,000 (K)s worth of money. Why are the two systems different? The moneyForex one doesn't make sense. Can anyone help?
hang in there dazed101, You will get it...try to discover what the default leverages are in each platform...then make them the same.
the thing is that i overleveraged on the moneyforex account. first I made 9,000 on the EUR/JPY, then I lost 50,000 on my second EUR/JPY trade. Argh, I was hoping it would go up and it didn't! Which indicators do you use? Could you give me some tips?
dazed101, Remove hope from your plan, other than confidence in the baby steps you take to arrive to your vision. You need to formulate a plan. ET guests and members please be kind, you all had to start somewhere. dazed101. At this stage you need to discover the world of Forex and trading. I will not be able to help you yet. You have a lot of work to do. Let your passion fuel the hundreds of hours you are about to spend in your quest. You will long forget me and this thread. Michael B.
You need to step back as you suggested and learn some things. I am about 3 years ahead of you so I can empathize, I am new to this endeavor compared to alot of traders on this board. Start studying technical analysis. From what I have been told TA works very well on Forex. I on the other hand trade currency futures and TA works well on that too. Edwards and Magee and John Murphy wrote a classic on TA, find it on Amazon. Focus on moving averages and support and resistance lines, they have been the most helpful to me. Oscillators always seem to lag, but maybe I just can't get the right settings I would also suggest learning candlesticks, memorize the reversal patterns they work well in time frames 5 minutes and over. There you go that should keep you busy for awhile. Seriously, don't put your money at stake until you can consistently make funny money, because believe me, I am struggling to execute with real money sometimes. The sim is nothing like putting your hard earned $$$ at stake. Don't get frustrated. Everyone started off in your position, whether they admit that or not. After you learn TA and can apply it with good results, spend the rest of you trading book money on book on psychology. Mark Douglas is the best. I am going to buy Ari Kiev next.