New to Forex Trading...

Discussion in 'Forex' started by shipeichong, Aug 12, 2006.

  1. Hello jbt, I think you are right on the nose with this, I have had the same experience.

    The Ever venomous VIPER
    #21     Sep 2, 2006
  2. MACD


    Leverage -- Excellent Post !!!

    I trade in a similar fashion using a slightly different methods but your system cetainly works.

    What charting software are you using for your studies???

    #22     Sep 2, 2006
  3. I really hope fxet replies

    The Ever curious VIPER
    #23     Sep 2, 2006
  4. Investopedia and their writers there, have guided the online trading community for years...I am glad to hear you are a part of it...

    now tell me more about this position trading system of yours...

    Michael B.


    #24     Sep 2, 2006
  5. leveragefx

    leveragefx ET Sponsor

    Using TopGun Software.
    #25     Sep 2, 2006
  6. jbt


    No system. Just our discretionary calls. You should know I have seen more money lost on systematic trading than by any other means.

    #26     Sep 3, 2006
  7. How right you are I have similar experiences wherein the more I try to break even, the greater my losses become.
    #27     Sep 20, 2006
  8. Some suggestions: Have alot of money saved up when you go out on your own for your living expences, live cheaply, have a job to fall back onto if you blow up. If you can manage it without another job - that is better, although it gets lonely. Also, even when you have your trading capital, don't trade it unless you can watch the screen in real time for a few months. Hindsite trading is easy - but watching it live with hard earned (in the begginning) dollars for hours at time is something else..Undertrade as much as you can in fx - there are not that many tradeable moves and you don't want to be in and out in such a market - it's a bit wippier than most. Be ready to spend many hours in front of your pc, but not necessarily glued to it - you only want to be glued to it when price is in the zone. Use multiple time frames/screens and a good data providor, because the people on the other side of your trade probably are and it helps to know the odds a little better if you do. Don't rush - if your on a good thing you will be rich in no time.

    Fx trading does make you a little reclusive though, you will age faster than normal - so watch your health. Sleep will be messed up - especially in the US time zone trying to catch the Euro market open - you must be there at that time. 24 hour markets are intense - you don't know when the move is going to happen in the 1440 minutes of the day. Stay positive, if you find yourself looking at a chart pattern that you missed don't dwell on it too much - it is a form of self punishment that will not be beneficial. Get into higher time frames as your main. Take up yoga/swimming - change your life in everyway and the bottom line will come good. Firm determination. Can't stress how important this last point is - never give in. Undertrade.

    Hope this helps
    #28     Sep 20, 2006
  9. toby400


    Stop SPAMMING this and other threads:mad:
    #29     Sep 21, 2006
  10. glesga


    Yeah, seen the exact same text on other forums too. Don't buy a word of it.
    #30     Sep 27, 2006