Discussion in 'Forex Trading' started by gblnking, Jan 17, 2007.
Does Forex follow the daytrade rule?
You mean PDT?
Is there penalties for trading more than 3 moves in a 5 day period?
Nope, you can lose all your money as fast as possible
Seriously though, Thats why you will find a lot of beginning traders in forex,
24 hour markets,
no Trade rules,
low or no commissions,
very low account mins.
Check out Oanda on how low you can go
Thanks for the info, I'll check out the broker.
Absolutely no penalties, no $25k compliance, no round trip restrictions, no comissions, etc.. None of that crap!!!
Just a few of the reasons why I switched over to forex.
Kiss Your money "Goodbye"..
I tried my hand in FOREX a couple years ago.
Looks easy, but it can turn on a dime.
You can be sitting on a big gain, then in a couple minutes be on a large loss.
Do you homework first...trade in the demo first to see if you can keep emotion out of the trade.
Set some rules and STICK to them...no matter what.
Don't let anyone scare you off. There is money to be made in forex as in any market, and money to be lost as in any market. Forex is a different beast but once you learn it you can do well.
Here are a couple of beginner rules for forex along with trading in general.
Not in any particular order but all should be learned and mastered
1. Learn money management. This is so critical.
2. Demo trade. almost all forex brokers have some type of demo. Do this until your making money, then demo trade some more.
3. Avoid trading the news, but watch all the major News releases. Learn from them and how they affect the market.
4.Learn what forex is and how it works.
5.Learn about specific indicators, and
demo trade them, try out new ones until you find a "system" or indicators that work well for what you are trying to do.
6. Learn the psychology of trading.
7. Create a plan and STICK TO IT.
Personally i have 1 live account and 2 demo accounts.
The live account obviously is for my actually trading with the system i have found to work.
The first demo indicator, is my "test live" account for a specific indicator/system that i feel might be a good addition to my arsenal. I try to trade it like i would if it was live.
And the second demo account is my experiment account. this is where i just test ideas, indicators just to see how they are working, not trying to make money but validate or invalidate them.
A five years' plan. At least.
Also what i meant from my plan was not necessarily a long term plan. which is always a great idea, but more along the lines of, how do you trade your indicator/sytem you have chosen. entries,exits,stops, limits etc.
when do you stop trading for the day,week, ie have you lost a certain amount, or gained a certain amount?
do you trade every day?
or just certain days of the week.
A plan like this helps you keep your emotions out of it. hopefully you will create a plan devoid of emotions when you are thinking critically and have much analysis.
that way when you are in the heat of the moment trading, you can look back to your plan and know what to do.
Plans can always change, but not when your actively trading. over time you may notice something wrong with your plan, and will revise it. do this while not trading so you can do analysis and think critically.
How many traders or yourself(myslef included) have made a great profit at the beginning of the week only to lose part are all of it.
For me personally, i have weekly daily and monthly targets(Loss and win). when this are hit, i stop trading, and do analysis and research the rest of the time. i am not saying this is what you should do, but for me and my plan it works great. If i hit a loss, it enables me to sit back and analyse the market and my system and see if there needs to be changes. if i hit the wins, i sit back and analyse my system again along with any new ideas i have going
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