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"Beginner" really need advice

  • #1
  • First Post: Mar 7, 2005 12:00am Mar 7, 2005 12:00am
Hello all Forex Forum Members!!!

My name is Rachelle, i'm 20 years old and i've been previously studying the stock market for about 7 months. Trying to study about stocks I came across Forex. I was amazed at the complete difference and the benefits of forex(no commission,24 hour market etc) Even though i've been studying technical and fundamental analysis, I'm still feeling lost!!!

I've been studying, reading books but I still don't understand a few things. I had a coach, but my coach stop answering his phone and would'nt return my calls !! (oh no !!!)

I'm really looking into forex, one is for its amazing potential for financial freedom and two to be my own person and not to be working day in and day out with little or no extra money or free time!!!

I sure hope things will come together for me, i'm really interested in all forms of investing and this may sound crazy but even though i'm not into the forex market yet, I find it a little exciting and fun and I can't wait to get started!!!

But to end this long story!!! I just wanted to know if anyone have any advice for me? And is 5min 4x really as easy as everyone says it is?

Thanks
  • #2
  • Edited 3:21am Mar 7, 2005 2:06am | Edited 3:21am
Quoting RNE84
Hello all Forex Forum Members!!!

My name is Rachelle, i'm 20 years old and i've been previously studying the stock market for about 7 months. Trying to study about stocks I came across Forex. I was amazed at the complete difference and the benefits of forex(no commission,24 hour market etc) Even though i've been studying technical and fundamental analysis, I'm still feeling lost!!!

I've been studying, reading books but I still don't understand a few things. I had a coach, but my coach stop answering his phone and would'nt return my calls !! (oh no !!!)

I'm really looking into forex, one is for its amazing potential for financial freedom and two to be my own person and not to be working day in and day out with little or no extra money or free time!!!

I sure hope things will come together for me, i'm really interested in all forms of investing and this may sound crazy but even though i'm not into the forex market yet, I find it a little exciting and fun and I can't wait to get started!!!

But to end this long story!!! I just wanted to know if anyone have any advice for me? And is 5min 4x really as easy as everyone says it is?

Thanks
Hi Rachelle, and welcome to ForexFactory!

You've come to the best forum on the internet for getting your questions answered, so ask away. We're all here to support each other in this wonderful (and sometimes wacky) world of forex!

As for advice, it is okay to enjoy excitement and have fun while trading as long as your purpose in trading is not for getting those feelings satisfied. If you are trading for the excitement and fun, that may hurt you in the long run. On the other hand, if you are trading to trade well and are excited about trading well, and are having fun because you are disciplined in your trades, then I think that is okay to enjoy those feelings.

I trade 5Min4x. For me, the rules are simple and clear cut. Is it "easy"? The answer to that question depends on your personal psychology. It is easier for some people and harder for others. Is is a good system? Absolutely! I highly recommend it. As long as you have the discipline to follow the rules to the letter and can keep your emotions in check, you will be profitable over time with this system. In fact, based on backtested results, I expect the system to be very profitable.

Beau Diamond is the developer of the system. I cannot offer enough words of praise for Beau! The level of help and support he provides his customers is unparalleled. I am constantly amazed and impressed at his patience, generousity and genuine caring for his customers success.

Again, welcome, and let your questions be heard! We are here to help!

Dial
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  • #3
  • Mar 7, 2005 11:06am Mar 7, 2005 11:06am
Thank you so much diallist!!! I am open to all suggestions and advice!!! The excitement and fun is mainly because I feel I am making a good decision in my life as far as investing. I am a graduate of 2002 and i've always heard the same line " go to college and get a good job to make a living" my whole family has done that and I must say yes, they're okay financially, but they are almost living paycheck to paycheck. With forex and other forms of investing the possibilites are endless. You can work when you want and make any amount. Other than a job that tells you, your only making a certain amount.

But I need to blank out the money aspect, in order to be a successful trader. I don't want that to be my downfall, but I can't seem to get it off of my mind!!!! I know some traders say that all of my confusion will go way when l start, but I don't want to lose my shirt before it happens!!!!

One more question is it true that there are more charges after you purchase 5min 4x?
  • #4
  • Mar 7, 2005 11:58am Mar 7, 2005 11:58am
Hi Rachelle

Welcome to Forex and the forum. The only charges that you pay for after buying the 5min4x is the monthly service charge for the (TRL's)Trend Reverse Level. It is about $25.00 per month and very well worth it.
Once you get the course you will be able to join in the members forum and receive just a huge amount of help, guidance & advice.
Beau Diamond and Forex Factory as Dialist said, is by far the best out there. No crap or fighting allowed like a lot of other forums.

As far as wanting to get started, read the books that are mentioned by Merlin. They are great reading, and read the 5min4x course over and over.
Open up a demo account and practice and practice and then practice some more.

Most important thing of all, do not get impateint, that will lead to very many loses. Let the trades come to you, don't chase them. Treat trading like your own small business.
Good luck and Good Trading.
Quinn
I started out with nothing, and I've got most of it left!
  • #5
  • Mar 7, 2005 2:18pm Mar 7, 2005 2:18pm
Quoting quinn
Welcome to Forex and the forum. The only charges that you pay for after buying the 5min4x is the monthly service charge for the (TRL's)Trend Reverse Level. It is about $25.00 per month and very well worth it.

Hi Traders,


Quoting the side of Beau...

The 5Minute FOREX System comes with a one month free trial of the Trend Reverse Levels, and after this period you may subscribe for $99 per month. If you use Beau Diamond’s recommended Forex broker you can receive a free 3 month TRL subscription.


This means that the $25 is now $99 a month?

Happy trading!
KT
  • #6
  • Mar 7, 2005 3:46pm Mar 7, 2005 3:46pm
Quoting RNE84
Thank you so much diallist!!! I am open to all suggestions and advice!!! The excitement and fun is mainly because I feel I am making a good decision in my life as far as investing. I am a graduate of 2002 and i've always heard the same line " go to college and get a good job to make a living" my whole family has done that and I must say yes, they're okay financially, but they are almost living paycheck to paycheck. With forex and other forms of investing the possibilites are endless. You can work when you want and make any amount. Other than a job that tells you, your only making a certain amount.

But I need to blank out the money aspect, in order to be a successful trader. I don't want that to be my downfall, but I can't seem to get it off of my mind!!!! I know some traders say that all of my confusion will go way when l start, but I don't want to lose my shirt before it happens!!!!

One more question is it true that there are more charges after you purchase 5min 4x?
You're welcome Rachelle. Quinn gave some excellent advice about being patient and letting the trades come to you. That advice will make a whole lot more sense after you've lost money chasing trades

The books on Merlin's list, the one's he's offering as a prize in the trading contest, are indeed excellent as Quinn says. Some of them are very advanced however and can be saved for later. I think the very first book you should read is "Trading in the Zone" by Mark Douglas. Read it over and over until it becomes a part of you. IMHO, if you take what Mark Douglas teaches you and combine it with Beau's 5Min4x, you've got a great winning combination.

Yeah....having money on the brain can be a problem. Maybe it will help you if you keep the following phrase in mind.

"Do not trade to make money. Trade to trade well, and the money will follow"

Yes, 5Min4x has an ongoing monthly fee of $99. It's a bargain!

Cheers!
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  • #7
  • Mar 7, 2005 8:56pm Mar 7, 2005 8:56pm
Thanks Kingdom Trader and Quinn!!! I guess its kind of weird that i'm thanking everyone that replies!!! Just in advance thanks to everyone that will reply !!!
Its just that i'm so thankful for everyone's advice, when I lost contact with my coach and all of my questions remained unanswered, I began to feel lost and I almost thought of quitting stocks and forex!!!

Next question, right now I have the money saved to start a mini trading account,to purchase books and the 5min 4x. Will the 5min 4x system be useless without subscribing to the TRL that's $99 dollars? I would eventually subscribe, but i'm just not sure I will have that much extra money after I start the account and get 5min 4x.

I'm really saving all the extra money I can get so I can start. There's not too many of my family members that believe in trading. So I can't go to them to borrow any money to start up!!! I'm basically on my own when it comes down trading!!!
  • #8
  • Mar 7, 2005 9:48pm Mar 7, 2005 9:48pm
Quoting RNE84
Thanks Kingdom Trader and Quinn!!! I guess its kind of weird that i'm thanking everyone that replies!!! Just in advance thanks to everyone that will reply !!!
Its just that i'm so thankful for everyone's advice, when I lost contact with my coach and all of my questions remained unanswered, I began to feel lost and I almost thought of quitting stocks and forex!!!

Next question, right now I have the money saved to start a mini trading account,to purchase books and the 5min 4x. Will the 5min 4x system be useless without subscribing to the TRL that's $99 dollars? I would eventually subscribe, but i'm just not sure I will have that much extra money after I start the account and get 5min 4x.

I'm really saving all the extra money I can get so I can start. There's not too many of my family members that believe in trading. So I can't go to them to borrow any money to start up!!! I'm basically on my own when it comes down trading!!!
Yes, you have to have the TRLs to trade 5min4x. But, when you buy the course, you get free TRL's for a time. It is either 1 or 3 months, I forget which. Also, if you sign up with either of Beau's recommend brokers, he is either giving an additional free month of TRL's or at least a discount. I forget. You can email Beau directly with any questions. His email address is on his website.

It's good that you can't borrow money from family. Saving it is much better for you psychology. Borrowing to trade is never a good idea. Besides, you need to demo trade fake money at first until you get comfortable with the system and the dealing software.

Take care.

Dial
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  • #9
  • Mar 7, 2005 10:57pm Mar 7, 2005 10:57pm
Hi everyone!!!

I've been reading different posts and i'm beginning to get a bit confused. A few people say that its not good to tell your trading strategy, so is the 5min 4x sort of a trading strategy or is it a way to teach you how to obtain your own strategy?

I'm also beginning to see what everyone is talking about as far as practice, practice, practice!!! When I think back to this past summer when I tried to paper trade stocks. I read about 2 or 3 books and at the time I had "a coach" but when I sat in front of the computer, my mind went blank!!! I did'nt know where to start or what to look at!!! And now i'm beginning to realize it was because I did'nt have a plan or strategy!!

At least with forex, they're is only a few currencies to trade oppose to the stock market that has numerous stocks to trade.
  • #10
  • Mar 7, 2005 11:59pm Mar 7, 2005 11:59pm
Quoting RNE84
Hi everyone!!!

I've been reading different posts and i'm beginning to get a bit confused. A few people say that its not good to tell your trading strategy, so is the 5min 4x sort of a trading strategy or is it a way to teach you how to obtain your own strategy?

I'm also beginning to see what everyone is talking about as far as practice, practice, practice!!! When I think back to this past summer when I tried to paper trade stocks. I read about 2 or 3 books and at the time I had "a coach" but when I sat in front of the computer, my mind went blank!!! I did'nt know where to start or what to look at!!! And now i'm beginning to realize it was because I did'nt have a plan or strategy!!

At least with forex, they're is only a few currencies to trade oppose to the stock market that has numerous stocks to trade.
5Min4x is a complete strategy. Nothing is left out. It tells you exactly what currencies to trade, when to enter, where to take profit, where to exit with a loss, position sizing, risk control. In addition to the phenomenal strategy, the e-book you get is the best primer on forex I've seen. However, to give you the full picture, I must say 5min4x can be an emotional rollercoaster ride for some people, so be prepared. Good system for you to practice on.

Smile!
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  • #11
  • Mar 8, 2005 9:52am Mar 8, 2005 9:52am
Thanks diallist!! You're giving me a lot of advice and help!! So would you agree that I could trade with only 5min 4x or should I try to test something else on my own to go along with it? As far as other indicators, etc.
  • #12
  • Mar 8, 2005 10:26am Mar 8, 2005 10:26am
Quoting RNE84
Thanks diallist!! You're giving me a lot of advice and help!! So would you agree that I could trade with only 5min 4x or should I try to test something else on my own to go along with it? As far as other indicators, etc.
If I were in your place, I'd trade 5min4x, a proven system, for actual money. As for doing something on your own, that is great, but do it in a demo account, because you are going to lose money in the beginning. In fact, you should do 5min4x in a demo account until you are comfortable with it.

As you grow as a trader, you will eventually want to develop your own systems. The books in Merlin's Library are a great source of information on how to accomplish this.

There are no magic indicators. Others here may disagree, but I've found very little value in indicators. Most are worthless to me and the few that do work, aren't always reliable. You'll never get rich with indicators.
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  • #13
  • Mar 8, 2005 10:45am Mar 8, 2005 10:45am
diallist I've thought about exactly what you said as far as indicators as i've studied certain ones, they work sometimes, but not all the time!! I thought I was crazy for not believing in them, my old coach once said " I think some indicators are out there just to trick you" and his trading plan was pretty simple with not too many indicators! I always wondered why something that a lot of people says is so hard could turn out to be so easy as far as a plan. But some say keep it simple.


So I guess you can get rich with 5min forex, since you can't do it with indicators!!
  • #14
  • Apr 13, 2006 1:44pm Apr 13, 2006 1:44pm
Hi rach...Here are some really good learning resources and FREE forex training lesssons. These sites offer free live web chat room training and advice. I suggest you learn as much as you before making a decision on which training course you want to buy. I have some biginner forex information cd's you wont find anywhere....i'll send you these for free reply to my email [email protected]

http://fxstreet.com
www.fxcm.com/webinars-page.jsp
http://www.fxcmtr.com
http://www.fxstreet.com/chat/transcriptlist.asp
  • #15
  • Apr 13, 2006 2:39pm Apr 13, 2006 2:39pm
Hello Rachelle,

My advice, as someone who was also a newbie: forget courses, pre-paid black box trading strategies and so-called online mentors.

Reseach the net for free material on trendlines, confluence of support/resistance, price channels, breakouts, fibonacci retracements, etc. Research, read, draw lines on MetaTrader and play with a demo account. Go slowly, dont jump from system to system, keep focus on those few tools.

You master those, you're half way through. The other half belongs to the psycological field, but dont worry about that for the time being.
  • #16
  • Jan 7, 2008 2:08am Jan 7, 2008 2:08am
Quoting WTB
Hello Rachelle,

My advice, as someone who was also a newbie: forget courses, pre-paid black box trading strategies and so-called online mentors.

Reseach the net for free material on trendlines, confluence of support/resistance, price channels, breakouts, fibonacci retracements, etc. Research, read, draw lines on MetaTrader and play with a demo account. Go slowly, dont jump from system to system, keep focus on those few tools.

You master those, you're half way through. The other half belongs to the psycological field, but dont worry about that for the time being.
spoken like a true professional. Rachelle, you will want to take heed of the the advice seriously on this board and this post. Focus on studying your ass off for a couple of months...then worry about the mind-f**cks when you put your first dollar in a real trading account. Prepare yourself for a hell of a rollercoaster ride...eventually, when you ride it enough times, you anticipate the twists and turns with ease and although still fun, you will have a sense of control of your excitement levels.
  • #17
  • Jan 7, 2008 3:15am Jan 7, 2008 3:15am
lol, did we just had a timeskip?
last i checked, its 2006?
  • #18
  • Edited 3:48am Jan 7, 2008 3:36am | Edited 3:48am
Quoting jest1081
lol, did we just had a timeskip?
last i checked, its 2006?

I am sure that members appreciate the replies to postings but not after 2 years.
  • #19
  • Jan 15, 2012 6:01pm Jan 15, 2012 6:01pm
Beau Diamond wrote that there was at least one person beside himself who could calculate "trend reverse levels". Is anyone offering this service these days? Or is there an indicator?
  • #20
  • Nov 17, 2020 12:32pm Nov 17, 2020 12:32pm
IF you are a new trader in this market, you have to be very careful when you are going to choose the broker for you. Because there are so many fake brokers in the forex marekt.
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