Little Pip in a Big Pond. Help!! | Forex Factory

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Little Pip in a Big Pond. Help!!

  • #1
  • First Post: Nov 19, 2006 2:10pm Nov 19, 2006 2:10pm
Ok So I am new to forex, very new. I am still only on a pratice account trying to make some pips before I open a live account. The problem is I cant seem to consistantly make a profit on anything. I would like to learn a simple manual trading system that is consistant before I go to a live account is there anyone that can help me??
"Opportunities multiply as they are seized."- Sun Tzu
  • #2
  • Nov 19, 2006 3:04pm Nov 19, 2006 3:04pm
Check out the trading systems forum. You may find something you like there.

andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #3
  • Nov 19, 2006 3:16pm Nov 19, 2006 3:16pm
Thanks Andersenws I'll do that, and have been. I appericate your help.
"Opportunities multiply as they are seized."- Sun Tzu
  • #4
  • Nov 19, 2006 4:53pm Nov 19, 2006 4:53pm
You mention being 'only on a practice account'. It is important to have a practice account. This is where you familiarise yourself with the currency market and a pair that you can work with. It is here that you learn how to use indicators, both technical and fundmental, to execute successful trading techniques. You also use this time to learn to make unemotional, mechanical trades based on the market movement and not on fear of losing.
I have found success on the GBP/USD.
What platform are you using and what indicators do you use? I have found the Japanese Candlesticks to be very effective.
  • #5
  • Nov 19, 2006 8:22pm Nov 19, 2006 8:22pm
Thanks Shewill. I have been useing candelsticks and have been tring my hand at all of the other indicators as well. I use the Interbank FX 4 trader platform. I like the platform it's self I can set up the charts so that they are easy to read it just seems like all of the trading systems that I have been trying don't seem to pan out, each time I think that I am starting to understand my account balance quickly diminishes. I plan to stay with it until I find something that works though. I also plan to stay in a pratice account until that happens as well. I really would like to get in and start making money but until I can do that on a practice account it seems too much of a gamble. Thanks for the post.
"Opportunities multiply as they are seized."- Sun Tzu
  • #6
  • Nov 19, 2006 8:39pm Nov 19, 2006 8:39pm
Quoting pairtrader
Thanks Shewill. I have been useing candelsticks and have been tring my hand at all of the other indicators as well. I use the Interbank FX 4 trader platform. I like the platform it's self I can set up the charts so that they are easy to read it just seems like all of the trading systems that I have been trying don't seem to pan out, each time I think that I am starting to understand my account balance quickly diminishes. I plan to stay with it until I find something that works though. I also plan to stay in a pratice account until that happens as well. I really would like to get in and start making money but until I can do that on a practice account it seems too much of a gamble. Thanks for the post.
Don't look at forex as a quick way to make some extra bling or you'll jump in months before you're ready and lose a lot instead of making anything.
  • #7
  • Nov 19, 2006 9:06pm Nov 19, 2006 9:06pm
Quoting pairtrader
Ok So I am new to forex, very new. I am still only on a pratice account trying to make some pips before I open a live account. The problem is I cant seem to consistantly make a profit on anything. I would like to learn a simple manual trading system that is consistant before I go to a live account is there anyone that can help me??
i take that you admire warren buffet
  • #8
  • Nov 19, 2006 10:10pm Nov 19, 2006 10:10pm
I make good money now but I would just like to be out from under Corprate America. That still is enough to make me want to jump in early but I wont. I need confermation before I do something with my money. I look at Forex as an excelent opportuntiy. My original goal was to be trading a live account by January but part of my starting rule is that I need to be able to show a profit for at least two consecutive months. That is not going to happen by then now, but I would rather suffer a defeat of my pride then that of my wallet.

And yes I do admire Warren how can you not admire the most profitable trader in history if you are in the business of trading.
"Opportunities multiply as they are seized."- Sun Tzu
  • #9
  • Nov 20, 2006 10:16am Nov 20, 2006 10:16am
Quoting aicccia
Don't look at forex as a quick way to make some extra bling or you'll jump in months before you're ready and lose a lot instead of making anything.
Trading in the forex market is an excellent way to become financially free. Easy it is not but it can be understood and simplified. I use VT trader platform and I like the fact that you can customise all your indicators. I use the MACD histogram, Japanese candlesticks, RSI, Bollinger bands, Alligator and more. The platform offers a demo account that does not expire. The different patterns of the candlesticks is the greatest indicator and is guided by the support lines. Great profits can be gained from the market but great work can be done. The good news is that with the right strategy you can become financially free.
  • #10
  • Nov 20, 2006 4:37pm Nov 20, 2006 4:37pm
Hi paritrader, I would like to recommend you that you practice on a demo account for at least 6 months. I know that’s a lot, but that will give your system some time to experience every type of markets. I have seen systems that worked good two month in a row, but them they just fail miserably when the market conditions change.

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Also and advise I give you is to start focusing on the different market behaviors. Each currency pair has unique characteristics that can be exploited. Like for example, GBP/USD is very volatile, EUR/JPY and USD/JPY respect trendlines and support and resistance, etc. This will help you develop trading systems based on those characteristics.

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FXOne
  • #11
  • Nov 20, 2006 5:21pm Nov 20, 2006 5:21pm
The key to becoming successful in the FX:
1. Find a currency you like (i.e. movement, time frame, etc.) and study its movements and time frames.
2. Learn the news that move that currency. You have to get this news early.
3. Learn how to trade. (the easy part)
4. Practice what you've learned. (the hard part)

If you follow this method you will succeed.
A. Finesse Williams Making Millions One Pip At A Time!
  • #12
  • Nov 20, 2006 6:14pm Nov 20, 2006 6:14pm
Wow lots of good stuff. Thanks for all the replies you guys are really helpfull. And to think I've been sitting mute for the past month on this site and losing my (.) I should have spoke up sooner. I am trying OrangeRoshan's SRDC method it has worked for one day in a row now :o). I made 10 pips. Not much I know but I think I need to lower my expectations for a while and just focus on some of the things all of you are talking about. This seems like a good system to do that with it's very basic and uncomplicated. I hope some of that Jedi force everyone on this site talks about comes my way too.
I do have a question for aswilled, you metion having to get the news early do you have any suggestions on how to do that. I was trying to trade some fundies this month and just got whooopped!! So if you know a secret please fill me in.
And FXOne I appericate your concern and input. Sounds like good advice, I wasn't planning on going all in after two months of profit just a mini, do you think that I should just wait longer all together?
Thanks for the help guys keep it comin.
"Opportunities multiply as they are seized."- Sun Tzu
  • #13
  • Nov 20, 2006 6:22pm Nov 20, 2006 6:22pm
Sorry Shegirl I almost missed your post. I like that VT doesn't expire, sounds like a good platform I'll check it out. Even though I haven't been able to keep money in a account long enough for it to expire.
Thanks
"Opportunities multiply as they are seized."- Sun Tzu
  • #14
  • Nov 20, 2006 6:26pm Nov 20, 2006 6:26pm
Sorry again shewill for the name typo. Dang puiblc scohlling!
"Opportunities multiply as they are seized."- Sun Tzu
  • #15
  • Nov 21, 2006 3:25pm Nov 21, 2006 3:25pm
Quoting aswilled
The key to becoming successful in the FX:
1. Find a currency you like (i.e. movement, time frame, etc.) and study its movements and time frames.
2. Learn the news that move that currency. You have to get this news early.
3. Learn how to trade. (the easy part)
4. Practice what you've learned. (the hard part)

If you follow this method you will succeed.
Be not concerned with the past or the future. Be in the moment. The moment is all that there is. You flow with the pips or they flow against you.
  • #16
  • Nov 21, 2006 4:31pm Nov 21, 2006 4:31pm
Four words: Trading in the Zone.
Mr. Trend
  • #17
  • Nov 21, 2006 6:16pm Nov 21, 2006 6:16pm
Ah yes wise words to trade buy.
"Opportunities multiply as they are seized."- Sun Tzu
  • #18
  • Nov 21, 2006 7:02pm Nov 21, 2006 7:02pm
Good book!
  • #19
  • Nov 21, 2006 11:27pm Nov 21, 2006 11:27pm
I am having problems back testing trading systems can anyone tell me how it's done?
"Opportunities multiply as they are seized."- Sun Tzu
  • #20
  • Nov 22, 2006 12:01am Nov 22, 2006 12:01am
Quoting pairtrader
Wow lots of good stuff. Thanks for all the replies you guys are really helpfull. And to think I've been sitting mute for the past month on this site and losing my (.) I should have spoke up sooner. I am trying OrangeRoshan's SRDC method it has worked for one day in a row now :o). I made 10 pips. Not much I know but I think I need to lower my expectations for a while and just focus on some of the things all of you are talking about. This seems like a good system to do that with it's very basic and uncomplicated. I hope some of that Jedi force everyone on this site talks about comes my way too.
I do have a question for aswilled, you metion having to get the news early do you have any suggestions on how to do that. I was trying to trade some fundies this month and just got whooopped!! So if you know a secret please fill me in.
And FXOne I appericate your concern and input. Sounds like good advice, I wasn't planning on going all in after two months of profit just a mini, do you think that I should just wait longer all together?
Thanks for the help guys keep it comin.
Get your news from www.bea.gov as well as bloomberg tv and cnbc. You tading method is only providing you 10 pips? That may be good or bad. Good if its telling you when a trend is beginnin/reversing, bad if its not. You must predict with a high probability that the trend will go your way. This is what makes the pro trader. Exiting isn't as important as entering the right trade the right way. because you can always close out in profits. And this is the key to making millions. I don't really have an exit strategy. I just know when to get in and out. Its simple once you know what to look for. I've worked in corporate america for years. And I hated it. The money was good but the subservience is deplorable. I wasn't born to be an employee.
A. Finesse Williams Making Millions One Pip At A Time!
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