Please help me

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Hi everyone,

I'm new, hope to contribute to your wonderful society with time, but right now I would really appreciate if some of you could reply to a few very basic questions I have

First my background ..... I'm a TA based short term stock trader (deliver based, occasional index futures but no single stock futures) and have been trading for the last two years. I trade soley on technicals and use amibroker for this purpose. At this time I'm considering switching to forex primarily because of the ability to use greater leverage.

I'd like to know.

1) Can TA be successfully applied to currency trading or is news trading the only successful method. I ask this coz I read at the forexbastard website that TA wil not work in forex, it never has and never will as per a trader named Felix. Is this true?
Don't listen to anything Felix says, he is about making money. Telling anyone that there is only one way to make money in forex is about the most ridiculous statement I have ever heard. Any method can work. So TA does work, and there are many traders around here who have been at it for a long time that are TA based.

2)Does Mark Mcrae's surefire forex trading system or Avi Frister's Forex trading machine system work. They have both made strong claims about their systems. If I practice either of these to systems and are able to follow them to the letter would I be profitable in the long run. Does anyone trade these systems successfully as has anyone done a future simualtion for them.
I have no knowledge about these systems, but I will say there is enough knowledge and information on these boards(just need to go through some of the garbage), to construct a profitable system.

3)Can anyone recommend a system which would actually produce profits if strictly adhered to at the CURRENT TIME.
If you are looking for a system that is laid out step by step, then no I can't. If you are looking for a method, that needs to be formulated into your own working system. Then please check out the James16 PA thread in the systems forum here. Being a TA trader, this should be right up your alley.

Best of luck,
Mike

Many thanks.

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1) Can TA be successfully applied to currency trading or is news trading the only successful method. I ask this coz I read at the forexbastard website that TA wil not work in forex, it never has and never will as per a trader named Felix. Is this true?

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2)Does Mark Mcrae's surefire forex trading system or Avi Frister's Forex trading machine system work.

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3)Can anyone recommend a system which would actually produce profits if strictly adhered to at the CURRENT TIME.

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Hi everyone,


2)Does Mark Mcrae's surefire forex trading system or Avi Frister's Forex trading machine system work..

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Quoting fugly

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Hi everyone,

I'm new, hope to contribute to your wonderful society with time, but right now I would really appreciate if some of you could reply to a few very basic questions I have

You certainly have come to the right place. After reading some, you will learn who to listen to more careful than others. Bemac, James16, Jacko, Merlin, and a few others are the "elders" of this place. All of which are great people to talk to.

First my background ..... I'm a TA based short term stock trader (deliver based, occasional index futures but no single stock futures) and have been trading for the last two years. I trade soley on technicals and use amibroker for this purpose. At this time I'm considering switching to forex primarily because of the ability to use greater leverage.

If you are successful, why bother? Unless you are trying to expand your options. If that's the case, start out small. Wait, start out demo account, then small, etc. Forex is a different animal that what you are used to. And there are too many people getting there asses handed to them in this game to risk much at first. (There's a statistic that something like 90-95% of all traders lose in Forex. I am willing to bet that whoever suggested this game didn't mention that.)

I'd like to know.

1) Can TA be successfully applied to currency trading or is news trading the only successful method. I ask this coz I read at the forexbastard website that TA wil not work in forex, it never has and never will as per a trader named Felix. Is this true?

Felix runs forexbastards.com, and also sells a signal system. He has a trading "guru" named Rob Grespi that seems to trade according to order flow on the Interbank Feed. I heard somewhere on a webinar that Rob gets a feed from some German bank. You don't have access to this information, and probably never will.

I also know that I just got an email from them stating that there is a cost reduction because of high turnover rate. Something to do with Rob's trades losing people money in the end....that says everything to me.

Also, check out what services have 5 star ratings, and are on the top of his list for education. He is involved in most if not all of them. I don't know Felix personally, and am not saying he is dishonest. But basically, it's at the very least a conflict of interests. (I believe that James16 has 5 stars, he is not affiliated with them, however, I admit that I belong to it.)

However, I can see time and time again that techincals DO WORK, but on longer time frames. Look at a 4 hour chart for great examples. Daily charts are great too. The 5 and 15 minute charts make more noise than a busted chainsaw.

2)Does Mark Mcrae's surefire forex trading system or Avi Frister's Forex trading machine system work. They have both made strong claims about their systems. If I practice either of these to systems and are able to follow them to the letter would I be profitable in the long run. Does anyone trade these systems successfully as has anyone done a future simualtion for them.

Of course they don't. If they did, they would turn on their "machine", and become billionaires. The only "machine" involved here is the one that you would be feeding if you bought into it.

3)Can anyone recommend a system which would actually produce profits if strictly adhered to at the CURRENT TIME.

There is no such thing. Any good system will have discretion involved. If nothing else, you don't take a trade seconds before an announcement just because a signal is produced. Good way to get spanked in my opinion. There is nothing that can beat plain old fashioned experience, that will guide you someday.

Many thanks.

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