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NoOb in need of help!

  • #1
  • First Post: Sep 12, 2007 3:35pm Sep 12, 2007 3:35pm
hello everyone on forex factory , let me start by saying something about myself and where im coming from. my name is andrew (21) i am currently going to school for business admin and i was introduced by a friend to the market about 1 month ago. i have limited knowledge of jargon and the market as a whole but im learning. my friend that introduced me tot he market has since gone live now since labor day w/ a standard account of 2500 USD and has since then double it to 5000 and change. his approach to the market as i have come to understand it is a buying and selling pressure approach (i guess thats what you could call it). he showed me the charts he pays for (a couple hundred a month) they have candle stick volatility graph along with buying and selling pressure lines running with it. he showed me to look for fresh crosses and good spread between buying and selling pressure along with good buying or selling volatility depends on if selling short or buying long all while keeping in mind where resistance levels are and where the previous daily highs and lows are. (btw this is not 4x made easy is some other charting software)

so then i stumble onto this forum which seems promising and i start to read the beginners stickys. paying close attention to PeterFM thread (i liked that alot really put me in perspective on how much homework i have ahead of me and the time frame on which it will take). Anyways i was wondering first of all if this buying selling pressure charts are a good way to look at the market. i glanced through the james16 chart thread (i know i have to read it that is what everyone is saying in there posts) but i am just so confused on what im looking at, i can kinda understand others charts but james16 and some of the other so called "master traders" have like 30 lines going this way and that and i just dont really even know what im looking at or looking for.

i am assuming now that this buying/selling pressure charts are BS and some service scam thing but for now that is all i know; however my friend is seeming to be having success with them. i originally came here looking for free charting software like his.

now that i have rambled on can you see i am confused lol.
?basically looking for free charting software with buying selling pressure. ?some guidance on what im looking at in this james16 charting section.

i forgot to mention now looking at this hog podge of words that i have demoed at gftforex 360 deal book for a month now with no success and have opened a live 1000 USD mini account with them, basically to keep the demo account and they are where i plan on going live. i choose them because my friend uses that broker and im familiar with there software now. they have been around since 97 (i was scared about the broker disappearing wanting something with track record)

thanks in advance andrew
  • #2
  • Sep 12, 2007 3:45pm Sep 12, 2007 3:45pm
Quoting !mpuls3
now that i have rambled on can you see i am confused lol.
We all were when we started, and some of us still are
Quote
?basically looking for free charting software with buying selling pressure.
Not seen it for MT4, but someone will chime in. Or ask in the MetaTrader Thread
Quote
?some guidance on what im looking at in this james16 charting section.
OK it does take time to absorb this but ignore all the indicators in the early pages. Jim hardly uses anything anymore as you'll see as you progress. The danger is that you'll get impatient but as you've read my thread (thank you) you should realise by now that time is what you need.
Quote
i forgot to mention now looking at this hog podge of words that i have demoed at gftforex 360 deal book for a month now with no success and have opened a live 1000 USD mini account with them, basically to keep the demo account and they are where i plan on going live. i choose them because my friend uses that broker and im familiar with there software now. they have been around since 97 (i was scared about the broker disappearing wanting something with track record)

thanks in advance andrew
You shouldn't have to play with that money, if you can't get it out AND keep your demo then I'd look elsewhere. There are plenty of MT4 brokers you can demo with, and you won't be tempted to actually trade. Trust me, if you have a live account and a demo account I can guarantee you'll be going live before you're ready.
  • #3
  • Sep 12, 2007 4:49pm Sep 12, 2007 4:49pm
ok i see what you are saying and thank you for your response and so quickly.

i did choose my broker though because i am confident i can get my money out, so im not worried about that but to keep my demo account with them i did need to deposit or it would run out in 30 days anyways....

i guess i will press on and try to get through james16 lengthly post lol hopefully it will start to make sense.

if anyone could recommend some chart software though it would be appreciated i will however ask in the other tread you mentioned peter.

thanks again looks like i have some reading to do.
  • #4
  • Sep 12, 2007 4:58pm Sep 12, 2007 4:58pm
Quoting !mpuls3
ok i see what you are saying and thank you for your response and so quickly.

i did choose my broker though because i am confident i can get my money out, so im not worried about that but to keep my demo account with them i did need to deposit or it would run out in 30 days anyways....

i guess i will press on and try to get through james16 lengthly post lol hopefully it will start to make sense.

if anyone could recommend some chart software though it would be appreciated i will however ask in the other tread you mentioned peter.

thanks again looks like i have some reading to do.
You can practice strategies on any platform, and when you're ready re-open the demo with GFT (I've got one that I've just started to try out 'cos they're UK based and take GBP as deposit) and re-learn their platform before going live. I trade live with InterbankFX and you can run demo without deposit there. Plus it's important to find out if you can trade those nano lots (0.01) that I talk about. Trading a mini account with only $1000 is a recipe for disaster, it'll be gone before you know it.
  • #5
  • Sep 12, 2007 5:03pm Sep 12, 2007 5:03pm
im pretty sure i can change my position size manually however ill check that before i do some trading. im going to take a look at this interbank
  • #6
  • Sep 12, 2007 5:23pm Sep 12, 2007 5:23pm
!mpuls3, if you need a non-expiring demo account you can try Oanda (web platform in java) and Alpari UK (MT4, same as InterbankFX). Both of them offer non expiring demos (they don't expire as long as you make a trade every 3 months). Most important, both of them let you trade micro lots which is what you need, as mentioned by PeterFM.

Good luck and welcome to FF.
"I say high, You say low, You say why, and I say I don't know..."
  • #7
  • Sep 12, 2007 6:57pm Sep 12, 2007 6:57pm
I recently tried the Oanda demo too get a feel for thier platform /service & it expired after 30 days despite the fact that I used it almost daily...So I am a bit confused why you (& some others I have read on this forum) maintain that the demo does not expire?...Have you tried the Oanda demo yourself (& recently)...or are you relying on word of mouth?
  • #8
  • Sep 12, 2007 7:14pm Sep 12, 2007 7:14pm
Quoting TradingAffin
I recently tried the Oanda demo too get a feel for thier platform /service & it expired after 30 days despite the fact that I used it almost daily...So I am a bit confused why you (& some others I have read on this forum) maintain that the demo does not expire?...Have you tried the Oanda demo yourself (& recently)...or are you relying on word of mouth?
I opened a demo account with Oanda during June (this year), so that's almost 3 months of demo (and my account stills active though I only placed 4 or 5 trades so far), and my Alpari UK demo has been running since February, that's 7 months of demo.
"I say high, You say low, You say why, and I say I don't know..."
  • #9
  • Sep 12, 2007 8:12pm Sep 12, 2007 8:12pm
OK Thanks
  • #10
  • Sep 12, 2007 10:51pm Sep 12, 2007 10:51pm
ok guys ill take a look at those thank you again.

im sure ill have some more questions very soon that you can help me with
(as i read through this chart post)
  • #11
  • Sep 13, 2007 11:36pm Sep 13, 2007 11:36pm
ok well i have been looking at this james16 chart thread and i have gotten as far as fibonacci retracement, pivot lines and keltner. i am confused on these points. i found the fib ret on my chart software but where would i start the graph form etc how would i set this up? also the pivot line how would that work and setup? and a keltner i have no idea im only on like page 9-11 but i dont wanna go on till i know this stuff. it seems those pages in there are missing a few images and i think thats were the original info was.

so if you could just explain these things to a newb that would be great i did some searching for answers but still dont know how to setup.

btw this james16 chart thread is great, thank you james

thanks in advance, andrew
  • #12
  • Sep 14, 2007 4:26pm Sep 14, 2007 4:26pm
Quoting !mpuls3
i am assuming now that this buying/selling pressure charts are BS and some service scam thing but for now that is all i know; however my friend is seeming to be having success with them. i originally came here looking for free charting software like his.
Welcome to Forex Factory - enjoy your stay! There's certainly a lot of helpful information here! Allow me to chime in....

Labor day was 14 trading days ago. So your friend certainly seems like he's making money hand-over-fist. Well, you mentioned he opened a standard account with only $2500. I did that when I first started, too - I had no idea what a mini or micro lot was. So every pip was $10 and I did have some luck initially but eventually blew my account right out of the water. All it will take is one adverse move, or one careless mistake, to ruin a $2500 standard lot account or knock the balance down far enough that you won't have the margin to put a trade on. I predict that he will blow up - probability is on my side.

Next item, don't believe anything you read or hear in regards to performance without seeing it with your own eyes. If you have ever talked to somebody after they returned from a trip to Las Vegas you know what I mean. Usually, human beings have a natural tendency to inflate their winnings and understate (sometimes severely) their losses. When emotions are involved, you look like an expert when you are up and look like a chump when you are down - and who wants to look like a chump? Also, you never know if your friend deposited some or all of the "winnings" after the account was set up. Perhaps he never "won" them in the first place but used some excess student loan money to pad the till.

Maybe I'm being too skeptical or cynical, but any company providing an indicator or a signal that returned 100% in 14 trading days would be charging an outright fortune. This would be the holy grail and the best thing to a crystal ball the financial world has seen - we're talking about an annualized rate of return in excess of 6,700,000%. What would you pay for a system that could amass the wealth of the entire world in about 3 years? Probably more than your friend has available - otherwise he wouldn't be going to college.

More than likely, your friend got lucky or is not being entirely truthful with his trading performance(or a bit of both). You will find people will not be 100% truthful with many things in college - grade point average, number of beers chugged, number of girls slept with, etc.

I'm just guessing here, but he's likely to be tremendously over-leveraged. Over-leveraging yourself is like playing Russian roulette. Too much leverage means you are now suffering from the imminent collapse of your trading principal - it is not a question of "if" it is a matter of "when". If the Nobel prize winning management team of LTCM (google them if you aren't already familiar) could not survive with ridiculously high leverage, a novice doesn't stand a chance. Tell your buddy to enjoy the ride, though.
  • #13
  • Sep 14, 2007 7:04pm Sep 14, 2007 7:04pm
well i know he is doing well and i dont know how, maybe is he lying but he isnt in school he is actually a business owner in his 50s he has had losing trades but he is up to 6k now from 2500, maybe he did deposit more but i dont think so. i have seen his balance in his account so that part is true i told him about the forums and money management suppose to be 1-2% of bank roll. per trade. so i dont know

but anyways enough about that thank you for welcoming me

im still reading this chart forum and im still confused on the questions i asked above so if someone could explain them to me that would be great, i have search for them but i dont know how i would set these indicators up on my chart (mind you im using dealbook 360 form gftforex)
  • #14
  • Sep 14, 2007 9:35pm Sep 14, 2007 9:35pm
you can demo few platform at once , no? use their demo chart, with their indicator, you don't need to use specific build indicator.

if it is about buy and sell strength, do you mean, RSI? it is the closest thing i guess from your definition
  • #15
  • Sep 14, 2007 9:40pm Sep 14, 2007 9:40pm
Quoting !mpuls3
well i know he is doing well and i dont know how, maybe is he lying but he isnt in school he is actually a business owner in his 50s he has had losing trades but he is up to 6k now from 2500, maybe he did deposit more but i dont think so. i have seen his balance in his account so that part is true i told him about the forums and money management suppose to be 1-2% of bank roll. per trade. so i dont know
I see, I misunderstood. I thought you said he was a friend in college with you. Anyway, I am still betting on a blow-up.

Quoting !mpuls3
but anyways enough about that thank you for welcoming me
Absolutely

Quoting !mpuls3
im still reading this chart forum and im still confused on the questions i asked above so if someone could explain them to me that would be great, i have search for them but i dont know how i would set these indicators up on my chart (mind you im using dealbook 360 form gftforex)
I will try to answer your questions as best as I can. I am not familiar with GFT anymore so I cannot help on the indicators part. One thing I can suggest is using your demo MT4 for your main charting package while entering orders on dealbook 360. This is what I do - I use two brokers: InterbankFX and FXSolutions. I detest the FXSolutions charting package, but love the rest of their platform. Therefore, I use InterbankFX mostly for their charts since they run MT4. Just a thought...

Quoting !mpuls3
i guess i will press on and try to get through james16 lengthly post lol hopefully it will start to make sense.
if anyone could recommend some chart software though it would be appreciated i will however ask in the other tread you mentioned peter.
Well, like I said above - I really like InterbankFX for their charts and whatnot. FXSolutions I like everything BUT their charts. It's always nice to have two brokers. I like these two.

Quoting !mpuls:1594437
i was wondering first of all if this buying selling pressure charts are a good way to look at the market.
Can you get ahold of the charts he's looking at? Provide a link to a website that may have an example? Without seeing it, I can't say if it makes sense or not. Like I mentioned in my previous post, if your friend is experiencing account increases the likes of 6.5 million percent per year he will soon eclipse Warren Buffet and Bill Gates - so apparently this is a mighty fine way of looking at the markets. Or, like i mentioned, he is just getting lucky.

Quoting !mpuls:1594437
i glanced through the james16 chart thread (i know i have to read it that is what everyone is saying in there posts) but i am just so confused on what im looking at, i can kinda understand others charts but james16 and some of the other so called "master traders" have like 30 lines going this way and that and i just dont really even know what im looking at or looking for.
A lot of traders use bar charts or candlestick charts. These are a way of slicing up price movements in a particular way that is not only easy on the eyes (staring at a computer screen or pouring over pages of lines is straining) but also conveys a good bit of information about price.

Here is a great website to get you up to speed on how to read a candlestick chart:
http://stockcharts.com/school/doku.p...o_candlesticks

Don't go forward until you can understand the basics of this site. Don't even worry about the 30 or so lines that some of the other traders have on their charts. Just get a handle on price (the candlesticks) before going further.

When you think you have it covered, it is time then to move forward, but I think that this should be quite enough for one weekend. Take care and check back often!
  • #16
  • Sep 15, 2007 3:07am Sep 15, 2007 3:07am
first of all thank you for the reply i will look at this MT4 charting and see if i can duplicate what i want to see. im sure i can find help with that software as far as the chart setup.

and thanks for the link about candlesticks ill make sure to check that out. reading through james16 chart thread i understand what im looking at if the chart shots are bar format but yes candles seem to be harder to see these DBLHC etc. of what he is talking about at least for me at this stage.

im sure ill have questions lol


side note PeterFX did you get my PM
  • #17
  • Sep 17, 2007 10:06pm Sep 17, 2007 10:06pm
Quoting !mpuls3
first of all thank you for the reply i will look at this MT4 charting and see if i can duplicate what i want to see. im sure i can find help with that software as far as the chart setup.

and thanks for the link about candlesticks ill make sure to check that out. reading through james16 chart thread i understand what im looking at if the chart shots are bar format but yes candles seem to be harder to see these DBLHC etc. of what he is talking about at least for me at this stage.

im sure ill have questions lol

Awesome, you're very welcome. There's a lot of good information in the James16 thread. I doubt you'll ever get through it all - after a while you'll have wrapped your head around the concepts that the price action patterns James describes will be jumping off the chart at you! Good luck and never hesitate to ask if you have a question. If you ask a stupid question, you may feel stupid. If you don't ask a stupid question, you remain stupid.
  • #18
  • Feb 24, 2012 3:02pm Feb 24, 2012 3:02pm
Well...where do I start...
I've met mr. forex whilst at a guy and under my eyes he made £2000 out of 200 in like 15-30 min.
8-9 months later:
I have blown nearly £3000...hard worked for, money(thank's to eurusd rally I am now less than 1/4 of making that amount back).
Here's what I can tell you so far:
Demo acc Oanda, Alpari etc...google you'll find plenty
What you make from that demo..half it...then half it again...on demo acc. the spread (you should know by now what it is) is Much smaller than real ones (on Alpari I think it is half).
Put 200-300 in a real acc because on demo you'll never make mistakes you do on real acc (trust me on this one).
Spend a lot of time choosing your broker.
What you need to find out at least: spread -what is it, does it varies...
swap- how much they charge you if you leave your trade on over night
roll-over - same but 4 weekend
any x-tra fees
Not sure if I can post this, I hope I won't get banned or anything.

My exp so far IgMarkets: seems ok but: the minimum you can loose at one trade is £5. For a testing (with real money: you MUST do that) it is too much. Also besides the spread they will (sometimes) charge you another 3 pip/trade.....else ok..
Alpari: technically-wise somewhat better than IG. Imo definitely fiddling.
Oanda: most surely not. No point to get into details but it is true: I will never go back to them.
The mantra: the trend is your friend - if only I would have paid attention to it
Best advice from a n00b to another for the first few months "bet" less and on bigger time frames, don't rush into scalping, don't touch 1m and 5m tf (time-frames)
Over all good luck and most of all good patience and good self-control..(you'll see how emotions rule you).
Also trade (at least at begining) like everyone is out to get you: the market, the broker and emotions(adrenaline did it for me worse than any broker)...

Once again go for it but go cautiously.
Cheers
  • #19
  • Mar 2, 2012 9:43am Mar 2, 2012 9:43am
you can open a demo account with a decent company and play while you are learning forex market and see how your tests on demo account are affect by your studies or learning of forex ... its not as hard as you thing even people who did not learn trading specifically they become good traders by trading .. you can find a lot of information and advises in out there but the best way is to learn by your self while trying with demo account. good luck )
  • #20
  • Mar 4, 2014 7:04am Mar 4, 2014 7:04am
Hello Forex Factory community!

I'm new to the trading world, I've been using a demo account for 2 years and based on the positive results I'd like to try the real thing. During the last year the only pair that I have been trading is GBP/NZD. My daily winnings are in average 50 to 80 pips and my maximum daily loss is up to 50 pips. I trade on 5-min charts and I'm using 4-h and 1-d for a general direction. I have read a lot of books in your forum regarding trading and trading systems.
The broking company that I'm going to partner with is FXCM with the starting amount of 1,000 euros. I've been in contact with FXCM representatives and I'm already aware of the requirements to proceed. The tricky part is how to take money out of FXCM since I live in Greece and the taxing system is very costly at best. My question would be, is there anything I could do to skip that expensive process? Furthermore, if I open a market point worth of 50 euros in the pair of GBP/NZD which will be the worth of 1 pip? In my platform it is about 3 euros so I just want to make sure that this amount is valid.

Thank you in advance,
Bogdan
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