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  • #1
  • First Post: Dec 10, 2007 10:02pm Dec 10, 2007 10:02pm
Hi Folks
I ve been trying demos and exploring FX for more then 2 weeks. I did read a lot and tried many trades on demo. I feel ready to start live experience. I am thinking about to open with 2 brokers. I will go live with Oanda in the next coming days. I did choose them for the low spreads and the high recommendations of the members here and elsewhere. I am also trying the demo of EFX from tonight and will decide by the end of the week.

I also like MT4 platform very much and had selected some brokers that I believe are good for me. RFXT, FXDD and IBFX. However IBFX has a high spread specially on my lovely BBP/JPY, 10pips!!! (what I get from the demo, correct me if I am wrong please). I don't know why it is very recommended among all brokers using the MT4 based platform. Any advice about these brokers or a better one if there is any?

Ok now the most important, as a noob, I am confused with different opinions of traders. Sometimes I believe that I can make huge money every day week and month trading with 1-3 standards lot at the time (This is what I am experiencing on demos). Other times, I think that this business is fishy and many victims are around.

Concerning my first strategies, I do follow indicators, MA and AC on M5, M15, M30 and H1 charts for each pair. I get a good idea about the price movements all the day and for each hour. I can open and close a trade for 30 to 1 hour to get 5-20 pips or open a long one to get as much as I can. Regarding what I did read trough several discussions, some guys or brokers think that the first strategy is scalping and it is not welcomed everywhere, but since no one yet give me a standard definition of scalping I am still confused about it.

I strongly believe that if I do the same with live account, I can be very profitable, I make minimum 1000$ a day (trading not more then 3000$ virtual money of course for 5-8 hours).

Now my BIG QUESTION to you experienced traders.
1-Is this possible on live trading?
2-Is the live trading environment can be limited because of the liquidity, refused orders...?
3-If it is possible, what is the best broker for me?
4-What is the main failure factors of unexperienced and experienced traders on forex?

A lot to discuss but I have to stop it here. I welcome every reply to my thread and I hope we can discuss it further
Thank you very much.
  • #2
  • Dec 10, 2007 10:14pm Dec 10, 2007 10:14pm
Hi FxFan, two weeks is very little to start trading for live, I would recommend you not starting until you are profitable for at least 3 months, and start wit very little money.

Regarding your question if it's possible to live of trading, yes it's possible, and if it's possible doing so scalping, yes it's possible. You say you have a strategy yet, if it works for long time (i suggest 3 monthts or 300 trades at least) don't change it; anyway, a nice thread of scalping is Linuxtroll's one, you might want to take a look at:

http://www.forexfactory.com/showthread.php?t=52515

There you can learn more about some of your questions.

One last advice, Forex Factory is a very nice place to talk and share experiences with traders arround the globe, if you want to stay long here, read the rules http://www.forexfactory.com/faq.php?faq=rules and don't give opinions or ask for advice about brokers or services until you have 100 posts, if you make a search in the existing threads, you'll find a lot of information related, without having to ask.

Good luck.
Ado Whether you believe you can do a thing or not, you are right.
  • #3
  • Dec 11, 2007 9:03am Dec 11, 2007 9:03am
With all the questions you're asking, FXFan, it's clear that you are NOT ready for live trading, as Ado says. So, don't go throwing your money away.

Do yourself a favor and do some more research, starting with the free school at Babypips.

Also, search these forums, especially the broker forum, to see what experiences others have with different brokers. Oanda and EFX are good, but you say you are opening live accounts and then ask for broker recommendations. Do some research and you'll find your answers.

Then, as Ado says, demo for 3 months to make sure that you understand the software, how trading actually works, and that your strategy is consistently profitable. Two weeks means nothing, as things change quickly in Forex.

After that, you can go live with Oanda and trade micro lots to make sure that you're still profitable. As your profits increase, you can move to bigger lots and more profits!
  • #4
  • Dec 11, 2007 9:14am Dec 11, 2007 9:14am
Quoting FxFAn1978
Hi Folks...
.

The best thing for you to do right now is open a small live account, to see how fast this money will vapourise so you can step down from live trading and REALLY do some homework .. this will bring you answers to all of your questions. It probably will not happen until you experience how quickly you will be donating your money to the market without EXTREMELY THOROUGH education regarding what it is you are getting in to.

Bob
  • #5
  • Dec 12, 2007 5:54pm Dec 12, 2007 5:54pm
Quoting bobblong
The best thing for you to do right now is open a small live account, to see how fast this money will vapourise so you can step down from live trading and REALLY do some homework .. this will bring you answers to all of your questions. It probably will not happen until you experience how quickly you will be donating your money to the market without EXTREMELY THOROUGH education regarding what it is you are getting in to.

Bob
Well, I trade live now. yesterday night I made about 500$ profit from my mini account. and I was very conservative because of my first experience.

I hope it will remain like that or better.
Good luck all
  • #6
  • Dec 12, 2007 6:17pm Dec 12, 2007 6:17pm
Quoting FxFAn1978
Well, I trade live now. yesterday night I made about 500$ profit from my mini account. and I was very conservative because of my first experience.

I hope it will remain like that or better.
Good luck all

Well, I think almost everybody will tell you to stop and practise more, but if you have decided to take off that early, the only thing I can tell you is that I really wish you the best.
Ado Whether you believe you can do a thing or not, you are right.
  • #7
  • Dec 12, 2007 6:46pm Dec 12, 2007 6:46pm
If you made $ 500 last night, and you have never been a trader before... very likely tonight or tomorrow, you will lose $ 500, or worse, get your first margin call...

Not trying or wanting to be mean... but it is a longer road than you think... much much longer... otherwise all of us in here would be rich and have no reason to even be posting here at all...

It is the simple truth... if you are risking more than 3% of your account on any trade, you are most likely to be in big trouble... and as a newbie... better yet, don't risk more than 1 % or 1/2 % on any one trade...

Sorry....................... for butting in once again.... sorry sorry...

Quoting FxFAn1978
Well, I trade live now. yesterday night I made about 500$ profit from my mini account. and I was very conservative because of my first experience.

I hope it will remain like that or better.
Good luck all
  • #8
  • Dec 12, 2007 8:12pm Dec 12, 2007 8:12pm
I have to second Tiki's comments.

But, more than likely it will take a blow up before the realization takes hold. I have seen this before.

I do, however....wish you luck.

Clockwork
  • #9
  • Edited Dec 13, 2007 12:58am Dec 12, 2007 11:02pm | Edited Dec 13, 2007 12:58am
So far 300$ tonight (3 hours and with small lots)
well, I think I manage very well and always keep an eye on my trades. I know what I am going for before sending the order. But I take all your advises for sure. It will make me more careful and vigilant.

Well I did start this thread because I was worry that the live forex is different from the demo one. So far it is the same and very pleasant. )
  • #10
  • Dec 12, 2007 11:17pm Dec 12, 2007 11:17pm
ok, let me be honest. If you trade live now, you will probably get a margin call and lose money. For most strategies if you want to trade 3 standard lots, you would need to have an account balance of at least $50k, preferably a lot more. Many new traders have the mistaken view that forex trading is easy and think it is going to make them rich. This is a major fallacy. It can make you rich in the long term, with extreme hard work and complete dedication and commitment, but it's never a get rich quick scheme.
  • #11
  • Dec 13, 2007 12:56am Dec 13, 2007 12:56am
Quoting peterM
ok, let me be honest. If you trade live now, you will probably get a margin call and lose money. For most strategies if you want to trade 3 standard lots, you would need to have an account balance of at least $50k, preferably a lot more. Many new traders have the mistaken view that forex trading is easy and think it is going to make them rich. This is a major fallacy. It can make you rich in the long term, with extreme hard work and complete dedication and commitment, but it's never a get rich quick scheme.
Thank you for reminding me of this .

Well not all traders and persons are the same!!!
As I know if the margin limit is reached, all open positions are closed wether there is a profit or lost...

I keep at least 3% margin and as I said when I start a position, It barely move against me with more then 10 pips. I do not click just because someone give me a signal or hoping the news will be on my side. It is just 2-3 good trades, not more.

Well, finished 2nd night with another 500$ ). So 50% profit in 2 nights.

Time for a good sleep now
Good luck all
  • #12
  • Dec 13, 2007 4:01am Dec 13, 2007 4:01am
Take your profits out NOW! If you don't you'll have lost all your money before the end of the week!
  • #13
  • Dec 13, 2007 5:59am Dec 13, 2007 5:59am
I think he can make his own decisions, no need for all this bad mouthing.

Good luck to you friend I wish you much success
  • #14
  • Dec 14, 2007 10:48am Dec 14, 2007 10:48am
Thank God I have my boots on. I think I just stepped in something.
  • #15
  • Dec 14, 2007 11:35am Dec 14, 2007 11:35am
Well, if you have made 50% on just a handful of trades in only 2 days then it is extremely probable that you are putting way too much at risk per trade.

I know the euphoria of trading well and it can be like a drug with a terrible hangover. Right now you are on top of the world but you will likely step out of the proverbial trading window because your mind is telling you that you can fly.

Don't worry, it is fairly normal and you won't be the first or last to make that error.

When your account has dwindled or evaporated completely you will have actually reached a point in time that you can either acknowledge as a learing experience or not.

I implore you to do do the former.

When I began trading it was under a very skilled mentor with over 20 years of experience and I didn't make a live money trade until almost 6 months after starting out.

That time was spent learning the basics, getting mentally prepared for the markets, and conducting demo trades (while keeping a journal) for several months.

Welcome to FOREX and PROCEED WITH CAUTION.

PM me if you have any questions
  • #16
  • Dec 14, 2007 3:18pm Dec 14, 2007 3:18pm
And how has today gone for you...????????????? I hope with the same trend you started with... !!!

Quoting FxFAn1978
Thank you for reminding me of this .

Well not all traders and persons are the same!!!
As I know if the margin limit is reached, all open positions are closed wether there is a profit or lost...

I keep at least 3% margin and as I said when I start a position, It barely move against me with more then 10 pips. I do not click just because someone give me a signal or hoping the news will be on my side. It is just 2-3 good trades, not more.

Well, finished 2nd night with another 500$ ). So 50% profit in 2 nights.

Time for a good sleep now
Good luck all
  • #17
  • Dec 14, 2007 7:40pm Dec 14, 2007 7:40pm
Quoting Tiki Trader
And how has today gone for you...????????????? I hope with the same trend you started with... !!!
Lol

No . I made some mistakes today. lost a little. I know why and it was a good lesson.
Finished the week with 40% profit
  • #18
  • Dec 14, 2007 7:43pm Dec 14, 2007 7:43pm
Quoting FxFAn1978
Lol

No . I made some mistakes today. lost a little. I know why and it was a good lesson.
Finished the week with 40% profit
Good luck to you, just remember compounding works both ways.
  • #19
  • Dec 14, 2007 7:45pm Dec 14, 2007 7:45pm
Quoting JFX81
Well, if you have made 50% on just a handful of trades in only 2 days then it is extremely probable that you are putting way too much at risk per trade.

I know the euphoria of trading well and it can be like a drug with a terrible hangover. Right now you are on top of the world but you will likely step out of the proverbial trading window because your mind is telling you that you can fly.

Don't worry, it is fairly normal and you won't be the first or last to make that error.

When your account has dwindled or evaporated completely you will have actually reached a point in time that you can either acknowledge as a learing experience or not.

I implore you to do do the former.

When I began trading it was under a very skilled mentor with over 20 years of experience and I didn't make a live money trade until almost 6 months after starting out.

That time was spent learning the basics, getting mentally prepared for the markets, and conducting demo trades (while keeping a journal) for several months.

Welcome to FOREX and PROCEED WITH CAUTION.

PM me if you have any questions
Thank you for sharing your experience with us, I will pm you when I need help.
  • #20
  • Dec 14, 2007 7:54pm Dec 14, 2007 7:54pm
US ??????

Quoting FxFAn1978
Thank you for sharing your experience with us, I will pm you when I need help.
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