Newbies go here...

People need to read about the ugly side of forex.

http://www.forexfactory.com/showthread.php?t=62076

Just realize that the forex streets aren't paved with gold, and know what you are getting into.

-T

I agree with not trading on advise. I also believe that knowing is half the battle! Learn your platform before throwing any money at the market. If you are blinding trading without a basic knowledge of your paltform, you might as well save your time and take a trip to Vegas or your local casino. You'll fair better there than in this market. Follow you trading plan. If you don't you might as well go to the casino again! Understand you indicators if you don't you might as well go to the casino. You'll have more fun there loosing oyur money than behind your computer. And use sound money managment practices. If not you guessed it go to the casino! This market is rough enough as it is trading with all the right tools and mindset. Let alone goin into it blind!

Happy Trading!
Pip Wrangler

You mean I shouldn't follow guys like Steve Dewitt of Forexconfedential who have turned trading FOREX into Multi Level Marketing that promises thousands of pips a month?

Newbies, save yourself alot of time and heart ache, and just transfer your money into my bank account.


756534 089853553 account number.

Thanks, and don't mention it!!

You forgot to give the password.

Back to the thread: In our Nintendo society, its easy to look for the "reset" button when a trade goes bad. That's just not reality. Once its gone, its gone and it hurts.

So even a system as nice looking as this one (14,000 pip in 7 years, after spreads removed) is, in my opinion, randomness. I built the system from scratch, and have a Masters degree in Computer Science from an accredited college. When I built it, I thought I'd be rich, but now I'm hesitant to trade it, because I know it has no edge, hence it is a gamble. (Forward test: No profit/loss in 4 months)

The bottom line is that Forex should be a hobby to newbs until they get enough information to make educated decisions.

You don't know how many times I've seen the type of thing in back testing results, the hairs on the back of your neck stand up, you start reaching for the phone to tell the boss where to stick his job...

People had told me that parameter mining was fraught with danger, did I listen? Hell No! I knew better! Lots of nice painful losing of real money taught me after a while.

Well, this was a true backtest. Not one of those 10% modeling quality deals.

I did hundreds of hours researching the validity of the results, and indeed the graph is realistic.

Note that my point is not to tantalize newbs with impressive graphs, but rather to do the opposite.... to demonstrate that there need to be reasons OTHER THAN a curve fit backtest.

The "we're all saying the same thing" thread, the responses in the randomness thread, now this... tdion, admit it, you are depressed at least regarding forex, take a break, have some fun, enjoy your life and then maybe come back and try again, cool ?

Oh boy, what a post... Few thoughts:

1) Always have a back up plan
2) Reality is, most people will never make money trading, markets are set-up for loosing, the odds are against you.
3) Even if you have an edge, you are still very likely to loose due to phsycology. Knowing what to do, and actually doing it are 2 very different things.
4) Not all is bad, i've actually started in a similar situation as the guy in the post. Started with a 50k accout, made money, than nearly lost all of it. When i had just 20k left, i refocused on what i knew i had to do, and made all the money back + some slow and steady. It has been a real rollercoster. But i'm finally where i wanted to be. Making a very decent living and looking to do even better in the future. Would i advise others to follow my path? I'm not sure. It's very difficult, there is no guaranty of success...

We rarely hear stories like this compared to "path of gold" stories. I would like to say this should be reading for all newcomers who have their Ferrari-catalog already ordered and their 50k account funded but we shall not forget that some people believe what they want to believe no matter what other people with way more experience try to tell those fellas.

The probability for starts will focus on how to get wealthy in a rush will always be high compared to realistic target. All those adds around the internet and TV will keep that probability up.

The more info you dig out of this world, more you understand that this is not a fairy-tell world. If you want to make success (no matter what area you enter) you better be prepared for sacrifices in large quantum.