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I'm new Heeeeeelp

  • #1
  • First Post: Sep 26, 2005 4:13am Sep 26, 2005 4:13am
Hello everyone, I am new in here and to say the least, this is the best source of forex knowledge I have come across on the internet, I don’t think I will waste my money on buying books unless its written by a member of this forum, ty all for contributing your views and trading ideas, I would like to thank Jim for his chart analysis, I really dint understand much about charts until I read that thread. Ok I have a few points I would like to clear before I go trading live. It’s worth mentioning here that I have been on several demo accounts with different brokers for over than 5 months.



- What would recommend be the initial capital investment required? I have tried trading with mini demo accounts and I have discovered that starting small in forex is not a good idea since it doesn’t give you much space to maneuver the movement of the market, I traded $ 25,000 demo accounts and did well.

- What broker is best to deal with? I hope I don’t sound like I’m soliciting here but out of all I personally think that forex.com has the most user friendly trading platform.

- Which broker’s platform generates the best charts? I like the charts Jim used in his thread but I don’t know what he used for that.

- Can I really trust online brokers with my money? Have there fraud incidents where brokers went belly up and traders money was a part of settlements?

- What is the ideal percentage I should aim at to grow my capital with?



That’s it for now & ty in advance to for all replies.



Regards.



Walid
  • #2
  • Sep 26, 2005 4:50am Sep 26, 2005 4:50am
hello mate

just remember discipline an emotion is part of the ket to success when going live.... a lot of ppl do well in demo an when icomes to their own money they choke an blow their account..

i use mt4 for charts, my preference.

good luck in the future an hope it all goes well.. sorry didnt answer much other questions this is jus a quick reply

regards
  • #3
  • Sep 26, 2005 8:15am Sep 26, 2005 8:15am
Hi good luck to you.
Start small. Trade one lot and only one lot to begin with. Keep your risk to a minimum around 0.5% is good. If you can trade consistently at this level after a little time increase your position size. No need to bung $25k into account at the start, try a grand or two. It'll stop you from losing your bankroll on a stupid mistake. (you'll make a few, expect that.)
When you play with real money ( assuming your strategy is sound) it becomes a mind game. Remember that. Give yourself some screen time to get aquainted with the markets. Reside yourself to the fact that it will take time to learn this game, just like any other. Months, maybe years but stick with it by playing small. It will eventually make sense.

As far as books, look at the Joe Ross stuff (http://www.tradingeducators.com/), and Alexander Elder I've found they are the most helpful. Lars Kestner wrote a good one called Quantitative Trading Strategies which will be VERY helpful if you want to design your own systems. The Market Wizard Books are good but there is alot of reading between the lines. The longer you trade the more sense they make.

For goodness sake don't get suckered in by people promising "holy grail" type systems. After 20 losses in a row it can be awfully tempting to listen to one of these crooks and waist your time and money. (i've been there)

Brokers? Hmmm. Stay away form market makers. The game is rigged in thier favour. No matter what they say, they do play against you and they know where your stops are. Forex is unregulated so anything goes from what I've experienced.
Rather go for ECN's like Interative Brokers. They use more than one market maker (who in turn compete with each other) and this makes things much more of a level playing field.

Hope this helps,

Steve
I was here, here I was. Was I here? Yes I was!
  • #4
  • Edited 10:10am Sep 26, 2005 9:18am | Edited 10:10am
Quoting walid
- What broker is best to deal with? I hope I don’t sound like I’m soliciting here but out of all I personally think that forex.com has the most user friendly trading platform.
Regards.
Walid
I think Oanda should be a MM you seriously consider. The ability to fine tune your trade size, to 1c if you need too, allows you great flexibility in honing your trading strategies. Also, unlike most MM's they are not taking the other side against you. It's hedged out. Plus being a 100% electronic platform means no re-quotes etc. Better still, read their forums, so you can get the good & the bad. They don't censor their customers comments (except where inappropriate)
Even if you don't choose them have look at this link. They recently sent this out to most of their customers as h/copy, but it's now available online.
http://fxtrade.oanda.com/billofrights/
  • #5
  • Sep 26, 2005 9:44am Sep 26, 2005 9:44am
Quoting walid
- What would recommend be the initial capital investment required? I have tried trading with mini demo accounts and I have discovered that starting small in forex is not a good idea since it doesn’t give you much space to maneuver the movement of the market, I traded $ 25,000 demo accounts and did well.
Your initial investment should be an amount that you are prepard to lose. A lot of people believe that you should not risk more than 1% to 2% of your account on a single trade and 5% to 6% of your account on total open positions.
Timing is everything.
  • #6
  • Sep 26, 2005 11:15am Sep 26, 2005 11:15am
Quoting walid
-
Quoting walid
What would recommend be the initial capital investment required? I have tried trading with mini demo accounts and I have discovered that starting small in forex is not a good idea since it doesn’t give you much space to maneuver the movement of the market, I traded $ 25,000 demo accounts and did well.



Only put money that you can afford to lose. This doesn't mean that if you can afford to lose $25k, you go put them in just one account, NO. If your capital is large enough, diversify between brokers. When you have 3 live accounts, it's easy to get into the market when 2 out of the 3 are down, or you can't access their servers. It happens.

Starting small is the best thing to ensure that you won't overtrade your account, and if you once did this mistake, you are sure that you won't lose much of your trading money.


It's not important if you start big or small, it's compounding which is important. Re-investing your profits is the key to growing your account larger and larger. If you are trading profitably, it's won't matter if you start small or big, you will end with your account larger at the end of every year in both cases.


Quoting walid
-
Quoting walid
What broker is best to deal with? I hope I don’t sound like I’m soliciting here but out of all I personally think that forex.com has the most user friendly trading platform.



I trade with MG Financial Group. Lately, I have been experiencing some server problems in which their platform goes down for both demo and live several times per day. Although they go down about a couple of minutes everytime, but this is not acceptable. I can accept a whole blackout day, but I can't accept hundreds of 5 minutes downtimes. Stability is the key here.


I recommend InterBankFX & Oanda. I recommend those 2 from the reputation. I am trading a demo account with InterBankFX right now, but I never tried Oanda. InterBankFX is extremely stable from the platform point of view. The application is a light one, lots of features, alerts, trailing stops, news, mail, even they have volume, although I am sure that it is hype, but I like the platform in general.

I recommend TradeStation as well. You trade what you want to trade, and get extra bunch of bonuses that are really usefull.

Quoting walid
-
Quoting walid
Which broker’s platform generates the best charts? I like the charts Jim used in his thread but I don’t know what he used for that.



Well, all platforms generate good charts. It's not the platform, it's the trader infront of the screen who makes the difference

Quoting walid
-
Quoting walid
Can I really trust online brokers with my money? Have there fraud incidents where brokers went belly up and traders money was a part of settlements?



I think they answered your question but for more information about this issue, please check out the following threads, as we have discussed this issue more than once.

http://www.forexfactory.com/forexfor...ead.php?t=2880

http://www.forexfactory.com/forexfor...ead.php?t=2886

http://www.forexfactory.com/forexfor...ead.php?t=2441

http://www.forexfactory.com/forexfor...ead.php?t=2271


Quoting walid
-
Quoting walid
What is the ideal percentage I should aim at to grow my capital with?



This depends on your personality, and you are the only one who can answer this question. If you are conservative, you are going to look for low to moderate percentages per month or per year.

If you are aggressive and more of a risk taker, you will be looking for high percentages per month or per year.

It's the strategy you are going to use to trade the market which will determine the percentage, but it's up to you to dump a conservative/aggressive strategy or go with it.


Wish you happy trading my brother.

Thanks,

Nader
  • #7
  • Sep 26, 2005 3:28pm Sep 26, 2005 3:28pm
Ty all for your suggestions & views.



I just got back from a dentist appointment and still under anesthesia, so if what I’m going to say is silly PLEASE blame the doc “twasnt me” lol (now you know why I want to trade, I still have to pay my dental treatement bills man)



I have tried the Onada and I think it’s not at all a user friendly platform, on the other hand the InterbankFX is easy to deal with.



This is how I practiced trading, it might sound naïve, backward but it worked well for me on the demo, lets take for instance the USD/JPY first of I look at the performance for the day and see highs & lows, if I am somewhere near the low I would buy my lots and wait, if the market goes against me I average and wait for it to shoot up & sell, now then if the market still dips I average and leave breakeven or with the minimum losses possible so I basically flow with the pattern of that pair. That’s why I said I did well on the $ 25,000 demo account, it gave me enough room to average.



Regards



Walid
  • #8
  • Sep 26, 2005 6:03pm Sep 26, 2005 6:03pm
You are averaging!!!! In Forex Markets ?????? This is suicide....I can understand people averaging in stocks or bonds, but I can't understand people averaging in Futures or Forex...In stocks and bonds, it's a pain in the ass, but in futures and forex, it's suicide. It's like jumping out of an airplane without a para, and hoping that you will have a safe landing on the ground!!!...

My brother, sometimes, the trend goes up 2000 pips in a month or 2, and no one can stop it, because simply no body can. Just take care that averaging is very very very dangerous. The best you aim from averaging is to breakeven, while forex should be a game of profit, not breakeven.

You will read the same opinion from many other traders over here, it's just normal. I never tried averaging neither in stocks, nor in forex. In stocks, I used to stay with losing positions, until they came back. Although I am not doing this anymore now, I cut losses shortly based on probability, but I never pour good money after bad money as many say. Why Should I add to a LOSING trade anyway? What's so good in it that makes me add to it? When the trade is losing, all the fundamentals and technicals are against my opinion, so why should I stick with my opinion if I know that it's not right??

Think of it this way, don't throw good money after bad money.

Happy trading brother,

Thanks,

Nader
  • #9
  • Sep 27, 2005 1:31am Sep 27, 2005 1:31am
Quoting narafa
You are averaging!!!! In Forex Markets ?????? This is suicide....I can understand people averaging in stocks or bonds, but I can't understand people averaging in Futures or Forex...In stocks and bonds, it's a pain in the ass, but in futures and forex, it's suicide. It's like jumping out of an airplane without a para, and hoping that you will have a safe landing on the ground!!!...

My brother, sometimes, the trend goes up 2000 pips in a month or 2, and no one can stop it, because simply no body can. Just take care that averaging is very very very dangerous. The best you aim from averaging is to breakeven, while forex should be a game of profit, not breakeven.

You will read the same opinion from many other traders over here, it's just normal. I never tried averaging neither in stocks, nor in forex. In stocks, I used to stay with losing positions, until they came back. Although I am not doing this anymore now, I cut losses shortly based on probability, but I never pour good money after bad money as many say. Why Should I add to a LOSING trade anyway? What's so good in it that makes me add to it? When the trade is losing, all the fundamentals and technicals are against my opinion, so why should I stick with my opinion if I know that it's not right??

Think of it this way, don't throw good money after bad money.

Happy trading brother,

Thanks,

Nader

Yup, that is very wise. When you're wrong, you're wrong. Get out quick, put the loss behind you and start to focus on the next possible trade. I believe the less time you spend in the market the better. The only reason to be in, is that there is a clearly defined money making opportunity. If it does not pan out then conditions of your trade have changed. There's not point in being exposed to any risk and its imperative that you close our position.

Regards,

Steve
I was here, here I was. Was I here? Yes I was!
  • #10
  • Sep 27, 2005 3:17am Sep 27, 2005 3:17am
Demo Demo Demo Demo Demo!!!!....

Resist the urge to go live until you can consistently make money on the demo software with what ever broker you choose.
  • #11
  • Sep 27, 2005 3:57am Sep 27, 2005 3:57am
Quoting Pipbull
Demo Demo Demo Demo Demo!!!!....

Resist the urge to go live until you can consistently make money on the demo software with what ever broker you choose.

Well I do not agree with too much demo account.

A big - maybe 1/3 - of trading is human psychology and you cannot know what will be your stress until it is real money. Demo account is to learn the platform not to learn how to trade.


Start small but start with real money. The strategy you build is the one you will be comfortable trading with it and you will only find the level of stress you can accumulate with a real money account.
  • #12
  • Sep 27, 2005 5:19am Sep 27, 2005 5:19am
Quoting narafa
You are averaging!!!! In Forex Markets ?????? This is suicide....
LOL! well put
Relax and be happy.
  • #13
  • Sep 27, 2005 8:55am Sep 27, 2005 8:55am
Quoting walid
I don’t think I will waste my money on buying books unless its written by a member of this forum.
First thing is DON'T average! It is insanity!

Second, to my knowledge, no one on this forum has written any books on trading, although there are several members I believe are qualified to.

Search the forum and find the list of 10 books recommended by Merlin, which contain everything you need to know to trade profitably. Then start reading them. They are not a waste of money, they are worth their weight in gold.

Merlin, since your book list is frequently referenced, could you please make it a sticky? Thanks.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #14
  • Oct 2, 2005 2:41am Oct 2, 2005 2:41am
Ty guys for you advice, i guess its time to go back to school , i have my books ordered and will read and learn from practicing on demos untile im certain that i can live trade or that i know what im doing exactly lol .

Regards to everyone & ty Merlin for this excellent forum
  • #15
  • May 1, 2017 6:12am May 1, 2017 6:12am
Please try to use low trading balance in your demo account, it brings more concentration! For demo, you should trade with an education friendly trading broker but before investing your real money you need to make sure your broker regulation status! Don’t change your trading strategy and trading broker for several times, you may take all of your decisions before real trading!
  • #16
  • May 3, 2017 4:37am May 3, 2017 4:37am
If you are a newbie you have to study about Baby pips school and Forex Factory which always ensures all important trading tips for newcomers with essential terms and conditions. besides these , you can continue a demo account for live experience about trading.

but request don’t focus at all for earning before learning.
  • #17
  • May 3, 2017 5:27am May 3, 2017 5:27am
Quoting MarkFxAnde
If you are a newbie you have to study about Baby pips school and Forex Factory which always ensures all important trading tips for newcomers with essential terms and conditions. besides these , you can continue a demo account for live experience about trading. but request dont focus at all for earning before learning.

Thank you for good suggestion , according to me, pips is the better for any newcomers who willing to learn forex.
  • #18
  • May 3, 2017 9:24am May 3, 2017 9:24am
1st of all, don’t believe any Forex broker blindly, do enquiry on their regulation! Here only regulated Forex broker are reliable to use! In addition, please don’t invest all of your money in my initial stage of trading! Because, more than 90% Forex traders lose their 1st trading capital! You can start with micro type live trading account to test your trading skill!
  • #19
  • May 3, 2017 9:49am May 3, 2017 9:49am
lol wtf...10 year old thread and now you guys are responding!??!
  • #20
  • May 3, 2017 9:50am May 3, 2017 9:50am
Quoting hilmy83
lol wtf...10 year old thread and now you guys are responding!??!
he's 60 years old now! jesus christ...
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