Help for Newbies (Discussion Thread)

Do forex robots actually work? I feel like I've walked into a whole new world I don't understand when looking at Forex trading....when ever you read about it it gets touted as user friendly though trading platorms like etoro etc, but looking on here I have no idea even where to start. What I'm wondering about is automated sytems and whether they actually work - or are they all just scams?

I am testing forex megadroid on my website at the moment and the results vary considerably, one account is positive the other is not, but I have only been testing for 3 weeks.

Could I recommend this one well not at the moment, but they are definitely a long term venture I would imagine. Be warned the losing trades are substantial and the winners are minor.

The win rate is really good but two losing trades will take out 20 winning trades so this is not an important factor in my mind.

Education is the Key be it through a book,a mentoring course or just simple hard work looking at charts.

Hope this helps

Regards

Darren

i'm ready to start a "live" trading account and saw
where i can start with as little as $10 deposit.

thats great, but i'm concerned that if the trade goes

against me right from the start, the dreaded

"margin call" would happen way to easily since i'd only have

the small $10 deposit.

and, therefore, before i can even "wait" for the trade to
turn around and go in my favor, i've lost my initial $10 deposit.

and would then have to start all over with another initial deposit, etc.

is that the way it works ???


please help and definitely, ... tia !!

p.s. if you need more details or a better explanation of my concern
and my question, please ask. i'll be glad to offer other, or better info.

Well then mate, I guess what you need to learn first is the thing called 'money management'. Please engrave it into your trading paradigm.

those $10 money can definitely be used. That's if you use it properly. How proper?? By examining carefully your leverage and your trading size.

feel free to ask, feel free to search (I've given you the keyword there)

thanks for your prompt reply ...

i suppose the three keywords or phrases are,

" money management, leverage, and trading size "

so, i wonder if you might tell me where i adjust those on my
EA that my friend let me borrow for trial.

or, maybe you could elaborate a bit ?, please

I am not sure if you still read this, PeterFM, but I wanted to thank you so much. Your thread should be put on an obligatory popup showing every time a new wannabe trader subscribes a broker account!

Greetings Peter

Wow, thanks for such a great informative thread.
I'll be there again for a while.

ano

Hi all,

As you can see in attached image I have quite a few opened positions ... for example EURCAD ... I SOLD when price was 1.3371 ... price started to go up ... I sold 2 more positions on 1.3477 and 1.3478 but my request to sell on 1.3460 which is submitted 1 day ago is not executed and price is moved to 1.3522.

Same situation I had with EURUSD as you also can see in attached file.

Can you tell me please what is problem here as it is not reliable if my submitted and accepted pending orders are not executed.

It is DEMO account and broker is MIG and their answers on my complains are always that it is because it is DEMO account and on REAL one will be better. I have REAL account but if this execution is not working fine - I am not using them anymore.

Or it is my fault and my request was not OK

Thanks in advance for your help

Aleksandar

after looking at the chart for about 5 seconds it appears your demo account is losing money, so i would take a guess that you have hit the threshold of not having enough equity to sell 1.0 lots anymore, hence the order was ignored due to lack of funds.

Hmmm ... thanks for answer ... it seems logical but this is explanation from MIG:

We collect prices from our liquidity providers and show best bid best ask. When client places an order, the system will try to trade on the first price which is the best one and if it’s not valid or available, it will try to trade on the second available price and so on. This is why the prices may differ from original.

Which means they are implementing some kind of 'intelligent' system

no. i think they are just trying to describe to you the normal process of how orders are executed. they are just describing it in the most nonsense way though and it makes no sense really what they said. meaningless. to give a proper explanation of how orders execute requires a few paragraphs so i'd say they just wanted to get you off their backs without actually looking into what your actual question (and answer) is. just ignore their answer it's useless. since you are only on demo you can simply try and execute market orders starting at 1.0 and work your way down until one of them finally executes due to enough available margin in your demo account. this will answer your question once and for all.

Thanks Peter for the great effort to put together all these information on the net for everyone to read.
I haven't read all the posts of the discussion and maybe you already answered, but there are two things I would like to know from you as a very experienced trader:

1. Have you made a lot of money out of Forex?

2. Do you think it will FOREX will go on for very long? I have been reading some articles from the enemies of FOREX about terminating it.

Peter thanks for the thread, a great read for us beginners.
Could anyone who trades within the UK help me out with this basic question?
I've been told that forex market hours are:
London Open = 7am GMT
American session Open = 12pm GMT

As it is currently daylight savings time (DST) here in the UK (GMT+1) is it correct to assume that the London Open on my current charts is the 8am candle marker and the American open is 1pm candle?
Havent really been able to pin this info down anywhere so any UK traders can confirm for me I would appreciate it alot thanks. I'm only concentrating on GBP/USD till I get a hang of things.

http://www.wikinvest.com/wiki/List_of_Stock_Exchanges

Thanks Cloggie, but several websites led me to believe that forex markets opened slightly different from the equities markets. The info varied from website to website. Some say the forex market in London opens at 7am some say 8am, obviously I'd like to be at my screen when London opens, but not sure if that is 7amDST or 8amDST?
This is what has confused me, so much conflicting information on something as basic as market hours!

I guess an easier way to resolve this would be:
If my forum time is currently 18:30 when I've made this post, what 'forum times' do each of the markets open at?

I'm going to place my question here first, and then you/all can read my introduction with it's concerns, if you/all have time. I AM convinced that this process does NOT have to include psychic/financial trauma ...Thanks to you/all I was encouraged to post intelligently, so here goes:

Question
For demo purposes, leverage should be low. I've had Alpari-US to adjust my leverage, to my 1,000.00 demo account to 2:1. But for live account purposes leverage should be higher, so as to avoid the high deposit requirement. Is this accurate? We don't have the ability to see the interface of live platforms, so I am assuming we can adjust leverage per trade. Is this accurate? I'm going with a TP/SL of 75-5-/25 pips per trade. This is not carved in stone, as I need to learn more about FIFO to fit it into True Leverage. This is why I have chosen Alpari-US for my demo. I am planning to start out with 2,000.00 in an account, Micro, eventually (it's not on the calendar yet), and I see this as a good place to start within the trinity: of trading system, pairs, and time frames (4 hour/daily) ...Resting within our foundation-ed relationship to our ancient angry-and-demanding-god-in-heaven ...The Broker. Does this sound accurate?

Intro to Forex Factory & Concerns
I've been spending thorough time on Dialist's, Jamesgroups16's and Your posts.

I've been sinking into the forex gradually. No forex tragedies to tell here, yet! But I'm out of the honeymoon already. I'm well aware that brokers are not showing me a tomato as it is. I've been successful and failed at other things in life, so I've got some electrons and some behaviors to compare with the world-view attached to charts, and some skills at fading the chatter. At the beginning of the year, I spent about 4 solid months on the material. I've got every worthwhile text from Wiley Traders to thank (thanks really also to the wonderful down-loadable Open Source nature of the forex community), and the Babypips curriculum I've been through several times. I've got notes and charts all over my walls. I like trading from support/resistance via Fibonacci & PPs. They really help me to see the mosaic. I've been wading into Fxcm's curriculum, live and archived and then the universe downloaded Forex Factory into my consciousness.

I have been approved for a live account at Oanda and FXCM, and they still as of yet do NOT own a live cent from me. Though I AM tempted to give them 25 just to learn what I can hack from their live platforms. I'm jumpy about trading on any of them though, since even big daddy Gain Capitol had it's own issues, as with several others. No one wants to end up feeling like a Chilean Miner. Nonetheless, I've had an academic workout to this point. My 1st full recorded week of DEMO trading via FXCM's server showed a profit of 570.00. Kinda like playing nice with the other new kids for the first time; in the new neighborhood.

Many of the pre-2007 posts I have been in cause light on a distinction between demo vs live platform trading. My recent experience in your posts (above mentioned) have reinforced "... If you can't do it on demo, you can't do it live." And other sites have rated the demo vs live systems as acceptable, so I'll trust the advice from the experienced. Not all neighborhoods are the same. So I'm wading into the Comm Doll waters looking to match my patient, trending and channel driven style of trading to less adverse pairs, like the AUD USD, AUD JPY. But really, I've already gotten into a rhythm that FIFO has severely wrinkled, and I'm searching via the experience of others to help me get over this strange new equipment they are forcing the Infantry to wear.

I will say, the developments have forced me into a part of the frontier of Forex that I wouldn't have considered. Forced me to pick out a horse and ride it. I adore the ranting of baby boomer theologies over the new leverage laws, and repatriation, but I see the CFTC/NFA developments as a development in the Forex economy that will facilitate us getting along with brokers ...As opposed to getting ripped off!

Additionally, I feel like a character in the Titanic you know is going to get to a boat, but not sure if he's gonna live, after getting to the core of all of this FIFO commotion. After all the work, I'd lost my faith in humanity again, temporarily, after hearing some of the stories and doing some investigating. Webinar leaders are clearly sideways, having to interpret themselves from London into it, waving off questions while in the middle of their live academic sets. I see the waves of newbies, without the research skills and experience I have, and their naive inquiries, that still resembles aspects of me in timbre. So, I can only try to post intelligent questions here ...I hope will reflect and invite clear response in light of my experience to date, and complement the development of others.

I am convinced, NONETHELESS, that you can learn this stuff without suffering epic losses, to account and psyche, with the guidance you are all providing. It's all connected! Your concept of trading, size of account, leverage/margin, the pairs you choose, and the time frame you trade on. They all have subtle distinctions which reflect your patience and skill-sets for repeating what your capable and responsible for processing.

Question Again
For demo purposes, leverage should be low. I've asked Alpari-US to adjust my leverage, to my 1,000.00 demo account to 2:1. But for live account purposes leverage should be higher, so as to avoid the high deposit requirement. Is this accurate? We don't have the ability to see the interface of live platforms, so I am assuming we can adjust leverage per trade. Is this accurate? I'm going with a TP/SL of 75-5-/25 pips per trade. This is not carved in stone, as I need to learn more about FIFO to fit it into True Leverage. I am planning to start out with 2,000.00 in an account, Micro, eventually (it's not on the calendar yet), and I see this as a good place to start within the trinity of trading system, pairs, and time frames (4 hour/daily). Does this sound accurate?

On the BlueHighway ...
Cheers!

Does anyone have any ideas where I can get an indicator that will alert me when price touches my trendlines? I tried downloading one from FF but i wasn't too sure how to use it. Would appreciate a linke with instructions. Thanks!

see link
http://www.forexfactory.com/showpost...postcount=2814

hi guys, great thread for helping newbies like me!

just joined, have a friend who has been trading a while, so he is going to help me a little too, but advised i come here to talk to experienced traders too...

great forum, and i will take my time to read through this whole thread.

can i ask what you guys think about paying for a signal service?

my freind pays for one but isnt very happy with the service right now.

thats why he told me to come here and learn for myself!

hope i can learn alot from you all....