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Help for Newbies (Discussion Thread)

  • #421
  • Apr 6, 2011 6:39am Apr 6, 2011 6:39am
Quoting PhilaTr8er
Thanks to all for your insight. I am currently running two demo accounts; with Forex.com & Alpari.

I am not looking to quit the 9-5, but i am looking for a new challenge and hopefully to make some decent money in time.

Any views on Forex.com? I have been runnning the demo for a month now with good success and no issues - I am not sure if this account is indicative of a live one, but it's pretty good.

Thanks again and any/all advice is always welcome!
cool - if you are happy to, by all means post your results here - I'm especially keen to track the progress of someone starting out.
  • #422
  • Apr 6, 2011 11:42pm Apr 6, 2011 11:42pm
I have not used either however the following reviews regarding Forex.com may enlighten:

http://www.forexpeacearmy.com/public.../www.forex.com

I have heard on many occassions that Oand jack their spreads ridiculously around major news releases - depends on the sort of trader you plan to be i guess but I am not comfortable with that kind uncalculated risk.

I use Windsor brokers with an MT4 platform and I could not recommend them more highly.

Fixed spreads which are competitive, EXCELLENT customer service and they are based in Cyprus (as many are) which means they are not subject to US legislation.

best of luck.
  • #423
  • Apr 7, 2011 12:04am Apr 7, 2011 12:04am
Quoting daveindubai
I have not used either however the following reviews regarding Forex.com may enlighten:

http://www.forexpeacearmy.com/public.../www.forex.com

I have heard on many occassions that Oand jack their spreads ridiculously around major news releases - depends on the sort of trader you plan to be i guess but I am not comfortable with that kind uncalculated risk.

I use Windsor brokers with an MT4 platform and I could not recommend them more highly.

Fixed spreads which are competitive, EXCELLENT customer service and they are based in Cyprus...
I would not trust FPA reviews too much.
  • #424
  • Apr 11, 2011 5:05am Apr 11, 2011 5:05am
One newbie-newbie question - what is nano lots?
  • #425
  • Edited 7:50am Apr 11, 2011 5:16am | Edited 7:50am
Quoting Oliver_Chart
One newbie-newbie question - what is nano lots?
0.001 lots

mini - micro - nano
  • #426
  • Apr 12, 2011 5:35am Apr 12, 2011 5:35am
Quoting Custos
0.001 lots

mini - micro - nano
and pennies (in my case £0.02) per pip means micro right?
  • #427
  • Apr 12, 2011 5:39am Apr 12, 2011 5:39am
Quoting jasfx
and pennies (in my case £0.02) per pip means micro right?
I always thought this is nano. 10 $ a pip is one lot.

But maybe I am wrong here. If somebody has a more educated opinion on that, then shoot.
  • #428
  • Apr 13, 2011 12:53am Apr 13, 2011 12:53am
Micro lots already need low low margin level - what is the reason of trading with nano lots? ( trade demo) ?
  • #429
  • Apr 13, 2011 1:02am Apr 13, 2011 1:02am
Quoting Pall
Micro lots already need low low margin level - what is the reason of trading with nano lots? ( trade demo) ?
well, you can really refine your position sizing, when everything goes down to nano-lots. So for example instead of going in with 2.32 lots, you can go in with 2.324 lots. Just makes it a tick more precise.
  • #430
  • Apr 13, 2011 1:44am Apr 13, 2011 1:44am
Quoting Custos
well, you can really refine your position sizing, when everything goes down to nano-lots. So for example instead of going in with 2.32 lots, you can go in with 2.324 lots. Just makes it a tick more precise.
For 0.05$ ? Can't understand. Or this can be used when you want to be extremely accurate in you Money Management?
  • #431
  • Apr 13, 2011 1:50am Apr 13, 2011 1:50am
Quoting Pall
For 0.05$ ? Can't understand. Or this can be used when you want to be extremely accurate in you Money Management?
yes, it can make you very precise. But I agree, it might not be very useful.
  • #432
  • Apr 13, 2011 4:22am Apr 13, 2011 4:22am
Nano lots can be used when you testing automated systems. They usually work different on demo and live accounts, so you can't make conclusions base on demo forward testing. You need to test it on live account.
  • #433
  • Apr 14, 2011 2:09pm Apr 14, 2011 2:09pm
Hi traders,
Been demoing for some six months now, read lots of material on trading the markets, had good and bad weeks. I have a question for all you succesfull profitable traders out there. THE MARKET CAN DO ANYTHING AT ANY TIME, so why is it that we alllow ourselves to be fooled into buying rubbish systems that purport to make us massive gains. I am a newbie trader and have come to the conclusion that there just can't be any kind of automated system on the market that will produce consistent profits. Or is there.
  • #434
  • Apr 15, 2011 5:00am Apr 15, 2011 5:00am
Quoting dave007
Hi traders,
Been demoing for some six months now, read lots of material on trading the markets, had good and bad weeks. I have a question for all you succesfull profitable traders out there. THE MARKET CAN DO ANYTHING AT ANY TIME, so why is it that we alllow ourselves to be fooled into buying rubbish systems that purport to make us massive gains. I am a newbie trader and have come to the conclusion that there just can't be any kind of automated system on the market that will produce consistent profits. Or is there.
I understand where you're coming from. However, I continue to have faith that there are at least a few legit automated systems out there...

...and I intend to find them (please refer to my Forex Robot Examiner testing site in my sig).

I believe a big reason why most traders aren't having much luck with forex robots or EA's is because they're not using proper money management (i.e., using low risk settings).

I know I've been guilty of starting out using low risk settings, but as soon as the robot starts making consistent profits, I get greedy and "up the ante".

I'll re-adjust my risk settings so I trade a higher % of my trading account, in the hopes of making even greater returns. (Hey, the robot's website claimed it made over 1000% return, why can't I?)

We all know that not every trade can be a winner, and at times, even the best EA's will experience a drawdown. If you happen to have high risk settings, then your drawdown will be even greater and could possibly blow up your account.

So, IMHO, using low risk settings no-matter-what is the key to long-term success with automated systems (and manual ones for that matter).

Also, don't expect all the massive gains purported on EA websites. That's just all a bunch of marketing hype. With that said, I'm finding a few robots that are making decent returns (not the same returns on their marketing pages, however, but at least they're not losing money).

If you keep realistic expectations, and like I said, keep conservative risk settings, you might find a forex robot that could provide you a consistent return over the long run.

The % ROI may not be stellar, but for me, anything greater than what I would normally earn at a bank is good enough for me.

Remember, you want to be the tortoise, not the hare!
  • #435
  • Apr 15, 2011 8:37am Apr 15, 2011 8:37am
Quoting daveindubai
I have not used either however the following reviews regarding Forex.com may enlighten:

http://www.forexpeacearmy.com/public.../www.forex.com

I have heard on many occassions that Oand jack their spreads ridiculously around major news releases - depends on the sort of trader you plan to be i guess but I am not comfortable with that kind uncalculated risk.

I use Windsor brokers with an MT4 platform and I could not recommend them more highly.

Fixed spreads which are competitive, EXCELLENT customer service and they are based in Cyprus...
I love trading just before and after a news release and I use Oanda. The spread does increase once the news is released. Sometimes it's 10 pips sometimes less sometimes more. Usually lasts for a few minutes. But it's easy to avoid. Just keep in mind the time of the news release and make sure you're out of your trades by that point. Simple.
  • #436
  • Apr 18, 2011 12:54am Apr 18, 2011 12:54am
Quoting Trankuility
I love trading just before and after a news release and I use Oanda. The spread does increase once the news is released. Sometimes it's 10 pips sometimes less sometimes more. Usually lasts for a few minutes. But it's easy to avoid. Just keep in mind the time of the news release and make sure you're out of your trades by that point. Simple.
Trading during news can be very tricky!
  • #437
  • Apr 18, 2011 1:47am Apr 18, 2011 1:47am
Quoting LJohnson
Trading during news can be very tricky!
I couldn't agree more - in how I trade anyway - I make it a point to stay out of the market at least 15 minutes before and 15 minutes after news announcements.
  • #438
  • May 15, 2011 11:08am May 15, 2011 11:08am
Hi all

If I could give some profound advice after losing an awful lot of money trading forex the wrong way it would be this by PeterFM:

Time frames are down to personal choice; all I can do here is tell you what worked for me. As I said, I started on 5/15-minute charts, and always struggled. I now focus on the Daily charts, but use the shorter time frames to look for better entries in order to reduce risk. I realise that many people, starting out, have difficulty with this. I now feel that the reason is simply that we fall into the trap of 'having to trade'. By that I mean if we're not trading, we feel we're not working. The urge to always have a position on is hard to resist, but it's the biggest problem I had to overcome.

SO TRUE!!
  • #439
  • May 15, 2011 9:47pm May 15, 2011 9:47pm
if the market have been ranging for a while i look for breakouts and confirmation signals shortly after the news. in that way you are hardly trapped in the wrong side of the trade
  • #440
  • May 16, 2011 7:25am May 16, 2011 7:25am
Quoting Adewumi
if the market have been ranging for a while i look for breakouts and confirmation signals shortly after the news. in that way you are hardly trapped in the wrong side of the trade
That is true, but you need to wait for a good conformation.
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