set "your" TF+1, get up and walk to the other side of the room then take a look at the trend....
sometimes i have my face so deep into my laptop my chick gets jealous.
sometimes i have my face so deep into my laptop my chick gets jealous.
Help for Newbies (Discussion Thread)
- #524
- Sep 17, 2011 6:24am Sep 17, 2011 6:24am
- | Joined Dec 2007 | Status: IF YOU SEE SMOKE, RUN! | 1,206 Posts
Hello @ Stephanusr, are you saying Forex trading doesbt work?
It works but not for everyone. There is a natural order for things IMHO. Not really much different for other attainable things in life.... you attain by what you put into it.
Nike came out with the ad long time ago "Be like Mike"
http://3.bp.blogspot.com/_G5FCIoRZU5...el_Jordan2.jpg
What makes you think being a professional trader would be any different? How much dedication did it take for Mike to be Mike? How much rejection did he suffer before he became great?
But ya know people these days expect others to just "give" them something. No one desires to work or do for themselves. If you are in that boat... then yes forex will be impossible for you.
I hope nobody minds me asking a question here. I read here a lot, but I am such a totally green newbie that any comment I might make on someone else's post to qualify me to start my own thread would be tantamount to suicide by embarassment.
For lots of reasons, if I can learn to day trade forex for a modest living it will solve some otherwise insurmountable problems...if not...well, I'l just have to accept it.
Anyway, despite being somewhat deterred by my abysmal failure to turn my demo account in to several million in the first week I am putting in all the time, practice and study that I can, and I think I am on a pretty fast learning curve.
Something is worrying me. I started using a demo account from plus500 (just because it was the first one I saw). It started to seem as if I was trading too badly...that even random figures would do better.
Ok, so I read here and found out that I wasn't the first person to hit this wall and there are lots of reasons for it, all of which can be corrected with work and practice.
However...I tried the TMS monitor (loaded in MT4 but trading on plus500) and I am having exactly the same effect, even if I only trade strong recommendations. Most of my trades never make it back up to zero net p/l. I am beginning to wonder if there is something about the spreads on Plus500 that makes regular small gains almost impossible?
I am not trying to lay off blame for this, if it's my own fault I want to know about it and fix it, but, on the other hand, it doesn't make sense for me to practice using a tools that is effectively, rigged against everything I am aiming for.
I don't think just switching to another demo account to see what happens without asking the question is a good idea...I might get lucky, then start floating on a pink fuzzy cloud of blaming Plus500 until reality reasserts itself!
Any ideas?
(<pre-emptive embarassment because I know this is probably a really silly question)
For lots of reasons, if I can learn to day trade forex for a modest living it will solve some otherwise insurmountable problems...if not...well, I'l just have to accept it.
Anyway, despite being somewhat deterred by my abysmal failure to turn my demo account in to several million in the first week I am putting in all the time, practice and study that I can, and I think I am on a pretty fast learning curve.
Something is worrying me. I started using a demo account from plus500 (just because it was the first one I saw). It started to seem as if I was trading too badly...that even random figures would do better.
Ok, so I read here and found out that I wasn't the first person to hit this wall and there are lots of reasons for it, all of which can be corrected with work and practice.
However...I tried the TMS monitor (loaded in MT4 but trading on plus500) and I am having exactly the same effect, even if I only trade strong recommendations. Most of my trades never make it back up to zero net p/l. I am beginning to wonder if there is something about the spreads on Plus500 that makes regular small gains almost impossible?
I am not trying to lay off blame for this, if it's my own fault I want to know about it and fix it, but, on the other hand, it doesn't make sense for me to practice using a tools that is effectively, rigged against everything I am aiming for.
I don't think just switching to another demo account to see what happens without asking the question is a good idea...I might get lucky, then start floating on a pink fuzzy cloud of blaming Plus500 until reality reasserts itself!
Any ideas?
(<pre-emptive embarassment because I know this is probably a really silly question)
hey vereina
spreads on plus500 are about 2 pips from what I read, so that should not mean the difference between being super profitable and never making a winning trade.... You say your trades never get past BE..... so when you want to buy, sell instead and when you want to sell, buy
If you want to post a few screen shots of your trades I'm happy to make some comments on them.....
spreads on plus500 are about 2 pips from what I read, so that should not mean the difference between being super profitable and never making a winning trade.... You say your trades never get past BE..... so when you want to buy, sell instead and when you want to sell, buy
If you want to post a few screen shots of your trades I'm happy to make some comments on them.....
- #529
- Sep 23, 2011 1:05am Sep 23, 2011 1:05am
- Joined Oct 2009 | Status: . | 4,038 Posts
Congratulations ScalaFX for coming out of the closet!
run a demo / backtest / or simply places horizontal lines where the current live prices are when you would normally enter a position... this is effectively representing a Nedge (a buy and sell). then treat both imaginary buy and sell positions as you normally would. perhaps you'll find that what is actually happening is that no matter which way you go you would have lost money both directions due to the spread and due to trading during low volatility times. prices have to beat the spread before you can reap a reward, so no beating the spread...
If nothing else that will show me, once and for all, that this is something I am doing wrong and set me off trying to get it right.
Hello!
I have a question about stock indexes, I hope im in the right place.
If a stock index, lets say the dow is meant to show the average movement of its components, then the supply and demand on the tradeable futures that mimes its movement doesnt really have anything to do with its price change, right?
Thank you!
I have a question about stock indexes, I hope im in the right place
.If a stock index, lets say the dow is meant to show the average movement of its components, then the supply and demand on the tradeable futures that mimes its movement doesnt really have anything to do with its price change, right?
Thank you!
Hello!
I have a question about stock indexes, I hope im in the right place
If a stock index, lets say the dow is meant to show the average movement of its components, then the supply and demand on the tradeable futures that mimes its movement doesnt really have anything to do with its price change, right?
Thank you!
What context in Forex are you asking?
You might need to hook up with someone that is more Equity focused.
There are those types around but you may have to look.
Do your time and enjoy the ride...
- #538
- Oct 1, 2011 7:04am Oct 1, 2011 7:04am
- | Joined Dec 2007 | Status: IF YOU SEE SMOKE, RUN! | 1,206 Posts
Hi all
I am just getting into learning forex and want to ask your opinion on how long it takes to start consistently generating profitable trades? If somewhere to learn trading like it was a job and applied themselves to learning 8hrs a day 5 days a week....would it be unreasonable to assume profitable consistent trades after 6 months?
Interested in your opinion and own personal experience.
Regards
6 Months is just too short of a time span IMHO for you to take it all in. It took me several years to take it all in and even then I had a few set backs until I really took the reigns. Everyone is different in this regard, but there is a lot to learn. Plan on 2-3 years for things to really sink in, for some it might take even longer. Early on I ate, slept and drank forex... some days probably as much as 20 hours.
You should spend a lot of time watching the charts of a certain pair, during and after news events like NFP, watch them during different opens and closes of various market sessions. As you get more in tuned to that specific pair branch out and watch other pairs. Stay with the single pair / majors until you've been profitable awhile.
For some people one pair is enough. This is not a race, if you treat it that way it will clobber you but good.
It's not easy but if you like head games there is no better game out there in the whole world... the world I tell ya... the world! BOOM!
