Joining Forex Diamonds??

sysarch · (#1 (**permalink**))

Hi Pharaoh,

I would like to ask you if its a right time for me to Join Forex Daimonds?

If I am not wrong you are member there?

My Background:

I have been trading for more than 3 months on demo accounts with several brokers and mainly working on ACM web trading platform. I have been reading (tutorials on babypips.com) and researching forex literature on the internet giving me a good understanding of all the relevant terms resistance, support, candle stick patterns, etc. While I am mainly learning the technical analysis way of trading by grabbing the daily technical analysis reports from various websites and coming up with a daily trade plan. It works some times and fails several times.

I wanted to know if its right time for me to try the two week forex diamonds and would you advice any broker that's reliable for trading If I wish to go live. Just looking for a simple advice.

Thanks,
SysArch

Pharaoh · (#2 (**permalink**))

There are a number of factors that would come into play.

1. Are you comfortable enough with your trading platform to place trades very quickly?

2. Can you quickly calculate your position size for 15, 20, 30, 40, and 50 pip stops while risking 1/2,1, or 2% of your balance?

If you can handle 1 and 2, then you've got the basics you'll need to deal with trade calls from Sir Pips.

Next, consider that you'll need to come out $299 ahead ever month. If you've got a live account with $100 in it, there's no way to make that much while following the recommended risk levels in the Diamonds room. If you've got $5000 in your account, then you've got a good chance of coming out ahead most of the time.

Forex tends to get stranger than usual around the holidays. This means there definitely are greater risks, but there may be greater rewards too. Depending on your personal risk appetite, you may want to jump in immediately, or might decide to hold off until a week or two into the new year.

sysarch · (#3 (**permalink**))

Thanks for the quick advice. One of the first lessons I learned while going through the beginners tutorial is - Its hard to make money with micro accounts. Once I am ready for live trade, I am definitely considering a live account with $5000.

Its good you bought up the point about the trading platform I use. After trading for at least two months on the platform now, I am pretty effecient at using it. But, the only concern is broker reliability (Particularly after getting mixed ratings about ACM here at FPA and at other resources). Any word from the pro's here would make things easier for me in decision making

I have already gone through the orientation video by Sir Pip's, which has given me a feel of the basis things work at forex diamonds. Learning to calculate the 1% or 2% risk levels for my position size for various pip stop levels is the precise reason I want to try the two week package. I am not a trader in a hurry. At the same time I would like to be persistent in my effort.

I know this is a completely private conversation, but I was unable to send you a private message since my account doesn't seem to have that privilege. Also, a detailed discussion like this may provide help to other newbies and give an opportunity for other pro's to give their experienced advice.

Pharaoh · (#4 (**permalink**))

It's good that you are getting very familiar with your broker's platform. There's one other thing you should watch, and that's the spread.

Demo accounts often don't show the same spread widening around newstime as live accounts. Watch and see how bad the spread is anywhere from 20 seconds to 5 minutes after a major news announcement. If the USD/JPY jumps to 50 pips just before release and doesn't come back down to a reasonable level until 5 or 6 minutes after the news, then you should probably consider a different broker of you want to trade the after spike.

sysarch · (#5 (**permalink**))

Quote:

Originally Posted by Pharaoh

It's good that you are getting very familiar with your broker's platform. There's one other thing you should watch, and that's the spread.

Demo accounts often don't show the same spread widening around newstime as live accounts. Watch and see how bad the spread is anywhere from 20 seconds to 5 minutes after a major news announcement. If the USD/JPY jumps to 50 pips just before release and doesn't come back down to a reasonable level until 5 or 6 minutes after the news, then you should probably consider a different broker of you want to trade the after spike.

This might sound weird but would you recommend any broker's platform that's stable and the broker is reliable?

PS: Just to give you guys a feel of my eligibility: I made 240 pips today by following info from different technical analysis websites.

Pharaoh · (#6 (**permalink**))

240 pips today. Not bad at all.

How well a broker works for you can depend on your trading style. This is part of the reason why you can see a bunch of 1 and 5 star reviews mixed together for the same company. I wish there was one perfect broker, but there isn't.

This article should help narrow your choices:

How to select a forex broker

sysarch · (#7 (**permalink**))

In terms of the platform reliability, spreads, efficiency - ACM has been ok.

My main concern is about depositing money and being sure that I will see it back once I wish to withdraw! The broker is overseas and they say money can be withdrawn only through wire transfers and will take at least 48 hours after they receive a withdrawal form. Is this fair enough? and how good are they with withdrawals?

I know this may not be possible but ideally I would like to have a degree of control over the money and convenience to take it out whenever I wish. This is one of my primary requirements I am looking for the broker.

ANY SUGGESTIONS????

If anyone here can just point me to reliable broker I can try.

OR

If anyone can tell me about their experience trading a live account with ACM would also be good enough to decide.

The reason I am asking for a broker suggestion is to practice and get proficient on the platform before going live. Also, a suggestion from a pro trader makes a big difference.

Anyone out here, please feel free to bring up some names.

sysarch · (#8 (**permalink**))

Made 430 Pips today - using Sir Pip's daily signal and the FPA daily calendar + Technical analysis reports.

Can someone please give advice on broker names that I can try before going live?

How is fastbrokers (www.fastbrokers.com)?