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any help out there??

Discussion in 'Beginners Bootcamp' started by Trenton, Oct 10, 2008.

  1. Trenton

    Trenton Recruit

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    Here is my problem. I am getting a bit too deep into the woods to see the trees lately. I am looking through what seems to be endless reviews and sites for Forex. I honestly never knew there were so many!!. I am learning but it seems only a little and never enough. I think i am beginning to suffer the "parallsys by analasys" syndrom (sorry for spelling)

    In a nutshell would it be best to trade using my own judgment reading charts ect or look at some sort of EA robot ect??. The Footsie this morning at opening (FTSE 100) 8am British time opened 450 down before a short rally to around 350.

    How would a robot see this sort of trend??. A little help from the more experienced would be a great help Thank you.
     
  2. rpaco

    rpaco Sergeant

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    It all depends on how good you are mate!

    All non-automatic trading systems can be thwarted and made to fail by the user breaking the rules. So which ever commercial system you choose you have the ability to screw it up.

    Since you mention the FTSE100 (UKX) I assume you are in the UK, that means that a good percentage of the trading signal systems are no use to you unless you are a vampire or other nocturnal creature. Even the G7 system which focuses on the Europe session is based in South Africa and is 2 hours ahead of the UK so when they post their first trade at 07:00 it's 05:00 in the UK. If you miss it you are then in a difficult position, If the move has started you may catch half of it if you are lucky but where do you place your stop?

    If you have not already worked through all of Babypips.com training pages please go and do so. Then read all the free stuff from surefire-forex-trading.com

    Then read about Elliot waves. Then sit and watch what happens. Look at charts and see what is happening and why. Read Felix's story and method on this site, understand that events will happen to create the elliot waves, many of them predicted by the events calendar on this site. (Also see the Forex factory calendar which can be set to UK time) Watch the daily news trading signal, dont just read it. Make sure you understand what Sir Pips is saying in the videos. Be aware of the financial and political world, if you are in the UK buy Moneyweek magazine.

    Paper trade ONLY for 6 months.

    Lastly if you want to trade the FTSE look at the long term chart back to 1960 ish and you can see the supercycle. When you look at that and project some trend lines you will not be at all surprised at the FTSE falling, you will also see that it may very well go down a whole lot further in the next 2 or 3 years. Or it may go back up in a year (Looks like a flat in the supercycle)

    Regarding forex pairs you will see how very closely in time most of them follow the FTSE (UKX) and the Nasdaq (INDU)

    I now use STAR by Cyclon and am learning slowly, having been wiped out twice.

    You will see new threads start in the personal trading section, it is interesting to see how long they last, having arrived with "sound and fury" claiming vast profits. Unfortunately the ones I really want to see from 3BC and Pharaoh are not posted. Cyclon was silly and posted several trades from a new system/indicator hes was developing instead of the established one he sells, consequently he had 3 srikes and was out. But his main system is unique and very good but as I said at the start you need to follow the rules. PipBoxer is a mechancal system I think the still posts regularly.

    But most of all you must practice and paper trade until you can read charts and get inside, and win consistently. Email me if you want any more sources for info. Do not jump in, you WILL loose. 95% of traders loose overall.

    The cheapest option may be just to send me all your money,I could save some of it for you by not trading.:) cheers!
     
    #2 rpaco, Oct 10, 2008
    Last edited: Oct 10, 2008
  3. lion

    lion Private

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    With new day, it is good to have a rest in target
     
  4. rpaco

    rpaco Sergeant

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    It's always good to have a rest mate.
     
  5. lion

    lion Private

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    My opinion, is better to listen in general to nobody, and to trade, as have got used, opinion at all different
     
  6. Josh

    Josh Recruit

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    EA Robots Have Major Problems

    If you are looking for an EA there really is not any great answers, as each EA has a major downside.

    Forex Funnel is only any good if you have a large amount of equity and you are not looking to make a living off trading soon.

    Forex Auto Pilot can have some major draw down and if you try to place more than one trade at a time with it, you can sometimes lose a large amount of cash all at once.

    Forex Auto Cash Robot (FAC) - I have just asked for a complete refund and would advise that no EA is anywhere near as good as advertised.
    My reasons for a refund for FAC were:
    1) FAC gave technical support that didn't work and claimed that it might be Vista's fault.
    2) I then went to MS to find out that the product will not be supported by 64 bit Vista unless it was re-programmed.
    3) The product owners claims of 100% profitable trades are basically false,
    4) What is not shown in the advertising material is that a drawdown of almost $7000 to make $70 will occur.
    5) I have not been able to operate the product without the product causing my MT4 trading platform to crash.
    6) The trades that the product makes can get you into trouble with your brokers for what is known as scalping.
    7) FAC have not responded to my technical enquiry to get it operating properly for 20 days.
     
  7. Trenton

    Trenton Recruit

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    Thanks for the reply. As I have been busy educating myself on the tech side of what forex is and how to read charts blah blah blah i have come to the realisation that the "best" advisor is my own brain and knowledge.

    I am still several months away from using even a demo account to put into practise what I am learning. I don't think i will be going down the EA route as i ahve always prefered to do things myself,then when it goes wrong I only have myself to blame.
     

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