Help and maybe some advice please

[Rommel]

If i lose $100 it will be like im paying to learn from a school i wont be mad or anything, ok in a month im going to grab a signals service... So i can see what works for me.

Thanks guys your help is appreciated.

 

[cowmadagan]

um...I thought we told you not to bother with signal services...the one here is free..

 

[Rommel]

I know but its not like im going broke if i pay a signals service its ok for a month or 2 if it doesnt work for me i can stop doing it.

Oh and Forexwatchman the 1:100 leverage that was my first lesson, actually a friend of mine told me nothing beyond 1:20.

Again thanks a lot guys for your time and comments are REALLY helpful... i think i can be good at this.

take care and thanks again.

 

[Pharaoh]

If you really want to jump in the deep end, read this first:

https://www.forexpeacearmy.com/fore...tting-scammed-when-buying-forex-products.html

 

[Music Man]

FWIW, I believe you would serve yourself better in the long run (and quite possibly the short run as well) if you DO NOT buy a signal service. That just delegates the responsibility of learning technical chart analysis and market awareness to someone else.

1) Go read Ricex's blog, which you can find by reading the "Simple Technical Analysis" thread here.

2) Learn about support and resistance and Fibonacci lines.

3) Keep an eye on the economic calendar -- things like US Non-Farm Payrolls, a monthly report, can wipe you out if you are in the market and don't realize they are coming. Or, they can make you some pips if you play your hand right.

4) Learn the art of Money Management.

If you can just get a handle on those 4 things, you can make money trading Forex.

MM

 

[cowmadagan]

See Rommel?
I'm not the only one...and also, if you think 'you can be good at it', how's that possible if you aren't doing it...ok..maybe you're only taking the advice of the signal when it makes sense to do so, and you're watching the news.

One thing to keep in mind first though, is what do we have to gain by not recommending a broker, and not recommending spending your money on a signal.

That said, if it works out, let us know.

Salut.

 

[Forexwatchman]

While I would not recommend a signal service, unless it’s for free, I do HIGHLY recommend an educational service. What that means is a service where you are able to gain access to a live trading session conducted each day via a webinar. Any of the 5 star ones under the Forex Education tab on the Reviews and Ratings Section of this site are highly recommended. The reason this works better than a signal is that you get a guided tour through the days events by a forex pro (notice I said pro and not guru because the latter is a myth) who will accelerate your learning curve and thus decrease your losses in the short run. Of coarse this means you have to pick the right service for the right style of trader you are, but you will not regret learning in this way. I obviously gained a lot from such a service, and it was cheap compared to the discipline I gained from it. Actually it was really cheap compared to a college education for a job you really aren’t that interested in, but I digress!

I wanted to put that out there so that others were aware that there is a difference between signals service and an educational one. One thinks for you and is about as useful as an EA, the other is one-on-one tutor like Master Miyagi.

 

[cowmadagan]

watchman, not to beleaguer the fact that your advice is excellent, but the dude said he's twenty three...you have to be at about thirty to have any idea who Master Miyagi is.
He was born three years after Karate Kid came out.

 

[Pharaoh]

Ah, to be young and foolish again.

Sadly, I'm now merely old and foolish.

 

[Music Man]

I wish I had possessed enough sense to get into trading when I was 23. Although I do have some hellacious memories of what I *did* get into... what I can remember of it, that is.

MM