help required...

[Hughesco]

Hello all,

I am Don, from Vancouver, BC. Canada and I am here to learn, share, perhaps speculate a little.

I am retired and wish to make Forex Trading my source of income supplemental to my pensions. I am a definate newbie, to this forum and to Forex Trading.

I have purchased Mark MaCraes' Forex Avenger, studied it voraciously, attempting to practice trading in a demo account, and with little success, I mean, I can't even figure out the mechanics of placing a trade properly, the problem I am having is Mark tells you what to do using his method, but neglects to tell you how to do it.

I suppose with all the brokers out there and their various trading platforms, all looking a bit different, it may prove to be exhaustive to presnt them all.

Having said that, is there anyone here using the FXCM demo trading platform, that would be willing to instruct me in the applied mechanics to placeing a trade order, I am not particularly concerned about the nuances of buyind or selling, just the actual methodology of physically placing an order.

Any and all help would be appreciated, I am anxious to get started, and am at an impasse, I am sure when someone explains it to me, and I can then begin to practice trades I will discover that I have been having a "HOMER MOMENT" DOH!!!!!

Thanks,
Don Hughes

 

[Pharaoh]

Play with your demo account. Open a few of them. Don't spend any money on any other products yet. There's so much free stuff out there to go through first.

Here are a couple of good places to start.

Forex Basics Boot Camp - Forex Peace Army Forum

https://www.forexpeacearmy.com/forex-forum/traders-glossary/2471-forex-traders-glossary.html

 

[Agent86]

Demo,Demo,Demo for gains

Hughesco-
Hi,

I understand your frustration about this.
Each platform is different and typically the teaching or education you may receive, may not specifically a registered Referal Broker and thus they may not educate you on the specific platform they are using. So depending on the educator if they are a Referal Broker, then it may be in their interest to help you understand your trading platform. If they are not an RB then it is not really in their best interest to teach you anything but their education or teaching and thus you are on your own to learn the methods of placing trades and stops, and advanced orders etc.

Yes, very frustrating because each deal station is different and offers different features. In the case where the educator does not offer any education on how to use the platform, then I suggest that you have to go directly to the platform manual. Or you can go directly to the broker or forex site which may offer webcast or some sort of training on how to use their platform as well.

And again if you can't make money in the demo then you can't make money in live session. Just remember that; and you will do well.

Once you can make some regular gains in demo, then I would recommend a mini account to built up confidence in live trading environment then you can trade live.

There are too many methodologies to cover and everyone has many I mean infinite strading strategies. Some trade news. some trade techinical patterns on charts and both work well.

I highly recommend MTI trading course if you have the money. Not because of their actual trading strategy, but it's a great jump start into forex methodology.

Yes you can get much of this information on the web and perhaps even from some book for free, however all the information is typically not organized in a way that give clarity to the newbie.
News traders may not have much need for and MTI methodology, however knowing the techinical aspects of trading hand in hand with the news is also something that helps you gain vision of your trades and why.

To summerize the MTI or any technical trading aspect I believe it's good to know why you are placing a trade. This should not be equated to gambling. You need a clear entry strategy, and clear exit strategy. And knowing the techical trading aspect just helps gain more insite on whatever type of trader you wish to become weather it's a news trade like many in the forexpeacearmy.com or a technical trader.

I hope this helps.