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I Need some guidance

Discussion in 'General Forex Talk' started by earth1, Jan 2, 2009.

  1. earth1

    earth1 Recruit

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    Hello..
    I am completely new to the forex trading market, and have no experience in trading whatsoever. I have been speding the last month educating myself as much as possible about every aspect of this field, and I have a small sum of money that I wish to open an account with.
    I am considering going with a managed forex like atuan, and I might actually do this, but to me this would take some of the fun out of being in the market in the first place since I wouldn't be learning by trading the currencies myself, not to mention the fees that would come out of my profits. What I really want, is to find a broker, and then use some kind of automated software to do the trading. I want to work the scalping trading style, and would like to do so using some kind of automation software (perhaps ForexAutoPilot, or maybe FAP Turbo) so that I don't have to attend the computer most of the time. I have read many of the reviews on this site for brokers, and many reviews for software, and at the end of the day, I just need someone to tell me what broker would work best for me considering what I intend to do. If there is anyone here that has had exceptional results using either ForexAutoPilot or FAP Turbo, I would like to know what broker they had their funds in when they used the software. I am trying to emmulate successful traders, but I just need to talk to the people who are having this kind of success. Any help would be very much appreciated. Perhaps my choice of software (FAP) is a poor one - perhaps some of you are reading this and thinking that I would be far better off with some other choice of software, given what I want it to do. I should also add, that if "automated trading software" is more or less a gimick (I don't know - I'm too un-initiated to even know that), then I am willing to go with some kind of manual trading software. I looked at sniperforex.com .. Would this be a good choice? If so, what would be the best broker(s) to go with if I went with that? Again, any help or advice would be much appreciated, and please forgive any absurdities in my posting - I'm sure there are a few, but that just reflects my inexperience (which is why I'm here posting my questions)

    Thanks in advance,
    Jim Butler
     
  2. Pharaoh

    Pharaoh Colonel

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  3. StxyLo

    StxyLo Recruit

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    I'm using demos account at the moment.
    I'm trying with Tradeview, Oanda and E-Toro. But I'm planning to download some more demos before opening a real account. Tradeview and Oanda's spread are the most serious ones. However, I have to check even more, but you can check in their websites or by phone.
    Quality of execution determines whether you actually receive small spreads from your forex broker. For example, the screen shows a tight spread, but your trade is filled a few pips to your disadvantage or is mysteriously get rejected — it shows that your broker is displaying tight spreads but is effectively delivering wider spreads. Be aware of such rejected trades, and delayed execution, which are strategies to deceive the traders.
     
    #3 StxyLo, Jan 9, 2009
    Last edited: Jan 9, 2009
  4. sam111

    sam111 Private, 1st Class

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    It is good that you are trying demo accounts of different broker’s and willing to download some more. This will really help you in how to trade this market.
     
  5. omo9ja

    omo9ja Private, 1st Class

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    Hello Jim,
    I love to recommend babypips.com to any newbie. You see, when you visit this site you will not be in a hurry to invest in the forex market. Forex is a serious business and you need to take it very serious. You need to have a lot of education in whatever you want to put your money into.
    Please don't be in a hurry to purchase any software that will discourage you. Pharaoh has given you some very important links to very important answers to a lot of your questions. Be patient Jim it will help you a lot.










     
  6. Hdsn

    Hdsn Recruit

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    Sure, baby pips is the best school for newbies, there you will be able to learn all the basic stuff. If you need to clarify any term you find through your learning process, you can also visit Tradeview Forex they have a complete glossary.
     
  7. Pharaoh

    Pharaoh Colonel

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    The FPA also has a glossary. I really like it! Just because I wrote most of the definitions doesn't mean that I'm biased.
    :D
     
  8. Hdsn

    Hdsn Recruit

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    Lol I'm sure you're not biased despite you write them. I was just sharing what made my learning process easier though, FPA has excellent tools for learning.
     
  9. profitmaker

    profitmaker Recruit

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    Babypips Rocks!!!
    Lot of information:D
    I've learn so much with their school.
     
  10. profitmaker

    profitmaker Recruit

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    That's true!
    And also we must try different brokers with different platforms.
    In my case I was really happy with Oanda platform but when I tried the MT4 with Tradeview I realize that was the platform for me.
    We must practice as much as we can;)
     

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