New Recruit reporting for duty SIR!

[LoRio]

I'm just starting with an MT4 Demo account. Gimme some time till I vecome a bit more familiar with it.

BTW, how come all the top traders on ForexBall are ALL from China?

Really? I swear you look just like Vinnie: http://www.footballtop.com/sites/de...1/2013-05-24/footballtop_12101_1369403009.jpg

i do look live vinnie if my MT4 disconnects during news.
The competition is fierce on that one.You get one good trade and its not enough .
Happy reading and practicing

 

[Michael "Grimweird" Tan]

i do look live vinnie if my MT4 disconnects during news.
The competition is fierce on that one.You get one good trade and its not enough .
Happy reading and practicing

LOL! I would look like a pissed off Alien Queen when that happens.

Just made an earth shaking 47 cents trading on demo. I can now retire and live the good life eh? LOL!

I'm gonna sleep now REAL happy :/

See you dude and thanks again.

 

[UncleSteve]

Good on yer and welcome, just dropping in to say don't make the mistake I did...

1- do well on demos and think you have it figured out
2- prematurely go to a cheap low $$ live account
3- do well on the live account and think you have it figured out
4- put a pile more money into live account just before a VERY flat week and blow it all by taking dumb risks

Because it sounds like you can't afford to learn that way right now.

I now have about $200 in my live account. Whenever I grow it by 10%, I will put a little more money in and repeat the process. No more dumping my bonus cheque in. Also I learned that my "high risk tolerance" was actually "high stupidity tolerance" and now I don't risk more than 1% on a trade, and I focus on the daily charts where pips tend to be higher per win. I figure I'll only look at scalping once I can be consistent profitable and can afford to put in full lots (leveraged) so each pip won is meaningful and the risk can still be 1% or less.

Discipline is everything - if you're down and out (I have been there... ) it's hard to come by. It might be worth finding Brian Tracy's "The miracle of discipline" audio on youtube, it's a good motivating listen with no fluff or false hopes. He does offer to sell you more, but you can ignore him...

All the best. I have been to Kuala Lumpur a couple of times, but I probably only saw the tourist-centric parts of it.

All the best, UncleSteve

 

[Michael "Grimweird" Tan]

Good on yer and welcome, just dropping in to say don't make the mistake I did...

1- do well on demos and think you have it figured out
2- prematurely go to a cheap low $$ live account
3- do well on the live account and think you have it figured out
4- put a pile more money into live account just before a VERY flat week and blow it all by taking dumb risks

Because it sounds like you can't afford to learn that way right now.

I now have about $200 in my live account. Whenever I grow it by 10%, I will put a little more money in and repeat the process. No more dumping my bonus cheque in. Also I learned that my "high risk tolerance" was actually "high stupidity tolerance" and now I don't risk more than 1% on a trade, and I focus on the daily charts where pips tend to be higher per win. I figure I'll only look at scalping once I can be consistent profitable and can afford to put in full lots (leveraged) so each pip won is meaningful and the risk can still be 1% or less.

Discipline is everything - if you're down and out (I have been there... ) it's hard to come by. It might be worth finding Brian Tracy's "The miracle of discipline" audio on youtube, it's a good motivating listen with no fluff or false hopes. He does offer to sell you more, but you can ignore him...

All the best. I have been to Kuala Lumpur a couple of times, but I probably only saw the tourist-centric parts of it.

All the best, UncleSteve

Thanks Uncle Steve I live in the hilly, semi rural parts of northern KL, near Batu Caves if you know it.

Yeah and about your advice. Trust me. I've been there and done ALL that with the murderously risky Binary Options. Once I lost $700 in a single night, made $900 the night after and then lost another $800 the night after that. Since then I've learned a lot by bitter experience. Not least of which was greed and emotional trading. Kills you quicker than a .45 between the eyes.

I might be a little forward in saying this, but I think a year in training will never match up to a week in real battle. I've tripled my savings, lost them gained them back over real slow and lost 'em again and I can now safely say that I HEAR you man.

Really appreciate the advice. But I'm so f**ked up right now, all I go is that $5 dollar account till I can start work cleaning toilets to pay the bills and feed my kid. Trust me, there's no bigger motivation than gnawing hunger and a crying 1 year old.

Well, I hope your trades are always green man. More Pips to ya.
Mike.

 

[Michael "Grimweird" Tan]

By Mithras's holy scrotum.

I've been reading about Forex / Trading / Scams / Currencies for nearly 24 hours straight now. I am actually seeing double and there seems to be a slight ringing in my left ear. Watched the MASSIVE FOMC announcement spike with some small levity mostly caused by the reaction of the "wrong-siders" on forums and slightly because I no longer have any vested interest in it since I'm filthy broke

There really is a bright side to everything I reckon.

The Muslim call to dawn prayers have come and gone and I smell morning in the air outside. You know the smell? Sort of earthy and wet woody/leafy? I'm gonna say adios to all my new compadres here, feed my li'l kid and hit the sack.

All the best fellas.
Mike.

 

[Pharaoh]

Let me jump in on the contests concept.

Forex contests teach the very opposite of what people need to learn. They are all about making the most profit in the least amount of time possible with no regard to risk. The flaw in this is that for every super-profitable winner, there are huge numbers of accounts that blew out. It really comes down to who gets lucky while doing things that no rational person should do with their investment money.

Regarding slippage, yes, that's where the price you click on to open or close a trade isn't quite the price you get. Many brokers have a very bad reputation for large slippage that's always against the client. You can also get requotes that ask you to accept a different price. If you are scalping and get a requote on entry, you can skip the trade. If you get a requote on exit and price is going against you, say goodbye to your profit and hello to a loss.

I'm glad you downloaded a demo copy of MT4. One word of advice on demo accounts. Get a spare gmail account. Use that and a fake name/phone number to sign up for demos. Otherwise, you'll have brokers calling and emailing you while desperately trying to get you to open a live account before you are ready.

Now get in that Space Shuttle and hit the launch button!

 

[Michael "Grimweird" Tan]

Let me jump in on the contests concept.

Forex contests teach the very opposite of what people need to learn. They are all about making the most profit in the least amount of time possible with no regard to risk. The flaw in this is that for every super-profitable winner, there are huge numbers of accounts that blew out. It really comes down to who gets lucky while doing things that no rational person should do with their investment money.

Regarding slippage, yes, that's where the price you click on to open or close a trade isn't quite the price you get. Many brokers have a very bad reputation for large slippage that's always against the client. You can also get requotes that ask you to accept a different price. If you are scalping and get a requote on entry, you can skip the trade. If you get a requote on exit and price is going against you, say goodbye to your profit and hello to a loss.

I'm glad you downloaded a demo copy of MT4. One word of advice on demo accounts. Get a spare gmail account. Use that and a fake name/phone number to sign up for demos. Otherwise, you'll have brokers calling and emailing you while desperately trying to get you to open a live account before you are ready.

Now get in that Space Shuttle and hit the launch button!

I dunno what the contests are really about actually, but they sort of look harmless to me since they only use demo accounts right?. Just a bit of fun as far as I can tell *shrugs*

I'm using the MT4 Demo. Err... Unless I'm mistaken, they seem to actually take real slippage into account. Many trades I closed seem to have VERY significant slippage to the point where profits can turn into losses, and losses into profits LOL! Some new feature maybe? No requotes encountered yet though.

Err... With regard to your advice... As I mentioned earlier, I've actually already signed with HotForex and opened a $5 micro account. haven't funded it yet though. I'm gonna wait for them to green-light ALL my ID docs before handing them a dime.

I've also spoken to a broker, nice Indian chap called "Vijay" who seems quite cultured and educated as opposed to the Russian Mafia sounding goons I had grunting matches with in Binary Options brokerages.

Space Shuttle? Nah... Try... "That's not a moon... That's a space station!"

 

[LoRio]

Let me jump in on the contests concept.

Forex contests teach the very opposite of what people need to learn. They are all about making the most profit in the least amount of time possible with no regard to risk. The flaw in this is that for every super-profitable winner, there are huge numbers of accounts that blew out. It really comes down to who gets lucky while doing things that no rational person should do with their investment money.

Regarding slippage, yes, that's where the price you click on to open or close a trade isn't quite the price you get. Many brokers have a very bad reputation for large slippage that's always against the client. You can also get requotes that ask you to accept a different price. If you are scalping and get a requote on entry, you can skip the trade. If you get a requote on exit and price is going against you, say goodbye to your profit and hello to a loss.

I'm glad you downloaded a demo copy of MT4. One word of advice on demo accounts. Get a spare gmail account. Use that and a fake name/phone number to sign up for demos. Otherwise, you'll have brokers calling and emailing you while desperately trying to get you to open a live account before you are ready.

Now get in that Space Shuttle and hit the launch button!

That stands for ForexBall , its true you are on maximum risks on all trades , otherwise theres no points .
But , for ForexCup , you are limited to 1lot max , 3 trades maximum.ForexCup makes it harder to be wiped out , but also harder to reach the top if you have no clue.

But its fun,besides if any bonuses,being second and trying to hit the top , you open a massive long on silver and it goes down.Beats any movie .

 

[Pharaoh]

Contest can be fun. The problem is that you've got zero chance of winning unless you use crazy trading methods. Using contests to learn forex trading is sort of like using a demolition derby video game to learn how to drive. Yes, you'll learn a little about how to operate the controls, but nothing at all about how to drive in a way that won't result in massive damage.

Some demos do have slippage and requotes, but those will never be quite as bad as in the real marketplace.

Glad to hear you're getting your ID docs verified first. Even the best broker might run into an issue with docs, so it's best to get those out of the way first.

 

[Michael "Grimweird" Tan]

Contest can be fun. The problem is that you've got zero chance of winning unless you use crazy trading methods. Using contests to learn forex trading is sort of like using a demolition derby video game to learn how to drive. Yes, you'll learn a little about how to operate the controls, but nothing at all about how to drive in a way that won't result in massive damage.

Some demos do have slippage and requotes, but those will never be quite as bad as in the real marketplace.

Glad to hear you're getting your ID docs verified first. Even the best broker might run into an issue with docs, so it's best to get those out of the way first.

Um, right now, "fun" is pretty far from my mind. I need to learn as fast as I can and start trading ASAP. I figure I'm still clueless about a lot of things that many traders take for granted. I figure that at the moment I can make a profitable trade maybe 50-60% of the time, but due to the microscopic budget I have to work with "profit" is maybe 20 cents per trade LOL!

Well the slippage on my version seems to run very high. Once I traded EUR/USD at a modest profit and it turned into a massive loss when the chart spiked upward just after I hit the "Close" button. Geez, I hope this doesn't happen too often man.

Already having slight issues with my ID. As I said, I wanna clear ALL this up before funding my account. No excuses.

Have a good one man.
Mike.