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Discussion in 'Beginners Bootcamp' started by WmMiller, Aug 29, 2009.

  1. WmMiller

    WmMiller Recruit

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    I bought a program called Ivy Bot. Never heard of Forex trading until I lost my job of 26 years and had to find something to pay the bills. Hope it works. I really have NO idea what I am doing and the totally automated system sounded good and the price wasn't bad.

    Can anyone tell me what a Pip is? I typed a question to customer service at the brokerage about pips and all they said is that it is a unit of monetary measure. Didn't help much. Like I said, I'm really new.
     
  2. dalemm

    dalemm Recruit

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    best wishes

    I am in the same boat. I have been researching lots of programs and message boards, but have yet to jump in. What I have learned is that no matter what the promoters say about there EA you need to understand what it does and be able to adjust it to changing markets.
    I have found this site to be very helpful in making decisions on products and some strategies. I also use babypipes.com for training and info. Babypips explains in detail what us newbie's need to know to get started.
    Best of luck'
    Dalemm
     
  3. John Wimberley

    John Wimberley Recruit

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    Same here. Babypips.com has a great training setup and it's completely free.
    As far as robots/EA go, I'd be very careful before trusting any money with them. Run your demo accounts for a few months and see what you can do.

    Cheers
     
  4. Music Man

    Music Man Corporal

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    >>what a pip is?

    It stands for "percentage in point".

    Forex currency pair price quotes extend to the 4th decimal place, as in 1.5789, except for currency pairs involving the Japanese Yen (JPY). The yen hasn't been revalued since WWII, so yen pairs are only extended to the 100ths. So, a pip in EUR/JPY is a 1/100th of a yen, but a pip in USD/EUR is 1/100th of a Euro cent (like a penny). It is because of this difference brought on by the yen that people can't give you a simple answer.

    BTW, the price of a currency pair is telling you how many of the quote currency (the right-side currency) it takes to buy 1 unit of the base currency (the left-side). So, if the EUR/JPY pair is quoted at 133.91, that means you need 133.91 Japanese Yen to purchase 1 Euro.

    Of course, we don't really trade currencies in a physical sense -- it's all just ones and zeros, until you get a withdrawal check. :)

    MM
     
  5. ssharma

    ssharma Private

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    Chart

    I am in the same boat. I am so confused about how and when to invest. Is there anywhere I can have a look at daily charts to see how the market is faring on a daily basis.

    I will appreciate your advice and help
     
  6. ernest8fingers

    ernest8fingers Master Sergeant

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    Some advice

    Educate before u donate. Without at least a quick education(language-chart pattern analysis-Broker review) a new Trader will be "milked" like fat Sow. I know this from personal experience and the hindsight of years at the Forex Grinder. You WILL lose money if you trade blind. How much time for "education"? For me almost 1 year. Who knows for u? Good luck-and remember-you havnt lost till u quit.:)
     

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