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trading for a living

Discussion in 'Beginners Bootcamp' started by Komolafe K OI, Jan 26, 2009.

  1. Komolafe K OI

    Komolafe K OI Recruit

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    I am a new trader who intend to become a guru on the trade but presently lackin the skill can anybody who is sure of his performance come to my aid on which time frame to use and the indicators
     
  2. brett morris

    brett morris Recruit

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    Hello, I am relatively new also I started with some of these simple set ups. This site is real good it goes from new to experienced level. Check it out. I have found some of the strategies dont work real well because of all the volatility in the market right now. IE the morning break out is a tough one to catch these days seems the london market affects the USD before opening of the NY stock exchange.


    Forex strategies revealed
     
  3. Johnny16

    Johnny16 Recruit

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    I just discovered Forex this past week and I'm blown away by it. So much potiential. If I can perform in real trades as well as the Demo, this is the business to be in. SO much easier. I turned $5000 play money into $17000 in under 2 days. I thought I have found a stream of never ending cash.

    So I rush out and deposit lots of money. Its a good thing I decided to tryout with the .10 lots before the 100K. Hmm.......lots of delays, hidden fees, wide spreads, and my stop limits seems to trigger too soon.

    At the moments, my hopes and dreams has came to a reality check. I don't think many people can make a steady income from Forex unless they have lots of cash. Also need that perfect broker too.

    After 8 real trades, I have a $10 loss. Enough is enough, this ain't going to work. Time to find a new broker.
     
  4. Cesil

    Cesil Private, 1st Class

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    Consistency is the key to making money in FX. What works one day or week may not work the next, particularly at the moment with all the volatility. You can go from making thousands one week to hundreds (or a net loss) the next. Stick at it. The more you trade the more you'll learn, it does require alot of time & effort but you're quite right it's way better than working a 9-5!!
     
  5. ernest8fingers

    ernest8fingers Master Sergeant

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    could be

    All Brokers want a Deposit Only business if their customers let them get away with it! At the 1st sign of trouble BAIL! Start with with the smallest deposit allowed and trade with that broker for many months. I have been in this for 5 years and I still dont fully trust ANY broker-and I have had at least half a dozen.Problems with withdrawals rank as my #1 criteria for Broker worth. If they aint givin-they aint gettin any more EVER! I only trade DUCKS(those surefire trades after some major news that moves the market for several days in 1 direction) Otherwise its called Range Trading.
     
  6. tingtong

    tingtong Private

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    Komolafe K OI:
    i think to use demo for some time to find what timeframe is to you is useful.
    for next step i suggest some micro account with some broker, that 50-100$ account will be "well funded" as you trade in cents, and rarely for few dollars, but making or losing some "real money" will feel different on your emotions than any demo.
    Most ppl, and cmi here, handle real money different from demo, hoping too long, and selling too fast most case.
    with some trading, and seeing some consistency, you can start to step up your trading size, and start to make 50$s instead of 50 cents....etc.

    The site brett morris suggested is real nice to find some strategies, but rather ideas...you better test them for a while.

    EAs ( robots) also a way to trade, though i am now testing one with success on demo, i still like more forward testing before real money trades.

    Cesil really got the points right: forex is not a balanced place to trade, you can win big, lose big...so your consistency and money management is the key to success.
    and for that i believe practising trade on a micro account is the best, better than any expensive course of any guru...
    internet is full of materials, like this forum too, use search, and be a little sceptic and test for yourself everything.
    best luck!
     
  7. echonomical

    echonomical Recruit

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    Everyone has different styles that they like, but the key is sticking with it, putting time and effort into learning a strategy. Approach it like you would approach any job. Personally, I have found that staying with smaller time frames (i use 10m), observing the market every day and watching for certain high probability patterns is the most consistent method of trading. When you get into longer trades using larger time frames and lots of indicators, you're over-complicating the process, and are much more susceptible to being tossed around by news releases and fundamentals. This is just my experience.
     
  8. Rick Bird

    Rick Bird Recruit

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    Ouch that hurts, I'm new as well I'm still using demo accounts(on my 2nd week now), haven't gone live yet, trying various free signals found here & there having great success. Kinda sad, but the times I mess up most is when I use my own intuition instead of just going by the signal services I find out there. Obviouslly I need more education before I start making my own bets sadly enough. By hidden fees what do you mean?
     
  9. Nesh

    Nesh Recruit

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    hi I'm newbie in forex as well.. I have stated out with demo account but blowm away so many times... and Im looking for a forex signal..

    Does any body know where I can find one ..


    Thanks Nesh
     
  10. spinvin

    spinvin Recruit

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    first trade was a winner

    I dont know people, everyone freaks out how crazy and hard biz,

    im 100% newbie ,yesterday made my first trade on the usd/cad by simply looking at the trends if that was real money would had been a very quick 50$ :)

    6 or 7 simple one pair tradings a day - bit of loss *lowest levels by good money management of course* hey im sold:p

    Anyways nice to see what all you guys are doing ,nice to see other people learning this Biz
     

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