Forex trading

It is not like a casino as most casino games are stacked against you. Although it does share a lot in common with casino games like poker especially. You are right: logic must dominate over emotions.

But then you show a review of Ivybot! How can you go by the advice you just gave and then recommend a bot!!!

To the OP, stay well away from bots. Learn as much as you can but forget the bots.

Thank you for your comment, Chris
I was very careful regarding my recommendation.

As I said I have tried various tools and trade systems and IVYBOT was the most safe (or should I say less risk) of all the tools I have tried.
The review I was referring to is an honest one (not like most of them...)

Thanks
2 replies

Signature

Ido Jansen
Author of the "Practical Internet Money guide"[B]

{{ DiscussionBoard.errors[2651586].message }}

fxprofitmountain 14 years ago

Originally Posted by Ido Jansen

IVYBOT was the most safe (or should I say less risk) of all the tools I have tried.
The review I was referring to is an honest one (not like most of them...)

I often wonder how many traders would agree that risk is a function of the

> stoploss placement (if there is one, LOL)
> the size of the position
> the number of positions in play at any given time
> the correlation between open positions

In other words, would most traders agree that the signals (entries) have very little to do with risk?
- Thanks
{{ DiscussionBoard.errors[2651778].message }}
Ian Jackson 14 years ago

The only Forex course that's worth any time is
Forex Training Course - Learn Forex - Forex Training Works, run by Sid Wyemann

A real guy, behind a real phone #

FTW is a truly rare experience

(that's not an aff link, but yes, I am an aff).
- Thanks
- 1 reply
{{ DiscussionBoard.errors[2651782].message }}
- goindeep 14 years ago
  
  I must be stupid. Seriously. I dont even understand Forex.:confused:
  
  Thanks
  
  2 replies
  
  Signature
  
  Weâ€™re Building the New Internet
  
  {{ DiscussionBoard.errors[2651923].message }}
  
  Ian Jackson 14 years ago
  
  Originally Posted by Andrei Rotariu
  
  I must be stupid. Seriously. I dont even understand Forex.:confused:
  
  No more than you understood how to use the Warrior forum, go online, or even operate your computer before you took the time to learn :rolleyes:
  
  Thanks
  
  {{ DiscussionBoard.errors[2651963].message }}
  
  stowe200 14 years ago
  
  Originally Posted by Andrei Rotariu
  
  I must be stupid. Seriously. I dont even understand Forex.:confused:
  
  You're not stupid. Forex trading is. You could just as well spend the time trying to learn it on something better, like learning IM?
  
  Thanks
  
  {{ DiscussionBoard.errors[2651966].message }}

EdmundLoh

14 years ago

If you want to trade in small amounts (like $50) I'm using IBFX for such. :-)

Interbank FX: Forex Trading Software, Currency Trading Online, Forex Broker

Thanks

{{ DiscussionBoard.errors[2642102].message }}

terrapurus

14 years ago

You are after a micro account - just google it.

As a guide:

Standard - 1 pip = 10US (will depend of course on what pair you are trading, but is just a guide).
Mini - 1 pip = 1US
Micro - 1 pip = 10cents US

To start with, stick with the basics of trend trading and get to learn what effects the announcements have on the market.

And you might want to find a better forum for this too .. this is a marketing forum so I doubt they (ie most members) will be able to answer your nonfarm payroll or RBA rate hike outlook questions.

[ 1 ] Thanks

{{ DiscussionBoard.errors[2643606].message }}

Matthew Moyer

14 years ago

I started in 2006 with $24.98 at oanda dot com
I liked them when I traded

I don't know how any other forex places are as
I have never used any so can't comment on them

Thanks

{{ DiscussionBoard.errors[2644180].message }}

Rukshan

14 years ago

$50 is a very less amount to start forex. Even some forex experts says $1000 as a small amount. Before starting forex, practice many times and get a help from a forex manager.

Thanks

Signature

{{ DiscussionBoard.errors[2644186].message }}

tht222

14 years ago

Why don't you demo trade for fun? You are going to lose the $50 quickly, then you are going to send another $50 and the next time $200 and it never stops. There is a good reason why around 95% of the independent traders lose money - this is a game for the pros only and this means large banks and investors that can afford to hire the best traders.

Thanks
3 replies

Signature

Keyword Snooper - fast and super-affordable keyword tool

{{ DiscussionBoard.errors[2644761].message }}

terrapurus

14 years ago

Originally Posted by tht222

Why don't you demo trade for fun? You are going to lose the $50 quickly, then you are going to send another $50 and the next time $200 and it never stops. There is a good reason why around 95% of the independent traders lose money - this is a game for the pros only and this means large banks and investors that can afford to hire the best traders.

If someone asked me if they were better off trading a demo account or learning with a micro account, I would suggest learning with a micro account. You want the lesson to have a sting in the tail if you get it wrong. Sure, prove the concept in a demo account to get the strategy down. But put money on the line to see how you react. A decision made under stress is far different made from one where there is no consequence. It soon shakes out the people with trading ability and those that don't. How do I know? I use to trade about $100 million a month on a wholesale trading desk as a broker (equities and options). Orders were typically around $5 million so my mistakes (which I think I only ever did 1) had a starting price of 10 gorillias. That level of trading is a rush, but the stress can kill you.

Thanks

{{ DiscussionBoard.errors[2645310].message }}

fxprofitmountain

14 years ago

Originally Posted by Chris Kent

For starters, a demo account is not real money. So just like with poker, you learn hardly anything with a demo account. Best to move to micro-lots a.s.a.p.

Forex is definitely not a game for "the pros" only. In fact, it's a real level playing field because the liquidity is huge and therefore the costs of trading are next to nothing.

There is a good reason why 95% of traders lose money and it has nothing to do with a disadvantage against the pros. It has everything to do with a lack of discipline and letting emotions form the basis of their trading decisions, instead of logic.

Chris Kent - I think you are right on a lot of this. Most traders (about 98%, although it depends on which retail forex broker you ask) lose money.

Emotions are where most people go wrong, but......

I respectfully disagree when it comes to transaction costs. The perception is that forex transaction costs are minimal. However, I would argue that this is dependent upon the type of trading.

For example- a swing trader who makes (or loses) 200 pips on each trade may have a "minimal" transaction cost of 2-3 pips on a trade.

However, a scalper who makes (or loses) 5 pips on a trade is paying 20% commissions if the spread on that pair is 2 pips. That is a huge commission.

Thanks

{{ DiscussionBoard.errors[2650671].message }}

paulie888

14 years ago

Originally Posted by Chris Kent

For starters, a demo account is not real money. So just like with poker, you learn hardly anything with a demo account. Best to move to micro-lots a.s.a.p.

Forex is definitely not a game for "the pros" only. In fact, it's a real level playing field because the liquidity is huge and therefore the costs of trading are next to nothing.

There is a good reason why 95% of traders lose money and it has nothing to do with a disadvantage against the pros. It has everything to do with a lack of discipline and letting emotions form the basis of their trading decisions, instead of logic.

Nevertheless, if this guy is a rank newbie, I wouldn't recommend that he start trading with a real account right off the bat. It'd be best if he familiarizes himself with the trading interface and gets his feet wet with a few paper trades. Until and unless he is comfortable using the trading interface for the brokerage he's with, I'd recommend not doing any real trades. Starting off fresh with real money in the account would be like throwing money away at the casino playing a game you have very little knowledge of, so I'd definitely not recommend doing this.

Thanks
1 reply

Signature

[WSO] Secrets To Making $100/Day In 21 Days Or Less - Starting From Scratch!

>>> Features Jason Fladlien, John S. Rhodes, Justin Brooke, Sean I. Mitchell, Reed Floren and Brad Gosse! <<<

{{ DiscussionBoard.errors[2650835].message }}

fxprofitmountain

14 years ago

Originally Posted by paulie888

Starting off fresh with real money in the account would be like throwing money away at the casino playing a game you have very little knowledge of, so I'd definitely not recommend doing this.

Absolutely.

But there are few traders who trade a demo account and don't feel like they are ready for a live account. Most traders will rationalize losses and say things like:

"I would have done that differently if it were a live account."

or

"In my live account that would have been a winning trade."

Unfortunately, for most traders even losing in a demo account does nothing but whet the appetite. And this is why it is absolutely wonderful to start trading a small (small is relative, of course) trading account and then blow that up.

There is no substitute for live trading, the lessons are so much more powerful, even if you are only trading for cents on the pip.

Thanks

{{ DiscussionBoard.errors[2651096].message }}

AllanandDawn

14 years ago

I think FXCM will suit your cause - they have a mini account. FXCM trades against itself and doesn't get those awful spikes that kick you out if you use tight stops. They have good tutorials and a demo account.
Allan

Thanks

{{ DiscussionBoard.errors[2651092].message }}

Forex trading

Trending Topics

My Autonomous Uber Experience

New here

i have just landed in Warrior Forum

Hello world

Does more traffic to your website have an impact on search engine rankings?