Looking to get into currency trading.... Long time sports handicapper and pretty successful. I've always been interested in trading and the stock market. I have a practice account at Forex.com and I've been reading a ton of material to get familiar with the subject. Any tips/comments are appreciated.
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Looking to get into currency trading.... Long time sports handicapper and pretty successful. I've always been interested in trading and the stock market. I have a practice account at Forex.com and I've been reading a ton of material to get familiar with the subject. Any tips/comments are appreciated.
If youre going to start trading in a mini i think you should start with 2k and dont start your trades with more than two lots..starting with one lot prob not a bad idea...
There are 3-4 regulars here and we start a new thread every other week or so and post comments daily...
Several sites with good info on trading...check out dailyfx.com....they have forums there and free daily videos with instructors pointing out some trade ideas and everything is free
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Wild gl sir and hope you become a regular
So what are you looking to start with?
Are you going to trade on forex.com?
If youre going to start trading in a mini i think you should start with 2k and dont start your trades with more than two lots..starting with one lot prob not a bad idea...
There are 3-4 regulars here and we start a new thread every other week or so and post comments daily...
Several sites with good info on trading...check out dailyfx.com....they have forums there and free daily videos with instructors pointing out some trade ideas and everything is free
Thanks fellas... Yes -- I will most likely start on Forex.com because I'm getting used to it with the practice account... I'll probably start with 1-2K and probably do strictly 1 lot trades to begin. Are you guys more fundamental traders or technical or do you like to mix it up? I'm reading FOREX Patterns & Probabilities -- Trading Strategies For Trending & Range Bound Markets by: Ed Ponsi. Its full of really good information and if anyone would like a copy send me a friend request and I'll drop you a PM. I should have the book finished in another day or two and I have other books on deck. I'll start checking the threads in this section. Thanks again.
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Thanks fellas... Yes -- I will most likely start on Forex.com because I'm getting used to it with the practice account... I'll probably start with 1-2K and probably do strictly 1 lot trades to begin. Are you guys more fundamental traders or technical or do you like to mix it up? I'm reading FOREX Patterns & Probabilities -- Trading Strategies For Trending & Range Bound Markets by: Ed Ponsi. Its full of really good information and if anyone would like a copy send me a friend request and I'll drop you a PM. I should have the book finished in another day or two and I have other books on deck. I'll start checking the threads in this section. Thanks again.
I trade crosses of the +DMI @ -DMI lines and crosses with the +DMI and ADX lines...just a little system i figured out though im sure those crosses are used in different screeners..
How long have you had your practice account?
The guys here are using a few different sites,so if you find something you dont like about the platform you can ask around see if youd like something different...
I use forex.com as well and other than the wide spreads from time to time,i love the platform and the crosses i trade off of dont look the same on other platforms charts..
Forex.com will set your practice account up with whatever $$ amount you want so if you want to practice using 2k and get a real for it,theyll do that for ya..
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I trade crosses of the +DMI @ -DMI lines and crosses with the +DMI and ADX lines...just a little system i figured out though im sure those crosses are used in different screeners..
How long have you had your practice account?
The guys here are using a few different sites,so if you find something you dont like about the platform you can ask around see if youd like something different...
I use forex.com as well and other than the wide spreads from time to time,i love the platform and the crosses i trade off of dont look the same on other platforms charts..
Forex.com will set your practice account up with whatever $$ amount you want so if you want to practice using 2k and get a real for it,theyll do that for ya..
Yeah I started with 50k...LOL The book I'm reading now is all technical strategy. I guess I will get into the fundamental stuff a little later... I've had the practice account for a couple of nights... I haven't done any trading though because I don't even know where to begin right now. I have a lot of reading and learning to do. Is there any way I can reset my account to $2,000.00?
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Yeah I started with 50k...LOL The book I'm reading now is all technical strategy. I guess I will get into the fundamental stuff a little later... I've had the practice account for a couple of nights... I haven't done any trading though because I don't even know where to begin right now. I have a lot of reading and learning to do. Is there any way I can reset my account to $2,000.00?
Question: When looking for a trending market do you use daily, weekly, or monthly charts? Also, if I'm understanding correctly, for example: Lets say a market is trending downwards and you're looking to sell/short it. Which charts do you calculate the Fibonacci level -or- possible point of entry in?
Also -- Are there any good Forex forums out there? Thank you.
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Question: When looking for a trending market do you use daily, weekly, or monthly charts? Also, if I'm understanding correctly, for example: Lets say a market is trending downwards and you're looking to sell/short it. Which charts do you calculate the Fibonacci level -or- possible point of entry in?
Also -- Are there any good Forex forums out there? Thank you.
I take it the Fibonacci is calculated on the monthly chart. And then you determine your entry point on the 5, 10, or 15 min charts? Does anyone know what I'm talking about or trying to ask?
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I take it the Fibonacci is calculated on the monthly chart. And then you determine your entry point on the 5, 10, or 15 min charts? Does anyone know what I'm talking about or trying to ask?
link above has a thread for several pairs and trade types...wether it be fib trade...elliott wave...scalping....near the top of the page is the thread for the free daily forex webinar
i think that is one of the better forums for forex
above is the link to instructor threads...Matt Russell posts videos daily with trade ideas outlined...entry and exit points...if nothing else it will help you to spot trades,draw trend lines etc...even the old videos are good learning tools
link above is the site those forums are on...just a great site for news.....they have weekly trends/fib levels to watch....experts pick pairs to watch for the week...
If your just starting i would keep the practice account for now until you get some trades under your belt with funny $$$$....
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You can use any of the 3 types of charts....
Zoom out once or twice on a dialy and you can get half a year on the screen...
link above has a thread for several pairs and trade types...wether it be fib trade...elliott wave...scalping....near the top of the page is the thread for the free daily forex webinar
i think that is one of the better forums for forex
above is the link to instructor threads...Matt Russell posts videos daily with trade ideas outlined...entry and exit points...if nothing else it will help you to spot trades,draw trend lines etc...even the old videos are good learning tools
link above is the site those forums are on...just a great site for news.....they have weekly trends/fib levels to watch....experts pick pairs to watch for the week...
If your just starting i would keep the practice account for now until you get some trades under your belt with funny $$$$....
I didnt think you were still in here tonight i woulda stayed to chat....i keep odd hours to say the least but when the market is open from 2-4 am is a great time to be trading...
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I didnt think you were still in here tonight i woulda stayed to chat....i keep odd hours to say the least but when the market is open from 2-4 am is a great time to be trading...
I'm up usually til around 3 or 4 capping the next day's baseball games. I'm going to the racino in Tioga tonight though. When I get back I'll hop in to chat and get the reading/researching.
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I'm up usually til around 3 or 4 capping the next day's baseball games. I'm going to the racino in Tioga tonight though. When I get back I'll hop in to chat and get the reading/researching.
Im going camping tonight....i gotta work Sunday at 9pm so ill be in here between 3-5am Monday morning...we got alot of old threads here as well that you could read through and open a chart to see what it was we were looking at...
Once you start trading youll be hooked...but its a good thing cause theres $$$ to be made and honestly i really dont think its that hard at all
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Im going camping tonight....i gotta work Sunday at 9pm so ill be in here between 3-5am Monday morning...we got alot of old threads here as well that you could read through and open a chart to see what it was we were looking at...
Once you start trading youll be hooked...but its a good thing cause theres $$$ to be made and honestly i really dont think its that hard at all
Have you been successful buck? How much was your initial investment? How many lots do you usually purchase at a time? Thanks again for the help and answers.
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Have you been successful buck? How much was your initial investment? How many lots do you usually purchase at a time? Thanks again for the help and answers.
It took some time for sure..but i started w/o any kind of exp and i didnt start with enough money..starting with the right amount of cash is key,you need to start with a grand and if you have two or three thats even better..
You have to expect to be down and PATIENCE is needed more than anything....
If you can start with 3k youd be in great shape trading one/two lots..this would leave you room to average a few times and still be down 400+ pips
I trade two lots most of the time but i do average when i have to...get some trades in using the practice account for now and when you feel youre ready go for it
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It took some time for sure..but i started w/o any kind of exp and i didnt start with enough money..starting with the right amount of cash is key,you need to start with a grand and if you have two or three thats even better..
You have to expect to be down and PATIENCE is needed more than anything....
If you can start with 3k youd be in great shape trading one/two lots..this would leave you room to average a few times and still be down 400+ pips
I trade two lots most of the time but i do average when i have to...get some trades in using the practice account for now and when you feel youre ready go for it
Quick question regarding RSI... On FOREXtrader (Forex.com), which RSI is most important? It gives RSI 1, RSI 2, and RSI 3? Also, at which RSI levels is a pair considered to be overbought or neutral? Thanks buck.
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Quick question regarding RSI... On FOREXtrader (Forex.com), which RSI is most important? It gives RSI 1, RSI 2, and RSI 3? Also, at which RSI levels is a pair considered to be overbought or neutral? Thanks buck.
I'm looking at USD/JPY right now... And when I do everything you just said I see: Relative Strength Index (SMA) (14, 0, 0) 37.8378... Again, I'm not sure which number represents the RSI? Is is 37.8378? And at which RSI levels is a pair considered to be overbought or neutral? (This is important when using Fibs from what I've learned). Thanks again.
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I'm looking at USD/JPY right now... And when I do everything you just said I see: Relative Strength Index (SMA) (14, 0, 0) 37.8378... Again, I'm not sure which number represents the RSI? Is is 37.8378? And at which RSI levels is a pair considered to be overbought or neutral? (This is important when using Fibs from what I've learned). Thanks again.
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