The Official FOREX Thread

[Bible_Belt]

I am not yet, but I got another broker recommendation from AF. They have the free demo thing, too.

http://www.mirusfutures.com/

 

[arglebargle]

I'm using the DealBook FX2 platform from gftforex. It seems pretty good, although I don't have the experience to properly critique it.

I'm going to focus on the GBP/USD pair for now. I'm not sure which charts i'll be using, i'm still at the learning stage. I'm going to work on developing a simple trading stategy and see how well it holds up.

I'm debating whether or not I should use the demo to try to make virtual money or only use it to familiarize myself with the market. I kind of think it's a waste of time to try to make virtual money with the demos. If I am ready to jump in and become serious, I think i'll put in $1,000 with a 10:1 leverage and buy a $10,000 mini-lot to start out with. Of course i'd lose real money in the beginning, but 1k isn't much to me and it seems more learning efficient. From what i've read, a lot of people spend too much time with the simulators, gain a false confidence, then lose money quick and burn out.

 

[Triv]

Thank you for the shared information Angelus! I found them very interesting even thought I have a hard time understanding some of those in-sider FX talk, but I can say you surely got me keen learning about them. My guts are saying to me you're talking true. I have lately keep learning that I should trust my guts as it has a strange way to be right.

Before I am going to spend more of my time on learning about FX(I have read little and understood some basics.) I would like to ask if I could see your trading platform picture. As I want to be positive that my time won't be wasted by learning about FX(Looks like a big thing to learn!). I drop you a private message.

What you think of EUR/USD currency and EUR in general?

 

[TheNewGuy]

I'm using the Oanda FXGame and have been doing... ok. One of my first problems was that I was holding out too long hoping my losses would recoup. I ended up just losing more that way, so I now use stop orders.

It seems the market is closed around this time of the week, so we'll see how my transactions do when its back up. Here is what I'm betting on (is that the right phrase?) now.

Short
50,000 units
GBP/USD
Stop loss at 1.86725
Take profit at 1.86035
Purchased at 1.86314
Currently at 1.86363
-4.9 profit pips

Long
USD/CHF
15,000 units
Stop losses at 1.2300
Take profit at 1.2350
Purchased at 1.2336
Currently 1.2326
-10 pips profit


So yeah not the best, but its only my first week. I'm glad its just a simulation

 

[AngelusPUA]

arglebargle

I don’t advise jumping in so fast but if 1k isn't much to you than go for it. I posted some trading rules in this thread and a trading plan. At the very least take a look at the rules and follow them, without discipline you will lose all your money it is important you follow a set of rules.

Following rules and having discipline is what separates the good forex traders from the bad.

What indicators are you using right now?


Triv

I don’t use EUR very much at all but it is a major currency and there is nothing wrong with it. Personally I would stick with investing in GBP/USD and USD/CHF.

Good luck and if you have any further questions don’t hesitate to ask.


TheNewGuy

It looks like you are investing a lot, you should never invest more than 2% of your equity or if you only have 1k in their 10%.

Also what indicators are you using and are you following a trading plan?

 

[AngelusPUA]

Here are the rules that kept me on track and made me successful when 90% of others failed.

-Trade only one or two currencies, if those currencies don’t move for the day don’t put your money in other currencies. If there is no movement in your two main currencies don’t trade for the day.

-Only have one deal running at a time.

-Keep a traders journal so you can learn from your mistakes

-The past does not equal the future; historical trend information is not solid proof of where a price will go tomorrow

-Stop orders are there to protect my money and once that are set they should NEVER be moved down only up to trail your profits.

-If you lose your first 3 trades of the day, turn off your computer and start again tomorrow.

-Never bet more than 2% of your equity or 10% if you are just starting with 1-2k.

-Never let emotion take control of your trading, the perfect trader has no emotion when he trades.

-If you do find yourself getting emotional whilst trading turn off your computer and go do something to relax.

-Never go against what your trading plan says (mine says cut losses of at 20-30 pips and only buy when all indicators are saying the same thing.)

-Don’t be greedy if you mange to make anything over 10pips that is already a 10% profit of your investment and it is more than enough.

-Always set stop orders

 

[Shiftkey]

How many of you guys are using demo accounts right now?

How are you going?

What charts are you using?

I haven't started yet. I'm still reading babypips; I'm going through 2 or 3 "grades" a day and letting those sink in. I figure I should start a simulation when I've "graduated" so I don't become overwelmed.

-Never bet more than 2% of your equity or 10% if you are just starting with 1-2k.

At what amount should we move from 10% to 2%?

Personally I would stick with investing in GBP/USD and USD/CHF.

Where I live (California, US), the times you posted for trading these currencies is 1am to 10am. I'm no vampire, so this wouldn't work for me. Should I still trade these pairs at a different time of the day, or should I find something else?

 

[SELF-MASTERY]

Krassus,

Don't muddy up this thread! Keep your argument in the "how I got rich" thread instead. Real or fake some of us would rather 'talk' forex in this thread, and not fight over Angelus's authenticity.

thank ya

 

[Fletchrush17]

I just finished reading all of babypips, downloading DealBook as we speak and I'm all setup ready to start the demo tomorrow.

 

[Fletchrush17]

Well buying is the entrance into the market. Which is buying/selling a currency. Where as closing is finishing business on that particular buy. Basically the ending.

 

[Luveno]

I could care less if Angelus is authentic or not. I'm also not going to take his advice for face value. The important thing is that there is now a centralized place to discuss FOREX trading.

For too long I've been criticizing this websites hypocrisy: it states that to be successful with women you must be successful with life, yet the one thing in life that dictates success more than anything, money, is never discussed. Sure there is a forum for weight training, and a forum for teenagers to lament about their high school dorkiness, but no centralized place to discuss finances. That is definitely lackluster.

Heck, there should be more centralized discussions on money here, such as stocks, futures, land, etc. Money is power, and power is sexy, and this site exists so guys can give and take advice on how to be sexy.

Krassus, I'm very curious about how you made your money. If you don't feel like letting the entire world know about it, you can PM me the story.

 

[Krassus]

Krassus, I'm very curious about how you made your money. If you don't feel like letting the entire world know about it, you can PM me the story.

If you're serious about making money, get on WSA and check the Financial forum. A lot of it is on there. If you have any specific questions, PM me.

 

[MetalFortress]

I don't like DealBook, I just tried it out. The market is really slow though today, maybe because it's sunday?
I use the OANDA FXGame, I think it's a bit easier.
http://fxgame.oanda.com/

I'm still confused with the buying and closing, can anyone explain (again lol)?

Same here. I found FXgame on google, tried that, then tried GFX, and am back to using FXgame. GFX was giving me too many connection probs.

 

[Phyzzle]

This could all be settled by a random picture of a street in Spain with a sign saying sosuave. Or a post from a Spanish Hostel.

The only really suspicious thing about AngelusPUA is the # of posts.

Isn't he moving furniture right now? Isn't he flying to Spain (or back to OZ?) Isn't he going to the theater with his professional model gf while dating that blind girl? How does he have time to make 27 well-written posts per day?

My guess is that he really is a successful day trader who got a bit carried away and embellished his story a bit. Losers living with their moms don't write that well . . . .

 

[Call_Me_Daddy]

Kraussus, no offence man but you need to quit this bull****.

The man gave good advice from what I can see. He showed us something called the Foreign Exchange market, gave some good tips on investing, and gave a reputable resource full of info (babypips). Whether he is a fake or not.. who cares? I don't. Does anyone else?

If you have a problem with his financial advice, then I would like to hear better as I am sure many here would.

The debate is his advice. Not him.


Anyway, back to FX... what can you guys tell me about this leverage business? What is 200:1 and 50:1 and etc. leverage mean? Does it help make more money? How does it work?

 

[TheNewGuy]

Kraussus, no offence man but you need to quit this bull****.

The man gave good advice from what I can see. He showed us something called the Foreign Exchange market, gave some good tips on investing, and gave a reputable resource full of info (babypips). Whether he is a fake or not.. who cares? I don't. Does anyone else?

If you have a problem with his financial advice, then I would like to hear better as I am sure many here would.

The debate is his advice. Not him.


Anyway, back to FX... what can you guys tell me about this leverage business? What is 200:1 and 50:1 and etc. leverage mean? Does it help make more money? How does it work?

With 100:1 leverage, you invest $1,000 and are able to control $100,000. The way this can work is that if at any point you lose $1,000 they close your account. So they don't lose any money, just you.

 

[SELF-MASTERY]

You're missing the point. The guy whose advice you're following hasn't made a dime off Forex. You're learning how to diffuse a bomb from someone who's only read about it, and setting yourself up for disaster.

No I'm not missing the point... I think that everyone that is interested in forex is going outside of the forum to find more information. I've downloaded a shyt load of pdf's, and have read alot of info from different forums that are dedicated to FX.

 

[TheNewGuy]

Little question. I reset my FXGame account so that I had a balance of 1,000. Does that mean I am capable of purchasing 1,000 units of something? What is a unit, how much is it worth?

I'm asking this because I had bought 200 units of GBP/USD and sold them all during that little spike we just had (20 pips or so in 15 minutes)... and made 12 cents.

 

[SELF-MASTERY]

I just made a 9 pip gain by shorting usd/jpy

 

[TheNewGuy]

Should we be watching the slope of the RSI (eg: only buy if its going up) or just the last value (eg: you can buy as long as its over 50)?

EDIT: Congrats self-mastery, what signs did you read to make you decide to short? It seems whatever I touch the market does the opposite. RSI of USD/CHF is 58 now, both EMAs rising with the period of 5 EMA slightly higher. I purchased 1,000 units so we'll see what happens

EDIT2: Pips profit is now at -6. About how long does it usually take for you to reach your take profits level?