Hi folks, I'm new here

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Old Jul 13, 2012, 11:13pm   #1
 
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Joined Jul 2012
Hi folks, I'm new here

Hi everybody, I picked this forum as it seems to have a lot of activity, compared to others I looked at.

I decided a few months ago to see if I could make Forex trading work for me. If I could, it would be an ideal internet-based investment (and extra income) tool for me as I live full-time in my "RV" and enjoy the travelling around Europe.

Well, I signed up back then with Alpari for a demo account and started using the MetaTrader4 software. After lots of newbie mistakes I started to get the hang of it and now I feel I am ready to open a real money account. I am now suffering only the occasional losing trade and my last 17 trades have all been money-makers. I try to make at least 10% of my at-risk amount on each trade.

I realise that trading with real money will be different as my emotions will be much more involved, but I keep telling myself to just do what I've been doing and stay relaxed about it.

One thing I noticed is that selling a Forex pair has the advantage of the overnight "swap" amount being a positive sum rather a charge, so I intend to be biased towards sell trades for that reason. Those amounts will add up over time...

But I do like to end a trade before the day is out and especially before a weekend arrives, rather than sweating it out. I want to be able to sleep soundly

I hope to interact with other like-minded "day-traders" here, and maybe pick up some ideas too. I'll post updates of my progress if anyone is interested. I hope they will be happy and positive updates!

Anyway, here goes and good luck all!

Ed

p.s. I deliberately avoided being swamped with information for the past few months and concentrated just on my technique and becoming very comfortable with MetaTrader4, so I am probably very green compared to most of you.
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Old Jul 14, 2012, 2:43am   #2
 
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Joined Jul 2010
Re: Hi folks, I'm new here

Hey Ed,

living the dream there buddy. Travelling round in an RV sounds like my kinda life right now. You're doing it backwards to me though, doing the travelling thing first then learning to trade.

I've learnt to trade now I want to go travelling.

Not to put a downer on things for you just yet, you might have it cracked already.. but it's taken me 5 years of blood, sweat, tears and a few blown accounts to get this far

Good luck!
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Old Jul 15, 2012, 12:09pm   #3
Joined Oct 2006
Re: Hi folks, I'm new here

Quote:
Originally Posted by EdfromSpain View Post
Hi everybody, I picked this forum as it seems to have a lot of activity, compared to others I looked at.

I decided a few months ago to see if I could make Forex trading work for me. If I could, it would be an ideal internet-based investment (and extra income) tool for me as I live full-time in my "RV" and enjoy the travelling around Europe.

Well, I signed up back then with Alpari for a demo account and started using the MetaTrader4 software. After lots of newbie mistakes I started to get the hang of it and now I feel I am ready to open a real money account. I am now suffering only the occasional losing trade and my last 17 trades have all been money-makers. I try to make at least 10% of my at-risk amount on each trade.

I realise that trading with real money will be different as my emotions will be much more involved, but I keep telling myself to just do what I've been doing and stay relaxed about it.

One thing I noticed is that selling a Forex pair has the advantage of the overnight "swap" amount being a positive sum rather a charge, so I intend to be biased towards sell trades for that reason. Those amounts will add up over time...

But I do like to end a trade before the day is out and especially before a weekend arrives, rather than sweating it out. I want to be able to sleep soundly

I hope to interact with other like-minded "day-traders" here, and maybe pick up some ideas too. I'll post updates of my progress if anyone is interested. I hope they will be happy and positive updates!

Anyway, here goes and good luck all!

Ed

p.s. I deliberately avoided being swamped with information for the past few months and concentrated just on my technique and becoming very comfortable with MetaTrader4, so I am probably very green compared to most of you.
If you are going to trade forex with MT4 then you'll probably never make a cent. A lot of MT4 brokers are ripping off their clients with dishonest slippage practices. Even without being ripped off you'll still lose money for several years and you may never make it.

Sorry but that's the reality.
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Old Jul 15, 2012, 1:05pm   #4
Joined Sep 2008
Re: Hi folks, I'm new here

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Originally Posted by pboyles View Post
If you are going to trade forex with MT4 then you'll probably never make a cent. A lot of MT4 brokers are ripping off their clients with dishonest slippage practices. Even without being ripped off you'll still lose money for several years and you may never make it.

Sorry but that's the reality.
Sorry, but I have to disagree.It depends on the broker not the platform. Besides, most clients don't lose money just because of slippage, they just don't know how to win even if the game was tilted in their favor.

Peter
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Old Jul 15, 2012, 1:19pm   #5
 
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Re: Hi folks, I'm new here

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Originally Posted by wackypete2 View Post
Sorry, but I have to disagree.It depends on the broker not the platform. Besides, most clients don't lose money just because of slippage, they just don't know how to win even if the game was tilted in their favor.

Peter
Aye, people can buy a gun without the intention of using it to shoot someone, but you'd still worry a bit about the possibility.
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Old Jul 15, 2012, 1:55pm   #6
Joined Apr 2006
Re: Hi folks, I'm new here

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Originally Posted by barjon View Post
Aye, people can buy a gun without the intention of using it to shoot someone, but you'd still worry a bit about the possibility.
I think that's a fair comment, just because a platform has built in tools to steal from customers doesn't mean the brokerages will use them. I am sure there are some who don't

If you look at the volume of transactions going through the top 3 or 4 retail brokerages, the numbers are absolutely staggering, shaving off a fraction of a pip from each trade equates to serious money (which is precisely the reason they went to 5 digit prices)

If you get caught (and lets face it the regulators are not the sharpest tools in the box) you get a slap on the wrist, and a measly fine. A 15M fine to FXCM is a drop in the ocean, and a fraction of what they stole. The damage to reputation can be repaired for peanuts, with a bit of advertising, paid shills, IB promotions etc.

To use your gun analogy, if the guy buying the gun has just been released after serving 7 years for armed robbery, after vowing to kill the guy who grassed him up, then there's a possibility he's not buying the gun to shoot at coke cans. If a broker registered in Cyprus, or The Seychelles, or BVI, is buying an MT4 license, its probably because they want to capitalize on some of the platforms more unique features.

The other thing about MT4 is that the barriers to entry are low, and its possible to set up for relatively low costs, and that tends to attract a lower class of criminal
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Old Jul 15, 2012, 2:40pm   #7
 
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Re: Hi folks, I'm new here

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Originally Posted by the hare View Post
I think that's a fair comment, just because a platform has built in tools to steal from customers doesn't mean the brokerages will use them. I am sure there are some who don't

If you look at the volume of transactions going through the top 3 or 4 retail brokerages, the numbers are absolutely staggering, shaving off a fraction of a pip from each trade equates to serious money (which is precisely the reason they went to 5 digit prices)

If you get caught (and lets face it the regulators are not the sharpest tools in the box) you get a slap on the wrist, and a measly fine. A 15M fine to FXCM is a drop in the ocean, and a fraction of what they stole. The damage to reputation can be repaired for peanuts, with a bit of advertising, paid shills, IB promotions etc.

To use your gun analogy, if the guy buying the gun has just been released after serving 7 years for armed robbery, after vowing to kill the guy who grassed him up, then there's a possibility he's not buying the gun to shoot at coke cans. If a broker registered in Cyprus, or The Seychelles, or BVI, is buying an MT4 license, its probably because they want to capitalize on some of the platforms more unique features.

The other thing about MT4 is that the barriers to entry are low, and its possible to set up for relatively low costs, and that tends to attract a lower class of criminal

I'm not sure it's "built in" is it - I thought it was an add-on, but stand to be corrected.

What bemuses me is that some of those features can simply have no other use than to protect the brokers at the expense of their clients at best, or to provide brokers with gains at the expense of their clients at worst. Why the FSA (or whoever) haven't killed it is beyond me
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Old Jul 15, 2012, 2:49pm   #8
Joined Oct 2006
Re: Hi folks, I'm new here

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Originally Posted by barjon View Post
I'm not sure it's "built in" is it - I thought it was an add-on, but stand to be corrected.

What bemuses me is that some of those features can simply have no other use than to protect the brokers at the expense of their clients at best, or to provide brokers with gains at the expense of their clients at worst. Why the FSA (or whoever) haven't killed it is beyond me
'Virtual Dealer' is a plug-in for MT4 made by Boston Technologies. MT could block it if they wanted to but don't.

Metatrader Virtual Dealer Plug-In

The FSA haven't even taken action against FXCM and they've already been caught defrauding clients by CFTC, what's the chance they actually go out and investigate other brokers?
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Old Jul 15, 2012, 3:23pm   #9
Joined Apr 2006
Re: Hi folks, I'm new here

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Originally Posted by barjon View Post
I'm not sure it's "built in" is it - I thought it was an add-on, but stand to be corrected.
You are right. I wont comment further cos I don't want to increase Mr Sharkys legal bills
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Old Jul 20, 2012, 1:16am   #10
 
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Joined Jul 2012
Re: Hi folks, I'm new here

EdfromSpain started this thread Thanks for the responses.

I find the extra digit in the prices a nuisance, I wish there was a way to suppress it. And I hope the broker won't rip me off, but how would I know?

Ok, first two real trading days under the belt and made useful profits on both. Today was a bit frustrating because I opened a trade then went to the beach. When I came back I saw I had a nice little profit, but the graph showed that just as I was deep in the middle of my siesta under the parasol, the "profit" had been 3 times larger. Oh well. I'm more concentrated on avoiding losing and I think any "big wins" will take care of themselves, I was just a bit unlucky today with that timing.

I'm aware of the MT4 mobile "app", but I want to be able to walk away from the laptop and enjoy "real world" things without distractions.

So far, so good
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