Starting up

Here we go then,

Sorry to bore you all, you've probably heard this a thousand times before but I am absolutely green at this. I bought Vince Stanziones workbook about a year ago and found it VERY daunting. I've just dug it out again and thought I'll give it some serious consideration this time around. It would be nice to become financially independant, but I do live in the real world and would like to start nice and slow and hopefully make a few small profits. Vince appears to push fixed odds, saying they are a relatively safe option. I don't intend to lose my shirt but would really appreciate some sound basic advice.

Thanks

Read the following two links:

http://www.trade2win.co.uk/boards/sh...&threadid=5186

http://www.trade2win.co.uk/boards/sh...&threadid=8332


Paul

Thanks Paul

Vince gets Commission from The Fixed odds Company - I know they spoke to me from MALTA when approaching me - Other Spreadbetting Companies - won't pay him - And he has approached them all at some time - Any body knows that Fixed odds are not for serious traders - Its a game ..........

Thanks for those kind words lads. At the moment any advice will be well received. And thanks Paul I did see those links, there's obviously a lot of info already on the site, I didn't realise till you pointed those out.

So do you think that Vince might be a bit of a wide boy then? Well anyway I've got his workbook and video, so are they any use to me? After all I've paid the money, if there's any info in there I might as well use it, yes?

Before I registered with T2W I did a few searches on the web and found an excellent thread from November 2002 about Shiraz Lakhi and his CT system. Some of the members names were BrianT, FloorTrader, Orchard, FTSE Beater and Shinobi. Are you lads still about? I notice some of you were trying that system out. How did it go, any good?

FTSE Beater is certainly still about.

However, I tried Champion Trader ages ago and its full of flaws that dont become apparent until you start trading it. Cant remember exactly the problem as it was a while back - just remember the effect it had on my balance.

Each to their own however. Why dont you Private Message FTSE Beater or one of the others and ask them - get a range of opinions, dont accept just the one...

RR

Ok, Thanks for that Rossored. Much appreciated.

Hi Demag, I'm a 'stranger' like yourself and complete forex newbie. I have only traded stocks previously.

I have spent the past two weeks playing with the FXCM trading system and found tons of stuff on TA and fundamentals by searching the web. I cannot afford to spend a fortune on 1-day courses lining some forex 'gurus' pockets. Also there appear to be lots of talented and experienced traders on this site who will hopefully help provide direction.

I have just applied for a real account with FXCM and have £2000 to gamble with but I don't expect to become a millionaire and my plays will be very modest. My plan is to concentrate on the GBP/USD and EUR/USD but the USD/JPY looks very interesting at the moment.

I am using the EMA, STK and RSI as key indicators but have problems with the time scales on this short-term trading. I was using 1 and 5-min EMA's but kept misreading signals, made some silly mistakes by placing lots of trades and foolishly chasing losses and found the 5 point spread to be a real killer on so many occasions. I traded part-way through longer periods of movement which I should have recognized earlier so I have learned that timing is paramount. I also lost several opportunities by setting stop losses too close - if only I had hindsight!

My 'strategy' for next week (still on the play system) is to work with the 5 and 60 min EMA and make far fewer trades. Fridays drops appear to have left very oversold positions on the 60 min chart so I am long on GBP/USD at 1.8603 and EUR/USD at 1.2528. Time will tell!

Good luck with your plans.

Kev.