Some Advice please

Hi,

My first post here - love the site, I’m long time lurker I would like to introduce myself and just ask a question or two.

I have been trading/spread betting for about a year now and I absolutely love it. I have gone through the process of making mistakes, losing money & stressing about to a point where i have a good risk management strategy and I have been making money (With plenty of days where i still lose). I have spend months reading & researching different techniques and looked at Behavioral Trading. I have decided to take my trading more seriously going forward with the view to become a full time Pro-Trader, trading my own capital in 3 years time.

I am aware of the stats i.e 2 out of every 100 people who get to the point where they feel confident enough to pursue it full time actually do so successfully - but I’m optimistic by nature and not afraid to work hard at it. I know it’s a long a difficult process where you get out what you put in.... Anyway I’m rambling

I would like to ask those of you who have pursued a similar dream what were the main obstacles you encountered? (Apart from the obvious of losing your capital)!

Also, I have a Software question - I am currently only using the charting packages on IG and I would like to upgrade to something more sophisticated like trade station. But I do not yet have the capital to Day trade with trade station (C30k). Could anyone recommend a good platform that I could back test strategies and use the charting for live trading?.

I have about €6k in trading capital at the moment.

Many Thanks
ER-Trader

Hi ER-Trader, congrats on stepping into the world of forex trading. It sounds like you are coming in with the right mindset. I wouldn't worry about starting capital at this stage, the first step is to find what you feel is a workable strategy, and then practice on demo. If you cannot achieve some level of consistency on a demo account, then you will only be gambling with a live account.

Some advice, it is very difficult to be successful at forex when learning on your own. I would say to give yourself a chance is to find a good mentor. There are too many aspects to forex trading that can not be learned on the internet. And how much money will be lost trying to learn things that only experience can teach you.

I personally tried on my own at first by learning forex trading strategies from the internet and books, but there are so many "intangibles" that cannot be picked up on, it tokk me about $10k in losses before i finally bit the bullet and found a mentor. Now, i couldn't be happier. but noone could tell me at first.. i just knew i could do it on my own.

so, if I had one bit of advice to give it would be GET A MENTOR. If you can get one with "InterBank" experience, that is what you want. The InterBank traders have been doing it the longest.

Here is a proven program with InterBank Chief Dealer of 26 years, and 24 hour live online trading room with hundreds of other traders making live calls you can follow.

best wishes to your success.

...good trades,
Sam

Shakespeare515 how did you get a mentor? My husband has been trading on and off for a few years part time. He wins some and loses some. He thinks he's hit on a good strategy, only for the market to perform differently after a few days creating losses. He has said for some time that he wishes he could watch somebody trade or get a mentor, how did you get one?

(I have been doing some dummy trading so I can understand what he is going through, and how difficult it is.)

Hi SuperNova,

I trade in an online traderoom that is open 24 hrs and I trade with about 200 other traders, all using dynamic fibs. We are led by 26 yr market maker, Andy Shearman, he trades Live everyday and makes trade calls you can follow on as well as showing you step by step what to do, so your not dependent on his calls..

When Andy's session is done, there are other moderators that come on and make live calls and do live market training.

All trades are recorded in real time so anyone can watch every trade session. Traderoom avgs well over 1000pips per month.

you can always register for a free live trading session by going to forexmalibu.com

let me know how it goes..

...good trades,
Sam

If you are looking for something super easy to understand and incredibly accurate, check out www.ProEquityTrader.com
You can go to their website and join their Trading room free for a week and even try out their indicators before you buy... they don't really advertise that, but they let me, so mention it.
I'm just a housewife who trades for daily income, yet I I have not had a losing trade for weeks! The accuracy is great!

Good luck!

I wouldn't bother with Internet based subscription mentorships. They're simply commoditised, and I haven't seen one yet that isn't just Internet marketing with no substance. For instance neither of those sites show real trading account statements or a track record.

The 'forex' industry is filled with chaff, you'll have to do a lot of sifting to find some wheat!

Well I bought it and trade it everyday and it works... so there must be substance. You've obviously looked in the wrong places and had bad experiences. I'm not going to pretend to know a lot about the industry, but I know how much my account increases each week and those numbers are real!
Best of Luck!

1) Real profitable traders don't expend their energy running mentorship sites for 100 or so new traders a month giving away their strategies
2) Trading is a very personal journey. Of course you can get knowledge from books/videos etc, but mentorship would be something that needs to be done one on one.

That said I'm delighted that you've found something so super easy and accurate, with such powerful indicators. Perhaps suggest to the owners of the site that they put their audited track record on the page. With that kind of accuracy it would be a good idea for them to show they're so different from many others - they'd get hoards of interested traders.

Don't put yourself down though - no one who runs a household and trades so profitably should call themselves 'just' a housewife!

traderbee said:

Well I bought it and trade it everyday and it works... so there must be substance. You've obviously looked in the wrong places and had bad experiences. I'm not going to pretend to know a lot about the industry, but I know how much my account increases each week and those numbers are real!
Best of Luck!

Click to expand...

thanks traderbee,
i too like to find a good live room.
there are some traders that like a room, and some that dont use them....i wish i didnt have to rely on rooms, but im spanking new and would like to shorten my learning curve.
been in the proequity room, NICE strategy, and yes, my SIM account has been positive for past 2 days.....but i believe if you use some good free available ninja indicators, you can still use the strategy (just saying, cuz im poor and cant afford their indicators, lol)

Sorry to grave-dig this thread, but has anyone been able to re-create the "success" of the ProEquityTrader room WITHOUT the target trader? I've seen it dismissed on a number of threads and boards but never with substance.