JumpOff
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Open a simulated trading account at one of the Forex retail brokers (CMS, oanda, etc.) Spend a couple of months losing your demo account, read every post on these boards and try it all. After you have lost your first 10,000 demo account, lather, rinse, repeat until your paper account starts to go in the right direction. Read everyting that dbphoenix has to say. Pay particular attention to the part about higher highs, higher lows, etc...
Don't believe the labels under people's names at the left side of the post - I haven't made a dime yet, and I'm on my way to being labeled as legendary - just because I can type two sentences and press the submit button....
Best wishes, and hold on to your pennies, you will need them to open a real account with a regulated broker.
JO
Don't believe the labels under people's names at the left side of the post - I haven't made a dime yet, and I'm on my way to being labeled as legendary - just because I can type two sentences and press the submit button....
Best wishes, and hold on to your pennies, you will need them to open a real account with a regulated broker.
JO
gvldet,
Heed the advice that has gone before. The chances of you paying $4,000 for a trading system or software package that delivers consistent profits is very slim. If I had a system that worked over a period of time, I would not market it to friend or foe.
The information that you will obtain here only costs you time and you can only learn from it. There are people employing varying strategies, technical and fundamental analysis. They also trade all sorts of markets and instruments. The fact that the likelihood suggests that only 50% make money is irrelevant as you can learn from their mistakes
Open 1 or 2 dummy accounts and try different strategies. Happy hunting.
Heed the advice that has gone before. The chances of you paying $4,000 for a trading system or software package that delivers consistent profits is very slim. If I had a system that worked over a period of time, I would not market it to friend or foe.
The information that you will obtain here only costs you time and you can only learn from it. There are people employing varying strategies, technical and fundamental analysis. They also trade all sorts of markets and instruments. The fact that the likelihood suggests that only 50% make money is irrelevant as you can learn from their mistakes
Open 1 or 2 dummy accounts and try different strategies. Happy hunting.
Rudy
Junior member
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You basically need to master at least three elements:
1. A trading system or any other strategy to define entry and exit points in the time frame that you like.
2. Money Management, or how much to invest in every trade.
3. Psychology or mastering your emotions (might prove to be the most difficult of the three).
What I would do before investing $4000 in any service or trading system is:
- Read and learn more (and I mean a lot more) about the above stated three elements
- "Play" with some systems for myself (demo platforms and backtesting) to see the strategy working
- Only after I found out I can not do it on my own I might consider to subscribe to a payed service. But still with hesitation. I mean I would not like to give myself over to something that I do not understand.
I do not think there are any guarantees to success, also not with payed services or systems. But it is on the other hand possible to make money trading Forex.
1. A trading system or any other strategy to define entry and exit points in the time frame that you like.
2. Money Management, or how much to invest in every trade.
3. Psychology or mastering your emotions (might prove to be the most difficult of the three).
What I would do before investing $4000 in any service or trading system is:
- Read and learn more (and I mean a lot more) about the above stated three elements
- "Play" with some systems for myself (demo platforms and backtesting) to see the strategy working
- Only after I found out I can not do it on my own I might consider to subscribe to a payed service. But still with hesitation. I mean I would not like to give myself over to something that I do not understand.
I do not think there are any guarantees to success, also not with payed services or systems. But it is on the other hand possible to make money trading Forex.
as already suggested.....AVOID at all costs the peddlers & spend your time scouring this board for hints & tips on researching the one thing which will hold you in good stead on your journey......PRICE.
dig out as much info as you can on how Price works, why it works & it's reaction at key levels on the chart. Observe your chosen pair(s) at the key reaction points (round numbers)....and pick 1 or 2 pattern formations - study & observe them, so you can see em forming from 40 feet away....divert your att'n to the RISK & MONEY management sections on here.........and most importantly, put together a simple, easily assimilated TRADING PLAN.
ohh, and try & refrain from loading up your charts with weird & wonderful "indicators" - they clutter & distract............it aint easy, but it is simple
dig out as much info as you can on how Price works, why it works & it's reaction at key levels on the chart. Observe your chosen pair(s) at the key reaction points (round numbers)....and pick 1 or 2 pattern formations - study & observe them, so you can see em forming from 40 feet away....divert your att'n to the RISK & MONEY management sections on here.........and most importantly, put together a simple, easily assimilated TRADING PLAN.
ohh, and try & refrain from loading up your charts with weird & wonderful "indicators" - they clutter & distract............it aint easy, but it is simple
I certainly wouldn't disagree with that comment Lion.....which is why a fair % of traders get tied up in knots & make life (trading) more complicated than it actually is!nowt like putting your thoughts/rules/strategies down in writing (& constantly referring/updating them) to focus the mind
and the more simple the plan, the easier it is on the old psyche!Help in Finding a cheap / free backtesting platform.
Chaps,
I'm in a similar boat to gvldet. Whilst I have found a platform that I like for executing trades on my demo account(s), I have yet to find one that will allow me to test my backtest my strategies with intraday historical forex data - most only allow EOD.
Any suggestions of such platforms or recommended sources of historical forex data would be greatly received.
Regards,
Twills.
Chaps,
I'm in a similar boat to gvldet. Whilst I have found a platform that I like for executing trades on my demo account(s), I have yet to find one that will allow me to test my backtest my strategies with intraday historical forex data - most only allow EOD.
Any suggestions of such platforms or recommended sources of historical forex data would be greatly received.
Regards,
Twills.
Pip Daddy
Member
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Put your money away. Buy yourself a nice plasma screen for Christmas instead. You don't need to drop $4k on some software. Instead of spending lots of money, spend lots of time on learning as much as possible about Forex. Educating yourself is extremely important if you want to be a successful trader. If you were a beginner golfer, you wouldn't spend $4k on golf clubs right from start. Well you could, but I bet you would still suck at golf.
Learning how to consistently make some moola in Forex is no different than learning how to play golf.. First you gotta learn the fundamentals, get the right equipment, study the basic techniques, and practice practice practice until you become good. For some, this could take a very long time.
If you'd like, PM or email me and I'll send you a bunch of free e-books that'll get you started on the right foot.
Learning how to consistently make some moola in Forex is no different than learning how to play golf.. First you gotta learn the fundamentals, get the right equipment, study the basic techniques, and practice practice practice until you become good. For some, this could take a very long time.
If you'd like, PM or email me and I'll send you a bunch of free e-books that'll get you started on the right foot.
HI,
These are my tips for beginners:
*Dont risk any money until you have proven yourself on the demo
*Dont spend needless amounts of time playing around with entry systems, the money is in the exit. Provided your enty technique (i hate the word "system") provides more winners than losers thats a good start.
*Spend lots of time learning about money management. The best piece of advice i could give is never risk more than 1-2% of your capital on a trade. This remains constant whether you have a 10 pip stop loss or a 200 pip stoploss (adjust the size of your position to accomodate), your stops should be placed where it makes trading sense, not where you end up losing more than you want to.
* Be careful who you take advice from, there are plenty of bitter newbies out there that will tell you trading is impossible/ the markets are random- cant be predicted, indicators dont work/ its all run by corrupt traders with inside knowledge etc etc RUBBISH! Dont listen to them, they will make you question your trading, if markets were impossible to trade people wouldnt trade them, with good money management and pyschology it is not particularly hard
*Start by trading longer time frames, dont be drawn to the fantasy of short term buying and selling, if you are experienced fine but to a newbie chances are the market will chew you up and expose your flaws before you even know you have them.
*Dont become obsessed with technical indicators, they are only effective if you understand them inside out, i recommend specialising in learning how to use 1 or 2, having 15 indicators up doesnt make you a good trader.
*Never buy any systems! Like indicators they only work in the right hands understand every single element of it, you need to build your own approach
*The more simple the approach, usually the better it is. Trading isn't particularly hard, but people want to make it hard for some reason, i could show a child a price chart and they could tell me if its going up or down, dont start second guessing yourself.
*Respect support and resistance levels, out of every pattern/indicator/trading approach traders use, these levels usually will draw most pivotal trading decisions
*Money management is the most important factor in trading, the second most is psychology, greed and fear make people lose more than getting in at a bad price. My advice to combat this is decide on your stop loss and profit target before you get in, open your trade then walk away, have confidence in why you opened your trade, watching it move tick by tick will play tricks on your mind.
Hope these help, there is so much more to learn but unfortunately you can only learn the others from experience. I dont know how much you know about trading but i think these tips apply to everyone
These are my tips for beginners:
*Dont risk any money until you have proven yourself on the demo
*Dont spend needless amounts of time playing around with entry systems, the money is in the exit. Provided your enty technique (i hate the word "system") provides more winners than losers thats a good start.
*Spend lots of time learning about money management. The best piece of advice i could give is never risk more than 1-2% of your capital on a trade. This remains constant whether you have a 10 pip stop loss or a 200 pip stoploss (adjust the size of your position to accomodate), your stops should be placed where it makes trading sense, not where you end up losing more than you want to.
* Be careful who you take advice from, there are plenty of bitter newbies out there that will tell you trading is impossible/ the markets are random- cant be predicted, indicators dont work/ its all run by corrupt traders with inside knowledge etc etc RUBBISH! Dont listen to them, they will make you question your trading, if markets were impossible to trade people wouldnt trade them, with good money management and pyschology it is not particularly hard
*Start by trading longer time frames, dont be drawn to the fantasy of short term buying and selling, if you are experienced fine but to a newbie chances are the market will chew you up and expose your flaws before you even know you have them.
*Dont become obsessed with technical indicators, they are only effective if you understand them inside out, i recommend specialising in learning how to use 1 or 2, having 15 indicators up doesnt make you a good trader.
*Never buy any systems! Like indicators they only work in the right hands understand every single element of it, you need to build your own approach
*The more simple the approach, usually the better it is. Trading isn't particularly hard, but people want to make it hard for some reason, i could show a child a price chart and they could tell me if its going up or down, dont start second guessing yourself.
*Respect support and resistance levels, out of every pattern/indicator/trading approach traders use, these levels usually will draw most pivotal trading decisions
*Money management is the most important factor in trading, the second most is psychology, greed and fear make people lose more than getting in at a bad price. My advice to combat this is decide on your stop loss and profit target before you get in, open your trade then walk away, have confidence in why you opened your trade, watching it move tick by tick will play tricks on your mind.
Hope these help, there is so much more to learn but unfortunately you can only learn the others from experience. I dont know how much you know about trading but i think these tips apply to everyone
jiggly
Well-known member
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twills said:
esignal is a very good professional charting package which has some very powerful fucnctions such as a tick replay capability, so that you can test strategies and trade historical data as if it were real time, out of market hours. it also has a data downloader which can provide you with the histrical intraday data that your need, however it does come at a cost for continual use.
Maybe you can arrange a limited demonstration period from them cost free, this should give you enough time to download historical data and test some strategies in the short term before you decide to purchase. :cheesy:
all the best
You can use Amibroker RT for simple to very complex backtesting strategies. You can hook it up to regular feeds like IB/Esignal etc or use Metatrader 3/4 feeds via a plugin. You can also use DDE but you will lose backfill functionality.twills said:
.
For free data you could try http://www.forexua.com/history or for clean, non-indicitive data ( at a cost) from forexdata.biz
