Forex Advice

Hi all,

I'm currently looking in to starting trading and Forex seems a good place to start, I'm learning the basics (risk management etc..) but does anyone have a good source of information on learning how to trade & trading terminology?

During my research into Forex I've stumbled across MTA Live (Matt Travis) which after a search on this forum gave me plenty of information, but it seems out of date..

Back then MTA was charging for a course and operating using demo accounts.. Now they offer a 'free' apprenticeship and teach people to trade through a Whatsapp group - The only money involved is what you fund your personal 24fx live account with and use that to learn - From what I've seen people are making healthy profits although hard to tell if this is smoke and mirrors..

Has MTA turned a corner and has benefit now, or is there still some kind of scam embedded into what they're doing which I haven't seen yet?

Aaron18 said:

. . . Has MTA turned a corner and has benefit now, or is there still some kind of scam embedded into what they're doing which I haven't seen yet?

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Hi Aaron,
Welcome to T2W.

I don't know anything about MTA, so I can't comment on them or their course(s). However, from your brief outline, there are several ways that they could make money. It's a common tactic to offer a 'free' seminar (or whatever) just to get punters through the door. Once they're in, they're then treated to a full on sales pitch for products and services that are anything but free.

If they're recommending that you open a live account with a specific broker then, in all probability, they'll have an affiliate program in place with said broker. That means that for each and every trade you make - win or lose - MTA will get their slice. Therein lies the rub, as they don't have a vested interest in your success, merely that you fund an account and get trading. If you lose everything, it's no skin off their nose, they simply hold another 'free' seminar and recruit some new traders. Rinse and repeat. Along the way, one or two people will do okay, i.e. get lucky with a 'home run', which is then used to promote how brilliant the course is and to lure in the next tranche of ______ (insert word of your choice).

I must stress that I don't know MTA and what I've outlined above is a cynical assessment and may not apply to them. In your shoes, unless there are people who have been on the course that you can communicate with in person, I'd say tread very carefully. Before agreeing to any coaching of any kind, regardless of the credibility of the person / firm providing it, be sure to take on board the contents of this FAQ: Can You Recommend a Mentor, Coach or Trading Course?

Let us know what you decide and how you get on.
Tim.

Hi Aaron,

timsk said:

. . . I don't know anything about MTA, so I can't comment on them or their course(s). . .

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Apologies, I have heard of MTA through this thread: Mike Douglas and MTA Online SCAM. The title alone suggests you'd be wise to tread very carefully if you're thinking of paying for their services!
Tim.

Aaron

read the newbie areas here at t2win ...........don't pay a penny to anyone till you have researched .A LOT !!

theres plenty of free learning to be had ..........then later you may consider looking for help ...........but not for a long time fellah ...........even if they were the greatest mentor/trader in the world (100% doubtful).......you will not be able to understand a word they are saying as you will not be ready ......you need to get around the block a little and learn the ropes for free....

think of it like an apprenticeship ....but make sure its free ...theres plenty of free stuff out here

N

A few thoughts

I can't recommend any sources, but I'll share what I personally found most helpful, starting with attending trade rooms that were opened up for FREE trial periods (since I saw little value in paying for trading information and refused to do so).

I ultimately developed my own approach, but watching traders like Nick McDonald at Trade with Precision and Scott Barkley at Pro Act Traders in action, particularly seeing a professional trader's mindset, I found quite helpful.

Though they trade stocks--not Forex--the free weekly videos put out by The Market Guys' A.J. Monte (which I get in my email) and Stephen Whiteside's Stock Market Timing videos (which I used to watch on YouTube) proved quite helpful too. Nick McDonald (or one of his crew) make free weekly videos available as well.

The last person I would mention is Jarratt Davis who publishes a blog where he lists what he will be paying attention to during the upcoming week. Oh, and one more guy...I found watching videos (on youtube) posted by Jim at SP5ooChart (after the fact) to be helpful as well because the same basic technical analysis principles apply, whether you are trading stocks, indices or currency pairs.

starting place is always babypips.com edu section. than move to youtube look for "yourtradingcoach" channel n then lookup price action trading/trendlines/channels and you are heading in right direction... Demo trade a couple months till you can consistently make pips for 5-6 months.

Aaron18 said:

Hi all,

I'm currently looking in to starting trading and Forex seems a good place to start, I'm learning the basics (risk management etc..) but does anyone have a good source of information on learning how to trade & trading terminology?

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For any new trader i would like to recommend learning how to earn money through trading as forex trading may be easier than making money through it. So newbies should focus on practicing demo accounts to learn forex trading processes before going live.

mcrlogitech said:

I thing learning the Technical Analysis is the best way to trade in forex market. The technical indicators can be very useful in anticipating the price movements.

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When it comes to your average retail trader, I agree. I can't afford to be upside down in a position waiting days or weeks for a market to come back into alignment with the underlying fundamentals. I have to make money daily, and that means trading what I see in front of me right at the moment and not trying to predict or anticipate what's going to happen somewhere down the line. I don't have enough money to weather those kinds of draw downs.

Peter Borren said:

Instead of demo , micro account is more appropriate for acquiring live experience , because newbie lost interest after passing sometimes in demo account.

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It depends on how you percept demo trading - as a game or simplified model of live account (with instant execution and low slippage). Conducting proper strategy tests, calculating R/R + making discount on better trading conditions + psychology demo account becomes powerful trading tool that can save you a lot of money and protect you from failures.

has anyone seen this sports pick site Top Market Sports

Is the giveaway they are doing on Instagram legit? Can't be lol

june_girl7 said:

Right, it all depends on trader or person who is pursuing Demo for learning. If you want to be a trader then be smart and try to learn every aspect of trading with the demo.

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Absolutely, the Demo Trading would be quite a nice way learn how to deal with the Forex Trading and the best thing is that it is also free and you don't lose real money in it.