Does any automation/tipping/analysis work?

[cbyp]

I've been trapsing through the web looking for good tools to trade well in forex, some go from basic indicators through to fully managed accounts

Thing is, do any of them work? Some of the anaylysis software is expensive, and some subscriptions are too, in fact the data feed costs are unreasonable for a newbie wanting to test these theories, ebooks, signals, analysers...

I dont mind learning, but i also dont want to make things difficult for myself when theres something else out there that can still make profit, i just want a system that i can use and make money with (as we all are). Ive found a good broker who gives free charting, free demo accounts, and so on, so i now have a place to practice if needs be.

heres a collection of links i have bookmarked that looked interesting, others include Wave59, Omnitrader, etc.

http://www.tradertech.com
http://computrades.com/home_study.html
http://2clickinvestor.com/
http://www.forex-day-trading.com/forex-trading-robot.htm
http://prosignal.net/
http://fxengines.com/
http://tradeguider.com/missionStatement.asp
http://www.winriskfree.com/wrf/
http://tradexgroup.com/managed_accounts.htm

Thoughts please, and constructive responses welcome

Ta

 

[fxmarkets]

I've been trapsing through the web looking for good tools to trade well in forex,

Look in a mirror and then beyond that.

crikey, its so difficult to advise where to start , advisory works for the sellers mainly. what do you see for yourself in forex? what can you say at this stage about trading? you have a practice account set up and?? can you explain a bit further.. what you have learned to date... maybe that will start things rolling a bit..

 

[juanbyte]

cbyp

Have a look at http://www.collective2.com they monitor and verify the trades for over 1200 systems.

When doing a search I have noticed that futures and stock systems outperform forex systems by a wide margin.

 

[cbyp]

well to be honest ive been doing more research thant trading.... i have some investments that are pooled forex returns but wanted to do more for myself by trading when possible, so the more work i do the more i could earn, instead of sitting back and watching the days tick by waiting for my return from the pooled funds!

So, really id like to trade, ive read 60 minute trader, which turned out to be no use at futures trading requires quite a bit of monthly cost, and $2k starting funds, picky brokers, data feed costs etc.

So, got a copy of 'Sure Fire Forex' and read the whole thing, 80% of it made sense, the other requires a re-read and so i looked for forex trading borkers who offer data feeds as part of their package, found a great one.

So, i dont have any data feeds to use, but have charting that supports indicators. Wave59 and omnitrader etc. require a feed, so no use to me right now, and even if i did have a feed i dont know if they actually work!

Reading ebooks mainly right now, to manually trade, BUT if there are some good signals that do work, or other software with its own feed, i could be pursuaded to part with some ongoing cash.

Failing that, just a good solid e-book would do, if anyone has followed one to the T and its worked for them for months, please let me know.

Hope that shows some scope of my circumstances
Thanks

 

[cbyp]

thanks for that link juanbyte, thats exactly what i am after to analyse the bigger trading systems


How about ebooks? can anyone recommend any good trading methods that once learned can allow someone to make a living tading daily?

Thanks for your help, top forum

 

[fxmarkets]

hello, and yes a bit more scope, you seem to be in the "how the hell can I know what works to make money trading this market"

whilst you know nothing or verry little your money is better in the fund. maybe?

this is a typical stage and can last many months if not years trial and error, trying this or that. Its difficult to suggest a method that may work for someone else because the biggest elememt in my view is you are the cause of any profit or loss over the long term.

Many traders who have survived this for obvious reasons will not disclose a method edge to you, but even if they did chances are that if you dont control yourself you will still fall short as its back to who you are as a person. The industry to a degree wants you to believe you can make super fast profits without doing much.. but to get to that stage you will of likely Invested a few years? learning and filtering ,trial error , money spent, etc. having a "good signal" is a part of it sure, but just a part, you need to be in control have emotions checked and be able to act instantly, this can take a long time .

I'd suggest start making notes under

Mind
money /risk
method.
Market.

exhaust this site for content,which may lead you on some more, have an open mind and take nothing as truth, find out for yourself so to speak.

Use a simulator when trying your methods for a good few months, free practice but take it seriously as you will get to the stage when you might put your own money on the line.

In demo Try the methods you have already paid for and stick with it for a few months again... hows it gone then?

The amount of time you can commit to it will also massively impact your learning curve. 12 hrs a day ? 6 days ?? 1 day off which alot of people wouldn't take ....

but dont let my experience influence you , ultimately its your way....

best with it..

maybe someone will recommend a good intensive list for you to start reading to help.

 

[cbyp]

ok, so your saying, really, i need to try different ones myself, see which fits and go from there?

From reading many forum posts, not just here, I get the jist that most of the money to be made comes from not being too greedy, not breaking the rules you have laid down for yourself regarding % of capital per trade, and not to 'fiddle' too much with the prgress once you've made a comitment. I think I would be good at this, because once somethings in my head it stays there until i choose to budge it, for example dieting, i started cutting out rubbish in my diet, and no matter what my other half tempted me with i just wasnt interested, i can make things become so uninteresting almost as if the temptation connection in my brain has been cut! BUT I have to be the one who decides it, not others...... so, if i set 1% as my trading budget, then 1% it will be, regardless if someone advises 2%, if its in my plan and i need to make consistent, not far stretched gains, i know in the long term it will work out best. cutting outchocolate cake now, doesnt mean sculpted body by tommorrow, but its better int he long run...

so, starting tips, anyone advise a good ebook? signal provider? to get me going?
consistant, reliable steady gains is what im after, not "all in!" trading styles...

and as for timescales, as i want to eventually live off this eventually, im in no rush to become ignorant (but have enough drive, my day job sucks!)

 

[fxmarkets]

ok, so your saying, really, i need to try different ones myself, see which fits and go from there?

not exactly, but its common that people flip from one system to another if for instance they have 4,5 losses in a row.... instantly the system is rubbish? whats next.... the system might be rubbish... thats what over time you will be experiencing this natural ? progression of flitting from one to another looking for a string of steady gains , 3 or 4 rubbish systems later 10 or 20 even.... the important part is you trading it, your mental mindset. Over time you may begin to discover whats happening in the market and develop your own methodology, this again can take ??? a long time. But remember to develop yourself continually along the way.

search the site for books recomended.