Any systems for a beginner?

[Weebwig]

Hi all,

Being a newbie I'm studying all the free information I can find on how to successfully trade The FX. The flies in the ointment are the endless ads for systems that are promising to make me profitable in very quick time. Is there anyone out there who has invested in a system or course that has been well worth the money and would recommend to others?

Thanks

 

[shadowninja]

Good free ones for beginners... search on here for three ducks. Also look out for Trader_dante's thread.

 

[new_trader]

Good free ones for beginners... search on here for three ducks. Also look out for Trader_dante's thread.

I could have put money on that

no no no no no no no no no no no no no no no no no no no no no


think about this - there must be a correlation between the facts that forex is the "biggest" market traded,it's the easiest & cheapest to trade for newbies and the huge prevalence within forex of "systems', "methods", "adaptations" etc. ?

You've only got to look at boards like forexfactory to see scores, even of hundreds of new "systems" thrown up every week.
Then, when someone does come along with a simple, effective, workable "system" within 3 pages of posts it has been "improved", "filtered", knocked to shyt etc by keen young newbies falling over themselves in their eagerness to ignore someone else's hard earned experience and fyck things up for themselves.

I truly believe that in markets like the ES, Gold etc, a small retail trader can carve a small niche for him or herself and earn a few bob.
But forex ? It's either huge international banks, international corporations, countries even, or it's the plain, rank, stoopid amateurs

Please take the time to critically and objectively observe the behaviour, comments, questions, repeated questions, dumb questions etc of your fellow forex retail traders with that of people who don't specialise in the greatest mugs game on Earth

That's not to say I'm having a pop at you personally, but lift your head out of the forex sand and look at real trading - if currencies float your boat, that's fine, consider currency futures, but whatever you trade, stop looking to jump on someone else's "system" bandwagon

What is a newbie to do??

This forum....

 

[Moxy9]

This link is for a guy called HectorTrader. His course is the best one i have come across. He doesn't promiss untold riches etc... but will teach you how to use lots of good solid trading techniques. Note the first part of the course is free so nothing lost to check it out. You will get about 4 hrs of free video if i recall correctly.

 

[Weebwig]

This link is for a guy called HectorTrader. His course is the best one i have come across. He doesn't promiss untold riches etc... but will teach you how to use lots of good solid trading techniques. Note the first part of the course is free so nothing lost to check it out. You will get about 4 hrs of free video if i recall correctly.

Hi Moxy9 and thanks

To be honest I have come across the Hector Trader site (as well as many many others of course) and I have been studying the first lesson on Simple Moving Averages. You are right it does seem like very good information. Are you using the techniques yourself? If so what results are you getting.

Take care

Weebwig

 

[Lord Flasheart]

I WOULD REALLY THINK TWICE ABOUT SPENDING MONEY ON ANY SYSTEM OR MENTOR OFFERING YOU FOOLS GOLD. Most of what you need is on this site,the rest is in your mind.If you are looking for a piggy back ride then there are lots of big fat porkers bearing wearing saint like smiles waiting to assist.As a rule of thumb,the bigger the fee the bigger the porking you will receive.

 

[Weebwig]

Hi Julian,

Many thanks for your reply.

 

[Fgomy]

I was trying to follow this thread and I didn't understand where you were saying that you were paying money. Are they charging for trading advice?

 

[garethj]

Yep, I've just been looking at forex for a short time and yet many people/companies gave me advice on how to earn tons of money by giving them small amount of money. Quite frankly, maybe there are honest guys there, but I don't want to believe any of them.

the way I see it is that Forex is a market where the money earned by some is lost by some others. So there can't be any miracle method. Due to the nature of the Internet, such a method couldn't be kept secret for a long time and would spread super fast.

I guess you'll just have to be patient. I am betting on patience to differentiate myself from others

 

[£10kLoser]

Newbies are blind to anything but Forex. New Traders quote from rathcoole on the previous page got totally ignored.

Forex is where new people lose their money. Why Forex? I'll tell you why because all the advertisers make a fortune off you newcomers and they have made Forex 'sexy'.

Look at Commodities - oil and gold are available on Forex platforms and are much easier because they are not dominated by amatuers and robots.

 

[garethj]

What do you mean not dominated by amateurs and robots ? Forex is dominated by amateurs ? Maybe I missed something, but I don't think so, I mean if we the rookies would rule fx, we would crash the market on daily basis

Then the robots... Do you seriously think they aren't at work for commodities ? There even robots for low-income activities like MMORPG so oil and gold...

 

[trader_dante]

Hi all,

Being a newbie I'm studying all the free information I can find on how to successfully trade The FX. The flies in the ointment are the endless ads for systems that are promising to make me profitable in very quick time. Is there anyone out there who has invested in a system or course that has been well worth the money and would recommend to others?

Thanks

Weebwig, feel free to check out my thread. If you get good at trading price action it is all you need to make money. I have not met anyone that is not making money trading my strategy and if they are failing too, then it is something wrong with their approach not the strategy itself. I trade it myself just like I teach it and it works.

I certainly wouldn't say it's for a beginner though. It takes a lot of time to master and you need to understand many concepts before it will make sense.

 

[£10kLoser]

What do you mean not dominated by amateurs and robots ? Forex is dominated by amateurs ? Maybe I missed something, but I don't think so, I mean if we the rookies would rule fx, we would crash the market on daily basis

Then the robots... Do you seriously think they aren't at work for commodities ? There even robots for low-income activities like MMORPG so oil and gold...

I believe over 50% of Forex trades are now from the retail market and is is well known that Forex robots affect the way the charts move. You rookies don't have enough clout to crash the market because you trade in different directions. You do have enough clout to lose a lot of money, though...

Did I say there are no robots for commodities? The fact remains that the vast bulk of commodity trading is still done by the professionals.

Whatever, people will continue to lose in Forex and I will continue to make a living from oil.

 

[trader_dante]

From what I have seen the FTSE 100 is a great market for beginners which is why our prop firm starts its trainees off on it and the majority become consistent traders earning big profits in a fairly short space of time.

I personally make all my money in FX and find it one of the easiest markets to trade. Algos, computers, robots, whatever you call them, really only affect you when you are trying to scalp on the lower TFs. Get a good setup on a higher TF and keep your stops in a place where the market cannot reach them easily. This doesn't necessarily mean put them hundreds of ticks away but put them in a place where you are clearly wrong and the market cannot hit it just because someone takes out a few orders on the ladder. If you trade wisely you will start to earn money. It's that simple.

 

[foredog]

Yep a few £000 for a course to teach you something you could probably dig out on here and demo trade until you got it, and then traded small with real money.

You'll learn more trying it yourself than some know it all telling you.

Probably end up with smaller losses than the course would cost



PS that'll be £500 for my words of wisdom. chq payable to umustbebarking foredog
Battersea D H

 

[Forexpal]

I still believe you can make money

Hi all:

New to this Forum. Involved in FX for 12 months. 8 courses, 5.000 pages read. Tried more than 30 indicators. Already blew 2 accounts. Reasons? Not respecting my own rules. On 2nd acc. I was doing good. But, widened stop loss, then made hedges, then closed the wrong orders = margin call.

3 important things I learned:
1. Always use a stop loss (unless you are an expert in ranging markets and go up and down the channel). And, always respect your initial stop loss.
2. Never, never hope the market will go your way. If the trade did not go to your side, let it hit the SL. Then, count at least to 60, evaluate and trade again.
3. Patience = the right timming: this one I lack the most. One day almost tripled the remaining balance of the acc., and tried to replicate the results the next day. But, the next day the market conditions were different; very quiet; so, lost everything.

I trade mostly GBP/JPY and EUROJPY ocassionaly (when acc. is down). I analized my acc. statement and found that 48% of my trades were succesfull, and only if I had respected my SL which is 30 pips for the GBP/JPY (I am a scalper) my account would have duplicated in 35 days!

So, you can make money, if you act like an intelligent robot. Discipline is what made 3 former US marines win a contest beating pro traders.

Wish you all great trading!

By the way: I am into robot trading now. Any suggestions welcome.

 

[garethj]

Hi all:

New to this Forum. Involved in FX for 12 months. 8 courses, 5.000 pages read. Tried more than 30 indicators. Already blew 2 accounts. Reasons? Not respecting my own rules. On 2nd acc. I was doing good. But, widened stop loss, then made hedges, then closed the wrong orders = margin call.

3 important things I learned:
1. Always use a stop loss (unless you are an expert in ranging markets and go up and down the channel). And, always respect your initial stop loss.
2. Never, never hope the market will go your way. If the trade did not go to your side, let it hit the SL. Then, count at least to 60, evaluate and trade again.
3. Patience = the right timming: this one I lack the most. One day almost tripled the remaining balance of the acc., and tried to replicate the results the next day. But, the next day the market conditions were different; very quiet; so, lost everything.

I trade mostly GBP/JPY and EUROJPY ocassionaly (when acc. is down). I analized my acc. statement and found that 48% of my trades were succesfull, and only if I had respected my SL which is 30 pips for the GBP/JPY (I am a scalper) my account would have duplicated in 35 days!

So, you can make money, if you act like an intelligent robot. Discipline is what made 3 former US marines win a contest beating pro traders.

Wish you all great trading!

By the way: I am into robot trading now. Any suggestions welcome.

Thx a lot, brilliant post. I just blewed a demo account but anyway your story is quite telling. I am trying to set up my own rules but being able to not think that some sudden move on the market would allow me to misjudge my own rules is tough. Harder than it seems to act like a robot

 

[Forexpal]

Thx a lot, brilliant post. I just blewed a demo account but anyway your story is quite telling. I am trying to set up my own rules but being able to not think that some sudden move on the market would allow me to misjudge my own rules is tough. Harder than it seems to act like a robot

Great to be helpful!

Want to share this. I modified the stock EA called "Moving Average" that comes in the MT4 platform. Added a stop loss feature, and renamed it SLMA. Selected a choppy recent period (October 31 to 26 November 2008), made a back test, and proved a point: Even the simplest strategy (as the one followed by a simple robot) will work on the long run with proper money management. With the stop loss feature added, the robot managed to survive and even make profit (5%), making a sequence of many small losses (maybe too many but it is a very basic robot) and then 2 good profit trades.

This is the equation I now believe FX is all about. What happens with human trading is, once you get a profit trade, especially after a sequence of small systematic losses, you will cut it too soon; you don’t let the profits run like the robot does, so you end up loosing on the long run.

If you manage to survive on the choppy markets (70-80% of the time) and wait until the trending periods resume, you will win on the long run.

I uploaded the bench and the modified EA (link below; could not upload directly). GBP/USD 1H period, MA period 18, SL 80 pips.

Great trading to you all!

“Money Management, price action, patience and right timing, are the secrets to FX success.”

Upload file & Share File - Free File Hosting with TurboUpload

 

[Skill Leverage]

I have a system for beginners that guarantees success. Rather than charge you £1,000 for this system, I am going to give it to you, right here on this site. You will not believe how successful you can become with this, if you follow it.

Here it is:

Step 1 - Realise that nobody is going to hand you a magical computer that trades on your behalf, with no input or understanding (read: effort) required from yourself.

Step 2 - Read as many books, articles and forum posts as you can. Write down anything that resonates with you, separate the accurate information from the inaccurate and, in doing so, develop an understanding of the industry.

Step 3 - Develop your own 'system' which will allow YOU to exploit tendencies in the markets that YOU understand.

Simple isn't it?