Wet behind The Ears - New To Forex SB

[CarpeUK]

First, I would like to say this site is excellent, has lots of information about trading, so much so I am starting to get confused and overwhelmed with all the info. (Please take this as a compliment)

As you can no doubt guess I am very new to trading so I am sorry if I ask simple or silly questions but I am sure you can understand that if I don’t ask the questions I will die ignorant :-0

For the last month or so I have been using the web to find out more about Forex trading/SB. I have come across lots of sites offering courses, CD's etc but the one thing that keeps coming up in regards to strategies is Pivots Programs/Pivot Systems to help predict the Forex market. On further research on this, I have found that everyone that uses this system says it is the easiest system to use when getting started and it does not require lost of charts or feeds etc. when I try to research more in-depth Pivots Program/Pivot System you have to pay lots of money for this strategy. I am willing to pay to learn but first I need to find out if this system is as good as people are saying and more important is simple to learn and follow.

Also I would like to say I understand that Forex trading is a very risky especially if you do not know what you are doing in regards to stop losses etc (hay see I have learned something in the last few weeks)

Anyway sorry for the long post but if anyone can help me in regards to Pivots Program/Pivot System it would be most appreciated

Thanks
CarpeUK - WannaBeTrader

 

[andrewmooton]

Hi there,

Check out spreadtrade2win.co.uk go to the forex forum, I know the people there who SB forex use pivots in their trading.
You could probably find the info out for free if you looked/tried hard enough.
HTH

 

[andrewmooton]

Also check out the trading techniques forum on that website I mentioned, then look for a post called 'more trading ebooks'.

You may find it useful.

You may also find moneytec.com a useful website.

 

[tonyice]

Hi Guys, err Im not too sure if this is gonna work right as its supposed to be a new post rather than a reply to CarpUK anyway here goes. I have never traded before and have been to a seminar conducted by an outfit called Market Traders Institute who wanna take 3000 dollars for a 3 day intensive course and the I will supposedly be able to trade Forex after a short period of virtual trading. Anyone who has had dealings with MTI I would be gratefull for any input, also in your opinion is it worth it or not. ?

cheers

 

[CarpeUK]

andrew thanks for the advise i will check it out and let you know what i find.

 

[rossored]

Tonyice -

have a look at these two threads : looks like you'll have to make up your own mind.


http://www.trade2win.com/boards/showthread.php?t=9719
http://www.trade2win.com/boards/showthread.php?t=10889

 

[tonyice]

Thanks Rossored, thats helped a lot.
cheers

 

[philhackett]

Hi Guys, err Im not too sure if this is gonna work right as its supposed to be a new post rather than a reply to CarpUK anyway here goes. I have never traded before and have been to a seminar conducted by an outfit called Market Traders Institute who wanna take 3000 dollars for a 3 day intensive course and the I will supposedly be able to trade Forex after a short period of virtual trading. Anyone who has had dealings with MTI I would be gratefull for any input, also in your opinion is it worth it or not. ?

cheers

Wes Newman at Dealbook looks after me very well. He is superb.
[email protected]
As him about Indicator 75 and the On Line Trading Course GFT has.

I use;
Bollinger
DiNapolli MACD
Dema

You do not need anything else.

Do not pay anyone lots of money to learn. GFT gives outstanding service. DO NOT spread bet. It is a waste of time and money. CMC will rip you off.

Phil (Homer)

 

[Dave1971]

Do not pay anyone lots of money to learn. GFT gives outstanding service. DO NOT spread bet. It is a waste of time and money. CMC will rip you off.

I agree on the course fees, some may be quite good, but they alone can never make student into a profitable trader, which is what some of them seem to claim. That will only come with time, losses and alot of discipline. I can't comment on GFT but from what I have heard on these boards I am sure you are right.

I think dismissing spreadbetting to someone new to Forex isn't really fair. I am fairly new to Forex and am feeling my way in by spreadbetting just a few pounds per pip.

Yes it is more expensive than broker trading and you can get bitten by the bias on a losing trade, but if you are right, you are still in profit, and SB is a simple platform. Having your capital in an SB account also allows the oppertunity of trading other instruments if circumstances present themselves.

If I can show consistent results then I will move part of my capital to a broker to maximise my profits, but until then SB will do.