Hi there.i started this thread so we could discuss everything on forex:what it is,how it works etc.Please bring your questions and knowledge to the table.Toinx.

You dont wanna go there!, 95% of venturers loose their funds. The trading platform and prices are determined by the brokers. So, in trading forex, you would be fight a lost battle. Stay clear it!!! forget all the hype, those who have lost fund are the same people who would come and introduce ignorant investors into it. I have traded it, i have observed it on 5 platform at the same time and these brokers place you at a negative trend even when the market shows you are on positive.
You could make $500 or more when u start but its a gimmick to increase your confidence and make you believe its a fair market you can predict. I have made $2000 a day trading USD again CAD last year, but i stand tall to tell you forex is worst than the madoff scam.

Tha_dude:

You dont wanna go there!, 95% of venturers loose their funds. The trading platform and prices are determined by the brokers. So, in trading forex, you would be fight a lost battle. Stay clear it!!! forget all the hype, those who have lost fund are the same people who would come and introduce ignorant investors into it. I have traded it, i have observed it on 5 platform at the same time and these brokers place you at a negative trend even when the market shows you are on positive.
You could make $500 or more when u start but its a gimmick to increase your confidence and make you believe its a fair market you can predict. I have made $2000 a day trading USD again CAD last year, but i stand tall to tell you forex is worst than the madoff scam.

Hi Bros,

I understand your plight but never the less, i think you are expressing a bias atitude as a result of ur experience. I have also lost money in forex and as a matter of fact i also had the mind of giving up when i lost 1670usd in just 3days but thank GOD i did not.

Lets be frank, there is absolutely nothing wrong in forex trading,it is we the traders that have serious problem amd the problem is simply impatience.

We are always in a hurry to trade live account when we are actually suppose to demo trade for a very long time until we can place 10 trades without losing more than 2 or 3.

Let me list some of the problems we face in trading and need overcoming.

1. Trading the wrong account type: You should trade in an account category that can accomodate your capital. For instance, many people trade mini account with 1000usd capital or even less. You cant succeed unless you open a cent account which is even smaller than a micro account. AS a matter of fact, you have no business trading a micro account with any capital less tahn 2000usd.

2. Lack of proper trading system: You need to have a trading system and stick to it like glue cos trading with different methods will not give u consistent profits.

3. Lack of proper money management: This is the most important aspect of currency trading. Protecting your capital. You have heard many so called pro telling you never to risk more than 3 or 5 percent of your free margin but thats all bullshit.
NEVER RISK MORE THAN 1% OF YOUR FREE MARGIN IN ANY SINGLE TRADE.

I have come out with a formula to assist people i train to preserve their capital using one percent rule.
Your free margin divided by 100 x 1= your 1%

Now according to my theory of stop loss, i always tell people to use a lot size that will accomodate at least 200pips stop loss and yet be equal or less to 1% of their free margin or equity so in order to know the lot size to place, simply divide your 1% by 200. The answer you get will be your profit or loss by pip movement expressed in dollar

For instance, if you have 1000usd to trade, 1% of this is 10usd so to know your lot size, simply divide this by 200pips stop loss. This will give you 10usd/200pips stop loss=0.05usd per pip which is 5cents .

This means you should place a lot size that will give you 5cents per pip and ofcourse, its only a cents account that can give you this and not even a micro account.

Alternatively if you have say 3000usd trading capital, your 1% is 30usd divided by 200pips will give you=0.15usd which is 15cents so you can place a lot size that will give you 15cents per pip.

To make it simpler for you, just divide your 1% by the number of pips u want to use for stop loss and you will get the lot size to use.

For instance assuming i have 1000usd to trade and i want to open a position that i will need to place a stop loss of 80pips. I simply divide 10usd(1% of 1000usd) by 80pips stop loss= 0.125 so simply use a lot size that will give you approximately 12cents per pip which is 0.01 in a micro account and 1standard lot size in a nano(cents account)



3. Another factor is greed: People should understand that making money in forex is a slow and steady thing and not gra gra.Making an average of 20usd in the first month of trading can grow so large. You can check my profit abnalysis on another thread on this section tagged ("trading forex the right way)

There are other factors too numerous to list here but if you need more information or training on forex trading, simply add cutekorede@hotmail.com to your instant messenger list so we can chat.

Thanks.

Tha_dude:

You dont wanna go there!, 95% of venturers loose their funds. The trading platform and prices are determined by the brokers. So, in trading forex, you would be fight a lost battle. Stay clear it!!! forget all the hype, those who have lost fund are the same people who would come and introduce ignorant investors into it. I have traded it, i have observed it on 5 platform at the same time and these brokers place you at a negative trend even when the market shows you are on positive.
You could make $500 or more when u start but its a gimmick to increase your confidence and make you believe its a fair market you can predict. I have made $2000 a day trading USD again CAD last year, but i stand tall to tell you forex is worst than the madoff scam.

I QUITE AGREED WITH WHAT YOU SAID. I MUST BE FRANK WITH YOU THAT HAVE LOST CLOSE TO $4000 IN TRADING FOREX. I WOULD LIKE TO PRE-INFORM YOU MORE ABOUT TRADING FOREX. I BELIEVE YOU ARE NOT A NEWBIES IN FOREX TRADING, EVEN THOUGH YOU ARE IT MAKE LITTLE DIFFERENCE COMPARE TO WHAT I'M ABOUT TO TELL YOU. THERE IS NO MAGICIAN IN FOREX TRADING, I MEAN NO PERFECTION IN IT, SO DON'T LET ANYONE DECEIVE YOU .
THE PROBLEM IS THAT WE ARE TOO EMOTIONAL, GREEDY, AND MONEY CONCIOUS. I HAVE THIS BELIEVE THAT 'NEVER TRADE WITH MONEY YOU KNOW YOU CAN'T LOSS' AND IF YOU ARE THE THEY TYPE THAT ARE VERY NERVOUS WHEN IT COME TO LOST, PLS FOREX IS NOT MEANT FOR YOU. I LOST TO LEARN NOT TO MAKE MONEY, BUT NOW THE FACT IS THAT I'M MAKING THE MONEY TRADING FOREX LIKE 80% AND I LOST 20% WHICH I FEEL IS BETTER FOR A TRADER.

I TRAVELED TO UK, LONDON AND I MET WITH SOME FOREX GURUS AND MENTORS, BUT THEY STILL TELL YOU THE SAME THING. OUR MAJOR PROBLEM IS EMOTION AND GREED MY ADVICE IS JUST THAT PLEASE DON'T WAISTE UR MONEY GOING TO SEMINALS, BEST WAY TO LEARN FOREX TRADING IS WITH ONE-ON-ONE TEACHING WITH PEOPLE THAT HAVE BEING TRADING FOR A LONG TIME. I STARTED TRADING SINCE LAST 3 YEARS, AND MY FIRST YEAR WAS DISASTER, COS MY FINGERS GOT BURNT SEVERAL TIMES, NOT UNTIL I HAVE MY OWN TRADING METHOD. ROBOTS ARE NOT RELAIBLE COS THEY WILL DEFINATELY DISAPPOINT YOU ONE DAY.

I'M WORKING ON TRADING FOR BANKS NOW. AND I CAN ALSO MANAGER FUND TOO, BUT ASIDE FROM THAT, I CAN GIVE YOU THE BEST ONE-ON-ONE TEACHING WITH A COMPREHENSIVE MANUAL, ALSO WITH SIGNAL THAT GENERATE LIKE 50 PIPS DAILY, BUT I RECOMMEND IT 3-4 DAYS OUT OF THE 5 TRADING DAYS IN A WEEK, YOU CAN CALL ME ON 08037699996 FOR MORE INFO, OR EMAIL ME ON t2dflow2000@yahoo.com

Well nothing ventured nothing gained. There is no venture without risk and the risk in all ventures is related to the level of care and planning invested before jumping into the venture. Forex is relatively save and easy but you must tread carefully and move in when you're more sure footed. Demo on forex is free and available for unlimited length of time. Demo until you're sure footed before live account

Fx Major