Forex...how?

[Worm]

I´m kind of interested in learning to trade the fx (been for like 2 years) but dont know where to start. Its so much information out there on the net but dont know if there is something usefull really ...

Any1 have some advice here?

[JLP]

I´m kind of interested in learning to trade the fx (been for like 2 years) but dont know where to start. Its so much information out there on the net but dont know if there is something usefull really ...

Any1 have some advice here?

Hi worm,

Recently I also got interested on it.I agree there is so much info on the web out there that is confused to where to start on and also a lot of free ebooks that can be downloaded, but we must search first the basics.
Here is one that explains the basics :

nolinkss://secure.efxnow.com/forex2/eng/ct-dummies.pdf

From what I read you must download a platform (Metatrader4) that is freeware.You can make a free demo account to make previous tests and learn before investing any real money.
Also there are some software robots that work on that platform and do the job for one (one is free : Auto-Scalper).

nolinks://nolinks.forex-auto-scalper.com/

Hope this helps.
If someone can make some good advice on all this is well received.

Cheers,
JLP.-

[MXkid77]

I've also been toying with the idea, so i will follow this post closely.

Thanks for the links

[Worm]

Ty JLP  Nice digging as usal

[MXkid77]

Ouch Jak.

Did they take your pants as well??? While they were down....

[Jakkalsdraai]

lol

Was a while back MX. And it was Rands not Dollars but still alot of money.

I have recovered sufficient though lol

Cheers
Jakk

[JLP]

Hi,

Here is a lot of ebooks that cover many aspects :

nolinks://nolinks.4shared.com/dir/4237974/381084a3/Forex.html

Cheers,
JLP.-

[Worm]

Found this Slingshot thing.. nolinks://nolinks.forex-auto-scalper.com/slingshot-dl.html

[Kelly]

This system ain`t bad at all.

nolinks://secretforexcode.com/advanceds.pdf

Improvement suggestion:
Add the RSI to the chart and move the low line from 30 to 40 and the upper from 70 to 60.

[Worm]

Ty Kelly I´ll have a look

[Kelly]

For stock market trading, this is probably one of the best around.

nolinks://nolinks.beursfluisteraar.nl/files/come-into-my-tradingroom.pdf

The parts that include having 3 time frames like 3, min 15 min and 1 hour or 1, 4 and daily is essential for good trading within both stock and forex markets. Also gives you an idea of which indicators you use in each time frame.
Also, read the money management part.

[Worm]

Wow thanks a lot Kelly now i Got some weekend reading to do

[Worm]

This system ain`t bad at all.

nolinks://secretforexcode.com/advanceds.pdf

Improvement suggestion:
Add the RSI to the chart and move the low line from 30 to 40 and the upper from 70 to 60.

Like this one just got a question about stop loss with it or in general what do you advice here? And trailing stoploss whats that?
Sorry got a bit more to learn i feel 

take care
/Worm

[Kelly]

Don`t worry, if you are just starting out now, you won`t do it properly for the first 6 months, even if you got a strategy like the secret forex code right in front of you. With all due respect.   

Trailing stop.

If you buy a stock that costs 100 and your risk is 3% means you will sell when the stock hits 97. Now, you have set a trailing stop, which means that the stop moves up when the price moves up. Like this:

Price 100 stop 97
Price 101 stop 98
price 102 stop 99
price 101 stop 99
price 102 stop 99
price 103 stop 100
at this point you will break even if the trade turns against you. If you have set the distance to the market as 3 points, that is the slack you have. If at any one time the price drops 3 points you will be "stopped out" (your position will automaticly be sold).

There is no exact rule to how far away you will be placing the trailing stop, it depends of the nature of the price action for this specific stock. Also, you must have a risk/reward ratio. If the indicators is showing a buy signal and the price has just bounced of the support line, you place your stop just below the support line, at the same time you must have an idea of how far it might go up. If your loss can maximum be 3% then your growth potential for this trade should be some +5 - 7%. Meaning you might gain 7% and might lose 3%. You should always have a larger reward than risk ratio.

You can also transfer the trailing stop model to Roulette. If you play the EC`s flat bet, you might set a +5 as a goal and set the strailing stop to 2 units. So when you hit 5, and upwards, you will never lose more than 2 units from the ATH (all timee high)

[Worm]

Kelly thx for the lesson

[Worm]

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