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 FOREX | v se7en, the market is very SucKy

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Edition
post Mar 9 2010, 02:34 AM

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QUOTE(imax80 @ Mar 9 2010, 12:19 AM)
i am in learning process, hope can join you guys in forex world later on.
i know it is like going to boxing fight with mike tyson with 99% of losing but life is boring without fun.

i have RM5K as a capital can i trade in forex? can i trade RM100 only? what is the minimum? what demo platform recommended for newbie?

liteFOREX is a broker? is it good for beginner to join?

thanks
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If you are going with broker that is located at cyprus I suggest you to use ikofx broker because their server is fast in placing order. With this broker you can trade as low as usd1. But no point to trade so low. At least start with usd100.

But it is better to use NFA regulated broker. smile.gif Hope this help.
Edition
post Mar 9 2010, 12:15 PM

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QUOTE(bulkbiz @ Mar 9 2010, 11:17 AM)
I wish I know what is forex when I was 19 sad.gif
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biggrin.gif Most important is profit in the end of the month...
Edition
post Mar 9 2010, 12:25 PM

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QUOTE(Volatile369 @ Mar 9 2010, 12:22 PM)
Yea, still not late to earn.  biggrin.gif
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He made tons of dollar from forex d... hahaha... You too right... You guys are FTT?
Edition
post Mar 9 2010, 01:56 PM

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I wish I had usd1k too... So that I can start my journey in forex trading... biggrin.gif Any scalper sifu here? What kind of filter does scalper normally use to scalp at 5M chart?

This post has been edited by Edition: Mar 9 2010, 02:00 PM
Edition
post Mar 9 2010, 05:49 PM

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QUOTE(DenshaOtoko @ Mar 9 2010, 03:09 PM)
Hi folks,

May I know is Instaforex a legal broker? I have many friends who trade forex through this broker and made money. But they use local trader to transfer/withdraw funds instead directly to Instaforex. It sound a scam to me. Anyone has experience using Instaforex here?

Btw, I am a newbie in forex and interested to invest some money in it. May I which broker is reliable and good. I noted that many investors here use IBFX broker so may I know how do I add fund into my forex account (after sign up) and how to do it?
Thanks.
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Ppl like to use Instaforex or Ikoforex because of their withdrawal and deposit is fast. If you want a reliable broker you might try out IBFX, FXDD, FXCM, and many others that is registered with NFA. Correct me if i'm wrong... tongue.gif

After sign up you can use your Credit Card or you may also use Telegraphic Transfer to top up your account. This is all basic which you can find out at your broker website. biggrin.gif
Edition
post Mar 9 2010, 08:31 PM

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QUOTE(myvi5949 @ Mar 9 2010, 08:04 PM)
when market is trading sideways like the past few weeks, its best to use bollinger bands.. trade the upper and lower part of the bands.. great result if u put in eurusd or usdchf.. just make sure ur trading the right side of the market.
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What if the market trending? What indi best to use for scalping?
Edition
post Mar 10 2010, 08:45 PM

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QUOTE(myvi5949 @ Mar 10 2010, 06:56 PM)
If anyone is able to trade with consistent profits for 3 months off the M15 then my hats off to him.  Its just that I've seen so many traders who tried and fail.  Just go read any forex forum and u can see alot of examples.   

When you're trading off lower time frames a lot of elements are going against you.  The broker could spike you out.  The trading cost will be higher.  A politician can say something stupid an suddenly u hit your SL.  Your risk per trade will quadruple but your potential earnings would also soar. 

If a beginner could not make consistent profits on the easier and more predictable slower timeframes then it is unlikely that you be able to make consistent profits on lower timeframes.  Scalping should be done with discretion and with a good mechanical system.
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I'm a newbie in scalping and I would like to try to scalp for 3 months in my demo account. Like what Sleepwalker said I scalp what my indicators show me and not what I think. Can I survive? Hehe... There is no SL and TP in my trade. Lets give it a try... For update you can take a look at Myfxbook. Scalping will start this month March 2010 until end of May 2010...biggrin.gif
I would be scalping using price action from 1M TF to 5M TF + other indicators... smile.gif

This post has been edited by Edition: Mar 10 2010, 08:51 PM
Edition
post Mar 10 2010, 10:36 PM

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QUOTE(bulkbiz @ Mar 10 2010, 09:11 PM)
put more money into your trading account and scalp it, I will owe you a meal if you can win money.
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Why put more money? Its just a demo account. Monthly target actually is 20% but now its achieved. I will continue to scalp USD. Lets see by the end of the month if I can go through scalping since all of the long term traders are against scalping so much. If the demo account win do I still have my meal? Lol... icon_idea.gif

I just wonder that if my mentor can survived for 3 years in forex and made tons of USD by scalping then why can't I do the same things? I'm not going to brag about my mentor here. I'm just taking things positively! rclxm9.gif

This post has been edited by Edition: Mar 10 2010, 11:41 PM
Edition
post Mar 11 2010, 12:10 PM

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QUOTE(bulkbiz @ Mar 11 2010, 10:32 AM)
Demo and real account is totally different dude. You don't believe me? You can try!
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Don't worry dude... I will trade with my real acc once I'm confidence with this new method... Its not demo and real account that makes the difference... Its the trader itself... Think twice... tongue.gif
Edition
post Mar 11 2010, 07:21 PM

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QUOTE(cmk96 @ Mar 11 2010, 04:50 PM)
Would you like to share a bit on what indicator is suitable for scalping in M1 and M5? Really appreciate it. You are a pro!
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I would be really appreciate too if Sleepwalker could share what kind of indicator that he is using to scalp M1 and M5. Sleep, normally how much is the TP for you to exit a scalp? 5, 10, or? I'm targeting 10pips and the extra pips is bonus for me. Should I reduce my TP to 5?
Edition
post Mar 12 2010, 02:38 PM

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QUOTE(sleepwalker @ Mar 12 2010, 09:34 AM)
With replies like this, there are times where I wonder whether this is a support forex topic or against forex topic. With friends like you, who needs enemies.

Edition, just ignore bulkbiz. Once you have completed your demo training, start with the smallest order your broker can support. You can't learn anything when you are sweating on the seat of your pants worrying about your order size (this is where your emotions will get the better of you). Play with an order size so small that you are actually bored with it (almost like demo) and that's when you get to learn without emotions getting in the way.

As with all forex trading, if you can't take the loses, don't trade. This is not a get-rich quick scheme. If you don't have the money to trade, don't trade as you'd be worrying more about the money than the trade itself. The money that you put into forex has to be money that you do not need aka risk-money. Some people use their credit card to fund their trades, and when they are not winning (or just breaking even), they still have to worry about monthly credit card repayments. Again, this will affect your trades.
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Thanks for the support Sleep... I understand the risk of trading forex... I will kept in mind what you just mentioned above... smile.gif Also thanks for the THV System thread at FF... I will read through...

I had 5 years experience with forex trading... I'm not totally a newbie... Yes I do agree I'm newbie in SCALPING... Because last time I thought scalping is not profitable where you only scalp 5-10pips per trade. But now then I realize that actually by scalping one can make a living too... I also believe scalper doesn't measure their profit in pips because what they value is the USD/pip when they are making profit(correct me if I'm wrong)... TP 10pips x 10trade = 100pips/day... Besides it also reduce our risk to stay in the volatile market... I follow a strict money management and TP 4 times/day but I admit that I always overtrading... biggrin.gif Until I'm too bored of trading... But had to admit that trading is bored... Only when you are bored in trading then you can make money...

BTW Sleep, do you mind to tell me which broker do you use for scalping? Because some broker only allow you to take your profit after 2 minutes... If you don't want to reveal your broker here you can PM me... I'm still looking for a nice broker to apply this scalping system...

BTW2, I'm here to learn something new and not arguing about swing trade or scalp trade... Peace... Lol... rclxms.gif

This post has been edited by Edition: Mar 12 2010, 02:50 PM
Edition
post Mar 12 2010, 06:00 PM

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QUOTE(sleepwalker @ Mar 12 2010, 05:07 PM)
There is nothing to hide about which broker I'm using. I'm using FXDD. With a spread of 2 pips for EU, seldom do I get a chance to close in less than 2 mins. So far no issue with them. Stories of brokers that don't allow closing in less than 2 mins are usually those with zero spread or very tiny 0.5 spreads for pairs like EU. With those kind of spread (or even no spread), I can understand why people open and close in 30 seconds. I'd do it too.

My FXDD account was actually meant for news trading as FXDD has a rather 'fixed' spread during announcements. Imagine EU still staying at 2 pips 1 min before NFP announcements. Although they do not offer the best spread it is perfect for news. However, if I can find a zero pip spread broker, that would be perfect for scalping too.


Well I see... Guess I had to to compare few broker first before I jump into their platform... Thanks for the above info Sleep...
Are you a fulltime forex trader? What the value of your pips? tongue.gif
Edition
post Mar 13 2010, 05:26 AM

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QUOTE(bulkbiz @ Mar 13 2010, 12:01 AM)
From your statement and your questions, I doubt you have 5 years of trading experience, even if you do, you are still belong to the 95% by asking questions like "what technique you use? which broker are you using?". You still don't know what is forex, the reality of forex. I am not trying to show off, I am just telling you the truth, the ugly part of forex trading. If you and sleep still don't get it, I got nothing to say, and nothing to loose. Good luck in your trading ya! tsk tsk tsk
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rclxms.gif Just because of the questions that I asked then I'm considered as the 95% who failed? I see...
No comment as I do not wish to argue... No point... hahaha... Asking others about their scalping technique also considered a failed trader... lol... Funny... Really no comment... lol... Talk more will only end up with nothing... There no point to be in this thread as ppl treat you like you are dumb and they know everything... How can I ask question then? Once you ask you are considered 95% that failed... I really got nothing to say.... No comment... What I can say is just, Thank you... biggrin.gif

Like what Sleep mentioned before, I did not come here just to say "hey i'm newbie, please teach me". No point right... Even when you speak to a mentor like that I guess they will not entertain you as you got no idea what you want to learn from them... I wanted to learn how to scalp cause I never scalp before... That's all... No comment... tongue.gif

This post has been edited by Edition: Mar 13 2010, 05:33 AM
Edition
post Mar 13 2010, 10:47 PM

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QUOTE(bulkbiz @ Mar 13 2010, 07:54 AM)
haha, you still don't get it obviously, it is ok for you to scold me as dumb, LOL. But again I strongly advice you to TEST your method with LIVE ACCOUNT. If not, good luck, tsk tsk tsk.

sleep, I am agree with you I don't contribute much here, HAHA, I admit, and from the way I look here, NON of us here is contributing since day 1, HAHAHAHA
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Thank you Bulk... And I'm not scolding you DUMB... Please don't misunderstand... lol... I just said that I felt being treated like a dumb and know nothing in here... smile.gif

This post has been edited by Edition: Mar 13 2010, 10:48 PM
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