Been reading through this thread and frankly most of the post are jokes. There are no more than 5 posts about DEMO trading which is crucial to newbies to learn the in and outs of forex. Demo account can shows just how fast their money can disappear even with 2% risked each trade. Let me dispel some myth that many newbies believe.

Forex is one of the most cutthroat market there is. The swing are extreme with 70points swing occurring in less than half an hour are daily occurrences even for mild pair such as the USD/CHF. From the way newbies sees it, 70points swing is potential 70points profits. But get your head out of you a**. Most of the time the swing is AGAINST your trade. Thats is the cruel reality.

If you are going to go live trading, start small. Something like 500-1000usd is ok. Anything less than 500usd better go to Genting and try your lucks. Your capital is your sword, the longer it is, the better chances for you to win as you could stay much longer and suffer string of losses without much psychological effect.

On selecting your broker, go with regulated and recognized broker. Stay away from Russians operated bucket shops such as Instaforex and the likes. Some brokers and Singapore branch such as GFT and Igmarkets. Those are good and reliable. Dont bother searching for ECN if you are not trading 10 standard lots per trade. Use bank wire transfers to deposit funds. State the purpose of transfer as investment.

MT4 is a very good platform for trading forex, the charting package are top notch and tons of customized indicators out there.

Right on the money. 500usd is only good enough to test the water so to speak. But if you're starting to think you could make serious money month in month out using 500usd as margin. Good luck! I have seen it done before by other traders but NOT profitable on monthly basis. The pressure to milk every last pips from the market will mess with your emotion and straying away from original trade setup. With 500usd you might need 1000pips/month to be profitable, but think, if you have 10000usd then maybe you need to make 200pips/month to be just as profitable. A much easier target right. Minus all the pressure. I'm sure lots of traders here can do 200pips/month but how many can trade 1000pips/month? You will just fall victim to overtrading. (I am speaking from experience here, overtrading is the biggest enemy of mine)

On demo trading, it serve it purpose to develop a winning edge. You have no business trading live unless you have an edge over the market. On the issue of using 10usd to start trading live, i see it as complete nonsense as 10usd is nothing to most people. They will fell no pain losing about RM30. But what if you trade 1000usd as a start? Now then its different story, you will take forex as serious business and not "play play" as they call it. You got to pay the tuition fee to the school of Hard Knock.

Merry Christmas and Happy New Year everyone!

Go with a regulated broker. Common names are IBFX, Oanda, FXCM, GFT, IGmarket. They have branch in UK. Allows Hedging and 100:1 leverage although thats not what i recommend.

In a way Sham is right. But i doubt 10usd will make anyone to trade seriously enough. I recommend trading small or demo for at least a year to experience the full season cycle (summer break, thanksgiving, xmas/new year, earnings season) as the knowing what to expect during certain time of the year will be helpful in trading.

HAPPY NEW YEAR 2011 EVERYONE!!

Great deal you got going on there just remember forex is risky business and you cant blame him for big trading loss. Also remember Ponzi Scheme.

Technical Indicators are just historical data represented in different forms. I'm using just the most raw form of indicator a.k.a. candlesticks as i found it is good enough for me.

If anyone found an indicator that shows future price let me know ya I'll trade my soul for it.

Whack big lot. price go against you and in no time you kena MC. careful lor.

Glad to see you're in th 5% club. Congrats dude, but might wanna tone down the excitement to prevent newbies from overtrading/overleveraging their account since they saw that 100% profits per month is easy for you. Thus setting unrealistic expectition which we all know lead to downfall.

Dukascopy need certify signature now? they're really becoming a pain in the arse since they are a bank now. But the hassle is well worth it to trade with Duka. The best IMO.

The posting of any MLM, get-rich-quick, referral programs, pyramid schemes is strictly prohibited here and anywhere else in Lowyat.NET. Any such postings will result in an immediate 3 day suspension of your account.

the moderator need to stop it up in here. It's getting hot.

by the way anybody trading any form of S&P500 or US Crude?

waiting for Greece? that will be fun.

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Added on June 29, 2011, 2:02 pm on the first paragraph comment.

Yes Duka doesn't offer MT4 but their Jforex platform leave nothing to be desired if do charting on MT4. In fact I like dukascopy own platform after getting used to it. (I'm not trading with them, just tried out the demo for quite some time, their price feed is top notch)

This post has been edited by marvinben: Jun 29 2011, 02:02 PM

Err... Prime Minister Papandreou needs 151 votes to pass a 5-year deficit reduction plan in order to secure the next tranche of EU/IMF aid.

Today. Here's for some possible outcome http://www.investica.co.uk/marketreport29-06-11.htm
could well be very messy bloodbath later

Nice rally on #SPY and Oil tonight. Greece austerity measures get the nods. More riots to come. Not surprising since almost half of them youngsters are unemployed.

This post has been edited by marvinben: Jun 30 2011, 12:26 AM

I'm on this one, but not eurusd. too risky with the QE coming to an end. shorting eurjpy instead.

Portugal debt downgraded to junk. The party has started guys.

Euro going to hell for now.
London opens and i netted almost 100pips already. will see if wanna kolos or not at the end of this week.

Thats what I thought too. Euro is sliding hard as we type. thinking of adding position during retrace.

Dear traders, here's something I received from IBFX from a while back. Quite interesting. Evaluate for yourself.

you could still get on the train during retrace

ECB hiked rate. now you shorter can laugh all the way to the bank.
but beware of any surprise later. safe trading guys

I hope those who missed the party a few days back sempat got on the train. Now all can laugh all the way to the bank.(or to the pub for some)
Best of luck guys and may next week be a good trading week!

take care mate. trade cents first. blow up some account and then trade for real with us