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 Forex Trading Corner, Let's discuss forex strategy

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DaBestOne
post Sep 26 2007, 02:57 AM

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hi every1....i m a newbie here... i m wondering can any1 gv me some advice on how to get started in forex... which r da baisc things that i shud master 1st or blah blah blah... hope u guys can gv me some advice or share some experience of you all when you jst get started.... thx!
DaBestOne
post Sep 26 2007, 01:51 PM

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QUOTE(uniglo @ Sep 26 2007, 12:10 PM)
Well every trader has their own set of strategy, system, mindset on how to trade forex.

The only way is to get to know your inner self first. What makes you, you. Then find the suitable trading timeframe, this usually is influence by factors such as are your studying or working or have very flexible timeframe. This is important as you need to be constantly invovled as trading sentiments can change very fast as the forex market is the most volatile financial market.

There is no harm in getting to know trading strategies such as EW, MA crossings, Fibonanci and thousands out there. The thing is you need good sound money management system. When to cut loss is the most important. Controlling your emotions and trading account is important. You and I definitely can't control the market. So control what we can control.

After testing out at least hundreds of systems, then only you will know which works and which doesn't. At least back test each system for 2 years by paper trading it. Never use strategy tester available on EAs. That will be crap.

Once you have all this done, then maybe you are on your way to be a good trader. However, the beautiful thing about forex is you must constantly update yourself as the market is always evolving.

I wish every trader here all the best.
*
thx for da advice mate...appreciate it!
DaBestOne
post Sep 26 2007, 10:05 PM

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wat is elliot wave ? sori.... newbie here ...
DaBestOne
post Sep 26 2007, 11:13 PM

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QUOTE(jong52yuara @ Sep 26 2007, 11:53 PM)
bro.. look here, http://www.investopedia.com/articles/technical/111401.asp

need more info, just ask uncle google..  laugh.gif
*
thx for da answer: notworthy.gif
DaBestOne
post Sep 27 2007, 05:21 AM

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QUOTE(rpg @ Sep 27 2007, 03:31 AM)
95% people will lose money in FOREX and stock market.
better dun trade urself.. invest in something else mutual fund better.
*
is tis true ? y wud u say tat? do u have any proof to back it up? forex looks like a pretty gud trading platform for me....
DaBestOne
post Sep 27 2007, 08:43 AM

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QUOTE(teleboss2u @ Sep 27 2007, 06:58 AM)
joke of the day : How to withdraw demo money?
*
tat's lame joke of da day....lolz biggrin.gif biggrin.gif
DaBestOne
post Sep 27 2007, 10:10 AM

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QUOTE(billytong @ Sep 27 2007, 10:41 AM)
ohh thats Strange, last month 95% of my entry position is profit, only 5% is loss. And my loss money is about 0.004% of my income money and this is only count on 1 acc, wheres secondary acc is also roughly ~85% win.
*
wow...u mz be pro.... notworthy.gif notworthy.gif
DaBestOne
post Sep 27 2007, 08:24 PM

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means it's quite reasonable to earna 25-50% in forex monthly? sori, i'm a newbie, jst want to understand more smile.gif
DaBestOne
post Sep 28 2007, 12:59 AM

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QUOTE(jong52yuara @ Sep 27 2007, 10:45 PM)
1 week = 10 dollar per week
1 month = 40 dollar per month
so.. 40/100 = 40%

youre making 40% this month  laugh.gif
*
wow, ur explanation is really complete!! thx vr much!! appreciate it!
notworthy.gif
DaBestOne
post Sep 28 2007, 08:36 PM

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so most of u guys out here started by havin a demo account first? is it very useful?
DaBestOne
post Sep 29 2007, 04:14 PM

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hey guys...i wud like to start to learn forex try a demo account... which 1 wud u gys recommend? thx a lot!
DaBestOne
post Sep 30 2007, 07:50 AM

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hi guys... can anyone explain a bit of wat's da meaning of buy long sell short?
actually how do we earn or lose money? i dun quite understand it yet...
ok, let's say for example, if we think tat da gu will go uptrend... what shud we do?
if it's in futbal we buy da team tat we think can win 1 ma.... so for da currency pair is how? how exactly does it work?
wud appreciation da explanation vr much!! thx! thumbup.gif

This post has been edited by DaBestOne: Sep 30 2007, 07:56 AM
DaBestOne
post Sep 30 2007, 06:38 PM

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QUOTE(luqmanz @ Sep 30 2007, 09:43 AM)
If the pair is GBP/USD ... when you buy (long) ... you buy GBP and sell USD ... when you sell (short)... you sell GBP and buy USD.
*
hmm... let's say if we think/analyse it's going downtrend... means usd gaining strength... so we have to sell short...means we sell da gbp tat we have in our hands and buy usd...am i correct? (pls correct me if i m wrong)

(if i m correct above) but in tis situation, we dun have gbp in our hands, hw do we gona sell gbp? cuz i tot tat we are trading forex wif usd oni?

wud appreciate da explanation vr much!!

p/s: hi luqmanz...i noticed when u started tis thread 1 year back then u were still trainin wif virtual money... u seem like doin pretty gud in forex now... can u share some experience wif me? wat thing to focus more on while trading virtual... wat kinda phylosophy i nid to be equipped....etc

thx!! notworthy.gif notworthy.gif notworthy.gif
DaBestOne
post Oct 1 2007, 02:47 AM

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okok ... now i get a better understanding of it already... thx for da explanations from all u guys... appreciate it sooo much!!
DaBestOne
post Oct 1 2007, 09:26 AM

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QUOTE(luqmanz @ Oct 1 2007, 08:07 AM)
They will convert the money that you have into the currency that you want to trade.
Lol ... I'm still working on my skills ... but to me what's the most important is the attitude to treat money like mere numbers. You must understand money come and go in this business, never feel bad about losing it. Just make sure you make more than you lose.  thumbup.gif
Trading is mostly psychological. Conquer yourself and you conquer the market (lol sounds like Yoda giving advice, but never take this advice lightly).
*
yoda? da jedi guru in starwars? hmmm.. so i nid to watch starwars in order to excel in forex? laugh.gif laugh.gif anyway, thx for da explanation once again...

p/s: guys, i m opening a training account in marketiva... is it gud?
DaBestOne
post Oct 1 2007, 11:28 PM

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QUOTE(rayzs @ Oct 1 2007, 07:52 PM)
gte metatrader 4 demo account better..have a look here http://www.metaquotes.net/downloads
*
thx for da recommendation bro.. am lookin into it rite nw.. notworthy.gif notworthy.gif
DaBestOne
post Oct 2 2007, 12:25 PM

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QUOTE(MNet @ Oct 1 2007, 09:31 PM)
MV spread high + many rumor out about it
try fxtrade
u sure wont regret one
*
wat does MV stands for? spread means da difference between da bid and offer price?
DaBestOne
post Oct 2 2007, 01:57 PM

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QUOTE(jong52yuara @ Oct 2 2007, 02:12 PM)
i think MV = Marketiva

yes, spread is the difference between bid and ask price. in fx trading, broker actually accepts commision but they dont call it commision like as stock trading, we call it spreads.
for eg : a base price for a pencil is RM1.00 for the broker, so you/me & everybody else wanted to make money with trading, right? therefore we expect the price for pencil possible will go up(more than RM1.00 and above) so now lots of people will buy at the low price.

however broker isnt that stupid will just let you buy that pencil at RM1.00, therefore they have a quote price & sell it to you at higher price. for eg: RM1.20, so that 20 cents is the broker's profit. the example i gave is like normal trading, so in forex, we are speculating on currency exchange rate. concept of trading never changed anyway..  laugh.gif
*
wow, thx for da explanation bro..... vr detail...thx man!!!!!

1 more thing... i wana ask aa.. if i wanna sell gbr/usd means i m seeling gbr n buyin usd ma... bt i m curious here... in our hands we oni have usd, hw can we get to sell gbr? does it mean we buy gbr 1st then oni sell it aaa?

if for buyin gbr/usd means we sell usd n buy gbr ma..in tis case i understand it cuz in our hands got usd, can sell n buy gbr... bt in opposite i dun quite understand la..
DaBestOne
post Oct 2 2007, 10:27 PM

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QUOTE(jong52yuara @ Oct 2 2007, 03:05 PM)
assume the price keeps falling and you think you got enough profit, and you want to close order, right? when you close, they will take that amount of your usd, convert it back to gbp(thats profit), due to depreciate rate of gbp you will have more gbp now. since your account is in usd balance, they use that more amount of gbp convert back to usd again.
*
okok... so tat's sumthing like wat i m thinkin.... anyway, thx vr much for ur explanations!!!! damn i appreciate it soooo much!! notworthy.gif
DaBestOne
post Oct 10 2007, 02:42 AM

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is forex more about reading or practising... i wonder if i read too much and don't really started practising trading helps me in the future....

i jz read n read and havent really started practising..

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