The Best Way on Forex

[email]

Hi Pipseek,

I agree with you by the way pipseek, I thought that people had come to the conclusion that there is no holy grail in trading and who ever promises one is really smart and who buys into it is a fool.

I know as a fact that there are some incredible traders in the money tec website, and I think they all have their way of trading and it does not come from some magic line that goes a certain colour or a ring from central comand.

And by the way I can tell you I have tried most of them out and they did not work for me. From my personal experiance you have to study the market and know your basics of TA and experment.

I think it takes around two years to really learn how the market reacts and how you get a sixth sence.
These new guys that come out of left field and find a new system and think they are going to make a million in a month are dreaming in black and white.
Hey, it takes two years before a junior trader on a floor is let loose on his own, and by the way only three in ten traders in a trading floor make it, the rest are shiped out, either out the door or out the country side to be investment advisors.
cheers,
Email

[pipseek]

Thanks Eman.
Well stated. I hope all will read and follow.Just trading FX for 1 year now and while I'm up I don't think I have leftboyhood, much less adlescent stage yet.

[email]

Hi Pipseek,

You are right on, one year and your just getting the feeling for it, in another year or so it will fall into place. I hope you become very succsessful, and hope to read many more of your posts.
Many Regards,
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[part timer]

I am late to this thread and new to Forex, so very interested in what people have to say. Developing own system sounds very good and all, but one drawback I see is that it is like reinventing the wheel.

I am considering getting a mentor to 'teach me the ropes' and then go on from there to study and learn more on my own and develop and modify things to fit me. I have read descriptions of some systems but they are either too breif/difficult to understand or they rely on trading times that apply to North America (I am in Tokyo). Being a part timer, with limited times to trade, I want a system that I can use.
Any thoughts on this? (This = getting a mentor; using limited trading times)

[email]

Part timer,

Hello to all the great traders who post on this site. Anyway, allot has been said about mentors and allot of votes have been cast for people wanted to work with one. My goodness, am I blind, stupid, where are these mentors, why is it we see hundreds and hundreds sites for signals, sites for books, sites for strategies but why are these great traders non comming out, we are all crying for you to come out. Realy why is it that great names have not come forward, reputable traders where are you, why are more of you not comming out and teaching.
Seems to me all these guys out there that claim to be so great and have four five thosuand dollar courses can not be that great if there are hunderds of posting knocking these guys. I love to teach, I love to share, why are there not more people out there (and I know there are some GREAT traders in this forum) that come out and quench the thirst of all or these great people in this great forum.
Sometimes I really wonder how many traders are really making it day after day, otherwise there would me more mentors out there.
Just look at this Woody trading room, he offers his knowledge to all who want to go to his website (he is just an examlpe I`m tring to make) Lets get some of the great names in here ( you all know who you are) and set up a live trading room were we can all meet and trade live, Hey then we will see who can trade and who is full of it ( by the way i am the first to admit I am full of it, just wanted to get that straight right now) Lets do it.

REGARDS TO U All,
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[pipseek]

You got it, the people for the most part who use there energies to sell programs, signals, tips, predictions, etc. are for the most part lossing traders. The way to success is the straight and narrow, keep your focus on educating yourself, and stay away from the promises of riches that so many make, but very few prove. The detours from the straight path only leads to deep forest and deadend trails. It is also very hard to get back to the correct path once you leave. The only way to learn to trade is through long and hard hours of research. Read books, pay a few bucks for training, follow the forums, talk with traders, but stay away from anyoneclaining to have discovered the holy grail. It does not exist, and the money you will spend looking for it will deplete you trading budget in full.

To the newbe, I would be happy to respond to an E-mail via the message service within Moneytec. I do this for free. I do not sell any signals or tips. But I can point you in the right direction and can warn you of some scams.

Pipseek

[OneClickAway]

To the Newbie

I'm only using the demo account too...but I'm at the point that I've decided that soon, I will open up a real trading account through OANDA. Btw, anybody have any experience with OANDA? Are they a good broker? everthing is computerized and automated and that is why they can charge 2-3 pips commmission and no minimum trade!

Anyway, the main thing that was losing me money on Japeneese yen, (and maybe I should just stay away from Yen), is that because it was so volitile, it was hitting my stop losses and then bouncing back. So, I took out all of my stops and now only take profits get hit and if the market goes the other way, i just hold position until it is close to where my market order was.

However the trouble with this is that half the time I win and half the time, I end up holding position which ties up capital and then after a couple weeks, I have to close out losing positions to free up more margin......so I'm going to have to get a lot more knowledge on TA before I bet the house.

OI

[westneck]

With all due respect Online, not using stops is suicide!!

The mistake that might have been occurring with the Yen trades is that your stop was too tight.

Also I've found that most new traders use too short a time scale on their charts. Personally, I use 1 -4 hour charts. Rarely I'll use a 30 or 15 minute chart.

I use a pretty simple trading method. Basically I plot a 15 unit TEMA (Triple Exponential Moving Average) of the CLOSE. Then I plot a 15 unit TEMA of the OPEN. When the close TEMA crosses the open TEMA I get a buy or sell signal. Caution, this is a very risky system using anything less than a 30 min chart.

I also use a slow stoch and MACD indicators to comfirm signals.

Buy a good TA book and read it a couple of dozen times before you start trading live.

Good Luck!

Peace