The Best Way on Forex

[zuijlen]

If the link contains www.moneytec.com, try replacing it with www.strategybuilderfx.com. Some threads are now under www.strategybuilderfx.com, but the links have not been updated, which is kind of annoying, by the way.

[Sasho]

Currently I am using forcasts and signals provided by third parties, but eventualy by doing all of this repeatedly I will either learn to do it myself or will come to realize that I should leave it to a professional and pay him/her for their services.

Hi CajunFX,
How are you doing with "third parties" forcasts and signals? Is it profitable?
Thanks

[Tzachi]

Do not go with other's signals. Creat YOUR system is the right way for a long term trading.

[Wolfie]

I am new to all of this and I think reading and learning all you can and then finding a mentor to help develop your own system is the best way for me.

thanks!

[pipseek]

I agree, FIND A MENTOR, but let's add some specific conditions to that search.
Number 1) find someone who is not attached specifically to a broker, such as an introducing broker.
Number 2) find someone YOU can trust or believe in.
Number 3) find someone who will advise you based upon your needs and pocketbook, not theirs,
Number 4) find someone who will be there 24/7 to answer your questions,
Number 5) find someone who will attend to your psychological needs and help you deal with greed, fear, and anger,
Number 6) above all find someone who will channel and control your ego.

Okay, okay, okay you got the idea, the mentor is YOU.

Here' swhat you do. Do an exhaustive search for trading clubs ion your area (e.g. Cornerstone, Supertraders). If you can't find one in your area, find one online (e.g.Cornerstone in Chicago, Tampa, Ft. Lauderdale). Find a broker who has a quality training program (GFT Virt, and I think FXCM advertises something, maybe even E-signal). Then read what ever you can get your hands on (Trading A-Z, The 21 Irrefutable Truth of Trading, and others come to mind). Then Tade a demo until you can't stand-it any more and then another month or Two. Attend a Money Show or some type of convention and go to all the free stuff, but be real careful of all the charlatans they let pedal their wares. You get the idea, this can be done. But it takes a lot of persistence and self control on your part. That is the very secret to success in this business; PERSISTENCE AND SELF CONTROL. If you fail, get out. These are things that you learned very early in life, if you don't have them now, you never will. Good luck.
BTW, spend less time in forums,at least until you have done most of the list above. They serve mainly to distract you from your goal of making money. After you get to that stage comeback and pick and choose your threads.

[Wolfie]

Hey Pip,

can you recommend any good reading on charting and stuff for a newbie thanks!!

[pipseek]

Hi Wolf:
I hesitate to recommend to much, I learned the charting skills I have by trying to compare brokers and charting services, as well as reading Steve Nison book on Candlesticks, the VIRT training at GFT, E-signals training, John Haydens's book on the RSI, Trading A to Z, Trading on CMSVT platform, An individual IB for CMS, attending meetings at Cornerstone in Tampa, a neighbor friend who trades futures, etc. If I had to read a book, and only a book you may reference the names Jardine, DeNapoli and some others. But, I have heard it said that these people don't always knoiw how to trade. So learn how to draw trend lines, learn static and dynamic support and resistance, learn candlesticks (just engulfing bear, dark cloud cover, evening star, Engulfing Bull, piercing line, morning star, doji, shooting star, and hammer, learn double tops and bottoms, learn a-d C-d patterns, learn head and shoulder patterns, learn market structure lows and highs, learn Learn Fibonacci (retracement and extention values), and learn Gartley 222. Then play with them for hours on a good charting demo, like CMS-VT, GFT, and some other. (I leave out some others because their charts are limited or I am not familiar with them). I am familiar with FXCM, Refco, Alaron, Saxo and was not happy with their charts at the time I was investigating them. In all, Charting is not that hard, but the minute you leave something out it will bite you.
also, get used to taking a top down approach in view chart. That is look through charts from a weekly to daily, to 4 hour, to 2 hour, to 1 hr, to 30 min, to, 15 min, to 10 min, sift. But I digress. You really need to develope your own style not mine I hope this haas been helpful, David

[Danubrata]

Make The Markets The Best Teacher ever in our trading live. The Markets (either FX, Stocks,CFD, Indexes and Option) will teach you everything and when they ask you to decide whether "BUY", "CONSOLIDATION" and "SELL" position, they will always give you a tiny 'clue' before they ask. So, Never Stop Learning and Updating Our Knowledge....that's the best way to be success in this kind of business.