Beware List for Newbies

[kwalta]

Hello,

I don't mean to open a can of worms, but in forex--as in real life--forewarned is forearmed, isn't it?

So in behalf of other newbies out there, can the vets tell us the red flags to watch out for when trading the forex market (especially when one can only afford to open a mini accout)? In other words, the downside of fx: including scams, fraudulent practices, what have you.

Thanks as always.
k

[fx2248]

Hi Kwalta

Welcome to forex. Some tips that may help
1) Make sure you choose a good broker - I initially got burnt by Money Garden and GCI with non execution of stops and large slippage, currently with FXCM and very happy
2)Trial on a demo until you consistently make a profit
3) Do heaps of research - this forum is a good starting place
4) Develop a plan / system and stick with it
5) Do not get greedy as you can burnyourself
6) Do not fall for people selling the"Holy Grail" type systems
because they do not exist. There are a number of good systems to be found in this forum.

Hope that helps


good luck

fx2248
www.forextechniques.com

[kwalta]

Hi, fx2248.

Thanks for your reply. Visited the website, too. I might check out the e-book/system later but first, if you don't mind, I'd like to ask those who've tried it for feedback.

Anyone care to comment on the CI system and the e-book "Guide to Profitable Forex Day Trading?"

k

[Choas]

Hi Kwalta

I have just purchase the ebook "Guide to Profitable Forex Day Trading" and have found it very good. There is a lot of good information and for me a beginner it is great. I have not had time to try the CI system as have only recently purchased the book, but back trading it look a goer. I will post later as soon as I get some real trades.

[noosafx]

I started FX Tradingjust over 2 years ago after attending a course which cost me AUD1000. I launched intoFX trading and promptly lost about 25% of my account. Since then I backed off realising the infor I got in the cousre was next to useless. I then started researching the internet and looking through various forums, slowly putting together a strategy, as no one source put everything together. About 5 months ago I came across the EBook "Guide To Profitable Forex Day Trading". This changed everything for me as I found the book covered most of what is needed, it does not cover things like Elliot Wave, but it covered the essentials. I started implementing the CI System and found my lost trades reduced to where now I have 72% winning trades. This has resutled in recovering my losses in 3 months.

What I have learnt from the EBook is to understand how the market works. For example when a trade goes against me I can workout with a good degree of confidence where the market will go so often ride it out only to come back int profit within a few days. One of the secrets also is to trade with the trend.

Sometimes the CI System gives false signals but I find now that I have got used to the system and now have a better understanding of the market I can quickly identify these false signals. I do not use it as a mechanical system where you trade every signal. To do this would lead to more losses.

Where it has improved my trading is now I am able to catch the bigger moves so I do not have to trade everyday.

Like everything in life take the information and build on it and do not blindly follow anything unless you understand what you are doing.

I mainly trade the Euro as I find there are suffient points for the taking and I do not have to study the oters and understand how they move and how the other currencies impact on their movement.

[artofwar]

Hi Noosafx

Could you please explain what 's 'CI'? Kindly tell me where to get a copy of E-Book 'Guide to Profitable Forex Day Trading' Amazon doesn't seem to have a copy. Last, which platform you use to trade forex and are you happy with them?

Thanks

ArtofWar

[noosafx]

Hi Artofwar

The ebook "Guide to Profitable Forex Day Trading" can be purchased from their new website www.forextechniques.com

The "CI" in the name "CI Trading System" has no real meaning ather than a code. From what I gather is the founders went through number of different systems and used two alfa characters to distinguish between the different versions.

Hope that helps and happy trading

regards

noosafx

[pqdzung]

Hi,noosafx
I am looking for education but as I am not patient with books, I often cannot read through a complete one. Currently I mainly use online forums for gathering tips but that helps little. Then I think I must go for books. Noosafx, can you tell me what the book can teach you that online materials hardly supply?