forex training program

[eforext]

what is the best and reliable forex trading program out there?

[kramnave]

Go to the library and borrow books on forex and technical analysis. Then demo what you've learnt.If you earn money on your demo consistently then go for live trading.Preferably a mini account as most people wipe out their accounts.Treat it as a hobby.If you earn money through demo but wipe out your live account, don't blame the books. Blame yourself ! your technique should not be wrong. The part that went wrong is your psychological state and poor money management.

I used to search for systems, trainers and signal providers but thank God i only paid for a "mentor" i would'nt say his methods were unprofitable. It's just probably his methods did not suit me. Then i went searching for systems on strategybuilder. Lets say i like to keep things simple and alot of systems didn't suit me as well as they clouded the view of whats happening with numerous indicators.

Finally. I went for the simplest setup in the whole world. Everyone knows or it has been stated that currencies trend 70% all the time and we know that currencies or anything else moves in waves. Voila ! my holy grail is not Elliott waves (i'm too dumb for that) but just channels, trendlines, bollinger bands and stochastics ( i use stochastics just to make myself feel better and don't rely on it for anything).

For me, channels and trendlines are important. The most important thing next is stoploss and profit taking. Know when to cut a loss with grace. Don't hold on to a losing position thinking things might get better and keep your profits in your pocket. The idea about forex trading is profits and take it. Don't hold on too long to your profits thinking things might get even better. Understand that any currency would not move vertically up a 1000 pips in a day !

Hope that helps and Good Trading !

[eforext]

Really appreciate your answers. Some people said that one of most important skills to trade Forex successfully is to how to read charts ?

[kramnave]

Reading charts = Technical analysis. Anything else like news etc = fundamental analysis. I use technical analysis and take note of fundamentals. I do not know of anybody trading without looking at charts but there may be profitable traders who do not use charts.

[zula]

i am new at this forex stuff and i completely agree with using charts to give you some kind of orientation. lets just say i had hard times whithout charts and now i am doing little bit better but i still dont have real strategy and money management which is most important it seams.

[rtt512]

I think you must have a good trading software at first.

[ampris2000]

the program i wrote is the best!

anyways, yeah, get some books on tech analysis and absolutely use money management. i already wiped out / almost wiped out my account in the beginning from not using MM.

books:
"trading for dummies"
"technical analysis for dummies"

once you are able to trade profitably with your strategy , you can then program your strategy into metatrader and use it to alert you to opportunities.

[Milton]

Hi,

This dicussion forum is one of the best educational resource, you can also visit www.forextradersworld.com and download ebooks and read lots of tutorials. Reading these stuff will give you a sense of tech analysis, then start off with demoing. I don't think that any course will tech you things other than those available on these resources.

The recipe of success in FX trading discoverd by me is:

1. Money Management/Risk Management
2. Entry/Exit Strategy
3. Patience & Discipline

Start off with deciding which time frame is suitable for you, do you want to trade intraday, mid-term or long term. Have an appropirate entry/exit strategy, you can find lots of them on www.strategybuilderfx.com . A good entry/exit strategy to start off with is http://www.moneytec.com/forums/showthread.php?t=17895. Instead of 3-4 hourly chart you can try it on 1 hourly chart.

Remember in this market Risk/Money Management play a very crucial role, next be very patient during the trade as well as waiting for the righ opportunity to unfold itself.

Some of the things I would recommend to have the knowledge of are:
1. Fibonacci Retracement, Support/Resistance, Pivot Points
2. Tredlines & Channels
3. Candlestick & Chart Patterns
4. Moving Averages
5. The mode in which the market is in the pair you are looking at, Trending up, trending down or is it Range Bound
6. It is just good to know what are key economic announcements which can shake the market upside down, but beware, trying to capitalize on them can burn your account. But if you really know what you are doing, you can do anything!

AND REMEMEBER, there is NO Hidden Secret, NO Holy Grail & NO Magic Techinque to trade without a loss or with 100% success, all you have to make sure it that you win more frequently than you loose &&& your loosing trades must be smaller than the winning ones.

Wish everybody a very PROSPEROUS NEW YEAR --- 2006!!!