Giving up on Forex. Any last chance advise?

[Viking548]

I am assuming (pardon me if I am incorrect) you learned of the Forex on some TV commercial and then went to a one hour presentation. At the end of the seminar they offered you a wonderful, make an extra $70K a year software program for the low price of $3995.00. I went to the same seminar.

Rather than throw down the Visa, I decided to do some serious investigation first. Read three books. Looked around the internet. Finally I found a company, the largest in the world, that you can open an account with for a low minimum price. No monthly fees, trades from 3 to 7 pips, dependant upon pair chosen. Live chat 24/7 with actual people. Great help. It's FXCM.com. Your final $1000.00 can open a mini-account.

I started with a demo-account for the first month. With a free $50K, a few daring newbie trades but came out ahead after two weeks making $13,849.00. I lost about $1105.00 total combined. I had the system figured out.

Then I opened my mini-account ($1.00 per pip up and down). Did well in the first weeks averaging about $300 a week scalping. Extra spending cash.

Well then after chatting I learned about the News feature. Started reading the news and mixing that with Tech-analysis. I have $191 remaining in my account. I blame it on the USD/JPY, but the bottom line is it came down to GREED. I got Greedy. So for now I have suspended my trading, until I forget about the NEWS feature.

I recommend FXCM to anyone who is interested in learning and working with the largest company with offices around the globe.

Hang in there. I will.

The funny thing is above my monitor I have a huge poster that is supposed to remind me that indeed:




GREED KILLS!!!!

[MickMason]

Originally posted by Viking548

Rather than throw down the Visa, I decided to do some serious investigation first.

Hi forex777, how did you get on with Beau Diamond?

[MickMason]

Originally posted by Monkey
If I were you I would straddle the NFP on Friday, 20 to 30 pips away from the market just before the announcement with a stop and limit already in place. With 1 lot there should not be any problem with slippage etc. Just make sure your stop is in place and please be advised that this is not some what risky, but extremely risky, but on the flipside if it works "Bob is your uncle".

Good luck

I guess you didn't trade NFP in August then? 100pip slippage and stops not honoured....no offence Monkey but this has got to be the worst idea I've read in quite a while!

Mick

[nzbryant]

Mick

I looked hard for the source of the Beau Diamond signals (I paid up), and I worked out how he was getting them. I could make thousands selling a system like that, if I could find someone to mail out the signals every night.

I really did find out his system - it is stupidly simple - the key to his returns (which are very lumpy and inconsistent but were good historically and could be in the future) is simply a wide trailing stop with a stop loss. The entry is basic. Im talking about his daily system.

[MickMason]

Originally posted by fxtrader01
Thanks to all for your suggestions and comments.

Mick,

I am unable to PM you or email your (not allowed?). Can you please contact me

I've sent you an email

Mick

[MickMason]

Originally posted by nzbryant
Mick

I looked hard for the source of the Beau Diamond signals (I paid up), and I worked out how he was getting them. I could make thousands selling a system like that, if I could find someone to mail out the signals every night.

I really did find out his system - it is stupidly simple - the key to his returns (which are very lumpy and inconsistent but were good historically and could be in the future) is simply a wide trailing stop with a stop loss. The entry is basic. Im talking about his daily system.

Hi nz

Have you worked out the 'secret' TRL or was that for the longer term trades, I can't remember?

I like simple, not too sure about the lumpy and inconsistent though

Mick

[nzbryant]

The daily TRL. I wont give it away as I like to see people rewarded for their efforts and I dont want to hurt Beau's business.

[MickMason]

Originally posted by nzbryant
The daily TRL. I wont give it away as I like to see people rewarded for their efforts and I dont want to hurt Beau's business.

Good job! I'm sure Beau will appreciate your consideration for his business but expect a full mailbox pretty soon, everyone likes 'free'

Mick