MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » Beginners Forum

[united46]

Well you could find out more about the class action lawsuit that I've heard others mentioning against 4x made easy and join it.

That may get some of your money back.

But overall, no you should give up ( for now). The % gains required are to great unless you use huge leverage again and it will probably lead to you losing the remaining 1k. Be honest with yourself, if you couldn't get it right initially, why would it change so drastically now? Keep the money, read, learn, use demo's, save more cash and only trade again when you can have 3 consecutive profitable months with ONE style/system on a demo.

Even then. it will be hard as real emotion is invloved. However, hopefully it you trade profitably for 3 months on a demo, you will have proved to yourself that you can do it.

Sorry

UNited

[foroz]

I did a Search on moneytec on 4xMade easy and came up with many references that you might want to read.

One that was a recent thread was:

http://www.moneytec.com/forums/_showthread/_s-/_threadid-11128

You might be interested to read the link that Mick Mason posted on page 1 of the thread.



Regards

[sirch985]

Fxtrader I'm sorry to hear that news. A bit of advise would be to step back and educate on forex trading and then demo trade to check your strategy. In most trading disclaimers it clearly state that we should not trade with money we cannot afford to lose. . I think a step back to reflect the trades that went against you and obtain a good system with which to trade should be in order if you truly have a desire to trade on. Also a good advisor may be a way to go, trading a mini account would also be suggested. MoneyTec has a wealth of information and fellow traders with which to draw and learn from.

Regards

[4xis2ez]

Hi Fxtrader,
Sorry to hear of your situation. Try demoing this method. Elders Triple Screen system. Link to Triple Screen method
If it works for you go live. Trade only with the dominate trend. Regards, Russell.

[tim_nn]

Originally posted by fxsurfer
stop trading real money right now and get a demo account.

Sorry to sound negative, but IMHO that's the very best and most valuable advice that anyone can give you, fxtrader01. Take it quickly, whatever you do in the longer-term.

[philhackett]

Open an account with Dealbook and ask Wes Newman to be your manger USA 616-956-9273 x3793.
To recover your losses take a trial with www.ablesys.com

Find your local Technical Analysts Society/Association and get trained.

'Trading is Simple; but it isn't Easy'

Phil

[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

[1ahkalg]

FXTrader, I have been trading for a living for 2 years. I did take a course through Concorde Forex Group and have received all the knowledge I needed there. However, one thing I have learned is that no matter what system you use, there is NO absolute safe system out there. You have to continuously educate yourself and be flexible to changing market conditions. Also. I have had the most success with money management. Increase LOT size while maintaing a daily trading goal. For instance, trading 10 pips per day at an avg. of $9 per pip is $1800/mo. As you increase your confidence in the market (and your acct.) increase your lot size. That same trade I just mentioned will pay you $9000/mo. times 5 lots. Start with demo acct. thn open a 'mini' acct. After that go to the standard acct. If you fail to plan then plan to fail. I Hope this gives you the encoragement you need to move forward towards success. Good Luck

[nzbryant]

10 pips a day is easy - but then you have a loss. Wipes out your wins...no? That's what I found.

[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