Is it necessary to have a mentor?

[AlphaTrader]

Yeah the weather is nice at the moment not too hot but i hate the 30+ days. Like i said am a winter person.

All the best with your system, make sure you have a good MM strategy. I mainly use fib analisys which works for me just nice. Is the sys your own or a bought one? Cos i read of a similar sounding sys on the net once.

If your interested in a good broker check out http://neuimex.com/ there excelent. PS they are in Switzerland wink wink nod nod . And the account is held at the Kantonalbank Schwyz. Its all good. And no i dont work for them.

Good luck with everything.
Later....

[AlphaTrader]

I think this tread has gone of the topic a bit.

Mentors yeah right on there good if there good

[Persiankiwi]

Originally Posted by AlphaTrader

All the best with your system, make sure you have a good MM strategy. I mainly use fib analisys which works for me just nice. Is the sys your own or a bought one? Cos i read of a similar sounding sys on the net once.

...

Not bought, not all mine. It is something I came across in one of these chat rooms some months ago and I have been following the thread closely. I tweaked it a bit and modified it to suit me and have been demo testing it since. the jist of it is as follows:

Simple Combined Breakout System for EUR/USD and GBP/USD fficeffice" />>>

• Determine the 05.00 GMT – 09.00 GMT High Low on EUR/USD and GBP/USD >>
• Determine the 0900 GMT – 1300GMT High Low on EUR/USD and GBP/USD >>
• Set BuyStop at High + 5 pips and SellStop at Low - 5 pips for both timeframes and both currencies >>
• Set Target Price at entry + 80 pips for EUR/USD and entry + 120 pips for GBP/USD >>
• Set StopLoss at entry - 50 pips for EUR/USD and entry - 70 pips for GBP/USD. If the other side of the Breakout is within 50 pips for EUR/USD or within 70 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop) >>
• Use a trailing stop of 30 pips for EUR/USD and a trailing stop of 40 pips for GBP/USD >>
• At 2359GMT all orders expiring and close all trades at market. On Friday we do the same at 2200 GMT.>>

About Fibs, can you refer me to some decent texts, sites or books. I am always trying to get my head around them but I could do with some ref's.


Will take a look at your broker right away


pk

[Persiankiwi]

Originally Posted by AlphaTrader

If your interested in a good broker check out http://neuimex.com/ there excelent.


Later....

just looked. Interesting set-up. Do you participate in the competition?

Naturally being based in Switzerland protects them as much as it protects you, so bear that in mind too.

When I get back from my Xmas break I will download their demo and see what it feels like to work with. I am very keen to go live and were it up to me, I would rather cancel the Xmas break and just spend the season sitting at my pc trading, but family etc etc...

As far as your post re going off topic, well it seems that there are only 3 of us on this thread and we answered the main man's questions some way back. What else is there to say on mentors. Ideally, anyone wanting a mentor will have an uncle who works for a huge multinational on Wall Street or in Tokyo ad who is delighted to share with you all his thoughts and invites you to spend countless days with him at the office. Failing that.... like anything else, enter the world of all mouth and no action, test the waters and try to sort the wheat/chaff etc... There are great people out there, but it's just a case of finding them. Personally, as I stated above, I find more decent people and decent opinions on these threads than anywhere else, where the colour of my money seems to attract a lot of promises. At least here people know that you are a learner, as are most of them, and you have a genuine interest you can share with a bunch of people around the globe. Shame we can't have a virtual drink together! (then again we probably can!!!)

Back to mentors: If anyone knows of one or has one, it is time to start naming names?

pk

[AlphaTrader]

Hey persian,

Ref books, well there is a web site that has a whole heap of books to download for free, some one here posted it once so i dont wanna take the credit for it. Its http://www.savefile.com/projects.php?pid=868431 . There is a book about fibs as well. I think. Also try p2p to get more books

Anyways i know your system, it quite a good one to start out on.

The broker uses MT4 tradeing platform as well as one of there own. Try them both but MT4 is the way to go. What software are you useing now??

Have a good one

[snow]

A mentor can give you everything you need except experience...
Without that your trading goals will fall short.
Folks , the only way to learn how to trade is to trade.
Demo trading is worthless to an inexperienced trader as it excludes the mental roller coaster newbies go through when they go live...

Everyone starts at the bottom.How far you progress is up to you. Get a live mini account and start trading today!It has the potencial to change your life!

[Persiankiwi]

Originally Posted by AlphaTrader

Hey persian,

Ref books, well there is a web site that has a whole heap of books to download for free, some one here posted it once so i dont wanna take the credit for it. Its http://www.savefile.com/projects.php?pid=868431 . There is a book about fibs as well. I think. Also try p2p to get more books

Anyways i know your system, it quite a good one to start out on.

The broker uses MT4 tradeing platform as well as one of there own. Try them both but MT4 is the way to go. What software are you useing now??

Have a good one

Thanks Alpha

Have been busy downloading the files you referred. some of them I had previously found on p2p and some, which I must say seem interesting, I have not seen before. I shall spend the Christmas break doing my reading. The book about fibs is indeed the type of thing I am after. I know the basics, it's the indicators I need help with and in particular their interaction and the use of multi-indicators. The more I look at Forex the more I put back my plans to go live, because I realise there is yet so much to learn.

Regarding 'my system', I ought to point out it's not mine! It belongs to someone else, but I am following it because I think it has potential. I just tweaked it a bit and judging by this weeks bloodbath on the EUR and GBP, I shall be tweaking it much further.

My demo account is currently at a loss, albeit only 12% down. I do not see the point in going live until I have consistently maintained a demo account into profit. By the way, yes I am usuing MT4, but I know nothing about programming and indeed have quite a few questions about it too!

Thanks again

pk

[Persiankiwi]

Originally Posted by snow

Everyone starts at the bottom.How far you progress is up to you. Get a live mini account and start trading today!It has the potencial to change your life!

As asked in my earlier post to Alpha, what is the point in going live, when you can not maintain a demo in profit?

pk