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[joechunkybutt]

I'm a complete newbie. I'm using the demo account. I was wondering if there were any pretty safe systems with smaller returns but were fairly consistent. I'm thinking somewhere around 10-20 bucks a day. Would this be possible with 500 intial investment? I know that 10 bucks is still like 2% return, which would be unrealistic with larger sums of money, hence this is why i'm asking in terms of just a smaller investment. But with a 100:1 margin, that 10 bucks is really only a fraction of a return. Yet i'd be happy to get my feet wet by making a consistent 10-20 bucks a day. I'm willing to follow a system that requires a lot of management because I have a lot of freetime this quarter in school. I can stay up late (12 to 2 am pacfic time) and I can also work it in the morning.

Any responses to this would be very appreciated, thanks a lot.

[tntrader]

I am in the same boat as you, only I am going to start an account with $1,000. I just recently started trading a demo account to see how I do. I don't have any advice, other than be careful with the leverage... Especially early on. I trade LC stocks normally, and have seen people almost go bankrupt. Anyway, this is my first day trading a demo account and I am up 20 pips so far. I'm going to keep doing this daily, until I see if I am consistent or not. GL to you.

[mishak]

Start trading on demoaccount is the good idea - it may save you $500 initial capital.

The idea about $30 a day on forex comes from software pitchers (I guess). The reality is smth like +$50 (20) one day -$20 (50) loss next day. You shud address your AVERAGE daily results for a month, not every day.

I do not think that any trick with small or big account, big or small leverage, etc will allow you to make more than 20% on annual basis. If so - you shud consider yourself "very good".

Now think $500 * 20% = $100. Does one hundred worth all your time sitting every night in front of monitor ?

[forexmaveric]

Sounds like your looking for the "magic trading system." No such thing as consistently daily profit. Most of the best traders in the world consistently lose on a daily basis. What sets them apart from the herd is they just simply know when to cut losses short and let profits run. This wisdom comes with many years of experience and training. You won't learn much with 500 bucks...just an expensive lesson in trading. You really need to practice first with a demo account. Give yourself plenty of time to practice and put together trading ideas. Find out which ones work, and which ones don't for the time being. Remember...the markets behavior changes all the time..one weeks successful trading system could be next weeks nightmare. Thats why trading is a full-time job...and never boring. I'm not sure why so many new traders spend their majority time pulling the trigger with real money...and spend less time learning about the trade first. Here are some links to info sites with trading ideas, and lots of info.. www.fxstreet.com or www.forexnews.com

Good luck to you.

[cicero]

Forexmaveric, nice said:
Sounds like your looking for the "magic trading system." No such thing as consistently daily profit. Most of the best traders in the world consistently lose on a daily basis. What sets them apart from the herd is they just simply know when to cut losses short and let profits run. This wisdom comes with many years of experience and training. You won't learn much with 500 bucks...just an expensive lesson in trading. You really need to practice first with a demo account. Give yourself plenty of time to practice and put together trading ideas. Find out which ones work, and which ones don't for the time being. Remember...the markets behavior changes all the time..one weeks successful trading system could be next weeks nightmare. Thats why trading is a full-time job...and never boring. I'm not sure why so many new traders spend their majority time pulling the trigger with real money...and spend less time learning about the trade first. Here are some links to info sites with trading ideas, and lots of info.. www.fxstreet.com or www.forexnews.com

Good luck to you.

Many people are looking for easy money.

Trading currencies is not easy;
if it was, everyone would be a millionaire !

[syrianpro]

why don't you go with paid trade recommendations

[danjones911]

to make 20-50pips a day, u need to stick with ur own system that u have in place. find one system and stick wth it.

about paying for recommendations, dont go there,

[danjones911]

syrian pro, u get trade recommendations?

Let me know. i have a syrian mate also.

[Wallace]

Joe, there's no reason not to trade Day-to-Days, buy-and-hold/swing trading strategies. For some perverse reason beginners seem to think the only way to trade fx, stocks, futures is to daytrade, scalp — not so.

Read ‘Elliott Wave Principle : Key to Market Behavior' by Frost and Prechter for a guide to one theory of Price Movement and applying the fibo price levels tool. Learn to use a channel trendline tool. Work with M/W/D/4H charts.
Check your 'school' (university ?) library for introductory texts on trading and technical analysis, texts related to stocks or futures will generally be applicable to fx.

[Medran]

Originally Posted by joechunkybutt

I'm a complete newbie. I'm using the demo account. I was wondering if there were any pretty safe systems with smaller returns but were fairly consistent. I'm thinking somewhere around 10-20 bucks a day. Would this be possible with 500 intial investment? I know that 10 bucks is still like 2% return, which would be unrealistic with larger sums of money, hence this is why i'm asking in terms of just a smaller investment. But with a 100:1 margin, that 10 bucks is really only a fraction of a return. Yet i'd be happy to get my feet wet by making a consistent 10-20 bucks a day. I'm willing to follow a system that requires a lot of management because I have a lot of freetime this quarter in school. I can stay up late (12 to 2 am pacfic time) and I can also work it in the morning.

Any responses to this would be very appreciated, thanks a lot.

hi Joe

You'd get more than that at MacDonalds. Why set your sights so low?

My mum used to say "if you want champagne you have to think champagne"... try Lois Roederer 1990 Cristal and 50 pips will seem trivial.

Have fun


Medran

PS But NEVER trade after more than one bottle

[husky]

SOME HELP FROM PRO TRADER:

PEOPLE NOTHING ON THIS WORD IS CONSI. IN PROFIT!!!
WE ALL MADE MONEY AND LOSE MONEY,POINT IS MORE PROFIT ON GOOD TRADES THEN LOSE ON BAD TRADES,U CAN ALSO MADE MORE BAD TRADES THEN GOOD ONES BUT STILL BE RICH,POINT IS CUT YOUR LOSSES.
TO ME GOOD TRADER IS PERSON WITH CAN SHOW ME PROFIT ON ACCOUNT AFTER MINIMUM 12MONTHS TRADING, 1WEEK OR MONTH IS NOTHING COZ MARKET MAY BE TRENDY OR NOT OR JUST GET NUTZ
SIGNALS PROVIDERS: MOST OF THEM ARE SCUMS, I KNOW ONE OR TWO GOOD ONES COZ I GOT ALOT OF CASH TO CHECK THEM CHECK=I GOT ACCOUNT ONLY ON SIGNALS(OFCOURSE MINI ACCOUNTS FOR FUN),SO ONE OF THEM FROM 2YEARS MADE NICE PROFITS THATS ALL,ANYWAY I DONT RECOMMEND SIGNALS FOR SOMEONE WHO DONT HAVE MONEY TO RISK,BETTER TRADE BY YOUR HANDS AND MIND(WITH IS RISKY LIKE ALL REST).
FOREX IS NOT FOR ALL
ALL GOOD TO YOU TRADERS

[mishak]

husky, using ALL CAPITAL LETTERS is called "shouting" on the Internet and is considered very rude. Please stop doing thing !

BOLD CAPITALS is very rude very bad practice !

Next time you do it - you will be banned for a week

Or buy yourself a new keyboard

[PTB]

Anyone here ever heard of www.cfgtrading.com . They claim to be able to teach how to do 50+ trades in a row without a loss. They only go for 5 to 10 pips per trade. Their philosphy seems to be made to order for this thread. I did speak to one of their traders who is over 300+ now with a loss. I kinda like the idea of going for a lot of singles instead of always trying for the home run.

[danjones911]

haha, yes husky, most people know this so please dont shout.

but i guess husky wants to catch peoples eye.

i for one have worked hard to get where i am at.

i expect eur.usd will go higher very soon

[Attiqul]

Hi,
I'm new to forex. Im trying to come up with my own strategy. I find this more enjoyable. Im using demo system to try it out. I need a software/service that will tell me immediately when, for example, the price crosses a MA line or when two moving averages cross. Someone said Meta Trader is good. I downloaded it but I dont know how to set up this particular function with MetaTrader. I beleive you have write a script. But how do I do this? Is there a manual for this? I want to learn to do this so please help. Does anyone know any other services/softwares that will do this for me?

I also realised that the prices on MetaTrader are different from that on the platform I use, namely refcofx. Does anyone know any trading platform which is consistant with Meta Trader????

I would appreciate your help.