Options for the Forex

[birdjaguar]

Originally Posted by Reiddar

Can anyone mentor me to trade forex profitably?

I used to work on the floor of the montreal stock exchange and have many ex co workers that make 50% plus returns a year. They only trade equities and I prefer instruments that have large volume. Hopefully one day to get big and not really be noticed. Is there anyone who thinks they are doing very well and would like to mentor someone. I could return the favour by one day doing to the same for my own mentee? Helping you in another way? Perhaps training me to give you more free time eventually and have me trade for you? I am extremely trustworthy, reliable and willtravel anywhere in the world to learn from a pro.

Thank you in advance

Darren

email is reiddar@hotmail.com

If you have trading discipline, you can trade forex without a mentor. Do your due dilligence and read through as many of these forums that interest you. There are people around who will help you. The key to any trading is to know thyself. This will enable you to execute well and utilize proper risk management. Happy trading.

[cornellj]

Hallo Reiddar,

I will personally rather hedge a position when nearing my stops than stopping out the position itself. I use the USD/CHF and the EURO/USD for this purpose. Somebody has mentioned it in an earlier post. In this way using only two currency pairs you can always be in a trade and with low percentages of your margin at risk make enough points monthly to make a good living. In your case living in Canada you might consider swapping the USD/CHF with the USD/JPY though, because of overlapping trading days between yourself and the East.

Using only two currency pairs will make your life much easier too.

Try out a few of the suggestions in this forum and develop a strategy you feel comfortable with, then only, increase your risk with more money in live accounts.

[CHAMELEON]

Hi cornellj
when the market is going down or up unexpectedly instead of using stop i should hedge my position.
is that right?
does they charge you for this?

[cornellj]

Originally Posted by CHAMELEON

Hi cornellj
when the market is going down or up unexpectedly instead of using stop i should hedge my position.
is that right?
does they charge you for this?

Hallo Chameleon,

I use a hedging strategy to limit my losses without stopping out a negative position. The positions that I do this with is generally my carrytrade. This trade I manage for longer terms and earn interest on them. I will use the volatility to trade another currencypair against my carrytrade positions. This serves to limit the loss on the carrytrade and do a risk free trade on the hedge trade. I pay interest and normal pip spread on my hedge trade because I enter a new trade, I pay rollover commission as well.

I have posted a journal under my name in the journal section of this forum where I called all my trades for the past six months. This will show the hedging and trade management strategies I use.

It works well for me.