hi. I'm new to forex trading.

Jun 19, 2010 at 03:19
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64 Replies
Member Since Apr 20, 2010   814 posts
Aug 11, 2010 at 13:50 (edited Aug 11, 2010 at 13:51)
FxOpen has micro account that in cents.

So probably is not $200k account, just max 2k account , and he did play a lot of pairs, which sure a time bomb.

Setting of $150k account is no rush, as if the server fails to allow you open more martingale level, you are better still with less DD and only have to wait long time for it to reverse back the trend. Martingale problem is that you open to many level and not enough margin to wait for reversal.

If you have 150k, and you fail to open martingale level, still have chance and manually trade back to profit.
Information is Gold when come to organised.
Member Since Oct 28, 2009   1424 posts
Aug 11, 2010 at 14:02 (edited Aug 11, 2010 at 14:07)
I know you've put a lot of effort into testing your various Martingale systems, you're probably one of the hardest working traders on here from that perspective but I really think you need to think about what exactly a Martingale system teaches about trading.

Here are some things that I believe are true about trading and good habits

1) How you take a loss is far, far more important than how you take a win.
2) Psychology is more important than technique.
3) Cut your losses short and let your winners run.
4) Don't reinforce a losing position.

So, given these, what does a system that wins by risking more and more until it does eventually lose a lot teach us about trading?

Attached is a monthly GbpUsd chart.

You'll notice that GbpUsd was 2.45 back in 1980. Would you still be waiting 30 years on for your position to reverse?

Edit: I've realised that you are talking about a retrace not a reversal. So ignore the last bit about the Gbp/Usd long term prices


Attachments:

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
Member Since Apr 20, 2010   814 posts
Aug 11, 2010 at 15:33
Well most people use martingale in a wrong way, or wrong concept.

Martingale is never meant for long term, it sure will blow on certain period.

The concept is to get high ROI in short term in range market period.

Trend / berak out market have high chance to get martingale blow, so you have to make high ROI in range market times. And hopefully the general statistic is Range market : 60%, Break out : 10%, Trend : 20%.

A $150k account might stable, but the ROI is still low, probably can last one year, but still might get blow 2nd year, so is still risky in an investment sense.

That's why I said I prefer a $500 martingale EA, that might give you 100-200% ROI a month and get blow sometimes; but overall you still make very good profit in a year using hit & run tactic by reset account to $500 every month.

Ohh.. by the way, we seem out of topic, as this is a Newbie ask for some advise using $1000, not $150k EA.

So anyone got some good Fast high ROI EA using less than $1000 ? Or is more suitable to do manual trade for newbie.




Information is Gold when come to organised.
Forexanadova
forex_trader_2062
Member Since Oct 24, 2009   186 posts
May 19, 2011 at 14:31
When you invest, regardless of how much experience you adquire in Forex, you have the risk of losing your money. My advise is that if you have some money to invest ( make sure this is left over money, money you can spend and you are willing to lose) go ahead and invest it. The best is to find a good EA and just go for it.
Member Since Jun 02, 2011   1 posts
Jun 03, 2011 at 01:09
Hi. This is NOT a suggestion, and I'm NOT telling you what to do. I've been trading for 2 and 1/2 years. Learning the hard way, ups&downs way. The Demo lets you see the platform that you're using, however, you don't know trading for real, until you go LIVE. Start out with Low Lots and 2% risk. Now, I use MT4 platform and like it. My Broker is Alpari-US and my EA is not a robot or signals; it's traders. Good Luck, Noo, Best Wishes, Noo, WhooHooo, Go !!
shadinata
forex_trader_37861
Member Since May 29, 2011   3 posts
Jun 04, 2011 at 18:07

Terrigold posted:
    Hi. This is NOT a suggestion, and I'm NOT telling you what to do. I've been trading for 2 and 1/2 years. Learning the hard way, ups&downs way. The Demo lets you see the platform that you're using, however, you don't know trading for real, until you go LIVE. Start out with Low Lots and 2% risk. Now, I use MT4 platform and like it. My Broker is Alpari-US and my EA is not a robot or signals; it's traders. Good Luck, Noo, Best Wishes, Noo, WhooHooo, Go !!

EA is not a robot or signals, it's traders??? 😲
Member Since Dec 03, 2010   18 posts
Jun 06, 2011 at 20:14
Believe me when I started learning forex last year I was 15 years and I didnt have money, so demo traded. Now Its been 1 year trading forex and I am 16 years old and now i found a very good and profitable system, hopefully will post the results if i have time, because now i am studying for my GCSE/IGCSE Olevel Examinations which will be on October-November. Anybody who wants the system add me on skype. My skype id is fx.aarish . It may take some time for reply because i need to study a lot. This system is good for newbies too. Any newbie wanting help add me on skype. I will help if i can for free. :) Dont use any of your money yet, because now its too fast to loose your money, wait till the time comes to loose your money. ;)

have a nice day and happy pipping
Age doesn't matter till you know what you are doing
Member Since Jun 09, 2011   186 posts
Jun 24, 2011 at 16:27
just don't risk money you can't afford to lose :). Wish ya all the best.
http://www.freeforexrebates .info
Forexanadova
forex_trader_2062
Member Since Oct 24, 2009   186 posts
Jun 24, 2011 at 16:57
yep
Member Since Jun 22, 2011   3 posts
Jun 27, 2011 at 15:09

tigpips posted:
    just don't risk money you can't afford to lose :). Wish ya all the best.

i couldnt agree more but before u even think of going live i suggest u learn some money management techniques as to not lose ur shirt in the beginning believe me it happens... also try researching about brokers u can check those from babypips.com or review some of them in this very site plz do know where your putting ur money there were several cases in several brokers where clients had difficulty withdrawing money becoz of some hidden condition ALL I CAN SAY IS LOOK BEFORE U LEAP.....and last but not least dont go live unless ur comfortable with the trading technique u have developed in the demo..
May u succeed in your trading good luck :)
Rise above hate.
Member Since Aug 17, 2021   94 posts
Oct 22, 2021 at 18:02
Beginner's Guide to Forex Trading

1: Gain a thorough understanding of the financial markets. The significance of learning about the currency market cannot be overstated.
2: Create and stick to a strategy.
Practice is number three.
4: Determine the market's 'Weather Conditions.'
5. Recognize and respect your personal boundaries.
6: Recognize when it's time to take a break.
7: Leave your feelings outside the door.
8: Move Slowly and Consistently
Member Since Jan 26, 2020   18 posts
Oct 29, 2021 at 12:07
Actually, the sum of money which you own is pretty enough for stating off trading career. Here you should determine which trading style if the most preferable for you. For example, what do you want, to get a passive income from your investments every month due to the growth of stocks or you want to earn some money every day, but with much higher risks? If you can answer this question, then you should find a proper broker in the internet and start trading. If you have a second job, then I advice you to pay attention to investing in order to provide yourself with everything you need in future. However, if you want to change an activity, then start intraday trading for example.
Dagdakelv
Member Since Jan 22, 2021   125 posts
Oct 29, 2021 at 16:44
AliForexTalks posted:
Beginner's Guide to Forex Trading

1: Gain a thorough understanding of the financial markets. The significance of learning about the currency market cannot be overstated.
2: Create and stick to a strategy.
Practice is number three.
4: Determine the market's 'Weather Conditions.'
5. Recognize and respect your personal boundaries.
6: Recognize when it's time to take a break.
7: Leave your feelings outside the door.
8: Move Slowly and Consistently

Good one, everyone must consider this on their trading path.
Member Since Aug 10, 2021   178 posts
Nov 02, 2021 at 01:37
As a newbie, you must start learning and have good knowledge to be successful.
Member Since Jul 23, 2020   759 posts
Nov 03, 2021 at 17:42
I recommend new traders should invest $100 or less. Because it is a dangerous market.
Member Since Aug 05, 2021   401 posts
Nov 05, 2021 at 15:15
Started to comment on this post and realized how old it is. Just curious how things have been going for you? Are you still actively trading? I love to follow up on these posts to see if others became successful over a period of time.
Member Since Mar 17, 2021   536 posts
Nov 06, 2021 at 17:36
SofieAndreasen posted:
I recommend new traders should invest $100 or less. Because it is a dangerous market.
I agree with you.
Member Since Jan 13, 2021   52 posts
Nov 08, 2021 at 16:26
rogelio11 posted:
hi. I'm Rogelio. u can call me roger.

I'm new to forex trading.
i got about less then $1000. i want to find the best place to invest.
any recommended forex managed accounts i can add cash in?

also if i want to use my own forex trading account. which forex EA is best to use for newbie traders like me?
I wouldn’t bother with a managed account, not until you know enough and by then you’ll want to trade for yourself
Member Since Jul 23, 2020   869 posts
Nov 08, 2021 at 17:01
It is easy to start but hard to succeed. So, new traders should focus on learning first.
Member Since Mar 28, 2021   617 posts
Jan 16, 2022 at 10:33
Forex trading must be treated with seriousness because it requires expensive knowledge and an attitude to make money trading. If it's only a pastime, the individual might not be a serious person learning about it.
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