but for what it is worth to you, forex is not a beginner's lover.
forex is a two timers, it will cheat on you, it will betray you, it will tease you, it will bait you....
and if you follow what many forex promoters trying to lure you to get in bed with forex....?
if you are lucky, forex will only chew you out.... but not chew you up and spit you out morning after.... LOL
PLS DO STAY AWAY FROM FOREX MARKET..... until you are some sort of a master of your own trading plan, trading statistics, trading strategy and your very own master of your own risk/reward management strategy.... OK? no, forex does not beat me up.... i only trade my own setups.... that is one way a trader can survive forex....
but then you are the master of your own ship.... sail wherever you like and enjoy whatever along the way.... but learning to trade profitably is an entirely different matter altogether. any successful traders will vouch for that toil and soil road to even meager success.... imho....
wishing you success and happy learning and trading, sim first, of course.
I would recommend to you as I do everyone else that you learn price action first and foremost if you haven't already..that is breakout strategys, revesal bars/signals and all the rest of it. You should have a understanding of money management. Psychology plays a big role in this stuff and there is a whole forum on this subject...go through the threads.
I think you can trade forex or futures...If you only want to trade currencies and you are comfortable (and have enough money) trading $10-$12.50 a tick/pip you would be better trading currency futures on the CME, you don't have to deal with those horrible spreads. If you don't have a lot of money forex might be a better option because you can trade mini or micro lots. If you go the forex route choose a well known reputable broker ....
Stick with the major pairs with the most liquidity....eur/usd is the best...also usd/jpy, u/cad, ...stay away from the jpy crosses like the gbp/jpy or eur/jpy.....
Take your time and make sure that you can trade on paper/demo profitably before you put money on the line.
As a side note all I do is simple p/a suff and it works....Don't get wrapped up in fancy indicators and such.
There are threads here on price action but you can search elsewhere too if you need to...but LEARN IT.
Any trading you will do reqiures that you understand basic p/a (did I emphasise that enough).
One last note, go through as many threads and forums as you can...sometimes you learn stuff where you would not expect
I am a trader living in Australia. I trade a variety of mechanical systems on several index and currency futures. I have been trading actively for the past 3 years and studying for a few years before that. It took me a long time before I was confident enough in what I was doing to risk real cash. I'm currently working on day trading. In relation to day trading my main interest is in the Euro and the E-Mini.
Hi all. I have to admit that I've been lurking for a long time, so this is my very first post since joining the forum, and I apologize for not introducing myself earlier.
Financially and material wise I do quite well. I own a condo in this beautiful city where the weather is always nice. I got it for a great deal too. I live with my girlfriend of ten years and have two wonderful dogs. I have a decent paying day job and have a budding online business on the side. My girlfriend is an instructor at San Diego State University.
So why do I want to get into day trading? Lots of reasons. The main reason, it is my personal opinion that in order for Average Joe to be financially secure these days, he has to have multiple streams of income, i.e. real estate, investments, businesses. Successful day trading would be one of those streams of income that I would like to pursue.
But a true understanding of how to trade eludes me. I have been reading through The Elusive Price Action thread, as well as some other threads whenever I have time, but I can't seem to put it all together. I think if I had a simple effective system it would help me a great deal. I understand that good psychology and good risk-reward management plays an important, if not the most important role. However, I believe a good system is also required. It's like having a good car engine - if you don't have a vehicle for the engine, you won't get anywhere.
Can anyone point me in the right direction? I plan to trade the 6B and am most interested in trading with trend.
I am from Palm Coast,Florida. I trade mainly ES and YM. Been trading for a while; I am not loosing money anymore after loosing for some time; I am happy that I discover your Forum, where I can continue my education and with a time can help other members, hopefully soon.