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Account been approved! Going to have my first day of tradingthis week LA
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Account been approved! Going to have my first day of tradingthis week LA

  #101 (permalink)
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budfox View Post
Alright, which forex instrument should I trade? which one is the most volatile?

I really know nothing about forex......

Really,

Open an account and figure out which pairs trade in your time zone the best and go with it.....

A chart is a chart is a chart.....no silver platters today.....

All the better Forex brokers have TONS of educational stuff on their sites....use it.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #102 (permalink)
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budfox View Post
Ok what does drive it then?

How many books do you read in-between the questions you ask?

Travel Well
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  #103 (permalink)
Market Wizard
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Why?


Mr. Bud Fox -

If you know nothing about forex, why in the world would you even contemplate trading it? You realize that you are just going to be chum for eager sharks?


Based on reading this thread, I'd say you are 95% guaranteed to lose all your money if you trade anything in the next 6-12 months.

If I were you, I'd spend that time learning all I could, reading all I could, amassing capital and then building a strategy that works.

Ready - Aim - Fire is the approach you want.


Right now, you are Fire - Aim - Fire.



My advice is harsh, but it is honest. If you don't like it, please just put me on ignore, and I'll be prevented from posting here. I only will talk if you are open to listening

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #104 (permalink)
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might want to try playing poker online for very little, it's probably more thrilling and will teach you a little bit about trading in the meantime if you have a lot of free time. It helps one get into the mode of folding (not taking a trade), cutting your losses short, and going after probable hands. And I know this website is very unrealistic but it helped me in the beginning Chartgame.com (just make sure to obey your mental stop losses since you can't add them). I know trading isn't a game at all but sometimes it's helpful to maintain interest by gaining confidence in similar activities because forex really does take time since you're most likely going to trade larger time frames.


Last edited by Itchymoku; November 25th, 2013 at 07:54 PM.
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  #105 (permalink)
Trading for Fun
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Itchymoku View Post
....I know trading isn't a game at all....

Actually, thats exactly what it is - just a game - and the one with the most money nearly always wins.

Some people take the game too seriously, and you can never win any game if you are too stressed, scared, ignorant of the rules, not prepared properly, etc etc.

This is why your poker advise is very good advise!

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  #106 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
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I've been reading Dalton's updated version of Mind Over Markets and think the following quote is applicable to this thread:


Quoting 
page 238:

A high school teacher tells the story of a frustrating day in his career. He was lecturing on the bravery of the American soldiers during the fight for independence. On this particular day, he became quite dramatic and descriptive, vividly portraying the battlefields and the courage of our forefathers. He described the freezing cold winter, the meager rations, and the eloquent words of Washington that kept the men's spirits high. The teacher was trying to give his students a feeling for what it was like to fight for one's country, the self-sacrifice that led to our freedom from England so many years ago

The class was nearing its end when a student raised his hand. "Yes", the teacher said.
"Will this be on the test?" he asked

The teacher was trying to give his students an understanding of the cost of freedom, but the boy who raised his hand was so worried about what he had to know for the test that he missed the point entirely. The student wanted to be given answers. He did not want to have to actively think for himself. By focusing on what he thought he had to know, he did not hear what the instructor was really teaching.

It would be nice to know the answers, to rely on a little certainty. We would all be rich and successful if someone would come up with an answer that would tell us when to buy and when to sell. But if we are dogmatically given the answers, we will never truly understand their roots. In the words of Heraclitus, "Much learning does not teach understanding". Many traders do not want to actively think and make their own decisions.


Diversification is the only free lunch
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  #107 (permalink)
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ratfink View Post
How many books do you read in-between the questions you ask?

OK recommend some useful books then.......(im just starting out)

answer the question too.....

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  #108 (permalink)
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wish their was a university programme for trading futures

this is what I don't like about the internet....

one person tells you to trade forex, another doesn't, one says trade micros, another says watch a movie about a panda.


I don't even know the experience of the people giving advice.

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  #109 (permalink)
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Account been approved! Going to have my first day of tradingthis week LA

Actually the one telling you to trade forex and watch the movie about a panda is one and the same...me.

You make a very valid point about experience levels. You are right to be guarded. You should be at least this guarded about trading. Instead of treating us with suspicion, you should treat trading with suspicion. Not that its wrong to trade, but that you should be very careful.

Hence my advice to trade forex. You can trade very small size while you learn to trade. This protects your capital which is rule # 1 in trading.

If you can't take the advice in the manner in which it was offered, perhaps your skin is to thin for trading. There is no quarter in this business. Those of us trying to help are really looking out for you but you are suspicious. Go figure.

I was told by a good friend I was wasting my time on your thread. Prove him wrong if you can. I'm waiting to see if you take any of the advice that's been offered, even if it is counter to what I offered. So far all you've done is demand answers on a silver platter. What I and the others are trying to tell you the answers that work for us probably won't work for you. Instead we've been trying to give you clues on where to start so you can find your own answers. But you just demand more answers.

Like I said earlier, prove my friend wrong. Have you at least rented the movie?

Over the holiday, you should watch it and then tell the rest of us what you learned from a kids movie. It's one of the greatest trading movies ever made. If you learn the correct lesson from that movie, you probably won't need us anymore. And if you don't, your not ready anyway.

Later.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #110 (permalink)
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Hi Budfox, can understand your frustration. Guess there is no magic pill here.

As you progress to become a good trader....you will see that humility is the best form of approach in the markets.
In any vocation it takes time/perseverance & dedication. This is not advice...justt learnt it the hard way.

I think most of the folks are trying to help you.

Some of the books which gave me some understanding of the markets:- But just reading was still theory.....repeated observation of various plays what i watch is my learning. But a stop/risk mgt is always there if my observation is incorrect or a market event which goes against me. For my part i kept looking at my charts & something clicked which said buddy the stuff is in front of you....where were you looking

Lol...in lighter note....how a Master Chef....cooks n cooks...and comes up with various dishes.....so does a trader with all his technical/market observations & self discovery moves ahead.

Cheers & really good luck on yr endeavors !!

Tape Reading & Market Analytics (A classic)
The Traders Edge - Grant Noble (kool)
Mindful Trading:- Mastering Your Emotions & The Inner Game (Brilliant Psyco stuff)<<<< I Deal with this everyday
Market Wizards (Real Good)
Quants (Educational)


thnx
s

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