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Forex: Does anybody actually invest?

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Re: Forex: Does anybody actually invest?

Post by path2mastery on Tue Apr 07, 2009 5:47 pm

Hey theres a method which I've put together and now using real money I said I'd wait but it does seem to be working pretty well. I don't know much about forex but I do have a couple of years experience in spread trading, I regularly spread trade.

Here's what you do to start download forex killer software from here and open a player account with etxcapital.com and set the player balance to £1000 also download a software called megatrader all of theses things are free then around 10:30am british time the currency markets are making predictable pattern movements ive just been trading on the eur/usd and gbp/usd, as I find they are the least volatile around this time

So what you do is save the chart from megatrader of your chosen currency it will save it as an excel file open that file with forex killer.

Now what your looking for is over 70% predictability rate from forex killer on BOTH the short term and long term trades when this occurs place a trade with etx capital on the given currency. Then as soon as you place the order hit close and chose limit order with the predicted profit figure it shows on forex killer enter this figure from the the short term and a stop loss for 70pts.

This may seem a lot to take in but just follow it step by step and trade with £1 per point £2 maximum this is to cover the margin and any potential losses which may occur, the low figures I recommend to train yourself and discipline yourself, don't look at the constant movement of the money figure instead concentrate on the actual movement of the currency eg 1.435.
If you keep looking at the money thats where the emotion of greed and fear start to kick in this is the hardest thing to grasp in spread trading.

As week go by you will start to gradually increase to £3 then £4 and always set yourself a target for example £100 profit a day is sufficient to start with and I stop for the day.
£50 is still sufficient your main aim is to double your initial balance and increase the points from £2 to £3.

Use this demo method until you've grasped the full concept and when you build up enough confidence and decide to go ahead open a different account other than etx capital as they offer tighter spreads such as cmc or ig index I say etx because its user friendly and you'll get the hang of it in no time just for demos.

I hope this is some help to you don't expect to amass a fortune overnight, one thing I've learnt in spread traing is there are huge losses as well as gains but with constant practice and self discipline in the long term it will work to build your balance, I expect in one year to be placing at least £1000 per point on a trade. Let me know how you get on good or bad obviously there are other times that I have yet to experiment with but will keep you posted on my method for spread trading currencies.
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Re: Forex: Does anybody actually invest?

Post by billionairekid18 on Thu Apr 16, 2009 4:05 pm

Thank you for the advice so far. It's been good to go over. I am looking for some advice from people who are either trading in forex now, have traded, or are in currency futures. As I said, my goal is to find an income source to replace my current one and increase my income by a large amount. Now almost anything I do will increase my income because I make so little right now.

The real challenge for me is that I do not believe I am ready to start a company. I'm lacking the first major component which is an idea for a company. I am brainstorming and working on ways to figure something but I believe patience is the best way to deal with this. In the meantime, there is no reason I can't dedicate myself to something that is going to benefit my life. In this respect, I see forex as a great opportunity. it's something that I could do, get good at, and make some good money.

I want to know more about the life of a trader. How does your day work? Do you have to devote an entire day to watching the market or is there another way? What is the life of a forex trader all about? That is the important question. That is the one that I am most interested in because I'm making a lifestyle change. A drastic one at that. It's very important I make the right one.

I believe you can make money in a variety of ways. Even with scams, I'm sure there is a way to make money with them. Otherwise, the scam wouldn't exist. I'm sure it's nothing like how they market it and would take a lot more work then advertised. Maybe it would take more moeny or the income is drastically lower than marketed. There is probably a way to make some money somewhere. Unless it's a full fledged scam of course, then you're screwed.

Could I make money with forex trading? Yes. Is it the right choice for my lifestyle? That's what I'm figuring out
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Re: Forex: Does anybody actually invest?

Post by Amy Twain on Tue Jul 27, 2010 2:43 am

I agree with developing success. If you've no know-how or very little knowledge about forex or even stock exchange, learn more about the industry if you want to invest in those kinds of investment.

You can get a financial expert to mentor or teach you about these things. Though the rewards are big, but so is the risks.

If you're new to investing, a friend suggested trying mutual funds instead.
Discover the secrets of success--now! http://goldminetosuccess.com/
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