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New to trading

Tommy

New member
Hi folks,
I am a newcommer to trading and have picked up some useful information do to kindness of forum members for which I am very greatful. As a novice I would like some advice on which type of system to use to start trading on Forex. I do not have any information to give to the forum but hopefully will in the future.
Regards
Tommy
 

radicaltour

Moderator
VIP Member
hi Tommy,

I would like to welcome you to the small family we have here.
Trading successfully, in general, is one of the most difficult endeavors one will face in a lifetime (on top of tax and marriage). Some will succeed but many more will fail. The quicker you come to realization that there is no holy grail, accept that trading is a probability game, learn to accept losses and be content with whatever the market gives you, the faster you are on track for success. Myself like many others on this forum must have looked at 100 different systems and methods.

There is no one system that is best for everyone. How could there be? If it exists everyone would have used it and me millionaires....the same applies for EAs (automated robots). However, there is one system that will be best for you specifically: that's the system that you will come up with!
It's only logical that the best system for you is the one that you would have put so much heart and soul into, spending days and nights, countless hours studying....

Trading successfully is actually not a difficult thing in and of itself. Watching the chart and clicking buttons to enter and exit is certainly easy.
But the main obstacle is yourself; how emotionally attached you are to your money, to wins/losses, how disciplined you are to follow your rules and how well you manage your risks/rewards (money management). It's all about controlling fear and greed in the end (much easier said than done).

Having said all this i've heard good things about the Black Dog and Lindencourt systems. You could start there and spend a lot of time dissecting them until you feel like it's really yours. Most likely what will happen is that you will go through another 100 systems until you settle onto one that you create from all the ideas/methods you'd come across on the journey. Additionally, the best people in their field practice their craft more than anyone else, wheather it be doctors or athletes. Hence, the more screen time you spend looking at charts and backtesting, the easier the market will present itself to you.
I don't mean to sound preachy. I just want to make sure all of our members start on the right foot and skip much of the headaches I went through. :)

Best of luck, Tommy. Have a great time learning and contributing to our forum.
 

Joy22

Member
Lindencourt system, black dog

Lindencourt system, black dog

Lindencourt and black dog are this?

Joy22

hi Tommy,

I would like to welcome you to the small family we have here.
Trading successfully, in general, is one of the most difficult endeavors one will face in a lifetime (on top of tax and marriage). Some will succeed but many more will fail. The quicker you come to realization that there is no holy grail, accept that trading is a probability game, learn to accept losses and be content with whatever the market gives you, the faster you are on track for success. Myself like many others on this forum must have looked at 100 different systems and methods.

There is no one system that is best for everyone. How could there be? If it exists everyone would have used it and me millionaires....the same applies for EAs (automated robots). However, there is one system that will be best for you specifically: that's the system that you will come up with!
It's only logical that the best system for you is the one that you would have put so much heart and soul into, spending days and nights, countless hours studying....

Trading successfully is actually not a difficult thing in and of itself. Watching the chart and clicking buttons to enter and exit is certainly easy.
But the main obstacle is yourself; how emotionally attached you are to your money, to wins/losses, how disciplined you are to follow your rules and how well you manage your risks/rewards (money management).

Having said all this i've heard good things about the Black Dog and Lindencourt systems. You could start there and spend a lot of time dissecting them until you feel like it's really yours. Most likely what will happen is that you will go through another 100 systems until you settle onto one that you create from all the ideas/methods you'd come across on the journey. Additionally, the best people in their field practice their craft more than anyone else, wheather it be doctors or athletes. Hence, the more screen time you spend looking at charts and backtesting, the easier the market will present itself to you.
I don't mean to sound preachy. I just want to make sure all of our members start on the right foot and skip much of the headaches I went through. :)

Best of luck, Tommy. Have a great time learning and contributing to our forum.
 

Tinojazz

Professional Trader Since 2007
VIP Member
Hi folks,
I am a newcommer to trading and have picked up some useful information do to kindness of forum members for which I am very greatful. As a novice I would like some advice on which type of system to use to start trading on Forex. I do not have any information to give to the forum but hopefully will in the future.
Regards
Tommy
Hi Tommy,here are more good trading systems, if you follow 100 % rulles, you can be profitable for sure, but your enemy in trading will be your innerself.So every success coming after getting good expirience here on the market. All what you must to do, is to know and feel how is price mooving on different time zones. The must important thing is to use good Money Menagment on every trades on every diferent pairs. Take a time to read some of books what are here in the forum, and trade on live account with smallest lots what you have ennabled from your broker. First school is to get the patience on FX, trading only to stay alive on your live account. To be honnest you will loose first, seccond, third ... live account.But that will make you stronger and stronger here. just accept everything what you will loose from start. And try to be cool in all time. Whatever you must to pass everything here on FX, after 1 or 2 years if you have a true wish to make money from FX, you will be profitable trader at least.If you need a help we are here to help you anytime. Forex is same like study all schools.
Regards
 

saxon

Member
Also there is one more thing success:

A good broker. He will let you win and take money widthdraw. You must have good broker that will not cheat on you.

If your broker look too good to be true, it probably is. You must use old broker with lots of client. Then you must research broker and ask people. You can look forums and ask people like us :)

For me there are only few broker I trust with money. Broker must suite trading for you. I like news and scalp, so I use fix spread broker prime4x. I have them more than year no problem. If you only scalp, use fxcbs or Dukascopy.

I just want to say it is possible to make lots of money with EA on live account. You must always make it your own. The best EA I use was never ever meant for USDCHF pair, but with my own changing code it work wonderful (0.7% every day daily, with only 4% DD max ever).

Good luck for trading. Make sure when you start live trade you are willing to loose: you will in beginning. Just accept it. It is simple success patern. Graph does this: loose 70-80%. Stay at only 20% for 3 months. Then win win win.

You will make money if you spend time. You will loose in begining, but that is not excuse to loose. Always do best, use good money management. Most importantly: Praise God and use some profit (at least 40%) to give to charity and help your community. Feed the hungry around you, build houses for them, and God will bless you with success. If God gives you talent for success, use it so others can see how great God is.

Best of luck for you.
 
I find it helpfull when starting to trade with real money - after trading on a Demo-account first -
doing this on a Cent-account.

You fund the account with 10 Dollars and the equity shows as 1000 Dollars ( 10 x 100 Cents = 1000 Cents ).

This is like you would trade with 1000 Dollars balance.

If you are not able to profit with a 1k balance on such a Cent-account, you should never go live with a 1k account because you will only lose your 1k.

I have read from all successfull traders that they lost at least one full account, most lost 4 full accounts or more.

Losing 10 Dollars on a Cent-account certainly will not hurt as much as losing 1000 Dollars.

What brokers to use for Cent-accounts ?
I am using Forex4you and they are great for this because I can trade microlots there.
Never had problems with funding and withdrawals.

Others use FXOPEN, but there the minimum lot-size on Cent-accounts is 0.1 lots.
If you need micro-lots for your strategy or EA, FXOPEN will not fit.

I never used IBFX, therefore cannot say anything about them.
 
H

hermes

saxon what is your recommendation for reputable broker? And what EA is it what makes you so haaaaaaaaaaaaaaaaappy?
Thanks hermes
 

saxon

Member
saxon what is your recommendation for reputable broker? And what EA is it what makes you so haaaaaaaaaaaaaaaaappy?
Thanks hermes
For news trading I suggest Prime4x as they have set spread, and they have exist for 10 years. For normal trading I suggest FXCBS or FXOpen. If you have large capital, use only Dukascopy. (USD 100k+)
 

saxon

Member
And I use many EA for trading. It depend on market feeling :) I turn on turn off. Here is basic: EA KAIN can make you money...

I make 2.91% on my live prime4x account today:cool:
 

radicaltour

Moderator
VIP Member
hi Saxon,
Does Prime4x really honor the 2 pip fixed spread right before major news? Or do they slip and go up to about 5-10pips around that time?
Looking on the web people say many bad things about withdrawals. I take it that you've never experienced this problem?

Thank you much.
 
H

hermes

I see positive response to EA KAIN I didn't trust. That's interesting?
I will give a try. What settings?
Thanks hermes
P.S.
I looked my EA Kain and it has some protectionkey.com, ms-dos application, and dll probably not educated EA? Now I see why I didn't trust it. The setting is EURCHF 5M.
Saxon, do you have a "fixed" EA to lend? I would like to test it.
Thanks hermes
 

saxon

Member
Prime4x honour spread on live so far as I have ever used them. (I have not gone over 10lots, yet :))

People have widthdraw problems when use silly side feature for withdraw (paypal and cheques). If you use moneybookers.com, no problem ever (at least so far for me:p). They even say on site to please use moneybookers.

For EA KAIN, I suggest use the scalper version 1.04. I am sure that it will make money for you. I can share through PM, as this is good EA and developers deserve money. If I share with you, a promise to buy EA must be made.
 

radicaltour

Moderator
VIP Member
i find it funny that EA Kain has always been on top of our list from day one:


I'm glad that Saxon has confirmed it to be a good EA.
Though it pains me to know that there are other good EAs out there that we are are not sharing. And i can understand this since EAs may lose their productivity once the mass gets hold of it. :-(
 

saxon

Member
I have been using EA KAIN long before it listed here on this forum. Here is hint for everyone:
Avoid EURCHF and EURGBP for EA KAIN... It will only make you lose money. I know about it. 20% account loss hurts.
 

Has

Member
i find it funny that EA Kain has always been on top of our list from day one:


I'm glad that Saxon has confirmed it to be a good EA.
Though it pains me to know that there are other good EAs out there that we are are not sharing. And i can understand this since EAs may lose their productivity once the mass gets hold of it. :-(
Hi Radicaltour, I am not sure If I can agree with you on EA Kain is a good EA its been EA pain for me so far, then again Sexon has just told us to Avoid EURCHF and EURGBP, and I think thats where my pain is, I am gona let it trade for a month with Sexon's recomendation.

Just matter of intrest, not sure what to make of this

thank you.
 

radicaltour

Moderator
VIP Member
as a matter of fact, i would avoid EurGbp and EurChf for all EAs. :)
Most the EAs I've tested seem to lose with those two.

Has, the EA you're referring to is the MACD Sample EA provided with Metatrader? It looks interesting but why bother with it when Kain could make you a lot more in an shorter amount of time?
Just my 2cents.

By the way, we're hijacking Tommy's thread. Maybe we should take this discussion back to the EA section of the forum...
 

Has

Member
as a matter of fact, i would avoid EurGbp and EurChf for all EAs. :)
Most the EAs I've tested seem to lose with those two.

Has, the EA you're referring to is the MACD Sample EA provided with Metatrader? It looks interesting but why bother with it when Kain could make you a lot more in an shorter amount of time?
Just my 2cents.

By the way, we're hijacking Tommy's thread. Maybe we should take this discussion back to the EA section of the forum...
Sorry for misunderstanding, I was refering to the top ranking list of EAs in the site. scrol down little bit
I told you my English is bed.
 

saxon

Member
Sorry Tommy for distract thread :)

I was just saying that EAs can make money, but you must test, then test, then test. It is just much work trading EAs as manualy ;)
 

Has

Member
Hi folks,
I am a newcommer to trading and have picked up some useful information do to kindness of forum members for which I am very greatful. As a novice I would like some advice on which type of system to use to start trading on Forex. I do not have any information to give to the forum but hopefully will in the future.
Regards
Tommy
Found this for you thought may be some use to you. FIVE EXIT HEROS


Dont forget to watch the videos
 

sandman4x

New member
Hi Tommy,

Good thing here you choose to take the road less travelled by. Most people like to be in the crowd and do what people do. Trading is the road less travelled by and that will make the difference in your life.

You know, what you do from 9 to 5 will provide you a living, what you do after 5 will provide you lifestyle. What's important is to have money and have time. That's success.

Please try to do the following:

1. Be serious about learning: Do it every day, not just when you feel like it. If you know very little, you can start with babypis.com, they have a good starting school where you can learn basics. but take that and run with it to expand your knowledge.

2. Treat Forex with respect: This is very harsh market that can pad you or beat you from one to another in no time.

3. Master basic indicators first: Bollinger Bands, EMAs, Stochastics and few other important ones. Don't go first to those indicators that show buy and sell signal and you don't know what the hell is the logic behind them. Eventually, all these sophisticated indicators use basic indicators inside.

4. Candle patterns: This is something known to the eastern society for hundreds if not thousands of years. Try to master the most important patterns. You don't need to learn all of them.

5. Watch the different pairs how they behave: See what to expect from them on any day of the week. See how they behave in news events. Oh, this one, you have to be very carefull about. Keep an eye on the forexfactory calendar before you trade or put an EA on a chart. If your EA trades a certain time of the day and it's a scalper EA, turn it off at least 2 to 3 hours before and after the news. You will see that some pairs are very volatile and whipsaws a lot, see what you feel comfortable with.

5. Patience, patience, patience: Don't trade just because you want to trade. If the market isn't good at some time, go learn something instead but don't trade.

6. Demo account then micro account: Learn how trade on a demo account first. But don't spend too much time trading demo. When you start to feel comfortable, move to real micro account and trade micro. This way, you will know how you feel cause you are trading real money, and you are not taking too much risk.

7. Keep and eye on the spread. If you are aiming for 5 pips and the spread is 2 or more, what's the point of trading this?

Sorry if I used any terms you don't know right now, but please look them up and ask questions.

Also, put yourself in learning mode and use no ego with people that know more than you. Learn from them and don't be afraid to ask questions. There is no stupid question, there are only stupid answers.

Good luck to you my friend.
 

Tommy

New member
Hi Folks,
Thanks for all the advice, I am now ready to progress to a demo account and am asking for a point in the right direction. I am going to use Lindencourt Daily forex system to start with.
Regards
Tommy
 
I have learned a lot here. I just want to know if demo account is essential since many said that the results in demo are a lot different on actual trading. Hope you can share your insights.
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radicaltour

Moderator
VIP Member
I would suggest to skip Demo all together and open a real micro account.
You'll be able to trade on a live environment, gain valuable experience all the while not losing much (pennies if you trade micro lots). :)
 
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