Forex day trading
- Thread starter ngn
- Start date
The market environment in forex is prime for a lot of trading. The range in EUR and GBP make them both some of the best daytrading vehicles on earth. With the forex you got the range and the volatility and can move plenty of size.
And yes MountainTrader is correct. You can do well of the bat. It is a lot easier if you pick the right market. Congrats--Mountaintrader.
Who in the hell gives 400:1 leverage? I have never heard of anything like that.
Hi BWC and thanks for your questions.
If you judge someone else's results you could be limiting your thinking based on that. People always ask about how much money other people are making. If it is a lot they don't believe it or they think that person has some special skill. If it is not a lot they are disappointed and think that this doesn't work. It is best to focus on what is possible for YOU and realistic in your belief. Keep looking at a certain number of PIPS per week and remember that math works regardless of what amount of money you are applying to the equation. I think more people don't get the patience, discipline, money management and psychology aspects of trading than technicals. Again, it really should not take an extraordinary strategy to get 10 PIPS per day but if you do that consistently you will assuredly and quickly become a millionaire. (If you don't take money out until a certain point and then don't take out all of the profits but less than half)
I have never traded stocks, futures, options, or commodities. Based on what I have heard from others Forex is much easier because there are only 6 major pairs compared with thousands of stocks. The market is always liquid and cannot really be manipulated even by national banks. It is more of a pure market in which certain basic technicals work well. If you try to follow one simple system, however, there are always exceptions that require looking at a bigger picture.
I know others who have no experience who are doing better than I am in a shorter time. And there are some who have worked at it for over a year and never made any progress.
Concerning your challenge, uninvited guest, I'm not interested in giving away my trading signals for free and could not possibly care any less whether you believe trading Forex works or not. You still have not understood the fact that it does not take an extraordinary trading system to get 10 PIPS per day and that will make you a millionaire. Please wake up and consider again this fact. The market moves 120-150 PIPS per day average. If you get 10 PIPS per day this works if you get 150 per day this works. Please purchase a calculator at your earliest convenience and realize how trading works. Since I am not attempting to sell you anything and am not sure why I ever logged into this forum you may feel free to believe this or not. If my results are extraordinary it is only because most people give up or don't manage their account properly not because I have extraordinary trading skills. If you need to see me close a 10 PIP trade to believe this works you will never understand. I didn't realize that my ability to stick with a simple trading plan was so far outside of the belief system of some people.
I was just wondering if anyone else out there appreciated the life that Forex trading enabled them to create.
Best of Success!
If you judge someone else's results you could be limiting your thinking based on that. People always ask about how much money other people are making. If it is a lot they don't believe it or they think that person has some special skill. If it is not a lot they are disappointed and think that this doesn't work. It is best to focus on what is possible for YOU and realistic in your belief. Keep looking at a certain number of PIPS per week and remember that math works regardless of what amount of money you are applying to the equation. I think more people don't get the patience, discipline, money management and psychology aspects of trading than technicals. Again, it really should not take an extraordinary strategy to get 10 PIPS per day but if you do that consistently you will assuredly and quickly become a millionaire. (If you don't take money out until a certain point and then don't take out all of the profits but less than half)
I have never traded stocks, futures, options, or commodities. Based on what I have heard from others Forex is much easier because there are only 6 major pairs compared with thousands of stocks. The market is always liquid and cannot really be manipulated even by national banks. It is more of a pure market in which certain basic technicals work well. If you try to follow one simple system, however, there are always exceptions that require looking at a bigger picture.
I know others who have no experience who are doing better than I am in a shorter time. And there are some who have worked at it for over a year and never made any progress.
Concerning your challenge, uninvited guest, I'm not interested in giving away my trading signals for free and could not possibly care any less whether you believe trading Forex works or not. You still have not understood the fact that it does not take an extraordinary trading system to get 10 PIPS per day and that will make you a millionaire. Please wake up and consider again this fact. The market moves 120-150 PIPS per day average. If you get 10 PIPS per day this works if you get 150 per day this works. Please purchase a calculator at your earliest convenience and realize how trading works. Since I am not attempting to sell you anything and am not sure why I ever logged into this forum you may feel free to believe this or not. If my results are extraordinary it is only because most people give up or don't manage their account properly not because I have extraordinary trading skills. If you need to see me close a 10 PIP trade to believe this works you will never understand. I didn't realize that my ability to stick with a simple trading plan was so far outside of the belief system of some people.
I was just wondering if anyone else out there appreciated the life that Forex trading enabled them to create.
Best of Success!
Average daily volatility for the past 20 months in pips:
EURUSD 112
GBPCHF 157
GBPUSD 155
USDCHF 127
Min volatility for the same period:
EURUSD 31
GBPCHF 60
GBPUSD 46
USDCHF 27
Max volatility for the same period:
EURUSD 282
GBPCHF 477
GBPUSD 413
USDCHF 338
Why trade anything else and not Forex?
EURUSD 112
GBPCHF 157
GBPUSD 155
USDCHF 127
Min volatility for the same period:
EURUSD 31
GBPCHF 60
GBPUSD 46
USDCHF 27
Max volatility for the same period:
EURUSD 282
GBPCHF 477
GBPUSD 413
USDCHF 338
Why trade anything else and not Forex?
I know that FX Solutions has a "flexi account" You can choose your lot size and your leverage instead of having set "Standard", "Mini", and "Super Mini" and 400:1 is one of their options. I think it is an introductory thing and they are obviously targeting the new traders with the $250 minimum.
But consider the "super mini" an alternative to demo trading with a little more realism. It's like penny annie poker. One PIP = ten cents per lot.
Once you get some success you tend to look for different things in a broker. I'm shopping for brokers right now and considering TadeStation, GFT and InterbankFX. If you have a recommendation let me know.
But consider the "super mini" an alternative to demo trading with a little more realism. It's like penny annie poker. One PIP = ten cents per lot.
Once you get some success you tend to look for different things in a broker. I'm shopping for brokers right now and considering TadeStation, GFT and InterbankFX. If you have a recommendation let me know.
I would like to add if you would like to demo, sign up for several demos.
The platform I am using is VT Trader off of CMSFX.com
Try the trading systems and the chart studies, there are 76 chart studies, and about 10 auto trade systems.
The auto Trades will churn your account, but I have had some success with the Level Stop Reverse system as just an alert, for a spike up or down.
You just select the system on the menu and don't turn it on, it alerts you audible and you can decide if you want to take the trade.
When it stops beeping GET OUT of the Trade.
Do it in Demo first for a month or so.
The platform I am using is VT Trader off of CMSFX.com
Try the trading systems and the chart studies, there are 76 chart studies, and about 10 auto trade systems.
The auto Trades will churn your account, but I have had some success with the Level Stop Reverse system as just an alert, for a spike up or down.
You just select the system on the menu and don't turn it on, it alerts you audible and you can decide if you want to take the trade.
When it stops beeping GET OUT of the Trade.
Do it in Demo first for a month or so.