FOREX Newbie Question

Quote from bluesky:
I didn't stay until the end, did he mention how much he would charge for the 3-days course? [/B]
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I cut out before it ended as well, so I didn't catch the price.
 
Quote from Wallace:

Hello Bluesky.

If the the speaker is only making "30 PIPS per week", suggest you stay well away from him.

Wallace.
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May be the guy meant to say 30 PiPs "move" per week,
where he skipp the word "move".
 
Quote from Nana Trader:

May be the guy meant to say 30 PiPs "move" per week,
where he skipp the word "move".
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No, he did say 30 pips per week. That's the average result he says his students make, after figuring in their losing weeks. One thing I will say about him: I can't fault him for overpromising.

Regards,

chaos
 
Do you guys know what 30 pips means? For example a move in $/Eur from 1.2590 to 1.2560 or $/Yen from 106.20 to 105.90 is considered a '30 pip move'. Not much at all. It's roughly equivalent to about a 25c move in a $20 stock for example.
 
Hello All.

There are innumerable trading systems available in/for charting programs such as MetaStock, TradeStation, eSignal, Ensign and AmiBroker; see attached charts for 1 example.

Intraday trading I would use an Account to Trading Margin ratio of 1.5:1; monitored Day-to-Days trading a 3/4:1 ratio.

Full lot per pip = $10 x 3 lots = $30 x 100 pips = $3000, using $3300 margin. Wallace.
 

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Quote from bluesky:

I
The speaker, Najam Mahmmod used $10K as example, making an average 30 PIPS per week, factor in some trade would go against your plan, you would get $ 1,000,000 at the end of the 5th year.

I.
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Having been suckered by a few courses I would suggest that you ask for his broker records for the last 5years. Has he made a million himself?
 
$3000 on a 100K account is 300 pips not 3000. Actually the way you describe it it's 100 pips on 3 contracts. So you would have to trade 100K lots and an average of 3 contracts.

The FX industry is the new scam on the block in case you haven't noticed. It's sickening to read that some "educators" try to entice people to trade Fx for a living. In Futures Mag there is some columnist who recently claimed that it's a good career alternative for people victim of downsizing in the manfufacturing industry LOL!! The CFTC should take care of him IMO. First to trade FX exclusively for a living you would have to trade the fut . you can't daytrade the spot with 5 pips spread.

I don't believe anyone who says you can make a living in retail spot FX .
 

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Thanks all for the helpful information and comments. These info. save me some cold cash by not sigining up a course that I am not ready for.

Good luck on your trades.

Bluesky
 
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