Help a forex rookie out.

Quote from cabletrader:

In preference to selling garbage and taking money off vulnerable and gullible people who may be in the same (or a worse) position as you are, yes absolutely the dole is a better choice if it's your only alternative, I guess that's where integrity come in, either you have it or you don't.

Anyway, there's plenty of free info about FX trading around the net on sites like babypips and trading forums like this one, there's no need to pay anyone for a basic education, and certainly not a failed trader who doesn't believe in the market itself and advises 'don't trade forex'!

Have you ever heard of something called karma?
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You can think what you want about my abilities as a trader based upon no information. There is not anything I can likely do to convince you of anythng positive about me and I don't feel like getting into a my dick is bigger than your dick contest. I can assure you that I've done okay is a trader since 1998 when I got involved in the game. I've been here posting on ET for a long time, with plenty of before the fact market calls and given hundreds of hours of my time helping people for free. You can go look if you want, but I'm sure your much too smart for that, you already have me figured out and don't need to have stupid things like facts getting in your silly way. I'm not here to sell my service to you or anyone else on ET. I don't think the typical person is well served opening a RETAIL forex account, which is what the OP was asking about. I see very few people succeed going that route, I think a person is much better off to trade stocks first or futures, then as they gain success move onto FX, which is a more difficult market. There are still a TON of corrupt brokers out there that make it even less likely a person will make it.
In any event I think I've made my point and you have made yours. We can both agree to disagree. Good luck with your trading.
Brandon
 
Quote from Brandonf:

You can think what you want about my abilities as a trader based upon no information.

I've done okay is a trader since 1998

I'm not here to sell my service to you or anyone else on ET.

I don't think the typical person is well served opening a RETAIL forex account, which is what the OP was asking about.

I think a person is much better off to trade stocks first or futures
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I can only go by what you posted. Your opinions about trading FX suggest you either haven't traded this market or you've traded it and failed, based on what you've said it's not an unreasonable conclusion to come to really. I can't possibly form an opinion about your trading ability in other markets as I rarely follow other forums, you say you've done ok since '98 and I accept that.

Your first post in the thread mentioned an FX course you are selling, why mention it if you're not here to try and promote it? Wouldn't it have taken less time and been more helpful to reply to the OP's question? Either way I'm not sure someone who hasn't traded forex, or has traded and failed, is best equipped to sell an FX course!

The OP wasn't asking about opening a retail forex trading account or asking for advice or opinion about the viability of trading forex.

I've already said that if you've been helping people for free then that's great, it's what communities like this are for and it's a shame more people don't do the same.

I don't agree with you that a person is much better off to trade stocks first or futures. Forex is a a liquid and technically 'correct' market with some exceptional trends. There are no lower limits to trade size making it ideal for new traders to invest a very small amount of capital to test the water, which is exactly what the OP has done.

Good luck with your trading too :)
 
Quote from cabletrader:

Your first post in the thread mentioned an FX course you are selling, why mention it if you're not here to try and promote it? Wouldn't it have taken less time and been more helpful to reply to the OP's question?
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Brandon doesn't need someone defending him neither I am a personal friend of his but I suggest you go back and read his post *carefully* for more than 1 second. He in fact answered the OP's questions. He said, as per my interpretation, "EVEN THOUGH I am a seller of FX courses, I do not recommend a newbie to start trading this market" and I find this answer to be very honest. He was trying to state a case and didn't sound to me as self-promotion at all. As for someone knowingly selling something that carries lot of risk with chances of succeeding being small to none, well... US is about "buyer beware".
 
Quote from rros:

He in fact answered the OP's questions.
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Thanks for your comments, but did you read the OP's question? He wasn't asking about the viability of trading forex, in fact he says quite emphatically 'I don't need advice on blowing money'.

At the risk of being repeticious, how can anyone sell an FX course honestly when they say and believe (incorrectly in my opinion) things like "if anyone close to me wanted to trade Forex is the last market I would send them towards.....DONT TRADE FOREX.....I don't believe in the market itself....I told people NOT TO BUY FOREX STUFF"

I wonder if he makes those opinions clear on the website where he sells his course, I doubt it!

Does 'buyer beware' really excuse a seller's lack of integrity, it's like saying 'well if you're so stupid to buy then it's not my responsibility!'. Surely that can't be right can it?
 
Nice trading cable, and good thoughtful comments.

Thanks for posting your trades. I have a question for you how do you determine the exit/target points for your trades?

Do you work out a target before entering or watch the price action?

My situation is that I am happy with my entry direction, stop placement but close out trades too soon. I'm averaging +3.6 pips per trade with 69% win %age. The average per winner is 8.2pips. I'd be happy to have a lower winning %age if I could get my average win size up.

I run tight stops and only trade the cable and euro using support and resistance.

Hope you can help.

Cheers

On the topic I use a bucket shop for spot FX and have not had any of the problems that people generally complain about.

I've had a few cases where stops hit exactly and reverse, or stops miss by 1 pip and reverse but usually when my stops get hit the price just keeps on running.

On stops I think a lot of traders put their stops in the same place ie just behind resistance, so if resistance fails the stops get hit and you either get a nice little whipsaw, or breakout. It's just the way the market works....
 
$1000 and no margin in forex means you will have to be betting on humongous moves in the currency to make any money, heck you will have to get a decent move just to make back the spread on any of the secondary currencies. If you use 1:100 margin with $1000 you sure as hell better know what you are doing. Forex is not the best thing to be venturing out into at first just my opinion... and yeah like someone else said if you have CHY/JPY spread for example and you don't know what currency your buying then you opening the account was a mistake...
 
Quote from staffpro:

$1000 and no margin in forex means you will have to be betting on humongous moves in the currency to make any money, heck you will have to get a decent move just to make back the spread on any of the secondary currencies. If you use 1:100 margin with $1000 you sure as hell better know what you are doing. Forex is not the best thing to be venturing out into at first just my opinion... and yeah like someone else said if you have CHY/JPY spread for example and you don't know what currency your buying then you opening the account was a mistake...
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I wonder if people actually pay attention to what goes on in the forums. I am a forex rookie not a trading rookie. Concepts of trade size, risk managament, etc. is a been there done that for me. I have been trading stocks and then options since 2003. Forex is not going to be my first trading experience. It is a minor operation with a micro account. All of this means I don't need a lecture on risk management.

To all those who replied constructively I say thanks.
 
Quote from IShopAtPublix:

I wonder if people actually pay attention to what goes on in the forums. I am a forex rookie not a trading rookie. Concepts of trade size, risk managament, etc. is a been there done that for me. I have been trading stocks and then options since 2003. Forex is not going to be my first trading experience. It is a minor operation with a micro account. All of this means I don't need a lecture on risk management.

To all those who replied constructively I say thanks.
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You claim to be an expert on risk management but how are you suppose to manage risk if you do not even know WHAT CURRENCY YOU ARE BUYING WHEN YOU PUT ON a CHF/JPY trade.

bro, i'm not trying to hate just realize it makes sense to understand what the hell you are trading before you trade it (open an account) or else your claims of risk management are all smoke and mirrors.

btw what suddenly makes you want to do forex if you already do stocks?
 
Quote from staffpro:

... and yeah like someone else said if you have CHY/JPY spread for example and you don't know what currency your buying then you opening the account was a mistake...
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I don't think this statement is entirely true. When you place a trade in Forex, a lot happens behind the scenes that you as the trader do not necessarily have to be concerned with. The bare minimum a trader needs to know is:

What is the value per pip of the pair I am trading?

I'll admit I a have not traded big money, but I am a 3 year experienced Forex trader and I can't say that if I trade a pair I'm not real familiar with, that I take the time to break down all of the details of the trade. It is all reflected in price per pip which is all I need to know.

In fact, I believe that a trader should always be as detached from his / her trades as possible. A trader should always have the mentality of buying or selling 'widgets'. Price per unit and how much I am willing to risk on the trade are what I should be focusing on.
 
Quote from staffpro:

You claim to be an expert on risk management but how are you suppose to manage risk if you do not even know WHAT CURRENCY YOU ARE BUYING WHEN YOU PUT ON a CHF/JPY trade.

bro, i'm not trying to hate just realize it makes sense to understand what the hell you are trading before you trade it (open an account) or else your claims of risk management are all smoke and mirrors.

btw what suddenly makes you want to do forex if you already do stocks?
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I know what currency I am buying in A/B transaction. If you buy A/B you sell B to get A if you sell A/B you sell A to get B. It is a no brainer. A is the base, B is the counter currency.

Forex is diversification of interests. The more opportunities I have the better. There were times when I had NOTHING to trade options wise using my positional style. So my strategy will be to have:

60% of my capital to trade options @ tdameritrade
30% of my capital to trade futures @ optionsxpress
10% of my capital to trade forex @ fxcm micro.
 
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