Any Forex traders who can mentor me?

Discussion in 'Stock Market' started by BlackFlag10, Jun 1, 2012.

  1. BlackFlag10
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    BlackFlag10 College Conservative

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    Hey guys,

    I have been researching Forex trading for a while, and I recently delved into the market today by opening a microaccount funded with only $10. I have been trading nanolots today with minimal success.

    Are there any experienced Forex traders that can sort of serve as my mentor in a way?

    I would really appreciate it.
     
  2. 52ndStreet
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    52ndStreet VIP Member

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    I worked as an assisstant Forex trader, belive it or not.
    The thing about forex is that it is 24 hour, seven days a week ,365 days a year and in the Trillions of dollars. The U.S. dollar the Yen and the German D-mark, Australian dollar,
    and British pound are the main currencies, the Euro is in there now, but not so much now with all this European debt crisis.

    You need to trade a minimum of 1,500$ U.S, to 2,500$ to see any real movement.
    What else do you need to know.?
    The U.S. Dollar is still king, as many foreign countries need U.S. dollars
    to do international buying and selling on the global markets.
     
  3. Strawboss
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    Strawboss Rookie

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    I would encourage you to use point and figure charts (P&F). I have many years of experience using various technical indicators and "systems" - none of which has been consistently useful. Sometimes they work - sometimes they dont.

    Point and figure charts are simple to use (once you understand them). They simply reflect supply and demand (the ultimate arbiters).

    I would also encourage you to always use real time data - not delayed data.

    Finally - I would suggest that you "play trade" for a minimum of 6 months. This is to give you sufficient time to "understand" how the vehicle you are trading behaves (they all behave a little differently) as well as to hone your skills and understanding of the particular market you are focused on (yes - you should focus on specific markets).

    Good luck!
     
  4. Mason
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    Mason Rookie

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    Agree with you. BlackFlag10, just manage some good amount of money to invest in the market, otherwise you need to use very high leverage facility which is very risky.
     
  5. 52ndStreet
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    52ndStreet VIP Member

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    This is were you either make a lot of money , or you can lose a lot of mony.
    "High Leverage FX Trading", you are either a hedge fund manager, or you work for
    a big international bank, or brokerage house.
    Or you are some rich Billionaire like George Soros.$$
     

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