Forex Mentor

[MS+Tradesim]

I traded range break outs for awhile. I couldn't make it work. It was a downright miserable experience. I was trying to transfer share trading ideas to FX. It just didn't translate.

I'm now trading pure S/R and avoiding breaks. (No indicators. They all necessarily lag.) Very high win rate. Very good R:R. Only downside is I'm not going to be able to mechanise it. But that's ok.

Lone Wolf's post says it all.

 

[finvik]

Howdy Forex Traders,
I'm a newbie to Forex.
Am currently in demo mode with a broker (won't mention their name for fear of being flamed).
The information available on the internet with regards to FOREX is very overwhelming.
I am sincerely looking for a forex mentor, and/or guidance from anybody to nudge me in the right direction.
Any help, and I mean any help would be greatly appreciated.
Many thanks
Nat.

well i can help you if you havent found one. i have an experience of over 4 years in forex. feel free to ask any question. would love to help you in any ways

 

[grubram]

FXCM

Hi Nat,
If you are with FXCM they do a Power Course for $20 which is very helpfull which you can get back when you fund the account,min,$300 I think

Grubram

 

[Cosmic Tonic]

Looking for info on Forex/Com Trading Courses

Hi guys

First post and a great thread you have going. Some great insight into getting things happening on the Forex trading front.

I first started trading stocks through Comsec with $10k last October, moved onto CMC Markets in June with the assistanct of leverage and now see some great opportunities trading currencies and commodities.

I have accelerated my trading mind and have done well over the past 6 months but feel that I need to strengthen my foundations when in comes to technicals. Im trading trends, using elliot wave, bollinger bands, moving averages, rsi and have a good understanding of what to look out for - double tops/bottoms, head n shoulders, break outs, etc although I am looking to have my cash sit pretty for a couple of months, hone my skills and them put my dosh to work. There is still part of my trading that is occuring with some emotion and I need to put a stop to it before it puts a stop to me and trading. Sounds worse than it is, but Im keen to get the foundation right which should prove worthy in the long run.

So, this thread has been a great start (so to this whole forum actually). Its great to hear what the experts talk about but even better to hear it from 'the people'.

Baby Pips is exactly what Im after, but wondered whether anyone could recommend a course here in Melbourne that would be worth looking into? 6-8 weeks, 3-6 hours a week? That way I could advance the learning weekly whilst putting some strategy into practice between weeks whilst talking about strategy and outcomes with others in the group.

Cheers and good trading

Cam

 

[Naked shorts]

Re: Looking for info on Forex/Com Trading Courses

There is still part of my trading that is occuring with some emotion and I need to put a stop to it before it puts a stop to me and trading. Sounds worse than it is, but Im keen to get the foundation right which should prove worthy in the long run.

IMO, there is nothing wrong with experiencing emotions while you are trading. If you dont experience those emotions yourself, how do you know when others are experiencing those emotions? Knowing how other traders feel allows you to anticipate their moves. The whole "emotions are bad" is just another cliche made up by people who dont know how to trade. All IMO of course.

 

[Mr J]

1 - I didn't demo trade for long enough. I told myself that I needed to start trading mini lots because demo trading just wasn't the same and I'd learn faster by trading with real money. To some extent that was true, I did learn a great deal by using real money. But the fact remains that I went in without a proven trading plan, I didn't have positive expectancy, I was really just gambling.

I think the last thing a new trader needs is to start second-guessing themselves with real money. Better to gain the confidence on demo, and move to real with confidence. The confidence comes in knowing you have a method to trade profitably, and knowing that you can apply that method.

2 - I added a few indicators, moving averages, macd, RSI... I wasn't exactly sure how some of these indicators actually worked, but you don't need to know how an engine works in order to drive a car right? Maybe, but you're not driving a car you're trading. Do your research. If you don't know how an indicator works and what it's showing you then why are you looking at it?

Perhaps, but I think it's better if you do understand them. A race driver doesn't need to know mechanics, but it certainly helps! Schumacher for example. If we know how the indicators work, I think we can probably use them more effectively. I also think that if we know how indicators work, we don't even need them (that's another debate).

6 - Watching wining trades become losers. Holding losing trades hoping they'll come back in my direction. Don't be afraid to get out at break even if the trade moves against you, get back in later if you get the chance. If you miss it, that's fine, there'll be plenty more chances. Never hold on to a bad trade hoping it will get better. Cut the loss short and wait for an opportunity to get into a good trade.

True to an extent - we shouldn't hold on to bad trades, hoping it turns around. However, we shouldn't be afraid of winners turning into losers, as trades often need some room to run. Moving a stop up too quickly will hurt our profit potential. We have a bit of a fine line to walk here - not too fast, not too slow.

 

[JPayne93]

Looking for a mentor

HI,

Im 23 years ld, I am currently living in sydney and working in construction.

I don't mind my job but this isn't something id like to do forever. I have been reading, learning and dabbling in stocks
etc for quite some time but the forex market has always attracted me.

Ive tried a few practice accounts, made some small percentage gains so next id really like to put a few thousand in and play the market.

I don't have much experience, and there is only so much you can learn from countless hours of reading trade patterns.

If anyone was interested in mentoring me, someone from sydney or surrounds, i would be forever grateful.

Please PM me if you are interested.

Have a good day.

J

 

[Zahinur Rahman]

No, I don’t know any mentor! Actually, I have made my good technical and fundamental trading skill through internet! That’s way, I needed almost two years! By the way, now I can make money in my live trading!