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Author Topic: Forex trading?  (Read 1062 times)
Bitman_Begins
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June 21, 2011, 03:35:34 PM
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Has anybody else got into this, and did they find it useful to download the practice program? And what do they think of the real Forex trading??
I am considering at a future date, getting into that, but don't have a clue what it's all about. Thanks for any help!

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tany000
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September 24, 2011, 09:49:31 PM
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It is a 1% technical skills and 99% psychology.The most important thing is to keep your money management really tight and your risk:reward should be equal or  above 1:2.5 .I personally, have been doing this for about 4-5 years and if you're asking if its worth it -well YEAH(that's if you're stubborn enough).
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September 24, 2011, 10:14:18 PM
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forex is worth it. But with trading money gotta know when to fold and not get emotionally driven. I.E only use money you can afford to loose etc.

First off get a test account on an exchange so you can work out how it work's. Do your research on what markets you want to trade in. when you start making fake money that way. Then its time to start investing with real money.

At lest that's how I got started. and yes I do ok out of it
Richard Rahl
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September 24, 2011, 11:35:00 PM
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Trading with fake money is the best way to get a good understanding of it. It uses real-time market data and you buy and sell just like you would with real money, except it's fake. It's not really a "practice" program, so much as it's just using fake money. It's the real thing.

When you do go for it, don't go for high leverage. I made that mistake I ran 1:50 (I think?) and gambled away about $2k over the course of about 6mo. I actually got that up to about $8k at one time, but it slowly dwindled away from there. I think I pulled out with $500 or something left. It's a great feeling to see your money multiplying with leverage, but the same happens when you lose money too.

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September 25, 2011, 10:22:45 PM
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Trading with fake money is the best way to get a good understanding of it.

No, absolutely not.  Trading with fake money is a great way to build confidence before you go live and blow your account up, because of this...


It is a 1% technical skills and 99% psychology.



Open a small account with a broker/mm that allows micro lot trading.  I'd recommend FXCM.  Depending on what country you live in, anywhere from $50-200 is sufficient for proper money management in a micro account.

The fact that you're trading with real money, even though it's small amounts of money, changes the game entirely.  It will force you to experience the most difficult aspect of trading: emotion.  Demo accounts don't do that.

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iamzill
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September 26, 2011, 03:29:49 AM
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Trading with fake money is the best way to get a good understanding of it.

That's like saying watching porn is the best way to get better at sex.  Grin
Maria
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September 27, 2011, 01:11:43 AM
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Has anybody else got into this, and did they find it useful to download the practice program? And what do they think of the real Forex trading??
I am considering at a future date, getting into that, but don't have a clue what it's all about. Thanks for any help!

Do not bother learning the hoops, just read this thread and thank me later.

https://bitcointalk.org/index.php?topic=41793.0

Maria.
payb.tc
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September 27, 2011, 01:52:05 AM
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Trading with fake money is the best way to get a good understanding of it.

No, absolutely not.  Trading with fake money is a great way to build confidence before you go live and blow your account up, because of this...


It is a 1% technical skills and 99% psychology.



Open a small account with a broker/mm that allows micro lot trading.  I'd recommend FXCM.  Depending on what country you live in, anywhere from $50-200 is sufficient for proper money management in a micro account.

The fact that you're trading with real money, even though it's small amounts of money, changes the game entirely.  It will force you to experience the most difficult aspect of trading: emotion.  Demo accounts don't do that.

i completely agree. $100 of real money is far better practice than $100,000 fake money.

(i recommend fxtrade.com for micro accounts)
evolve
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September 29, 2011, 06:12:44 AM
 #9

i recommend checking it out if you are interested in forex;  http://www.babypips.com/school/  ...lots of info, everything from the basics to simple ta and trading strategies.
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