FX for beginners

[arco]

Nocash

You need to get that car registered......you're bound to get caught

Try trading FX with a demo account first, then you can see if you can become one of the privileged 5%.

$2000 is not enough IMHO

arco

[AMR]

What a crappy week days forex wise. I lost $40 when my pips were only 20-30c each.

Maybe the moral of the story is not to assume that a major support identified on the weekly chart is broken by spending a few hours beneath the support.

IMO it is better to trade tiny pips rather than play an FX game. The psychological factor comes into play a bit and you can learn to handle your frustration by means other than smashing the top of your desk

[arco]

AMR

Yes, you are definitely better trading 'live' with real money, but its also a good idea to use a demo for experimenting with trading ideas.

Hope next week will be better for you.

rgds - arco

[AMR]

Neatest thing I've found so far is that support and resistance seem to get routinely violated by just a little, just enough to take out a stop.

Juggernaut, how are you finding it so far? Do you know how to set up stop loss as an entry point and then add a stop to that entry? I can't figure out how to do that for the life of me, I'm sure they've shown me how before!

[arco]

AMR

Welcome to the Pleasure Dome....

You have discovered ones of the many tricks they use to part you from you money. There are others.

[Tok3n]

AMR

Welcome to the Pleasure Dome....

You have discovered ones of the many tricks they use to part you from you money. There are others.

Brokers target individual retailer traders just for a few bucks?

[arco]

Tok3n

Suggest you read
Trader Vic--Methods of a Wall Street Master"...... P82


Remember, you will not be the only person sitting with a stop/order just below/above the pivot, support, or resistance line.......you will be one of thousands........including people in the real market. This in itself is a a dangerous area because many traders place their entry and exit orders in the close proximity of those lines.

Metatrader even provide their 'brokers' with special programs to harvest your money.

Slippage and widening of spreads is also a money technique for brokers.

Its a dirty game......you need to learn their possible tricks to get ahead in the game.

arco

[dumbass]

dig this , i think it was aud jpy i had a stop about 50 pips away from the action and in 1 minute shot down to exactly my stop and then back.
complained about it and they said it was a genuine market spike , so argued the point that you couldnt see spike on other crosses , then they agreed and reversed trade.
i asked for an explanation and they said it was a data supply issue.
On saxo bank there is weird spikes all over the place, so always worth a look to make sure it looks correct.
i think they all use their little tricks.

[Dr_Who]

DB, which FX broker do you use?

[arco]

Dr Who

...................heres a clue ....its in DB's post.
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saxo