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techsys
Master

30-Jul-2009 15:03

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In my understanding, trading forex is very hard. This is because you need to risk some money to gain something. Some of them (forex signal company) probably good in analysis but they can't or dare not to risk money for some profit. Or they just want to have extra profit from others. This is the reason of they sell this service.

I had followed some in the past, most of them are not so good. You might think that they will give you extra pips from them, but the truth is they just give you a few extra pips. If you have no time to observe market, you can rely on them. But you can't do this for long run.

If you don't mind depend on them, you can try them. Most of them can give 5 to 15 pips daily. Sometime when market is good you may have big. But you must follow all their signals, because you can't filter which one is the good one. If you try to be selective, you can be ended by hitting all losses. Smiley

niuyear ( Date: 30-Jul-2009 14:48) Posted:

Found some sites whereby they offer a system where they just send you signal via email or msg but comes with monthly subscription is paid. Are these systems reliable or just merely scam? Am wondering if they really so good, they would be rich by now and dont have to offer such service? Tks.

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niuyear
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30-Jul-2009 14:48

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techsys
Master

30-Jul-2009 14:38

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Last year, I have introduced one strategy about EUR/USD. It was a strategy for a beginner in Forex.

It was one of my Daily Trading Straegy. Which means we trade base on daily movement. If you trade blindly you will go no where because as a beginner, we don't know what market is going to go. I will share you how to trade them using indicator which will help us to filter out the losses.

Actually there is no 80% winning strategy is taught in the forex courses. The success key of trading forex is you know when to get in and when to get out. In short you must know market condition.

To understand market condition you can use three methods: News, Indicator and Chart Movement.

News is usually used by Positional Trader. Indicator and Chart are used by Swing Market Trader and Day Trader.

A positional Trader must have good reading chart ability and digesting news. Most of them grows from Swing and Day Trader. That's why I think it's important to know the basic of Swing Market and Day Trader. But again everybody is unique. It's always a possibility you can jump directly to be Positional Trader.

Btw, I was unable to reply some emails due to my mailbox overflowed with question. Smiley

I'm trying to answer them here. Smiley

And make it clear, I have no relation to any broker and forex course institution. I just share some of my strategies because I think nowaday forex course is so expensive and most of them is not worthy. So here, I think I can share a few tips that probably can completing your journey as Forex Trader.

Enjoy !!!

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august
Senior

30-Jul-2009 12:01

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Welcome home Techsys, good to have you back !!

Cheers,

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techsys
Master

30-Jul-2009 11:02

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Hi All Trader,

It has been quite long since my last post. I will try to rejuvenate this room again. I'm thinking to share a simple strategy for beginner here. :) Good luck my fellowship trader ...

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iPunter
Supreme

29-Jul-2009 09:56

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It's been a long time since someone posted in this thread.

We are seeing more and more interest in forex these days...

And there's a flood of ads in the newspapers offering coaching to make lots of money in forex...

and giving up full time jobs to trade forex... Smiley

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shweli
Member

30-Jun-2009 23:11

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Thanks every forumers for your view about some brokers.

How about OANDA? Anybody commend? Smiley

Thanks.

baseerahmed ( Date: 30-Jun-2009 22:57) Posted:

techsys Master	Posted: 14-Dec-2007 10:55 Contact techsys * Quote this Post!
x 2 x 0 * Alert Admin	Hi August, I'm forex trader too. I'm using saxobank. Only TA purist can play safe in FX. Not sugested for newbie .. since it's very volatile ..

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baseerahmed
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30-Jun-2009 22:57

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techsys Master	Posted: 14-Dec-2007 10:55 Contact techsys * Quote this Post!
x 2 x 0 * Alert Admin	Hi August, I'm forex trader too. I'm using saxobank. Only TA purist can play safe in FX. Not sugested for newbie .. since it's very volatile ..

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baseerahmed
Master

30-Jun-2009 22:48

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techsys ( Date: 29-Jul-2008 13:41) Posted:

Hi everyone, I just found something interesting. After a long observation, I realize that some brokers a kind of do cheating. I don't know the reason, but please verify by yourself.

The problem is the whipsaw. I compare their actual price history and it isn't a common price movement. For you who are still using small amount of money, you can still use them. But for them who trade using big sum of money, can consider the risk from these brokers:

FXCM, IBFX, FXDD, CMSFX, IGMarket.

This is the list of broker in good category:

MIG, SaxoBank, Dukascopy

I'm still observing some other brokers. There is one fx broker that is seem very good, but I need to observe them more.

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baseerahmed
Master

30-Jun-2009 22:46

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techsys ( Date: 25-Apr-2008 21:10) Posted:

Broker Review,

SaxoBank

I have tried three singapore FX Broker. I can only suggest Saxobank for satisfaction.

Saxobank has two platform. One is windows Platform, they call it Saxo Trader 2, and Web-based. If you have tried Metatrader, you will abit dissappointed. But after awhile, you will get use to it. For me, Saxo Trader 2 is the best in-house developed platform.

Basically, saxobank provided 3 accounts. Mini, you can open it with initial deposit 3000 SGD. Standard 10000 SGD and other is institution account. If you want to open it, simple just provide your NRIC. Their office is at Samsung Hub. Call them to make an appointment, then they will schedule for a time. They will introduce all platform they have. But if you are low risk taker, I will suggest you Saxo Trader 2. Web base is better for scalper, considering its fast response.

Account creation will be 2-4 days. You can transfer your money or give them cheque. If you have question, their staff will be very helpfull and friendly. Even last time, I was really mad about something, they treated me profesonally.

if you are singaporean who want to start trading forex, Saxobank is the one you can try.

In their platform, sometime, they broadcast Trading Idea. Trading Idea is position they want to get in. Some of them I follow, the success ratio is about 70-80%. Most of them give have risk arround 15 pips and target is arround 60 pips. You can follow with your appetite, for example this month following them, I earn additional arround 500 pips. Most of positions can be closed arround 1-3 hours.

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baseerahmed
Master

30-Jun-2009 22:42

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cashiertan ( Date: 28-Apr-2008 20:55) Posted:

MIG platform not much ppl like

consider Saxo singapore good enough

if ur acct abv 100k, can consider for financial acct

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baseerahmed
Master

30-Jun-2009 22:40

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cashiertan ( Date: 30-Jan-2008 03:42) Posted:

I use SaxoSpore and igmarket spore.

good thing about spore acct is the acct in sg dollar so no devalue, 2nd is easy to deposit and withdraw.

last is segregated acct. it suspose to be safer as the acct is in your name.

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shweli
Member

30-Jun-2009 08:40

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Hi Seniors,

which Brokers will you recommend? Thanks.

iPunter ( Date: 30-Jun-2009 06:42) Posted:

Forex AutoMoney

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iPunter
Supreme

30-Jun-2009 06:42

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Forex AutoMoney

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iPunter
Supreme

30-Jun-2009 06:26

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<<<<<<<<<<<<<<<< Janes's Blog >>>>>>>>>>>>>>>>

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iPunter
Supreme

30-Jun-2009 06:16

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You are right...

In forex, the price can move real fast...

The difference can be a world apart even 10 minutes later... Smiley

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baseerahmed
Master

30-Jun-2009 01:19

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..should have said currently doing a bull flag ... 40+ pips from the flagpole to be expected .... almost the last leg now ... foolish to chase at this juncture .... just for education sake ....caveat emptor

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baseerahmed
Master

30-Jun-2009 01:01

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USDJPY :

the 5min chart had a nice bull flag ... hope someone caught it today .

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iPunter
Supreme

30-Jun-2009 00:21

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Here's something interesting...

"Forex Automoney"

Has anyone tried it?

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baseerahmed
Master

17-Jun-2009 22:19

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The ultimate goal for traders is to get to the point where our intuition is contributing to the trading process. And to get to that point takes work.

The road to that point starts with repetition. It’s the same philosophy in the military for training soldiers in basic training. If you want an individual to be able to perform in a high stress environment, you attempt to simulate that environment, and then you make them execute the task at hand, or the plan, over and over and over again. The idea is to get them to go beyond memorization, to get completely out of their own head to where they are not even thinking about what they are doing; they are just doing. Once they are physically executing the plan with speed and ease with little if any mental input, they are ready to go live. Once they survive, and go on to have successful live experiences, and start to approach the same levels of speed and ease in an actual stressful environment as they did in the simulator, then they are in a position where they’re intuition can contribute. They can make the connection that the sound around the corner is the footfall of a boot, or a loafer, and react accordingly; while the person lacking training, or still caught up in thinking, is not even sure if there was a noise or not.

Well it is the same thing in trading. It starts with back-testing to understanding the signals. Then it evolves to demo trading on different time frames where for long-term trading you don’t consider fundamental news releases, and for short-term you do. Then it evolves from taking every signal to passing on certain signals because of timing, or trend stance. You know were the trend-lines are because you placed them yourself. You know where the previous highs and lows and Pivot Points are because you know their colors. And you recognize dojis and hammers and inside bars and change-of-direction candles the instant they close and you know what they mean in the context of the current and previous trends. And you know the current momentum, and you know when the next significant news release is coming out, and you know there is absolutely nothing for you to do till the candle closes, and you know exactly what you are going to do, depending on where it closes. At that point you are still demo trading but you are starting to glimpse your potential, and you know you can’t rush it because that would not be showing patience. You concentrate on not missing trend triggers and avoiding questionable counter-trend triggers because you need to know what your win/loss and risk/reward ratios are going to be over time. You need this information because you know that the only way to subconsciously believe you can succeed at trading is to do it yourself in a demo account.

Then you have to replicate that same process in a live account with your hard earned money, and succeed at it. Then, over time your intuition may bud like a plant. And that is where we want to be going.

Jay Norris

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