Flashingpips here......beginning a new journey...who would like to come alone?

My name is Scott and I am currently living in North Carolina. I have been studying Forex for the last 5 years without the ability to trade live. I have recently been released from Federal Prison and have a very interesting story and journey to tell anyone about that is interested. I discovered Forex about 6 years ago and at first did not believe what was I was hearing about the potential for this business. I quickly became very interested in all things Forex. I have an Accounting Degree from the University of North Carolina of Charlotte and have spent most of my life in a Private Tax Office.

At the beginning of my education I was fortunate enough to have access to a simulator that I was allowed to use from 6am til 10pm with data purchased from 2008 - 2010 for the euro/yen/dollar/s&p/etc. Unfortunately at the time I had very little education on trading and not alot of resources, so I played on the simulator, night and day- 7 days a week, as much as I could and I tried and I tried to make sense of what I was doing. I spent 2 straight years on that simulator and I eventually got my hands on some resources and begin to learn about support and resistance, volume, fibonacci, stochastics, etc. I developed different ideas about trading through instinct and money management strategies and played and played and played with that simulator. Some days I was somewhat successful, other days I crashed into the wall full blast. But it was fake money and I was in prison and I tried my best to learn anything I could.

I eventually moved on to another locatioin and the simulator was taken away from me. I was not sure how I would preceed with my education at the new spot, but I continued to review what I had and tried to hold on to the excitement and knowledge I had gained.

My family sent me a few books and I came across the Forex for Dummies and the Forex for Idiots and begin a new way of learning the business. I started getting more and more books and eventually moved to Tharp, Douglas, Dalton, Person, and many many more. My education continued, but the questions multiplied. My knowledge grew but the world of forex grew with it. I begin to realize even after 3 years of study I had only stratched the service and that I was lucky I didnt have a computer and a live account to trade or I would have already blown it up, over and over and over again.

I learned about journaling, system development, order flow, price action, the difference between price and value, risk management, position sizing, the psychology of trading…fear and greed. I learned about all this but could not yet touch a computer.

Then the last two years, a mentor appeared…a REAL FOREX TRADER…one who allowed me to ask all the questions I could not find answers to in the books. He started teaching me a trading system and showed me how to develop my own. We talked and talked and talked about all things Forex.

I have run out of time for now. The story continues and only gets better and better…I have many lessons to share about what I feel is the proper way to learn forex due to the situation I was in and how I was forced to learn FOREX. I am obviously out now and in the beginning stages of puttting all my training to practice. I will be back to finish this story later and hope I have found interested readers to follow along with me on this most incredible ride.

Hey Scott, thanks for sharing your story! We’re glad to have you here in our forex community also impressed to know how you kept on with your forex education despite the challenges you faced. Just keep on practicing and learning. Don’t hesitate to ask any questions in this forum if you’ve got any. See you and best of luck in your journey!

Finding a broker…finding a platform…putting a system together…finding useful fundamental and technical information…the internet is a cluster fckkk of information and thank god I understand the difference between the good info and the bad…keeping it simple and straight forward…decided to use ninja trader at first then moving to market delta when I can afford it. Still struggling with which broker to use at first for mini trading…would love to go str8 to interactive brokers but will not have the funds until NOV,…so for now looking at FXCM…even though I have read alot of bad things…its just to learn live trading…start out with MT4 but did not like the execution and display of my trades…just didnt like the set-up at all…ninjatrader is alot more natural and easier to understand now that Im getting used to the lingo and connections…still got weeks before I become fluent in NINJA but on my way…and doing the webinars all week…got my fundamentals in line…learning to use the information sites and the tools…dealing with accounting and tax issues as I go…moving to Puerto Rico as soon as possible…no taxes…did I type that right NO TAXES…what?..do you understand what that means to a trading account…like an extra 40% return on investment…got two trading systems that I have been studying for 2 years…bollinger band system and constrainment system…1st based off 5 minute chart…range trading with volatility needed…2nd off of news and trending markets on 15 minute chart…wanting to add third system for more long term trades and researching ForexTRading.com…the proACT traders…have heard alot of good things about there program and there set-ups…this system is more long-term and requires more money…but ready to start learning it once I can afford the fees…After I get the NINJA down…got hours and hours of practice to go before I start to try to make money…but on my way…not sure how long but things are progressing nicely and I love what Im doing…Cant wait to get to Puerto Rico and trade the rest of my life away on the islands.

Hi flashingpips,

Welcome to the forum and thanks for sharing your story. It’s always great to hear someone’s story learning about the market, and helps other traders that are new and looking to learn more. Feel free to let me know if you ever have questions about FXCM. As one of the first brokers to participate in the Broker Aid Station, we’re always happy to answer questions and help where we can FXCM

Jason

thanks…already got a contact from FXCM and funded the account…going to simulate for a month and see if Im comfortable enough with my process…then going to the micro…then minis…and then hopefully to the moon and back.

Great to hear and all the best with your trading! :57:

So got my first week of Ninja in and man…just getting used to using a computer again on top of all the stuff I need to learn has whooped me…really tired and jacked at the same time…very exciting stuff…I love to learn so this is a wonderful feeling for me…but its a lot of information coming at me at once. Getting used to looking at Economic Calendar and beginning to see the effects certain news has on the currency market…got a long way to go with that…but I see it and understand it. My trading plan does not allow me in the market until at least 30 minutes has passed since a News Release and the market has calmed down, but I also have to remember when I’m already in a trade to watch the list and make sure I have not forgot about some news coming out. Been getting up at 4am and starting my routine and planning on eventually getting this to 2am…so i can trade from 4am til 11am…everyday. Also planning on adding the Asian session when news is due and I can expect some movement. The training I have and the system I am setting up are very good and now its just a matter of holding myself to my rules and following through on the plan. Still learning the charting and workspace set-up and I have many hours of Ninja Trader videos to go and plenty of frustration left learning how to manipulate this platform to my benefit. I have tried a few trades and so far so good…but I truly see where the DISCIPLINE comes in cause right now why I’m messing around…I have jumped in to trades not following the rules and systems I have and it gets ugly fast…but I’m learning and I have no intentions of doing this when I get all these buttons and controls down. All in all I’m filling good about what I accomplished in my First Week on Ninja Trader but I got a long way to go before I would ever put on a REAL trade. And that comes from someone who has been studying FOREX for over 5 years…mind you that was without the benefits of a computer and that slowed me considerable but at the same time my knowledge of currencies and trading systems and the psychology of Trading runs deep. To finish this for now…Feel good about where I’m headed and confident that I’m one the right track…at the same time I know I got a loooooong loooooong way to go before I can start taking consistent money out of this market. Moral of the Story Guys…never stop learning…its the most important part of this whole process. Dreaming of Puerto Rico. Scott

Been spending the weekend…learning THE NINJA inside and out…got a nice workspace built to track 8 different pairs. Each with a 5 minute system and a 15 minute system…should work nice but Im sure I will have to change it up some once I start demoing on Monday. Have spent my Sunday afternoon reviewing the fundamentals of all the pairs…in order to determine overall direction of the major pairs. Reviewed the scheduled news releases and listened to several commentaries. Also reviewed all the charts and set-up Pivot Point support and resistance levels and well as historical support and resistance levels. Still got some questions involving using Level 2 Quotes while I’m demoing…and dont think that would be available. I have sent several questions to Ninja Support to learn more about the platform. All in all I think I’m pretty prepared for my first full week of Demo…excited about all the news coming out and hoping for alot of volatility this week to help produce many set-ups for me. I will not trade the news…my rules do not let me in the market until 30 minutes after the news comes out and once the market has settled and is showing a true direction. This is very important to me and my account. Discipline…Focus…and most importantly Patience is what Im focusing on this week. I plan to follow my trading rules for entries and exits as close as possible so I can start to develop an almost ROBOT trading style for myself. Very interested in finding out…how much work I need to do on myself when it comes to my emotions and my abiltiy to follow the rules and focus properly. My daily routine development is also very important to me…working on information processing and sleeping habits and not letting myself become mentally fatigued. Excitement is my enemy at the moment and I am doing my best to keep it under control. Going to wish myself GOODLUCK and PROPER AND EFFICIENT TRADING FOR THE WEEK.

SCOTT

One more thing…going to focus on the EUR/USD mainly this week while watching the other pairs. Once I’m in a trade I am going to manage only one trade at a time…until I am completely comfortable and feel proficient in doing this. As I progress I will try more than one trade and concentrate on more and more pairs.
Also just to let you guys know my systems are based on technical analysis…but it is very important to me to understand the underlying fundamentals driving the currency pairs and the overall long term trend…this information helps me determine what set-ups are truly the best to take.

Been toooo quiet so far this week…having to really watch myself…got the new toy and wanting to demo but my systems need volatility and there is NONE so far…waiting on Wednesday and Friday and hoping for some fireworks…trying to do this the right way and trade like it is real…but at the same time trying things out here and there just to learn the buttons…giving myself the rest of the month b4 I start keeping a record of the trades…want to get August down in the books and SEE what I come up with. Got a new desk and 40’ TV to go with monitor to make some more room on the screen to be able to monitor everything without so much opening and closing windows. No good at putting things together but got to take one for the team and spend this evening putting the desk together and learning how to use the TV with the computer…in the long run…it will pay off with more efficient trading…gonna spend some time today looking into Interactive Brokers…going to be using them in the next few months and want to see what it takes to get account open and running…also researching Proact Traders and trying to figure out when I can afford there training and start to implement their longer term system with my shorter term systems. Still got to learn how to trade with Level 2 Quotes and have not figured out if Level 2 Quotes is available while simulating…don’t think so…sent email to FXCM about this and reply so far. Either way got to implement some volume information into my trading at some point.

Hi Flashingpips,

Market depth information is available to Active Trader accounts with FXCM. If you send me a PM with your contact details, I can ask one of our Active Trader specialists to follow up with you to set up a demo.

thanks jason…what is a PM? probably stupid question but I dont know…got an answer…need a $25,000 account to get the level 2 quotes? does anyone out there know any other brokers that give them to you with a smaller account…the issue is that I would like to trade micros and minis before going that large and it would be nice to learn with the level 2 quotes? is this possible with anyone? or do you just have to put that much money in an account and then you can get the level 2 quotes?

Hi Flashingpips,

PM = Private Message

However, it’s possible that as a new forum member, you might not be able to send private messages yet. While you’re correct that Active Trader accounts are available to traders who either have a balance of 25k or a monthly trading volume of 10 million notional, I see no harm in you having a demo Active Trader account.

You could use your demo to see the real market depth. Just know that if you later decide to open a non-Active Trader real account, then you would need to be logged into your demo account in a separate browser window to view market depth, since your live account would not display it.

You can email me at <[email protected]> if you would like to see a demo showing market depth. Please put “Flashingpips from Babypips” in the subject line, and I’ll keep an eye out for your email. :57:

Back again, thanks jason, I sent you an email. Very interesting day for me…really my first day of actually being able to follow the market and makes some demo trades. I do not trade the news so when the GDP number came out I did not have any positions and I wait 30 minutes for the markets to calm. I have a 15-minute 3 moving average system that I use, its very basic…which by the way I like. Almost immediately I had 7 different pairs give me signals. I had no idea if I could manage this many pairs at one time but I wanted to find out…so I took positions in all 7 pairs. I immediate realized one of my first mistakes…I was too anxious to get in and instead of letting the market retreat some before entering…I jumped in as prices broke new highs and lows depending on the pair…I immediately took heat in almost all the pairs and could have gotten anywhere from 6 - 10 pips better entries…no worries I have a 30-pip stop loss in worst cases although usually if I take more than 15 to 20 in heat its time to get out due to price action/order flow turning on me. Soon all my positions turned positive except 2…which just kinda treaded water for the day. By the time 1pm came I had booked almost 80pips.
At that point…somewhere around 1:30 the market had cooled from the GDP number and the Fed Meeting was due…closed out all positions 5 positive…3 negative…+39…+32…+18…+11…+8…-8…-9…-4…Based on my position sizing formula I would have needed over a $100,000 account to hold all these postions at one time and not be at risk for significant damage to my trading account. It felt good to trade and be prepared and understand most of what was happening and why. The entry part of the 7 positions was the easy part for me. Once in the trades and as they gain pips, the hard part came in managing the charts and timeframes and support and resistance levels and keeping everything str8 but I managed it pretty good. Also of note…lost power in the middle of this…and had forgot to hit button on my UPS so I went down for a few minutes…also the NINJA crashed on me…which I’m still trying to figure out why that happened and still don’t have a good answer and it bothers me. Oh well, that’s why is so important to practice and learn everything that can and will go wrong. Either way 2day was an incredible day for me…I proved to myself that I have not wasted the last five years of my life learning everything I could get my hands on about the FOREX market and TRADING. I still have a long, long way to go to accomplish my dreams with this adventure but 2day made me feel a lot better about my chances of truly becoming a MARKET WIZARD. Looking forward to trading the rest of the week with all the possible volatility out there and all the chances to test myself against the BEAST.

Thanks, I’ve replied back :slight_smile:

guys i have been doing some research on the ProAct Traders Website…if .you have not got a chance to look at it…great stuff…they have done a lot of the hard work for you…worth checking out and well worth the cost!!!

Hi,

Glad that forex kept you occupied. :slight_smile:

Best Regard,
Victor Lew

thanks…Mr Lew…it more than kept me occupied and I’m sooo sooo glad I put in all that time with it…I love trading with a passion and now have something I can do for the rest of my life and It doesn’t even feel like work…It’s a giant puzzle that I get to pu together for the rest of my life!!!

hello to all you new forex guys and the ones who have some base of knowledge of forex…since the last time I posted I have been very busy learning how to use my platform…I ended up using the FXCM Trading Desk Platform…it to me is one of the best out there…I am sorry but MT4 is not set up to help you become a good trader…and I will never use it again…erased it from my computer…going to learn another platform soon called MarketDelta that incorporates Level 2 info and produces a sort of volume footprint of the market

Things are going well for me…I have been using the ProAct Traders charts and I am now in their Fast Track Program…and I could not be happier…this system and the learning platform is incredible…really good stuff and I get the training and the live room sessions and all their videos for just $3000 for the year and believe me guys this is a steal…

Any of you guys out there serious about making this a career and making lots of money need to go to their site and really consider becoming a member of their family…

If your just starting out you need to work through this site and get a decent base knowledge of what Forex is and do a lot of reading and studying but if you got a few years in and your struggling this is the place

I have been with them for 6 weeks now and I have been trading on the computer for a little over 2 months

this was one of my results from my training and studying

Thursday night into Friday…I caught the Nzd/usd and the Aud/usd in the first and third elliot wave…my pip captures where as follows

nzd/usd with 3 micros per trade… 23 38 49 68
aud/usd with 3 micros per trade… 26 34 45 71

that was like for a 24 hour period of trading…and thats alot of pips guys and I am just starting to understand the way they are teaching me and its POWERFUL and well worth the MONEY

just saying…going to keep posting about these guys…there motto is

NO TRADER LEFT BEHIND

and if you have the money and your serious…take the time and go check this site out

any questions…please PM me and I will answer any of your questions…you need to have the right mentality to learn how to trade like this…this would be the beginning of a life-time investment in time and money

THIS IS NOT A SCALPING SYSTEM AND THE PEOPLE IN THIS ORGANIZATION ARE NOT YOUR AVERAGE FOREX CAR SALEMEN YOU FIND OUT THERE TRYING TO SELL YOU ANYTHING THEY CAN GET YOU TO BUY

just take the time and do the research it will be the best time you ever spent and it will get you on the right path…believe me…i have been studying forex for 6 years and this is some of the best information I have come across and I have read a lot of forex books.

I will post some of my trades in the following weeks so you guys can see my progress with this learning program

and this will be my last post on this thread just realized that i am technically breaking some rules here…because i am done introducing myself and i need to move on…sorry all you pip heads out there…i am not good at going through these sites and reading all these rules…

i will pick this up somewhere else thats more appropriate

anyone interesting in following along with the story just look for the next thread

MONEY FOR NOTHING AND THE PIPS FOR FREE