What Every New or Aspiring FX Trader Wants To Know...

[InnerCircleTrader]

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[woodman]

exellent article and anology!!! good read

[hellogoodbye4201]

What you will need:

Tools you need:
1) Know how to determine previous sessions highs and lows.
2) Calculate Pivot Points.
3) Basic Trend analysis, Fibs and a solid understanding of Support and Resistance.
4) One indicator: MACD
5) Understanding of leverage and the effects it has on equity both good and bad.
6) Pattern Recognition
7) Patience
8) Patience
9) Trade Management Concepts
10) Finally some considerable patience.

Aside from the Patience, of which nobody can teach it is developed... I will cover core concepts one might employ in tackling the big game in Forex... Success.

You forgot rule number 11; patience

[woodman]

so when does class begin

[Master Tang]

so when does class begin

As soon as your credit card number is validated?








j/k

[woodman]

sorry i forgot to apply rules 7,8, and 10!!! i will follow this thread patiently

[woodman]

credit card that wasn't in the rules

[SDC]

I hope this isnt going to be another 600 page thread full of waffle and unfullfilled promises.
I would say before you go any further with this, at least post some proof that you actually have a system that works, and answer these questions are you live trading it ? If so for how long and what is your weekly or monthly pip P/L ?
How about posting a few forcasts based on your system with entry and exit points before the fact not after it so people can follow them and see that you actually have something worthwhile to teach them.
The reason I say this is not to be mean or to start an argument.
I just feel after recently reading some other so called teaching, long drawn out threads full of promises of "great things to come" etc that had a lot of people spending a lot of their time keeping up with it, posting on it asking questions even coding indicators based on it, the whole thing turned out to be nothing more than waffle, based on old charts with hindsight, no current charts, no current forcasts, and the whole thing encompassed nothing more than could have been achieved by posting a link to a 5 minute forex tutorial youtube video.

[woodman]

No strings... I see too much fleecing for information. I'm in the same spirit as this website... Information is free... I'm successful and like spreading it around.

i was joking about the credit card!! and thank you for your integrity. i'm just an old dog trying to learn a few new tricks here

[hellogoodbye4201]

Well the thread was aimed at New Trader's expectations. The concept I presented was based on only one trade per week, targeting a 20 pip gain on 2% of equity, as merely a suggestion to build wealth versus Forex bang to broke.

If you are asking me where I am in my personal trading, I net 100-200 pips per week and average about 25k in USD. I trade 2-3 times a week, mainly the London and New York sessions.

I only trade the Cable (GBP/USD).

I do not use mechanical bells and whistles... I watch price and look for my tools to support the clues price has presented. If you are expecting system codes... I am a chartist. I rely on my objective analysis.

I trade at or near daily highs and lows and trade chart patterns... at Pivot Points. I can trade larger, but have no need to push it harder any more.

Does this satisfy your inquiry?

Some sort of proof would be nice