Earlier I asked about FX signaling services and the two responses I got discouraged it. Which I will consider. Though I know there are some FX investors who swear on such services. I want to know from seasoned old FX players, what do you think about FX signal services and which ones if any are worth the monthly fee they usually charge? At this point I am in the middle.
Also, what is the opinion you have as seasoned Forex players about the various"robots" I am sure you have heard about. Fap Turbo, Megadroid, IvyBot and the others, as well as Forex Ambush2.0 signaling software?
Now to some it may appear that I want an easy way to make money with Forex. I know about Japanese Candlesticks, The various types of graphs,technical and fundemental analysis, watching news, and economic reports etc… But there has to be a way to not have to spend hours going over charts and data to determine the best time to get in and get out at a profit in Forex, and to avoid Information Overload. Knowing there is never a one hundred percent guarantee. Even 80 to 85% accuracy in predicting at least daily moves would be sufficient. The people and institutions who are making money must know something or else they wouldnt be profiting from it. You cant go into this Forex thing thinking your chances are that slim in making profit. If Forex is that risky, why are we even having this forum and why shouldnt we all be like most people, just dont invest a thing, take no risks, own no business, stay broke or living from day to day, saving little and investing little to nothing, constantly complaining and never being financially well off.
I want to win at this game and want real advise from winners and not losers or people who have not even got their feet wet. Yes, strong words, but I am not playing. I want to make this work or else.
Judging by the quality of their answers, the people who answered your questions on your other thread ARE seasoned FX traders. You may not like what they had to say, but following their advice might save you some money.
Sometimes the truth is difficult to hear. Take your time and learn things for yourself. Build a system that works for you, save the money you were going to use on those signal providers and use it to trade.
If you’re really in a hurry, the Cowabunga system isn’t too difficult to learn and has a decent track record.
Okay forum members, I get the point. Its better for me to continue studing, doing demo trades and developing my own proven strategies to play Forex. Any pre set signals are just as accurate or maybe less accurate than what I can devise even as a novice. I just have to limit my strategies to the ones that require less time. I just cant spend all day at this point going over numbers and charts. Also, I have yet to do this full time. When I make realistic money and get it more down pat and reach the Baby Pips high school and college level, than maybe I can be full time. Its just that after going through the learning curve, and developing strategies and knowing the basics, its still more to be done to make a profit at this. Truthfully I believe that investing in stocks and stock options, going long or short seem to be easier than getting into Forex. It took me less time to grasp and deal with stocks at a profit. Its just that more potential money can be made with currencies (Forex Spot) at one time. The risks I think in some ways with high stock plays are more at any given time. The leverage and margin requirements with Forex are more attractive.
Anyway I will consider all the advice given by “Pipso Facto”, “Kockneerrebel” and Simonjr77". Thanks
Please finish school of pipsology and return here with any questions :). There are many simple to understand methods posted on this site that you can take as a base for your trading.
best regards
You say you are “not playing a game” and yet you say that you want to “win at this game” well which one is it?
Leaving that aside, I have only to say that as an owner of two different businesses (both offline) I will never ever have anyone or anything (other than myself) making the most major decisions for my business. and for me forex is a business, thus I will not have anyone or anything apart from myself making the most major decisions for my forex business. I’ll leave up to you what the most major decisions in forex are as they should be obvious, and if they are not, please go back to a day job.
And with this comes another advice: first figure out what forex trading is for you. Is it
a) A game
b) A day job
c) A business
If its a game then well good luck, and may the best player win.
If its a day job do take note that most day jobs require 8 hour work days / 40 hour work weeks
If its a business then take note that when building up any business it usually needs more than 12 hour work days, and often you don’t even get the weekend off. But once it is built up you do get lots of free time (not to mention money)
Another word of note: Try trading the H4 or higher, in H4 you only need to check once every 4 hours and every check should not amount to more than 5 minutes for a total trading time of 40 minutes/day. If you cannot devote 40 minutes/day then maybe just maybe forex is not for you.
I like to think of it as a hobby, something u do on the side but at the same time, you must take it seriously. I like to trade with the trend, i check the daily to see where it’s going, 30M to time my entry and 15M to get in. I just want to get 4 pips a day, that’s my plan.
First poster I think I’ve seen on this forum that sets themselves an achievable target if conservative. Most seem hell bent on grabbing all of PA move each and every day and as a result end up down. I commend your realism and strat. I expect to still see you posting for some time to come.
Thanks Carter, I think that 4 pips day is easily attainable using 1 standard lot but have to be careful though haha. 5 days a week, that’s 800 extra per month to pay my rent
Is there a way to trade without spending hours in front of the screens.
All three lead me to believe you dont want to put any time or effort into trading.
My advice would be to look for somthing else to make money with that you actually want to spend time and effort on. There are plenty of ways to make money. If you don’t have REAL interest in what you do to make money, not just making money, you’ll either flat out fail or it won’t last long.
I’m sorry but that is really redonkulous. 4 pips isn’t even the spread on a lot of pairs.
With a target of 4 pips a day you aren’t making trading any easier. What you are actually doing is tottally destroying any positive expectancy.
what happens when you trade 4 days out of the week for 4 pips and then on the 5th day you get a trade that gaps against you and wipes out all your profit and then some?
Abandon this, “plan,” it will lead to failure. Getting more than 4 pips a day is not hard. Unless of course you are numbscull trying to scalp every little move.
