Hi,
I'm here to tell you that I don't want to make 100% a month in trading; I don't even want to make 50% a month in trading. What I'm after is to trade and make realistic returns per month and guess what, if I'm not making enough money, I will just leave the money in my account and take advantage of the compound effect.
Great education in forex is difficult to come by; it is a new trend and that is to sell blackbox systems for trading forex. I admit that it is very clever for marketers and that also is attractive to those traders that only care about making money in the market without investing time and energy to developing their skills. I'm not a fan of blackbox programs because 99% of them require you to pay a monthly subscription and they can pull their system from the market anytime they want and that can cause a huge hit in your income--we all need reliable and consistent income.
I think Babypips had the best training that I have seen so far. I have looked at other systems out there and I'm sure that a lot of people heard of Steve Mauro. This guy is a genius marketer and I have mad respect for him. I think people really believe in his training. In case you're not familiar with Steve, his course teaches you how to beat the market maker.
Let me see, market maker. I did a google search and I was unable to find anything. When he talked about 3 strong moves, he really talking about the Elliot Wave theory. When he talked about the M or W, he really talking about prices touching support and resistance. When he talked about special timeframes that the market maker operates at, how can I possibly believe his timeframe over other sources that been consistent throughout.
I'm not going to talk too much more about Steve, but doesn't it sound crazy that it is a group that can dictate the value of our currency? That is a lot of power--too much that any government would allow. If Steve were right about the market maker, that mean market maker can take risk-free trades and that don't exist in investing. Also, banks bottom lines would be a lot bigger too. I believe not too long ago, a bank actually lost money.
Back to topic, basically, I'm looking for some training that can help me get to my goals. I'm in school and I been thinking about writing code to automate my trading. I also been looking into scalping. Can anyone give me some insight into automatic trading and scalping? As a trader, you should trade by rules and computers can follow rules better than anyone, so I believe that it is possible to write code that can make you money. You never miss a trade and you don't trade with emotions. As far as scalping goes, it seems iffy. You need very small spreads to be profitable. It is hard to predict the market in such small timeframe and you need a high win ratio, since must scalper have risk-to-reward ratio that is 3-to-1 or etc.