Interessting Article for all beginners

This is maybe an interessting article for all beginners who want to get rich in the FOREX market.
When To Not Trade Forex - Joe Ross & Trading Educators Forums

Thank you! This is a very good Web-site!!!:slight_smile:

[B]Mandatory reading [/B]for all beginners, I think.

Now on my favourites list.

Regards, Tymen Wortel, Perth, Western Australia.

now that is really confusing, Mr joe ross, is saying don’t trade in forex :confused: n trade in futures, now i m totally lost :confused:. any one can please explain ?

Thanks for the link dr. forex.

tymen, I’ve been for some good trading material to read, what else would you recommend?

so baiscly what I’m learning from this is that we should all go for a longer-term trading system.
this way we are less volunarble to scams.

but the question is futures vs forex :confused:, Mr joe ross suggest all the forex brokers are scam. and should be avoid and no money can be made, but this is my understanding of the article. so is it true ???

i dont think a longer term trading system will mitigate many of the issues JR has with Forex. one of the main points is that forex brokers are unregulated.

this potentially effects all aspects of any strategy. if they go out of business, you most likely lose your money, they regularly skew prices (leaning), actively go stop-hunting, and unless you have a specific reason to trade forex (e.g. time of day or a currency pair that does not involve the dollar) than it is better to trader currency on the futures exchange.

My intention why I put this link into the forum was not to stop all beginners learn about FOREX and go into the Futures Market. I just wanted to make you all aware how this business works in the moment. Especially all newbies who think they are really smart and better than all the others, so that they will make a lot of money in a very short time. I’m pretty sure many of you are really smart guys, but to play against professional traders who can set the quotes and decide if and when they accept your order could be very hard. However, this situation will change. I’m quite sure that in future we will have a centralized FOREX market. There is a very promising venture called FXMarketSpace (FXMarketSpace Home) which could revolutionize the FOREX business. But it will take some time until all this happens. So we all have enough time to learn everything about FOREX and find the perfect trading system which makes us all rich when this time comes. FOREX is the market of the future, I believe in it.

The other reason why I posted this link is that we all who want to trade the Spot FOREX Market can learn a lot from the futures market. There are a lot of strategies which are not (yet) in the Babaypips School of Pipsology. You can find some of them in the book “FOREX Conquered” by John L. Person. Sorry, for advertising this so obviously, I don’t get any money from them. But I think it’s one of the best FOREX books available in the market. You can also find some information about FXMarketSpace in this book.

So my advise for all: Don’t be too scared about this article, it should just open your eyes. Be aware of what you are doing and learn as much as possible. I’m sure you won’t regret it, also if it takes a lot more time than you expected before.

so your saying that one should go live with any forex brokers, because they trade against you . that is even more confusing. because i was thinking of going live end of this year, now i m all confused again :confused:

No, there are brokers that are cheating less than others. You have to find out which broker fits best to you and than google it if there are any scam reports. You find a large list of brokers on Forex Trading System with Forex Signals and Broker Reviews. I’m sure that at least half of the reviews there are fakes, but it should help you to stay away from the worst. If you really plan to open a live account at the end of this year, make sure that you have a trading plan that works on a demo account. And maybe you should divide your trading capital between two or more brokers to see if there is a difference in their quotations and execution time.
But the fact that they trade against you will still remain. Of course they try first to match your orders with orders from their other clients, but as the volume of one single broker isn’t that big, they are, like Mr. Ross mentioned, the buyer and seller of last resort.
It’s up to you. Do your homework, make the research and make sure that you really know what you are doing. Wish you the best.

To Avarice786 :

Some interesting material to read : :slight_smile: :slight_smile:

Two interesting hyperlinks : The first fascinating and both very educational :

  1. The Trading Game

  2. Stop Hunting

Kind regards, Tymen Wortel, Perth, Western Australia.

Thanks again Tymen and Dr. Forex. These links are helping me realize what things I really should be prioritizing when it comes to learning how to trade forex.

In BabyPips school of Pipsology it is advised to learn how to trade without leverage. How can I trade without leverage.

Thanks.

fxpaps

I can’t quite remember which part of the school this was in,
but you are taking the statement too literally,

learn how to trade without leverage

the idea is to learn how to trade with as little leverage as possible, in
the best money management scenario.

I find it farcical that people start with $100 000 & 400:1 leverage, in
demo mode, when in reality they can only afford $100. :slight_smile: