This post is for all of you wannabe Fulltime Forex Traders

Well i don’t plan on making large gains on that account. I see it as a more realistic practice account. I would be willing to invest the $100 to gain the experience before i open my goal account of $2,500. I feel that if i am trading real money (no matter how small the amount) I will be more disciplined to my strategy and will get more of a feel for the psychological ups and downs of trading.

Thats why i ask, but if it isn’t as much of a benefit as i think it would be, I am ok with that!

AHH so many questions! Sorry if I am asking too many questions but i always believed that there are never too many questions so here is another!

I was chatting to a GFT rep. today to have my demo account restarted at $2,500 and what not because it was at $50,000. So during our conversation he told me that the demo account is only available for 30 days, which is another 14 days for me. After that i have to open a live account, which would then allow me to use the demo trading account for the life of my live account. What do you suggest i do? I have 3 more months before i want to go live.

Most brokers only give you a 30 day demo on purpose, anyway I believe IBFX mt4 demo does not expire. Try it out.

My opinion is demo trade to get the feel of the platform, then use real money and open a micro account and learn to trade. I think you can start with $25 at Oanda.

Cheers

Thanks for the input man! That seems to make sense, I think I read that in the good ol’ school of Pipsology, managed to slip my mind haha.

Yeah it seems easier to start by looking at longer period time frames, but it get’s a little boring for me, and I don’t particularly feel like focusing on more than one pair, so the 5min time frames keep me on my toes!

Ha, I have had that problem before, but i have learned to be patient, here are some wise words that were told to me when i was in your position;

""Hi Josh I can’t answer your question as I do not trade my mehtod on shorter timeframes. I can say that this week have been VERY slow. The method is not usually as slow as this it is just a slow week.

[B][I]Also, a traders job is not to constantly be trading. A traders job is to constantly be analysing the market and looking for the perfect opportunity to take a trade. Do not let the excitment of taking a trade suck you into over-trading. Over-trading is how most newbies end up killing their account. And it all stems from the urge newbies have to constantly have a position open. “”[/I][/B]

Thanks for that! I do tend to always want to have an open position, otherwise I don’t feel like I’m accomplishing anything, but time to start a more passive logical approach!

In the process of starting a new system - no doubt it will fail, but with perseverance I’m sure I’ll have one that will work for me soon enough!

Looking forward to more lessons mike!

If you have not chosen a broker yet you might want to choose interbankfx.They won some award for best broker in the u.s.Can’t remember who gave them that award but i’m sure they will tell you if you ask.Whatever broker you choose make sure you ask for their nfa id then go to the nfa website and enter the id you got from them.Read what you get carefully.

Most of you already know this but for those who don’t do not choose any broker if it is a u.s broker without checking their nfa status.

Greetings, no worries. I spoke to Mike today on-line and he is working feverishly on a post to describe his trading system. At last count he was up to 13 pages :smiley: In my own humble opinion, trading for good consistent profits is the second hardest thing in the world to do. The hardest thing is showing someone else how to trade. From what I know of it, his system is based on very sound technical and fundamental principals. I’m sure you will find it well worth the wait. I’m excited about seeing it. Happy trading :slight_smile:

This gets me a little excited :stuck_out_tongue: I check this thread religiously because mike has already helped me so much. Look forward to the next lesson!

Wooo! I’m very excited!!

Well said and can not agree more :slight_smile:

Nice fundamental review and some mechanics, too. Empires are built on a strong foundation. We have lots of work to do.

nice one, thanks for the info

Yeah, great info.

Subane, what free EA are you using?

This thread has been a great read! Thanks for posting it mikeanthonyb.

I am currently in school, and thus have no money to trade with, but I plan to start saving away when I get my first pay check. I’ve been practicing with a demo account for the time being.

My question is: are there any books or reading materials that you would recommend?

Update: the next post is at 43 word document pages. It is almost finished, I apologize for it taking longer than expected but there is alot of key information in it and I have decided to break it into subsections. I will keep you update but until I finish it I wont be making any other posts, except to answer some questions that may be asked in this topic.

It will be coming soon, thank you for your patience

looking forward to the .doc Mike. I do have one question. Do you have any advice form someone who lives and works in the Eastern time zone? I sleep through Euro / London early session. But I can look in on the charts during NYC session most days…

then trade the NY session 8am-12pm try to be on your chart at 7am if you can so you can catch something early

but watch out for news

f…y…

:slight_smile:

I bought the following books:

Currency Trading for Dummies

Technical Analysis for Dummies (For Dummies (Lifestyles Paperback)

Forex Patterns and Probabilities: Trading Strategies for Trending and Range-bound Markets (Wiley Trading)

7 Winning Strategies for Trading Forex: Real and Actionable Techniques for Profiting from the Currency Markets

And the Babypips school!