Where to learn FOREX proffesionally? Any South African's on here?

Beginner Questions
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fasmail2005 at ovi dot com

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YOu want me to mail you details?

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yes man if you dont mind? Thanks

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suite 1-4 12th floor sandton city office towers acmgold dot co dot za or com

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Thanks Mate, are you Trading live or Demo?

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live with them only…are they any other ibs or brokers in this area…let me know

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cool man, how long did u demo before u went live?

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Hi Guys, I hope this thread is still being watched by someone.
I too am a South African, living in Johannesburg.
I want to get into trading, on a full time basis, but I have had very little luck gathering the kind of information I need, or rather, they kind I can follow.

My story is that I have been working in a ‘learn on the job’ kind of career for the last 11 years, and honestly, the last time I opened a book to study I was about 10 years old. (Lets not pretend that high school was so hard that just listening to the teacher wouldn’t get you A’s in matric)
And I think there lies my problem, I have always understood information better when it is practically applied. Maybe it is my ADD, maybe it is a question of engagement, I don’t know.

What I am looking for is someone in Johannesburg who trades regularly. I would be very interested in showdowing that person for a day or two of trading, and I am sure there could be a bottle or two of our old friend Mr Johnny, you know, the walker, as compensation.

Make no mistake, I am not looking for some one to teach me how to trade, I have a pretty good idea of how I would like to approach the markets, I really just want to see some aspects practically.

If anyone knows of someone who would be willing to help me out, or just have a discussion on the matter, that be great.
Cheers all

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Hi SpandexCobra,

I just stumbled on this tread and well to read about some home buddy’s. I have been trading since last year September and its been up and down, make some, loose most. I believe that I am getting there. When I joined this forum I found School of Pipsology educational and they explain very well.

I have been teaching myself since, reading, reading and more reading. I apply this and experimenting with that and so forth. I have found a trading strategy on this forum that works for me and also using a more sophisticated but simple system. I will be glad to share this with you. I am in Roodepoort and will be glad to assist and I might learn something too.

Any more SA I would like to get in touch as well. :smiley:

Regards

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I bought training software from masteryourforex.com and it has been great. All of the practice runs I have used from the things I have learned have worked well. I am a newbie too and tried to learn on my own but I have found this software to be really good. The help on this forum is amazing as well. Good luck.

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Hi to all South African traders. I have been learning to trade for the past 12 years and have only just got to the point where I am making good money.

I started trading the S&P, then when I had lost all my money I went over to the Forex market as I only needed $500 to get started. So the learning continued.

I now trade Crude Oil futures. I use an American broker and NinjaTrader charts and platform. I had two jobs in order to survive these hard times. I have now resigned from one and will start to draw an income from my trading account. Won’t be long before I can become a full time trader.

My reason for joining this forum is to ask if anyone else is making money from trading and how our tax system works.

After reading this forum it has brought back all the hard work that went into getting to this point, as well as all the money I have lost and if anyone wants to contact me, I would be more than happy to help them. I don’t have much time but contact me and we will make a plan.

I am not after money, I make my money from trading and I have no interest in selling anything. I have bought enough over the years to realise that those who sell trading systems (or most of them) are not trading their own system. They are making money from those who are desperate to make this work.

Please if anyone knows how our tax system works regarding trading in our country, I would really appreciate some advice

kind regards

Linda

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Hi Linda,

I’m form South Africa too, but now living in New Zealand. Curious to hear what you look for when trading? Are you a long term trader or short term? daily, hourly or a scalper? Do you rely on price action and trend lines or more on lagging indicators?

I have been trading for over a year now, but not full time. More as a hobby for now. I hope to get to the point where I can trade full time one day.

Not sure about the tax system in South Africa. Did you manage to find out?

Hope to hear from you.

Kind regards, Jac

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Hi Jac

I am a day trader and I trade with momentum. I don’t trade with lagging indicators at all, but I do have an indicator that shows me the momentum of the move. I then only enter a trade when these numbers are very high. I use a 5m and 15m chart to show me when the market is moving strongly and then wait for a retracement on the 1m chart for my entry.

I have a 13ema on my 1m chart for the retracement as well as daily pivots. Price will usually retrace to or close to the 13ema and continue it’s direction. I do not enter a trade into a pivot, only after it is cleared.

I hope this makes sense.

Kind regards

Lin

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Hi Lin,

Thanks for that information. Sounds like you have a solid plan and strategy. I take it you scalp the markets for a few pips and do not hold long term trades. Do you use a stop loss and if so how many pips do you look at losing or winning before you close out? ie is your risk/reward around 1:1 ? I also hope to getto the point where i can trade fulltime one day. I trade mainly the currency market using a forex broker in Australia called Axitrader. They seem ok for now. Who is your broker in the States?

I have never used the momentum indicator, only the ATR and MACD. I will study it to see what i can make of it. Thanks again.

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Hi Jac

Using 2 contracts my targets are 10ticks and 20 ticks with a 10tick stop. At 8ticks I move to +3 and just hold there.
I do not use the conventional momentum indicator but one that came with joining a group.

I use Liberty Financial Services. The actual broker I use is always available to call if I have a problem which makes me feel secure in case I lose my connection.

Kind regards

Lin

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Hi LIn,

Where did you first learn to trade futures? I have only studied fx and commodities trading. Do you trade the emini s & p 500?

What is a good amount to start to trade on the futures market?

Take care, Jac

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Hi Jac

A friend introduced me to trading. She was trading S&P emini at the time. I changed to forex for awhile. I did many courses and lots of studying on the internet. There is so much out there that is free.

I am now trading Crude Oil. This market is quite volatile and I have got used to the conditions.

$5000 is probably the least amount to start with, but I would advise to trade in demo until you have been profitable for at least 2 weeks. It’s really hard to trade in sim as you would if you were live, but imho it is the best thing to do. Keep a journal and have your method making you money before risking your account.

I have lost a few accounts before doing this.

Kind regards

Lin

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Thanks for the advice Lin. What do you think of Mirus futures broker? They have a demo account that I was thinking of using. I will start with around $3000, but first would like to try demo trading for a while before I go live. Would my forex trading experience and technical strategies help me with trading the emini s & p 500?
Have you ever traded the forex market and if so what do you find to be the big difference?

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Hi Jac

I have never used Mirus. Do a search on Forex Factory to check on them.

I traded forex for a couple of years and used Think Forex.

I would suggest you take out a demo and practice your forex method on the emini. Get to know and understand how the S&P moves and breathes so that you can work out what targets and stops to use. All the markets move and breathe differently. When I refer to breathing, I mean what you can expect when the market retraces and then continues in the same direction.

Make sure you demo trade with discipline so that you know what to expect when you go live

Kind regards

Lin

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Forex Trading Scams
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Trading Divergences
Breakouts & fake outs
Fundamental Analysis
Currency Crosses
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Country Profiles
Trader personalities
Trading Journal
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Causes of Death of Forex Traders
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