How many of you traded forex? and what is the winning ratio?
March 31, 2009 | Author: admin | Category: forex courseHi I have been trading Forex (Foreign Exchange) for more than one year on demo account and real account as well. Some time it seems like I always win some but most of the time I lose. I dont have lot of knowledge about the forex but I have made US$180 in just one minutes of trading. Good for one minute right but I dont get anything to withdraw. My account balance goes to ZERO each time and again I have to start from the begining. I have decided to learn about forex taking some more forex courses so that probablity of winning will be high i think. I need special advice about my question. Thanks
Most Forex courses are lousy, but there are a few ones that can help a trader.
http://www.forextopten.com/forex-trading-course.html has a list of Forex trading courses reviewed. I hope it can be useful for you.
Even if you have a good strategy or course, you need to practice your trading with a demo account. Until you can make money consistently on a demo account you shouldn't trade on a real account.
Best of luck on your trading
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March 31st, 2009 at 10:35 am
I don't understand why your account keeps reseting to zero. Are you saying that you lose the money as fast as you make it?
What I do, and bear in mind this is just me as there are tons of methods, is I setup the Relative Strength Index (which should appear below your chart for the currency pair you are investing in). This is just going to tell me if the Pair is overbought or oversold. Obviously, if it is overbought, you want to sell and if oversold you want to buy. If the indicator goes below 30, than the Pair is oversold, over 70 means overbought.
I also use a 5-day Simple Moving Average and a 20-day Exponential Moving average. Make them different colors so you can distinguish between the two. Now, watch the gaps between them, because as the move closer together, the trend will likely narrow or become flat and as they move apart the trend will likely increase its current movement (either up or down, depending on the direction at the time).
Now, I use candles and not bars….reason being is that they are easier to read, and when those two averages get close, i am looking for a candle that is going to resemble a "T" It will not be filled in at all, this is generally an indicator of a change in the trend. This is incredible techinical, and I really can't go into this into great detail but you ABSOLUTELY MUST look into learning as much as you can about PIVOT POINTs..what they are and when to spot them…this will greatly assist you as well.
Also, look into using Keltner Bands. They are essentially moving Resistance and Support bands…with a center line…if the price hits either the support or resistance, and doesnt break through, than you know it will move to the center line.
This is an incredible complex trading system and requires constant analysis. I would also stay abreast on current events, as they make a huge difference. Two grand in two hours, just because the Fed was dropped the Fed Rate 25 basis points.
Good luck out there.
References :
March 31st, 2009 at 11:07 am
DO NOT PAY FOR FOREX COURSES!
Most of them are total scams that teach you nothing you cannot learn for free. I made that mistake, trust me.
I eventually found sites like
http://www.forex4noobs.com
and
http://www.babypips.com
these sites are both GREAT and both completely free! The first one doesn't even have advertising on it!!
Is your live account resetting to $0? If so change broker…
I have been trading Forex for two years now. 3 months ago I finally quit my job and moved to full time trading. It has been tough adjusting but I am doing great. I
My winning ratio is now 6 out of 10, it may not sound great but when I lose I lose half as much as I make when I gain. So 4 losses is equal to -2 wins. The win ratio is dependent on market conditions but it averages out to 6:10.
You should really look into those two sites I mentioned before paying for a course. I truly believe paying for a course is a lsot cause.
References :
March 31st, 2009 at 11:39 am
Most Forex courses are lousy, but there are a few ones that can help a trader.
http://www.forextopten.com/forex-trading-course.html has a list of Forex trading courses reviewed. I hope it can be useful for you.
Even if you have a good strategy or course, you need to practice your trading with a demo account. Until you can make money consistently on a demo account you shouldn't trade on a real account.
Best of luck on your trading
References :