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realforexer
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Everything posted by realforexer
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Introduce Yourself Here - Don't Be Shy!!
realforexer replied to trading4life's topic in Beginners Forum
welcome to this great forum; there are lots and lots of articles, write ups questions and answers to help you up your forex game in this forum. Just take out time to research. -
Keep Trading AFTER Monthly Goal is Hit?
realforexer replied to shooly76's topic in Risk & Money Management
You don’t have any reason to stop even when you hit the point mark; because you are not even sure you will hit it next trading month; one of my trading goals for this month was to make over 100 pips into my Profiforex trading account which I attained today; but guess what, am going back to trade tomorrow. -
Quitting is what makes you a looser not the losses you have made; you have to stay back and continue trying; success may be steps away but you may have to take a total review of your trading strategy.
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If discipline include; diligence and putting in the hard work necessary to succeed and having control over emotions like greed; hen it is very vital for a successful forex career. It took discipline for me to stay awake for 3 hours every night and also enter the market 2 hours before the U.S market opens to analyse my trade for the day for me to make my first reasonable profit with Profiforex. It will be difficult for anybody without discipline to succeed in the forex market.
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The power given to traders by brokers to control a bigger amount of money in the forex market; Leverage works like a two edged sword, it can help you make profits quickly and you can loose your account as well from using a large leverage.
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Which Trading Platform is Better..I Need Play Money to Trade
realforexer replied to demeanor's topic in Beginners Forum
Its actually a better option for you to fund a live account with small money and start trading; as you don’t need much capital to start trading a live account these days, with brokers such as Profiforex offering you a live account for as low as $1, but since you looking for play money, you an join demo contest in any of the trading platforms, from which you can take your winnings to start a live account. -
Binary options is more or less like forex trading; the only difference is that you focus more on options and stocks from companies.
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The minimum investment you need to get started all depends on your broker’s requirements and to encourage more traders to venture into real trading, brokers like Profiforex allows them start a micro account as low as $1.
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You can begin by learning the most basic aspect of trading from babypip’s school of pipsology; concentrate more on learning the technical and fundamental aspect of forex market. After that you can trade demo if you so wish, before venturing into the real market.
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I prefer ECN brokers to market markers. I get to trader against the market not against the broker, the ECN broker gives me very tight leverage, as tight as 3.0 pips and 2.0 from Profiforex, and finally my trades are executed instantly with an ECN trader instead of waiting to pair it with another trader’s order.
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A good trading plan should contain the following elements: personal trading rules, time frame for your trade (you either choose the long timeframe or the short timeframe, choice of the currencies you want to focus on trading, your entry points, number of trades and finally, your exit point
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I personally avoid non ECN brokers because since they are trading against other traders, there is tendency for them to be dubious a times, and also the spread this is another issue I have with them. The broker am using Profiforex is an ECN broker, and I trust him since I have placed and received several withdrawals from them.
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You can start with attending the school of pips at babypips.com; learn about forex market and how it works; also learn how to use fundamental and technical analysis to analyse the market; after that you can look for a good broker and pitch up with them.
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How Long Does It Take to Make $5000/Mo Consistent Profit?
realforexer replied to cowcool's topic in Beginners Forum
with the trading plan you mentioned, and you experience a capital of $45,000, it is possible for you to make $5,000 monthly after trading for 2 years. Just know that it may not be constituently $5,000. There are months when you will make more than that amount, and there are other times you will make less than that it will all depend of factors that affect the market for that trading month. -
Trading binary option is just like trading forex but on a different platform and includes stock trading; an adequate knowledge of forex market, trends and charts is needed by a binary option trader. You can visit the 24opitons.Com website and go through the materials they have in the educational section.
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Leverage is the ability of a trader to control a big market with a small investment, and this leverage is given by broker. For instance For example, to control a $100,000 position, your broker will set aside $1,000 from your account. Your leverage, which is expressed in ratios, is now 100:1.You can now controlling $100,000 with $1,000.
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You can actually trade forex for a living but there are factors you have to put in place to start; 1. Take out time to have ALL the knowledge about forex trading that will help you in your trading; including how to make technical and fundamental analysis. 2. Find a good broker with a good trading platform, good leverage, at least 24/5 customer support, instant trade execution and fast payment of withdrawals like what Oanda, Profiforex or FXCM has 3. Start with a sizeable capital,, but it should be an amount you can afford to loose. 4. What out a trading plan and stick to it and avoid greed at all cost.
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Having knowledge of both technical and fundamental analysis is very important, but if I where you, I will start with the tougher one which is technical analysis; learn about charts and indicators how to make correct forecast on it; learn how to study and follow trends, know support and resistance because that is what technical analysis is all about.
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Both fundamental and technical analysis works hand in hand in forex trading; while the technical Analysis uses charts and bars to show you past trends and prize movement which will help you forecast Future movement of the currency, fundamental analysis gives on information and factors That are affecting the direction a currency is going; for instance unemployment news and real estate news.
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There are many forex gurus out there, you can find them on sites like etoro.com, but before you go on looking for s guru, why Don’t you take out time to further your knowledge about forex and create a personal trading system? After Which you can start with a micro account on either oanda or Profiforex, this way you will not need to Invest much, but will still have a feel of what the real market looks like.
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What Broker Are You Using and Why?
realforexer replied to Optimist5's topic in Brokers and Data Feeds
I am using profiforex, and I am yet to regret my decision to pitch with the broker. My reasons are; Easy to open a trading account in 2 minutes, one click deposits and withdrawals. Instant deposits with no commission, withdrawals in 24 hours (I get my money anytime I need it), No hidden charges. All the commissions and fees are clearly stated in "Trading conditions”. Secondly, profiforex offers me The fastest and fair execution, Lowest commission, Up to 1:500 leverage and a Fixed and variable spreads starting at 0.1 pips