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A question for an experienced Forex trader?

Forex Analysis by Kate Curtis of Trader's Way . Kate Curtis updates the outlook and analysis daily in this sub-forum.
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A question for an experienced Forex trader?

Postby jonty fx » Sat Aug 03, 2013 3:35 pm

There are many ways to succeed. You need to find one that suits you and your personality.

There are three main fronts you have to win on:
- money management (risk management)
- psychology
- system / method

Basically what your are doing is extracting money from a squiggly line. That line can turn on you at any time. The more defensive you can be as you trade the better.

In the USA you can't hedge but you can make a synthetic hedge by using two pairs like the EURUSD and USDCHF. The pip value will be a bit different so this needs to be calculated so that the lot sizes are relatively equal. On both you will either trade long only or short only. They will then oppose each other. This is just a bit on one system. There are thousands of systems.

Do you best to look at as many as you can at first.
Keep the best pieces of each system and then put them together for your use.
There are lots of web sites to look at and lots of ideas as well.

Most of the things sold for the Forex market are bogus so be careful.
There may be a few real and valid offerings too.

In the end if you can do it yourself then you have control.
If you use a signal service and it is good then they quit you are at the start again.
If you use a signal service and it is bad then you are losing without control.

You may find a local group through Meetup.com to find other traders.
jonty fx
 
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Re: A question for an experienced Forex trader?

Postby JohnyJohnson » Thu Sep 19, 2013 6:17 pm

What can be the best use of forex trading. The self one or the signal service. I agree with you that the self start is the best one. But i would like to know more about this.
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JohnyJohnson
 
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