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Any Recommendations for Getting Into Forex?
07-22-2016, 03:27 PM
Post: #1
Dunno if anyone here know's about this at all, but I figured I'd ask.

I've been considering this for a few years now and I think I'm ready to get into forex. I have the bare minimum amount of knowledge in this although I've been researching it on and off for a while. There's lots to learn but it seems like you don't learn it right without doing it. There's tons of people that provide information on setting up the right system and setups but that works for those people, maybe not me. And that's what I'm curious about.

Any recommendable starting material to study which teaches to process without focusing on a specific setup? Video tutorials would be nice, I just can't find a solid set of beginner instructions. Or even a book(s) would be cool. I want to learn about the different indicators and how they function, as well as a bunch of terms I haven't wrapped my head around.

Also, I was looking into using MetaTrader 4 as my platform but I was reading about how in the U.S., hedging is no longer allowed so you need to use a platform that complies with the new rules, using no hedge. MT4 doesn't allow for this, although MT5 does. But then I see crappy reviews about MT5 which sorta push me away, not to mention that it crashed each time I try to open it. I signed up for a demo account with TraderKing which uses ForexTrader Pro as the platform, I like it so far but I'm afraid of missing out on certain features from MT4/5.

So, idk what to use or where to go for decent info about this without getting overwhelmed.

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08-10-2016, 10:33 AM (This post was last modified: 08-10-2016 10:34 AM by superpact.)
Post: #2
(07-22-2016 03:27 PM)Ryen Wrote:  Dunno if anyone here know's about this at all, but I figured I'd ask.

I've been considering this for a few years now and I think I'm ready to get into forex. I have the bare minimum amount of knowledge in this although I've been researching it on and off for a while. There's lots to learn but it seems like you don't learn it right without doing it. There's tons of people that provide information on setting up the right system and setups but that works for those people, maybe not me. And that's what I'm curious about.

Any recommendable starting material to study which teaches to process without focusing on a specific setup? Video tutorials would be nice, I just can't find a solid set of beginner instructions. Or even a book(s) would be cool. I want to learn about the different indicators and how they function, as well as a bunch of terms I haven't wrapped my head around.

Also, I was looking into using MetaTrader 4 as my platform but I was reading about how in the U.S., hedging is no longer allowed so you need to use a platform that complies with the new rules, using no hedge. MT4 doesn't allow for this, although MT5 does. But then I see crappy reviews about MT5 which sorta push me away, not to mention that it crashed each time I try to open it. I signed up for a demo account with TraderKing which uses ForexTrader Pro as the platform, I like it so far but I'm afraid of missing out on certain features from MT4/5.

So, idk what to use or where to go for decent info about this without getting overwhelmed.

I have never seen someone become a millionaire from forex. Alot of people are attracted due to the possibility of a high gain quickly due to leverage but the majority of forex traders over leverage and blow up their account quickly and those that don't dont last longer than four years. There are exceptions to this statement. Remember leverage can increase gain but it will amplify loss and you never as a trader want to put yourself in a position to suffer and irretrievable losses to your capital.

warren buffet says "If your smart you dont need leverage, if your not then you have no business using it"

This is just my opinion. Do as thou wilt!

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08-11-2016, 12:13 AM
Post: #3
Thanks for the tips. Warren should really add in there "if you're smart and have LOTS OF INVESTMENT CAPITAL... lol"

I'm not really hoping to become a millionaire with FX but it's always interested me. Making a couple grand here and there would be nice, not interest in going past that. I want to try it as a supplement to my income, and not throw all my time and money into it (although it seems like it requires lots of time to both learn and practice)

As far as leverage, what do you recommend not going past? I was thinking about using 50:1 and mayyybbe 100:1.

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08-11-2016, 06:39 AM
Post: #4
(08-11-2016 12:13 AM)Ryen Wrote:  Thanks for the tips. Warren should really add in there "if you're smart and have LOTS OF INVESTMENT CAPITAL... lol"

I'm not really hoping to become a millionaire with FX but it's always interested me. Making a couple grand here and there would be nice, not interest in going past that. I want to try it as a supplement to my income, and not throw all my time and money into it (although it seems like it requires lots of time to both learn and practice)

As far as leverage, what do you recommend not going past? I was thinking about using 50:1 and mayyybbe 100:1.

I would never use leverage ever. Forex sucks because there is little volatility so you need to jack up your position w. leverage. That equals more risk. Trade lower cap stocks with high probability set up. Preferably Nasdaq BB Stocks. As The OTC markets are dead. You can easily make thousands there is you learn to trade correctly and you wont need leverage due to high volatility. Remember when you lose all you capital to leverage you still have to pay it back.

I Type Fast So If My Spelling Is Shit, Just Know I Am Not A Dumb Ass. I Usually Go Back And Edit.

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Versace my clothes while I’m sellin' them bows
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10-08-2016, 01:26 PM
Post: #5
If you have time you should read more about financial and technical analysis that will help you to work on a good strategy.
Forex is all about a good analysis which will lead you to predict the market.
If you are not good in that you should at least find a good strategy and test it for a while on a demo account and not to mention that you shouldn't move to a real account without a good result training on a demo account.
If you have more questions please ask.
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10-10-2016, 05:46 AM
Post: #6
Problem with FOREX for me back in the day (about 8 years ago) was finding a good broker. I was a technician and traded off charts and price action but a lot of my stops were never met because the market would move so quickly and those cheapo offhshore brokers that allow you to use trade signals and those automated trading system things were garbage.

MT4 was standard back when I traded. Never used MT5. Also if you want to be profitable I would trade the Asian markets and hedge some bets there as well

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10-10-2016, 06:09 AM (This post was last modified: 10-10-2016 06:11 AM by HBG14.)
Post: #7
Kuwati dinar, all you need to know. But being honest you should avoid Forex altogether. If you trying to accumulate wealth do it over time, through compound interest accounts and iras

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