Day Traders - Forex Market

[MG Man]

Redman?

[Redman]

point taken Redman
so what would u recommend to fellas like me and the other guys who wanna make ah money in dis forex ting?

Sorry d boss was caught up this am and yesterday

!)Recognize that that what you want do is the purest form of risk taking possible- why forex-why not stocks,options,bonds-all are as lucrative and as dangerous.
2)RESPECT THE MARKET-YOu get complacent and you will lose your ass.
Spend enough time in the market YOU WILL LOSE money.The idea is to make and keep more than you lose.Anybody can have a streak and do well cuz he picked QCOM the year it ran 2000%
But to extract profit from the market constantly is fekin hard-

3)That making ah money in forex or any market is a short term mentality.
With all due respect its a losers game. PIPE dreams

Making real life changing wealth-changing the direction of your children s childrens life before they are born is HARD LONG WORK, that requires a LONG TERM COMMITMENT to the goal and to educating yourself.

Mg Man what Im saying is that the making ah money concept is for losers.

For the purpose of the post lets use the US stock market.But everythin I post can be applied to ANY market.


Any and all courses offer a 'system' that is supposed to generate exit and entry points into a market.
Without fail the system is based on Technical Analysis-The study of price movement as influence by demand and supply.Fundamental analysis does not lend itself to short term trading.
The specific discipline that is used will vary-Elliot Waves,Point and Figure,Intermarket Analysis,Candle Sticks.



But all are based on the concept that demand and supply are the ONLY thing that moves prices. But its important to have an understanding of the drivers of demand and supply.

So learning about the foundation principles of the ANALYSIS is a neccessity-Tech/Fund Analysis are broad disciplines -you need to find which aspects that you agree with and that work for you.
So you can have a deeper understanding as to WHAT influences the signals and therefore KNOW why youre doing what youre doing.

As for doing it as a profession- traders are required to be licensed by the NASD or FINRA or whatever(left the US in 2001 ) and then are screened and groomed like any profession where large amounts of money are at risk.
The fellows that are infact traders have survived hard apprenticeships and are therefore SAVY before they hit the trading floor.

Its an art AND a science-in that the all markets are evolving-and therefore you need to adapt what you know-if all you know is from a 2 week course you will soon find that things are not working and you dont know why.
Its the difference between 2 people that scored 90% in an exam-1 new the answers-the other knew the material-WHO IS BETTER PREPARED?
Mastering the analysis means that you can trade stocks,options,forex,futures,vegetables,and Star Trek uniforms and make long term money


Dunno if this helps


LAter

[MG Man]

Redman boi, I hear wot yuh saying.....I wastead ah whole evening in one ah dem Quixstar ting....when I ask de man wot he drivn.....ah wingroad
I checked out the mti seminar thing..........so far so good
plenty people came, a few ppl bought the package......one thing from what I see, it mos def not a get rich quick scheme.....look like somethin I cud use to make some money while keepin meh day job............for now

[MG Man]

anybody else went? ah cud use de support if ah buy it

[iDynamic]

im using a demo account , ive made almost E 5,000 so far i lost a few hundred when i started yesterday

[MG Man]

bump for my money money money Ha Ha

[Duane 3NE 2NR]

point taken Redman
so what would u recommend to fellas like me and the other guys who wanna make ah money in dis forex ting?

Sorry d boss was caught up this am and yesterday

!)Recognize that that what you want do is the purest form of risk taking possible- why forex-why not stocks,options,bonds-all are as lucrative and as dangerous.
2)RESPECT THE MARKET-YOu get complacent and you will lose your ass.
Spend enough time in the market YOU WILL LOSE money.The idea is to make and keep more than you lose.Anybody can have a streak and do well cuz he picked QCOM the year it ran 2000%
But to extract profit from the market constantly is fekin hard-

3)That making ah money in forex or any market is a short term mentality.
With all due respect its a losers game. PIPE dreams

Making real life changing wealth-changing the direction of your children s childrens life before they are born is HARD LONG WORK, that requires a LONG TERM COMMITMENT to the goal and to educating yourself.

Mg Man what Im saying is that the making ah money concept is for losers.

For the purpose of the post lets use the US stock market.But everythin I post can be applied to ANY market.


Any and all courses offer a 'system' that is supposed to generate exit and entry points into a market.
Without fail the system is based on Technical Analysis-The study of price movement as influence by demand and supply.Fundamental analysis does not lend itself to short term trading.
The specific discipline that is used will vary-Elliot Waves,Point and Figure,Intermarket Analysis,Candle Sticks.



But all are based on the concept that demand and supply are the ONLY thing that moves prices. But its important to have an understanding of the drivers of demand and supply.

So learning about the foundation principles of the ANALYSIS is a neccessity-Tech/Fund Analysis are broad disciplines -you need to find which aspects that you agree with and that work for you.
So you can have a deeper understanding as to WHAT influences the signals and therefore KNOW why youre doing what youre doing.

As for doing it as a profession- traders are required to be licensed by the NASD or FINRA or whatever(left the US in 2001 ) and then are screened and groomed like any profession where large amounts of money are at risk.
The fellows that are infact traders have survived hard apprenticeships and are therefore SAVY before they hit the trading floor.

Its an art AND a science-in that the all markets are evolving-and therefore you need to adapt what you know-if all you know is from a 2 week course you will soon find that things are not working and you dont know why.
Its the difference between 2 people that scored 90% in an exam-1 new the answers-the other knew the material-WHO IS BETTER PREPARED?
Mastering the analysis means that you can trade stocks,options,forex,futures,vegetables,and Star Trek uniforms and make long term money


Dunno if this helps


LAter

excellent read!!! - what's your profession? if you don't mind me asking

[Forex Trader]

Hi Guys,
Having read the comments here, it is good to see there are guys on the site who are trading.

Redman has some good points, particularly about the learning process for becoming a successful trader.

This is why MTI offers Education, not a quick class guaranteed to make u millions overnight. That simply is not possible...well maybe if u already have a couple mil to trade with

Our education is ongoing for our clients. Long after you complete the four phase education, we continue to provide workshops, web seminars and mentorship. The learning never stops and MTI will always offer Client SUPPORT.

As an example of the types of workshops we offeer free to clients, we had a LIVE online workshop on Jan 19, where we executed a LIVE trade. We did not pick an indeal scenario and put it up..one of our guys executed a trade on the live market, trading the New Zealand Dollar against the USD

He showed his own trading strategy and how he used MTI's charting software and tools to do his analysis. The goal was to capture two PIPs (Price Interest Point or unit of measure)



He shorted the market (sold high and bought low) for 22 PIPS
At US$10.00 a pip, you would have earned US$220 in abuot 10 minutes. A couple of clients copied the trade and were very happy.
Stop = where he put his protective stop loss
Sold = where he entered the mrket
Profit = where he exited the market

after the session closed, the NZD kept moving another 44 pips


again if you guys would like to learn more for yourselves, rather than speculate, the weekly two hour seminar / class is free, and the book download is free

http://mticaribbean.com/forex_contact_offers.html

[nismotrinidappa]

im using a demo account , ive made almost E 5,000 so far i lost a few hundred when i started yesterday

where u got it?

[MG Man]

I made a few small trades today
made US$120 on the AUDUSD and US$100 on the USDCHF
three quick scalps, 2 on the AUD, and one on the CHF
I shoulda stayed in the CHF...........got out quick and then it fell about 65 pips
That woulda be my quota for the week if I had bigger balls

[Rooki3]

MG Man, nice

[MG Man]

right now ah watchin ah small retracement on the AUD again for ah quick 10 pip scalp
bullish on all time frames so just waitin for the indicators to signal a turn....
usin ah 'score a point / pull back' strategy in the direction of the trend

[Rooki3]

MG Man, you bought the MTI package?

[AbstractPoetic]

The best step to take first(if this is a first step) is to take your trading money and invest it into yourself-books by people without an agenda or snake oil to sell,Ken Fisher,Jack Schwager, Mc Millan on options,John Murphy Martin Pring on Technical Analysis

What are your reviews on Benjamin Graham?

THEN find a broker/or a financial planner or advisor -recommended by some one you trust-not 1 hawking wares on the forum and learn slowly.

I'm currently a young investor still learning the ropes. Brokerage firms like Charles Schawb, Merrill Lynch, Smith Barney Citigroup, etc usually tailor to investors with a considerable amount to start investing. Also, the commission/annual fees alone are enough to dissuade a new investor.

Any advice on some of the best brokerage firms out there with low annual fees? Any reviews on Vanguard?

Thanks so much for your timely advice!!!

[MG Man]

MG Man, you bought the MTI package?

yup
went thru the 16 DVD lessons and online mentorship
Right now I doin their online 'earn as you learn' program...

[Rooki3]

So you'll say its worth it then?


If so i'm gonna give Varma a call in the morning!

[AbstractPoetic]

Its an art AND a science-in that the all markets are evolving-and therefore you need to adapt what you know-if all you know is from a 2 week course you will soon find that things are not working and you dont know why.
Its the difference between 2 people that scored 90% in an exam-1 new the answers-the other knew the material-WHO IS BETTER PREPARED?
Mastering the analysis means that you can trade stocks,options,forex,futures,vegetables,and Star Trek uniforms and make long term money

AMAZING ADVICE!!!!!!!!

THANKS A MILLION.

[MG Man]

So you'll say its worth it then?


If so i'm gonna give Varma a call in the morning!

it's worth it for me

PS AP, if u serious about investing in Star Trek uniforms, let me know

[AbstractPoetic]

So you'll say its worth it then?


If so i'm gonna give Varma a call in the morning!

it's worth it for me

PS AP, if u serious about investing in Star Trek uniforms, let me know

I'll think about it.

Glad you and Rooki have taken the jump, but are you also reading and educating yourself with material outside MTI?

[MG Man]

well hell yeah
before I even considered it I googled the hell out of it
watched youtube videos etc
I like the fact that the MTI ppl have local fellas who have lil online stuff and seminars now and then to make things a lil bit easier

[Rooki3]

well hell yeah
before I even considered it I googled the hell out of it
watched youtube videos etc
I like the fact that the MTI ppl have local fellas who have lil online stuff and seminars now and then to make things a lil bit easier

I remember early last year, i did one of tho introductary online seminars with MTI, i think it was with Varma & some guy from Jamaica, at that present time i wasn't able to afford their package, but 2010 for me is gonna be about $$$$$, so i'll be giving them a call soon!


I must say props to MTI, up to this day varma still stays in contact with me via emails & telephone calls

[MG Man]

I find he kinda annoyin tho
de Jamaican fella rel cool tho

[Rooki3]

I find he kinda annoyin tho

i remember the jamaican was actually trading right there in the seminar, now i don't know if it was with a demo account, but the amt of $$ was about $150K US

[Rooki3]

He even boasted by saying he'll come on & trade for about 2hrs daily & make @ minimun 2k US

[MG Man]

u cud know if de trade live by watchin de time frame at de bottom of the screen
the online trade I watched was live cuz everybody who was logged in was trackin it too
and it paid off good too

[RedFish]

I'be been interested in this thing also with MTI but the cost was outta my league (was still in school ha!)

I spent a lil time fooling around with a free account on this site that allows you to trade live but it's a dummy account http://www.etoro.com/

Oh and you can chat with other ppl that are actually trading for help, leads etc.

It's an easy way to jump in without any risk and actually see what it's like without having to pay anything.

May check out MTI again as I'm always online so why not make a lil extra cash while I'm here

[Redman]

Duane,
I am a broker have been since 1994

Abstract Poet
What are your reviews on Benjamin Graham?


BG is accepted as the Ghandi of Fundamental Analysis.
I think he s a cool guy

Now to try and answer what I think was your Q.
Fundamental Analysis is a method of analyzing the business performance of a company and using this analysis to establish a fair market value for a stock,market or a Trekkie uniform.
THe Balance Sheet,Income statement,Earnings per Share,The Economic figures and the level of the sector and market in general are all inputs into the equation.

The difficulty is that the (any) market is a beauty contest.With the difference being that instead of picking the woman(stock) you think is prettiest,you have to pick the one you think EVERYBODY else will pick.
With the advent of the internet and the neccessary technology ACCESS to the market was what I called democratized -no longer were Lehman,DLJ,Merril Sachs, MSDW, and other full service brokers the gate keepers.And therefore the analysis put out by these firms was given less of a chance to be used in the decision tree.
So the market began trading differently - and the relevance of the Fundamentals of a co began to decline. It did not help that this coincided with the internet bubble.

Tech Anal is the study of prices-something everybody had access to.
So a larger % of participants began using the price action to inform their decisions.

Now here is the mind fack-IF you believe the markets are in fact efficient(I think largely they are) and all published information on a co is therefore reflected in the price. And the price is the only indicator of the market value of a stock at a point in time.Then if you study price action are you not already taking the fundamentals into account????


Fundamentals will tell you WHAT to buy
Technical Analysis tells you when to buy.


Any advice on some of the best brokerage firms out there with low annual fees? Any reviews on Vanguard?


There is in fact little options down here re brokers.
WISE provides some access to the international markets.

The best brokerage firms lose money too.
The important issue is to find yourself an advisor. Ive never seen any body go broke paying a commission.

Pick someone that you respect, and ask them for an intro.
That way you carry the referrers weight and the advisor wouldnt fack around.

Vanguard rode the wave on passive investing -something that will be has come out of vogue as people realize that they have made no money in any index fund for the last 10 years.
Thats why the best thing you can do is to get disciplined and know your shit-so that when fads come and go you can still have some ideas of your own.

Hope this helps

Later

[MG Man]

ay rookie yuh get thru to de man?
frickin market beat meh up yesterday

[Rooki3]

^^ me en get around to do it nah, was busy with some family issues

[MG Man]

presha