David asks…
Any forums to help get started with forex trading?
I am a new forex trader and still learning. Forex trading looks very attracting profession to me.
Do you know any good forum with which it is easy to learn forex? It can help a lot.
Please help.
kenspong answers:
First: which ones to avoid. There are many “scam forums” in the Forex world. Www.forexpeacearmy.com is a well known fake review and forum site: fake forex reviews, self promoting own services. Avoiding scams is becoming an art in Forex trading. Be very wary.
OK so,
www.babypips.com has a nice educational section. I like www.forexfactory.com which I recently found myself for A.I in Forex trading for instance. Lots of nice people on the forum, good calender (if you use it, I don’t)
Robert asks…
How much can you make Forex Trading and how much do you risk?
how well the known systems work in Forex trading (carry trade,…) and how much do you risk applying them, and for how long?
kenspong answers:
Traditional trading of stocks on margin at 2:1 leverage is considered risky. Forex is leveraged at 100:1 and even 200:1 but few people take the time to understand this and simply focus on potential profits. All beginners focus on all the wrong things like “How much can you make?”
How much do you risk? Beginners risk their entire account and their house every time they put on a trade. How long? Minutes. A leveraged position is almost impossible to hold more than an hour by anyone less than an astute trader. Most people don’t have a clue what a trader is or does, but it takes many years to become an astute trader. There are no shortcuts. Most people think that if they work harder and learn more, they will eventually become successful at trading like they would any other conventional “job”; not true. Most very smart, hard-working people lose money trading.
Factoid: 90% of traders lose money, regardless of what they trade.
The carry trade is generally done only by institutions with millions of dollars to invest and need a place to park those millions.
Known systems? You mean that make money consistently? Myth.
George asks…
I am a forex beginner. Which is the most accurate of MACD in forex trading?
I am a forex beginner. I’ve been trying different indicators to help me profit from forex trading, but most are complicated and difficult to understand. I am glad if someone out there can help me with something easy and reliable.
kenspong answers:
I have two moving averages you can use on my website and they are totally free, this would be in lieu of MACD but its all trend based. Do not apply these to one timeframe, apply these to multiple timefremes and start with the largest trend first to monitor or analyze a pair. There are screenshots there on how to set them up with on a metatrader platform and how to use the free price alarms too to monitor movement.
Go to the website and click on “complimentary trading tools” for full setup instructions.
Here are the links
http://www.flickr.com/photos/24224310%40N05/
http://www.forexearlywarning.com/charts.cfm
Good Trading
Mark Mc Donnell
www.forexearlywarning.com
Jenny asks…
What are good strategies to use in Forex trading?
I would appreciate if you could share your own personal experiences with me.I am thinking of setting a forum for Forex traders to discuss and share their trading experiences with each other.If you are interested, please let me know so that i can include you in the forum.
kenspong answers:
Technical analysis after combinig with fundamental announcement…Generally use a lagging as well as 1 leading indicator.
Get more info at –
http://the-forex-trading.blogspot.com
Helen asks…
How the forex trading (iFOREX) is reliable and how much can some1 earn from it ?
Hi All:
I have been contacted by an account manager of forex trading company iForex and I was suggested that if would join their team I can earn around $1000 per month.
Can someone please guide how these sites are reliable and what about the FOREX trading business and how this compnay (iFOREX) is also relaible if anybody knows it personaly or earning anything from it.
kenspong answers:
A few months ago, I was asking the same question about iforex.com
Dude they are liars and cheating people.
Read this blog to know more about them-
http://www.xomba.com/iforexcom_fraud
http://iforex-fraud.blogspot.com/
http://in.answers.yahoo.com/question/index?qid=20090818013152AA4nQBn
http://forums.babypips.com/forextown/28152-iforex-com-scam-what-your-experience.html#post128321
Powered by Yahoo! Answers