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  • #31
    To be honest, when i started FOREX last week i was sceptical. I started out not knowing what i was doing and my first few trades didnt go so well. I ended up being down $1000, but with some patience and some research, i found myself up $3000 in a weeks time. But that is with the $10:1 pip ratio, so if that would be a $300 profit on a $250 investment. Which could possibly over double my money. I cant wait to see the profits i can make from FOREX trading.

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    • #32
      Originally posted by Valinn View Post
      I cant wait to see the profits i can make from FOREX trading.
      You did a lot better than you may realize. The last week the VIX has been high. VIX is a measure of volatility. Just don't to cocky now. Maintain the discipline to stick to proper money management.

      Think 200% in a week is good? Once you get on a roll you can pyramid, (add positions using your paper profit). It 'll blow you away.

      When I take a position I divide my account by 140% of margin. Then use that number to decide how many positions to make. Then as the market moves in my direction I add an equal number of positions every time I have a profit equal to 140% of Margin.

      Earlier in the year I bought the EURO/USD at 1.2500. The margin rate was $1,250.00 per position so I multiplied it by $1,250.00 x 140% = $1750 then divided my balance by $1750 and entered the trade. As the EURO rallied I would add an equal number of positions every 175 pips. I got stopped out at 1.4500 ish. Had I jut bought and held one position I would have made around $21,000 but by pyramiding that profit shot up to $140,000ish. The cool thing here is I only was using $1,750 of [B]MY [/B]money. Use this with a well placed stop and the worst case... after the first additional set of contracts you are locked into a small profit/loss no matter what happens.

      Not all that long ago I was selling my blood to feed my kids then I started trading . Now I am negotiating to buy Shaquille O Neal Star Island Home.He bought it for $24M, and had it listed a year ago for $36M, but with the drop in real estate values its now listed for $22.5M and I am thinking $18M. Its not always rosy. This week I am flat, last week I had a net loss, but the week before that I had 3 trades that increased my account by 600%. There was a 4th trade while I was at my daughters graduation which I missed that would have doubled that.

      Since I manage my money properly, I would have to be wrong 12 times in a row to give back what I made.
      Last edited by Rodehard; 06-19-2009, 02:29 PM.

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      • #33
        [B]Tomorrow is triple witching day. A day that sometimes has massive price swings. Be cautious. [/B]

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        • #34
          First of all, i would like to thank you, Rodehard, for all the information you have provided to all that have read the posts. Secondly, I realize that the trading business is not really a sprint, but more like a marathon. I have to start small, manage my money properly, which ill have to learn over time the right management strategy for me, and just stick with it. I will be starting up my real account next week sometime. I already have goals set in place that i would like to achieve before the end of the year.

          And for the rest of you that are stuggling with your money right now as I am. I highly recommend doing some research into the FOREX market. It is overwhelming at first. I found myself lost and confused, but with the help of Rodehard and the live help from FOREX.com, you can find yourself with a basic understanding of how the market works within a few weeks time.

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          • #35
            Just don't let the success go to your head. And remember the most important thing about becoming successful in any endeavor... you must think like the people who are successful in what you want to master. Want to be a PUA then think like Mystery, want to be rich, think like the rich. (Rich Dad Poor Dad is a great start)

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            • #36
              Fascinating stuff Rodehard. If you're ever in Ontario, I'll let you have your way with my mom free of charge.

              Anyway, I was wondering what your thoughts were on expert advisors. I've only just begun exploring the investing world when I first discovered this thread a few days ago, and since then I've read a lot, including Rich Dad Poor Dad, and experimented with the practice version of FOREXTrader. However, being not so foolish enough to start investing real money just yet, I was wondering what you thought about expert advisors, or bots as I'd describe them. From my reading I've noticed that FAP Turbo appears to be the most dominant, and from the reviews I've read it looks pretty legit.

              So I'm thinking of giving it a try while I continue educating myself about the market to the point where I'm comfortable formulating my own strategies.

              What would you advise?

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              • #37
                Originally posted by Spry View Post
                Anyway, I was wondering what your thoughts were on expert advisors.
                First of all Rich Dad Poor Dad has a series I just got called "Choose to be Rich' It is an absolute [B]MUST[/B]for anyone wanting to be have financial abundance.

                In the Series Robert talks about using experts which is a good idea. In the end though it comes down to the fact that it is your money and the only person guaranteed to make money off your trading is the broker. I have a service that provides information on certain indicators, things I have seen that indicate what price action will do. However I never have followed any "guru" when he says by here sell there.

                My thought is I[B]f he is so good at trading, why is he selling me advise and not on his mega yacht sailing the world with a crew of Playboy Centerfolds running naked about the place?[/B]

                Think of it like this even if Mystery, Matador and Kosmo were Winging for you, they opened the set, set the hook reeled the girls in, if you are not at adequate PUA, then you are still going to be the AFC making love to your hand dreaming of what life would be like if you were Mystery. Before you can have mastery of anything you must learn all you can about it.

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                • #38
                  Miami Bootcamp

                  I am working with a Realtor in Miami to purchase 94 Palm Island (google it). If enough of the guys from this forum make enough money from FOREX by December to go to the Miami boot camp, I will set up an event at the house on Sunday evening so you have something you can invite them to. Anyone interested? Trust me if you number close them then mention " I have a thing on Palm Island Sunday" they will do you right there just to make sure you invite them to the party.

                  One thing, my 16 year old son will be there, so you will have to F'close elsewhere. And if you flirt with my daughters I will feed you to the Box Jellyfish in my aquarium. "I don't know Officer I guess he just got drunk and fell in. "
                  Last edited by Rodehard; 06-21-2009, 09:13 AM.

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                  • #39
                    Originally posted by Rodehard View Post
                    "I don't know Officer I guess he just got drunk and fell in. "
                    Haha.

                    I think I misused the term "expert adviser" in my last post. What I meant was an automated program, namely FAP Turbo (the most popular and credible-looking one I've found) rather than expert advice from another person.

                    Ma bad.

                    Thoughts?

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                    • #40
                      Ok yes I have a program called Trade Station that I bought years ago and upgrade every so often. I wrote the codes to tell it what to look for and it will either page me, or text me if those conditions are met. It also has an option to place the trades for you automatically, which I am not comfortable doing. These programs that search for your indicators are a good idea. It save me from having to sit at a computer all day. Since I have a lap top with WiFi I can access from anywhere in Miami, I can be sailing the bay with a few HB9's and when I get paged, walk below deck, place a trade, place a stop and go back to playing.

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                      • #41
                        well i started out this week a little rough so far, im down, but slowly working my way back up. Since im still relativily new to forex trading, i still feel as if im shooting into the dark with some of my decisions. i just make decisions based off of what i think will happen, i have no backing to help me decided on what to do. I see that you use programs that aleart you when conditions are right.

                        my question is, what can i do to help me make decisions more confidently so that im not losing 10 in a row before i win to bring myself back to black.

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                        • #42
                          Valinn, I don't have any direct advice for your predicament, but I do suggest something.

                          Change how you look at it. Instead of winning and losing, refer to it as profits and losses on your investment. It will make a huge difference on how you look at things. It will also legitimize your investments.

                          If you lose, your mind will feed you with negative thoughts that you are a loser. If you have a loss, your mind will tell you that you are not a loser because you did not lose, you had a loss.

                          I know it is a play on words. But, lose is something you do, and thus who you are, like a farmer farms, a printer prints, etc. When you have a loss, it is something that happenes to you. You do not become things that happen to you.

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                          • #43
                            Rode

                            Have you come across any articles that talk about how if a one-world monetary system is put in place how it will affect the FOREX?

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                            • #44
                              Originally posted by Valinn View Post
                              my question is, what can i do to help me make decisions more confidently so that im not losing 10 in a row before i win to bring myself back to black.
                              Learn to use indicators to judge the direction of the market. Even a simple thing like strength and resistance lines can increase your profits. Last night there was a Resistance line in EURO/USD at 1.395 the trend was down, so I shorted The EURO dropped 114 pips before I got stopped out.

                              To find indicators you have to use a practice account and indicators you have researched, see which ones consistently produce profits.

                              For a trader, losses are like overhead is to a business. They are unavoidable but manageable.

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                              • #45
                                thats the one thing im still learning, i dont exactly know what strength and resistance lines are, or how to look for them.

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