Just starting out

#1

Greetings, Hope this is posted in the right area. I am trying to find a replacement income so i can leave the military. I stumbled onto trading FX one day and it caught my attention along with trading in generral. I have started a small live account(FXCM), but am still working with demo, still mostly at break even overall. I have plenty of time to work on these things, but i would like to make sure i am on the right track.

I feel a little uncertain as to whether the FX market was the right choice or not, would I be better served allocating the rest of my risk capital somewhere else? I have taken a few days off this week and next to try and trade FX during the workday to test things out. I guess what i’m really looking for is some confirmation that i’m on the right track, and any other advice for becoming a full time trader. Any and all advice would be greatly appreciated.

Thank you for your time.

JP

#2

High JP,

Forex is a great place to start. Its open around the clock and is volatile (meaning it moves a lot so there are a lot of opportunities).

If using FXCM i would use the IQFeed FXCM pipe as it is 10x faster than direct fxcm which crawls at a snails pace. Good broker slow data feed.

Personally unless you are trading positions for days on end you may really prefer to trade fx on nadex. You get a ton more leverage and have defined risk.

#1 Trade To Trade Well Not To Make Money (Profits are a byproduct of trading well) #2 Manage your risk correctly #3 Manage Your profit correctly

Learn the platform, learn the system, learn how to apply it, be involved in a trading community to ask questions and learn from other succesful traders.

Watch the massive amount of videos here while trading… just pull them up and watch watch watch.

ASK QUESTIONS!!! Is my biggest advice ask ask ask. Use the trade room, the forum and ask tons of questions its the fastest way to learn and we are here to help.

#3

Hi Darrell

I have the same question really; what is the best place to start for a beginner that is more consistant? I know results will vary but obviously some are worse than others hence there has to be others that are better than others.

I read somewhere the other day to always buy on Wall St 30. I attempted a “straddle” and actually saw the biggest returns I have yet (around $2000 return spending a little over $500 on demo account). I had to wait nearly all day and logged in later on from work and saw it was up high and sold it. This may have simply been a coincidence but I was wondering are there some better than others that are more stable? Meaning… if I trade this particulare type of trade can I expect more consistant results?

Another example might be gold. Gold, as far as I understand it, tends to go up overall. Is this correct?

Thank you for your time again JC

#4

Gold has went up over the few years but has also fallen 600 points + from its high. Any given day and intraday any market can go either direction you just have to follow the price action (ie apex elite system)

The Wall Street 30 straddle was just a coincidence as it was a big move day. Premium is built into options so the move has to be larger than the premium to profit

Certain markets move more but also more random like silver ng JPY pairs Some move fast like gold silver ng JPY pairs and oil

It all depends on the strategy you are implementing. (Buy/sell/premium collection/straddles etc) The system rules using (news/apex) etc, money management , time of day, how much time you have to trade, account size, etc…

I like nearly all fx pairs, Dow/nq/russel, oil and sometimes gold, and ags for a lot of reasons

As you get a system down you need to master it w one instrument then expand to multiple categories like fx, oil, ags, metals, indices as you never know what will be the big mover on any given day.

I avoid spreads on us tech, copper, and silver on Nadex due to how they tick

This unfortunately is not a simple question/answer. It depends on multiple factors involving the trader like those listed above.

Personly I use several strategies. Many of them on multiple instruments looking for the best opportunity

#5

Thanks again. I appreciate all your help. Basically it’s just a matter of watching where the market seems to be going and making an “educated” guess as they’re all fluctuate. Was just hoping some were more consistent.

#6

No, I’m not saying guessing.

I’m saying it depends on your strategy, system, account size, time of day

It’s like asking me what’s the best consistent car? For what? racing, family trip, rough terrain etc…

No details and a general question does not give me the ability to answer you

Neutral random walk trending range premium collection morning evening afternoon On and on Details are needed for an accurate answer