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Thread: New Jersey and new to Forex!

      
  1. #1
    Will Work For Pips
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    Default New Jersey and new to Forex!

    Hey guys,

    Just got a free 50 dollar account from CNBC million dollar portfolio. Figured I was interested in forex and how could it hurt to get a free 50 bucks?

    Anyway, I have some experience trading equities and such, but I really want to learn forex.

    My main question here is if anyone is in the local NJ area and would like to meet up, have a chat, show me some stuff, etc etc... I would be happy to meet basically anywhere in the area, buy lunch, whatever we gotta do.

    Also, for those not in the NJ area, can you recommend any books/movies to read/watch?

    Thanks and be in touch!

    Harrison

  2. #2
    Pippier Than Thou! McPott's Avatar
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    Default Re: New Jersey and new to Forex!

    $50? They might be trying to entice you to try and deposit more... not to be a buzzkill but $50 won't go far, not to say you don't know that, but forex its really harder than other markets in that way, the leverage in usa is a killer on most pairs these days. it used to be fun and possible... but be ready to deposit more

  3. #3
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    Default Re: New Jersey and new to Forex!

    Yea, I am not worried about depositing more. I am ready and able. However, why jump in when I am A) new and B) not consistent? No reason. I figure, as boring as it is, I will work on making 1 dollar a day minimum to as much as I can. And if I can come out at the end of the month with say, 20-40 dollars positive, great! Hopefully, after 2-6 months of doing this, I will be confident and throw in the loot(500 hundred to 2 grand).

    Not a terrible idea huh?

  4. #4
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    Default Re: New Jersey and new to Forex!

    Welcome to the Forum Pink Floydian, I too am from New Jersey but may be moving to the city in a month or so; there are quite a few of us in the greater NYC area regardless that have graced the forum, and some active members are as well. I do look forward to a day (hopefully soon) where we can all trade together under the Forex Forums brand.

    McPott is probably erring on the side of caution for your own benefit, I can't make recommendations on deposit size or anything because each trader is different but gains in the 60% range although possible and have been made, isn't always going to happen. Not to say a 60% gain isn't something to shoot for in any given period of time, but in my own trading I tend to see much lower percentages but like I said each trader will be different, and risking more than 2% of your account on any given trade is frowned upon by much wiser traders than I that taught me to trade safely. I'd like to see you protect your capital when you do indeed find yourself in a comfortable enough position to risk a deeper deposit into the currency markets.

    As a rule of thumb I like to find high probability trades, that being, trades that have a higher probability for a gain than a loss, and you'll hear people throw out ratios like 1:3, risking 1 pip for every 3 gained. I like 1:2 personally, so if I'm entering a set up that may cost me 25 pips if things go wrong, I want to see that particular trade net me 50 pips if it were to go right. Like I said you need to find your own groove, your own strategy for finding HPT's which are varied as there are the amount of strategists out there. I kind of found my own groove as you will using a combination of certain indicators using TopGunSoftware which is fairly new and recently "HARMONICS" which is a pretty established theory that works very well in looking for patterns on charts which statistically result in bearish or bullish moves depending on the particular pattern.

    Then you have to figure what kind of chart, with respect to time frame, you want to look at; daily charts tend to show us larger moves and the bigger picture but, and some will disagree, you probably want to find more precise means of entries on a smaller time frame. Don't follow my lead if you don't find it to suit you, but I like to look at 15 minute charts for a snapshot of what a currency has done in ONE day, and next to it a 50 Tick chart for a very precise look at what a currency pair is at relative to an indicator you are following. Now, some people will give you advice just follow daily charts, but afford yourself a larger cushion to absorb larger swings if you feel the trend is bearish, bullish, and you trade in that direction allowing for pullbacks against you not wiping out your position; this may result, or should result, in a higher win percentage and maybe even larger gains than the way I trade. The way I trade in fact gets me into a great quantity of trades, probably more losses but also more gains, and going back to the ratio of 1:3 or 1:2, always try to follow a system or strategy that results in bigger gains than your losses, and in greater frequency. There does reach a time where you may find that even if you are only right 20% of the time, if your 20% winning trades are far greater than your losses in terms of pips gained per trade, you can still be profitable. But, this is completely up to you and like I always said put 1000 traders in a room following the same strategy during a day, you'll have 1000 different outcomes.

    Why I wanted to make a connection between HPT's and what time frame chart you are using because based on the daily chart using Harmonics, I personally trade only in the direction of the most recent pattern, then looking at the lower time frame charts in my TopGon platform, I use my original strategy of buying and selling pullbacks to certain indicators which I will show you examples of which you don't necessarily need Topgun for, but they do have a great indicator which I can't live without at this point called the Yellow Balance Point Line which represents where most traders are holding positions at the moment, not exactly a Moving Average; and they also have something called CONTAINMENT BANDS which help me find where price is relative to the statistical high and low as averaged over the last X amount of weeks, so it keeps me from selling lows and buying tops and gives me a realistic assessment of how much a trade can earn if I do sell or buy right now: am I risking 20 pips to gain 50 pips? Am I risking 20 pips to gain 10 pips? These indicators help me tremendously, I really don't pay attention anymore to people who denounce things of this sort, but I will always listen to new strategies and positive comments about other strategies, namely why I adopted using Harmonics; I'm a very open minded individual in the market and have nothing to sell or turn people on to for my own personal gain, cool right?

    Here are two examples from today. As you can see the latest Harmonic pattern on the EURJPY occurred in mid-August, alerting us to an uptrend that may form (may, not always) but in this case it did, and hit its target (the purple dotted line) almost to the pip. So once the target is reached, we look for new patterns, none formed, but that doesn't mean they are not present or a down trend after profits will result for whatever reason, and the latest reason being the European debt crisis worsening over the last month. Regardless of "reasons" I like to follow technical indicators such as Harmonics so what I'm essentially making a case for is why I am shorting here after a bullish pattern formed, essentially because of news and definitely because of the target being hit and an absence of new pattern (and EURJPY is my favorite pair and I'm used to it's habits). This is in MetaTrader4



    Then I go to the other platform I use TopGun and find a more precise entry which occurs exactly when price taps that Yellow Balance Point Line where, whatever you want to attribute the ensuing down move to, traders getting in or out of a trade at this point, down pressure is the result and is something I tend to use as a trigger for entry. And in this same chart you see the red and orange containment bands alerting me to when/where price will go and stop.


    TopGun Chart Top: 50Tick per bar
    TopGun Chart Bottom: 15Min per bar

    I am running out of room to talk, I will talk to you more
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  5. #5
    Pippier Than Thou! McPott's Avatar
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    Default Re: New Jersey and new to Forex!

    Jesus... that's a lot of info Mike... yea i was just saying... but even $2000 + leverage... you didn't mention leverage at all in your ... whatever it is

  6. #6
    My Pip Hand Is Weak
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    Default Re: New Jersey and new to Forex!

    You could search the net for tips or get the book "Technical Trading" it's the bible of forex trading

  7. #7
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    Default Re: New Jersey and new to Forex!

    I decided to avoid the risk...to make more money! Try one or all of these links:
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    Big profits are realistic, especially if you want to use their referral programs. Amazing.

  8. #8
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    Default Re: New Jersey and new to Forex!

    We can help you as a new trader.

    Email us at [email protected] for help and aide.

    Good Luck with your forex future.

    InstaForex Signals

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