May 4, 2011

My Forex Disclaimer

My Forex Disclaimer


I copy this post from the THV Trading System Thread on Forex Factory by Cobraforex.
Made it my favorite, because I have walk the similar path described.

What path?

The Beginner

Started with a demo account. Possibly on MT4. Buy when the price is going up or Sell when it is going down. It is like have a monopoly money profit. I think I am ready to open a live account. I will be rich. I am born for this thing!

The Indicator Time

There was a time when my chart full of indicators. So many lines; support and resistance, fibonacci, gann grid, moving average, bollinger bands and many others.

When some indicators didn't worked at some time, I will try a new ones a day after. I feel a lost of self-confidence when my 'chosen' indicators failed me. However, there also times when I blame all system developer and indicators makers.

The Signal Service Threads

Deposit the account and now doing it completely different. Because I want to make easy money by copying other traders' trade.

When the account finally blown, blame goes to the damn traders that showed up with a bad trades.

The EA Time

I’m failing constantly because I didn’t follow the rules of my system, let a shitty machine do it for me, that thing has emotion.

Downloading free EA from the net and blowing that account again - but faster.

The start up again or give up time

Missing the trading feeling, after a half year or so, I want to start again.At least give it a last try.
But, how?

Ok, let's go from the very basic. I remember I have read about trend lines, support and resistance. Simple fibonacci retracement after big moves. Uh oh, don't forget to respect the pivot levels, psychology levels: round numbers etc.

"Eureka. It works!" Also, learn about money management. Start with discipline to only risk 2 percent of capital for a trade.

Now a successful trader is born.

Isn’t it like that?

So, the question of Cobraforex: "Why not stepping direct to the last part of that history instead of passing that painful path first, second, third and fourth time?"

Right, for the guys those are in the last stage of our trader’s carrier. You need to know the basics and if you still don’t know them, only trade Demo until you fully understand what you are doing.

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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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