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Re: An Essay on How Forex Brokers Truly Work

Wow, thanks for posting this! It's really helpful to know the in's-and-out's of forex. The more you know how everything works, the less you end up losing!

Re: FIFO Rule

I just got an account with a broker not regulated by NFA. You just need to make sure your broker is reputable. Beyond that, choose the "free-est" broker you can find.

Re: When You First Entered The Forex World . . .

Sort of, but not entirely. On one hand, I wasn't reckless and I tried as hard as possible to not lose the funds (obviously lol). On the other hand if I did lose everything, it wouldn't have been a problem.

Re: Concept of portfolio - key for sucessful trading .

I couldn't agree more! Diversification is the key to success. The vital part is to choose EA's that trade completely different methods. If the systems are too similar, then market conditions that cause one of them to fail will also cause the second to fail.

Re: Help starting with Forex

I'd recommend first just focusing on the basics. Learn about exactly what the forex market is. Then learn how to trade it. Try to find a system or method that matches your personality. If you want to go the route of an EA, you can do that too, but I prefer to do my own trading.

Re: Money from Forex?

It is definitely possible to make a living by trading with a focus on generating income. That being said, there are a LOT of variables that need to line up perfectly for you to be successful. You need a profitable system that fits YOUR personality, a good method of managing money, incredible discipline, a good broker, starting funds, and the list goes on and on. Each one of those items will also require time to research, find, test, and implement, i.e. it's going to take a good bit of time to get started. I'd recommend trying Forex at first as a hobby, then part time, then trading full time - that way you can slowly make the transition. If you just jump into trading, you'll no doubt be a failure at first (as pretty much all new traders are), and end up giving up. Good luck!

Re: Scalping...is this a waste of time or can you....

I think you can definitely make money via scalping, assuming you have a solid system, and a cooperative, stable broker. Those can be big assumptions though. For the former, there are numerous that I've seen that are workable and profitable, but the latter can be harder to find. I heard someone once say that all forex brokers suck, some just suck less - I couldn't agree more.

Re: Hedging is out

Personally, I've never used hedging anyways. People should spend time developing a system that produces a favorable percentage of one-way winning trades vs losing money by trying to offset by hedging