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Could you explain to me what forex is and what advantages it has over other trading platforms? I got on the site and started an account but havent downloaded the actual software yet.
Can you help answer these questions from other members on NexusFi?
The question you asked on this forum is is one that is asked probably once a week.
I am not even sure why people even answer it now, maybe to get a thanks, or just to demonstrate their knowledge, and it's same thing, read, demo, do mini forex, etc. This is not bad advice coming out of the guys, as reading and learning is part of the process.
But, here is something that is never mentioned: It is VERY hard to become successful at trading if you did not achieve success in any other area. The most successful traders that I meet, and I actually know they are successful (not just by their word), have done something successful prior to trading. They have had above average achievements.
This is not a coincidence, because to achieve above average success you need above average sacrifice.
Something that most people are not willing to go through. Also, you have many setbacks, and I mean many, so to take "losses" once in a while is part of the long term plan. The entire outlook on trading after success is different than having no success.
Success is not necessarily monetary. It can be reflected in many ways, and it is not always related to higer IQ. But all long term achievements, are tied to a strong work ethic. This is what you will need as a trader as well.
It is sad that after 500K threads you did not go through each platform review, and used the search box to find topic by topic all the other things you are after. This is what I mean by effort.
Matt
Optimus Futures
There is a risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
I wish I had something like Big Mike's back when I entered into the trading world. I think it's great you are asking for help. If I could offer some suggestion to myself I would say learn as much as you can about YOU. I'm not being funny here. The hands down biggest hurdle in your way will be yourself. This business is about personal grow. Learn about the event of August 18, 1913. And ask yourself what you would have done had you been there.https://en.wikipedia.org/wiki/Gambler%27s_fallacy
This business is about thinking in terms of probabilities. We are taught in this culture to be right. If you are correct in school more than the next guy/everyone you have the brightest future. If you are right in your career you find yourself moving up the company ladder. They do not promote the guy that is wrong more often than the one who is right. Trading is vastly different than this and one has to train it into their self and unlearn what the culture has ingrained into you so perfectly.
Learn about logical fallacies. How you think.
Get as much screen time as you can just watching charts. Look for support and resistance on big time frames and don't worry about the small wiggles on lower time frames its a trap many can not get out of. A micro product is a good idea with a tiny acct...the only idea. Spot Forex (FX) has this but its not a centralized exchange and one has to pick their broker VERY carefully. The CME has micro products too.
A "market order" into the market is generally aggressive, you get filled right away but not at a guaranteed, and only pairs with a opposite side 'limit order". A "limit order" is generally passive, you wait in line to get filled but at a guaranteed price or better, and only pairs with the opposite side "market order".
Only worry about how much you are risking NOT about how much can be made that part takes care of itself. Aim for base hits NOT home runs ....Moneyball.... did you see that movie about baseball? Same idea.
Always remember the traders that have done the homework, have all the resources under the sun ie massive banks etc are just wanting and very ready to transfer your cash into their acct in a legal manner.
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
Forex is not a trading platform it's the cash currency markets, currency pairs. FOREX is short for Foreign Exchange. The largest markets on the planet. https://www.investing.com/ has free real time charts.....start there. Google the word forex and spend sometime reading. You seem very young. Take you time you have much to learn grasshopper.
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
A disciplined trader will be more successful with a faulty trading plan than an undisciplined trader with a perfect trading plan.
Ask the following questions throughout the day:
What is the market doing?
What is the market trying to do?
How well is it getting it done?
The Fundamental Truths (Mark Douglas Trading in the Zone)
Anything can happen.
You dont need to know what is going to happen next in order to make money.
There is a random distribution between wins and losses for any given set of variables that define an edge.
An edge is nothing more than an indication of a higher probability of one thing happening over another.
Every moment in the market is unique.
So i've been watching this stock for a few days and I liked it right out of the gate.
I reviewed the company and they seemed to be generating some value but the share prices dumped because if I recall correctly, they were restructuring warrants. This seemed to be fear based to me and not indicative of the actual value of the company so I bought 10000 shares on my sim at .05 and sold at .13
The two other plates I have spinning are LXRX and LQ. I have high hopes for them as well.