Comments on: how to know when to buy or sell in the forex market? http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/ Discussion of Forex Trading and Currency Trading Thu, 24 May 2012 03:27:21 +0000 http://wordpress.org/?v=2.3.3 By: Aaron Brown http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27552 Aaron Brown Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27552 Yeah I wouldn't go with etoro.. (I've tried them). There is a better way. To succeed in trading the Forex, you need (1) a good strategy, and (2) the patience to trade small, and not blow your account in only 3 to 5 trades. To get a good strategy can be really hard if you try to do it by yourself. But a website has been developed which basically pays professional traders to share, not their whole strategy with you (which very few would be willing to do), but just their buy and sell signals. But even with only their buy and sell signals, you can learn a lot. But even better, most brokers (though, not etoro...) support directly linking your broker account to this service. For example, the biggest Forex broker in the world is FXCM. And FXCM has a dedicated page to directly link your account to this service. The fact that FXCM has a dedicated page on FXCM.com to link to this service, shows that this is not a scam. But it also works with the other big brokers such as FXDD and others. Etoro, though, is not supported, sorry. But that's okay, you can switch. ;-) Anyway but you can either learn by watching what they do, and that's very helpful. Or even better, you can directly link your broker account (if you switch to FXCM or one of the other 20+ supported brokers). And once your accounts are linked, then you can "follow" them, which makes your trading account copy what they do. I personally follow 10 of them with my forex account, trading live money. If found that following multiple of them like this is safer. Because if one of them fails, for whatever reason, then the others will make up for it and I still gain money. I've been doing this for a while and I'm in the profit, so I can affirm that it works. What's good about the service though (and I'll post all the links in my sources below), is no backtests are allowed. Backtests are garbage, because people can "tweak" backtests to make them look better, simply by adjusting their strategy AFTER THE FACT to make it avoid the losses that happened. And trust me, they do. Which is really cheesy. But this service doesn't allow traders to post their backtests. All of them have to build their history with the website one trade at a time, in real time. No benefit of hindsight. No backtest. So that makes it much safer for you, because you know that they are not cheating. Anyway so yeah, go there and check out the top 20. Try to find strategies that have very low drawdown.. they are safer, even if they don't make as many pips as fast. And whatever you do, don't forget step #2... which is to trade lightly. Please don't freak out by finding a good strategy, and then overtrade, and blow your account in 3 trades. Please don't do that! Yeah I wouldn’t go with etoro.. (I’ve tried them).

There is a better way.

To succeed in trading the Forex, you need (1) a good strategy, and (2) the patience to trade small, and not blow your account in only 3 to 5 trades.

To get a good strategy can be really hard if you try to do it by yourself. But a website has been developed which basically pays professional traders to share, not their whole strategy with you (which very few would be willing to do), but just their buy and sell signals.

But even with only their buy and sell signals, you can learn a lot. But even better, most brokers (though, not etoro…) support directly linking your broker account to this service.

For example, the biggest Forex broker in the world is FXCM. And FXCM has a dedicated page to directly link your account to this service. The fact that FXCM has a dedicated page on FXCM.com to link to this service, shows that this is not a scam. But it also works with the other big brokers such as FXDD and others. Etoro, though, is not supported, sorry. But that’s okay, you can switch. ;-)
Anyway but you can either learn by watching what they do, and that’s very helpful. Or even better, you can directly link your broker account (if you switch to FXCM or one of the other 20+ supported brokers). And once your accounts are linked, then you can "follow" them, which makes your trading account copy what they do.

I personally follow 10 of them with my forex account, trading live money. If found that following multiple of them like this is safer. Because if one of them fails, for whatever reason, then the others will make up for it and I still gain money. I’ve been doing this for a while and I’m in the profit, so I can affirm that it works.

What’s good about the service though (and I’ll post all the links in my sources below), is no backtests are allowed. Backtests are garbage, because people can "tweak" backtests to make them look better, simply by adjusting their strategy AFTER THE FACT to make it avoid the losses that happened. And trust me, they do. Which is really cheesy. But this service doesn’t allow traders to post their backtests. All of them have to build their history with the website one trade at a time, in real time. No benefit of hindsight. No backtest. So that makes it much safer for you, because you know that they are not cheating.

Anyway so yeah, go there and check out the top 20. Try to find strategies that have very low drawdown.. they are safer, even if they don’t make as many pips as fast. And whatever you do, don’t forget step #2… which is to trade lightly. Please don’t freak out by finding a good strategy, and then overtrade, and blow your account in 3 trades. Please don’t do that!

]]> By: Andrew http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27553 Andrew Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27553 Have you tried using some of the tools provided by etoro? such as traders insight tool and open book. Traders insight shows you the popularity of trades being made. the best time to use this tool and also trade forex is in the NY London overlap. Using the open book on etoro you can simply copy professional traders trades. Have you tried using some of the tools provided by etoro? such as traders insight tool and open book. Traders insight shows you the popularity of trades being made. the best time to use this tool and also trade forex is in the NY London overlap. Using the open book on etoro you can simply copy professional traders trades.

]]> By: ? http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27554 ? Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27554 You should take some trading lesson first before you start to trade with live account. But if you need some assistance to profit with your live account, you can always check out these sites below; http://www.forexfactory.com http://www.babypips.com http://www.winnersedgetrading.com You should take some trading lesson first before you start to trade with live account. But if you need some assistance to profit with your live account, you can always check out these sites below;

http://www.forexfactory.com
http://www.babypips.com
http://www.winnersedgetrading.com

]]> By: Dr. Tom Goldfield http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27555 Dr. Tom Goldfield Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27555 You will need a good trading system that generates you entry and exit signals. You will need a good trading system that generates you entry and exit signals.

]]> By: Common Sense http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27556 Common Sense Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2011/06/13/how-to-know-when-to-buy-or-sell-in-the-forex-market/#comment-27556 RE: ProForexServices.COM I found out it's a total rip off. The only good "reviews" of this software are "planted". Like many other things in Forex... this is a total scam. The only people that buy this are people that know little about trading or Forex. Stay away. RE: ProForexServices.COM

I found out it’s a total rip off. The only good "reviews" of this software are "planted". Like many other things in Forex… this is a total scam. The only people that buy this are people that know little about trading or Forex.

Stay away.

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