Forex Help Forum Archive for 10/19/2005

Mtl JP 21:32 GMT October 19, 2005
Subject: Reply   
NY 19:37 / Right on. There are a few books on the market dealing with Psychology and Trading, but they do not seem to be as seeked out as the "holy grail I got a method for making millions" type. Too bad.. It does indeed seem to boil down to realising about oneself whether one is the rationalizing type or someone to whom y/n - in/out reactive decionmaking comes easily: probably the most important self-aspect, and probably the most disregarded and under-appreciated aspect by players in general. Regardless of entry or exit price point, formula, method, system or advisory one may be using, for at some point a - s i n g u l a r y/n - decision will have to be taken. And, wether people want to admit it or not, most people do NOT make decisons easily. And rationalizing one's moving a stop or ending up with a lump of charcoal after the market took the diamond it was offering is all too common. I could tel you about.. naah, better not, maybe some other time.

Training oneself for a conscious singular decion-maker be it by using psychology, zen, yoga or whatever method works to remain mentaly alert, combined with a diet, exercise and lifestyle that combine to a brutaly efficient decision making mind are essential.

Spotforex NY 19:37 GMT October 19, 2005
Subject: Reply   
Ontario SP 13:09

Welcome to GV and yes this is the place to ask questions......

Reading books is a fine start to grasp the concept of FX...and a demo account does provide some degree of familarity to the order book/entry process....

but the real element of the game is controling your emotions......I have yet to find a book, system, pill or whatever in that regard......but establishing a routine is essential to the long term success of any type of trader.....

every trader has their own emotional scale and appetite to risk.......the big question is to define YOUR personality as a trader and your objective in the overall process......no book can do that......


I just reveiwed a few books for Futures Magazine (Oct edition at your newstand now)...they are getting better, but still too general for me to gives 'two thumbs up'.....but the level of honesty is increasing......


One thing i will note is that leverage is the crack cocaine of any trading style.......overuse will affect your personality and evoke wild mood swings.....but it will end in tears...as it takes only one bullet to the head to kill an account.....

Spotforex NY 19:26 GMT October 19, 2005
Subject: credit cards Reply   
I am not a big believer in using credit cards to fund an account.....but with these mini account s and a few hundred dollars to open and trade...then an account opening could be viewed as an 'entertainment expense' ....similar to a night out at an excellent restaurant......then the account is for fun...

But if one is using credit cards because they are strapped for cash and are looking for quick fix at iecuring ncome....then retail self-directed FX trading is not the way in trying to make ends meet from paycheck to paycheck in regards to living expenses.....

credit card companies usually have two billing cycles for card members to log disputed entires/claims...thus 60 days would be a likely minimum time target......

lax-lgb SNP 13:56 GMT October 19, 2005
Subject: NY LCUY 00:07 GMT October 19, 200 Reply   
LoL
I know s$£ ?

From the looks of it you don't know jack about what you're about to get into
F%@k alone knows which side of whose bed you crawled out of but you are about to go back there sooner than you reckon

Ontario SP 13:09 GMT October 19, 2005
Subject: Forex Information Reply   
Hello all, I hope I am in the right place for this total newbie question. I have been flip flopping over 2 different ebooks on Forex trading, and would like to know which one (if any) those on this forum would reccommend.

I am a pretty new to forex, and have just been trading on a demo account for a couple weeks. I would like to give forex a try but have been warned of the 90% chance of losing my entire mini account, so I would like to educate myself much more before giving it a go.

The first book I am considering is "Bird Watching in Lion Country" by Dirk du Toit. It seems to give a realistic approach to the forex and talks about avoiding the pitfalls of believing that a newbie can cash in with other so called "formula" approach methods using 5, 10, or 15 min charts, which will result in losing your money faster then you can say forex.

The second book is "Surefire Forex Trading" by Mark McRae which sounds very informative but seems to advocate the kinds of formula techniques ridiculed in "Bird Watching in Lions Country". For those of you who are seasoned forex traders is there any truth to the quick in quick out formula type trades or should I avoid this like the plaque?

If you have any advice or if you have read either of these books and could share your advice it would be greatly appreciated.

Thanks

NY LCUY 00:07 GMT October 19, 2005
Subject: Reply   
I remember you! you are the guy said my case was not a big deal!!

Yeah, I am poor, have no money, and I am able to make money, so...? It is a tuf season to trade..I understand you emotion.

Do you know the standard time period it takes them to settle the fund? Or any solid information you can provide? Judged by your previous respond, I fully appreciate of that fact you know sth.


Thanks!