Super Noob Questions (Seeking Help)

Hello all,

I wish to open a thread for "Noobs" like me who are aspiring to be future (Super Duper) Forex traders.

Now coming to who's 'me' : I am a knowledge hungry, extremely energetic twit; amused by ideas of Steve Jobs, Gates, Buffets .., .., .. so on, (shortly to be one amongst those), here to learn and explore aspiring ideas.

In Short : Miselp - Srikanth frum India

Alright; here's where I stand in front of you humbly seeking support



1. Golden Question : Which Broker in Bangalore provides good forex trading service? (Metatrader support is a lovable option)

- Alpari India doesn't support all currencies and their market timing is only
between 9 - 5,

- Forex Control - Lot of bad reviews floating across the Internet, what's you take on them

-What other players are there in Bangalore whom I could visit and consult frequently?



2. How long do you prefer system testing before getting involved in a actual trade session.

- I started to learning Forex since a week n half and on my third day I started off with 100000 demo account and currently standing at 156xxx as account status in that demo

- Am I confident(Yes)? I have designed a decent analytical system based on Gann, Williams and some other big names with a good amount of back testing; I did even post 4 predictions I worked out (link is quoted below) and been pretty successful



3. What would be the best tool to use for analysis?

- I have become extremely comfortable with MT4



4. How influential is fundamental analysis over technical analysis in forex?



Thanks in Advance

Alrite Noob, now trade consistently with demo account using your system for 6 months. :lol:

Sorry to hurt your feelings , but my bet is that you will fail in 2 months. Sorry but that is the truth. Its better you face it now rather than later..but all hope is not lost..

Anyways good luck and hope your survive!!.

@traderdude- Man that would have certainly hurt my feeling if you would have said that to me when I started LOL


For some reason reading your post reminds me of myself when I started .. Anyway -

1) I have never ever heard of any broker named forex control and I wouldn't trust it to. secondly why do you want to go with brokers only from bangalore? and I hope you know fx trading is illegal Currently for Indians You can go with a lot professional broker overseas . you can open a demo account at hotforex ,instaforex, GCI etc as just to practise

2) For me till late 2010 I traded with 100% fundamental's and blew 2 accounts. I repeat what someone told me earlier The main thing to remember is you develop these in you demo:
1. Methodology that you know produces consistently.
2. Money management principles.
3. Mental discipline ( I personally have to work more on this one- lol)

Until and unless you develop them - consistency,MM and MD you are doomed to bankrupt your account. its not about how long will it take its about when you are ready. it could take you 6 months a year 2 or even 3 to develop them but once you have you will only have rewards to gain for your entire life. It also comes from experience

3) Choose what you are comfortable with for me I love my MT4 and I also like tradestation

4) The charts will tell you in advance with high probability (action,pattern and formation) where the fundamentals are going to drive the Market

Traderdude, I'd like to respond to you and to the other 2 that have already posted in this thread.

Okay, so this is going to hurt some more. You nailed it with some-straight-to-the-heart-I'm-still-your-friend kind of truth. It is better to fact the facts now, than 2 months from now be broke.

SM, to your credit, in your other thread, you got 3 out of 4 forecasts right. To that, I'll say congratulations. I'll even add they were spot on.
Confidence? I would be too! Do you have a right to be? Yes, of course. Are you ready to trade? No.
Listen! 4 open forecasts and $56,000 on a demo in 1 1/2 weeks does not make a trader. In my 7 1/2 years of doing this, I've come across many traders, and so many of them behind-the-scenes, such as contacts locally, via e-mail, and whatever else. One of the biggest failures is someone being over-confident, jumping in the waters, then find they are full of sharks.

We have some similar parallels. I started on July 20, 2004. On July 29 my $50,000 demo account was up to $78,000, and it was one of the worse things that could have happened to me. My confidence went to the moon (get the picture?). Later, I opened a real account. I turned $500 into $1,000,000. Just kidding!!!!!
I forgot to tell you to subtract 6 0's, because I bankrupted it.
Then I bankrupted 2 more accounts.
At least now, the good thing is I was no longer over-confident.

If you said I am trading the Gann and Williams for one year. I've had consistent gains on my demo account, and you have displayed carved in stone money management skills, then I would say you might be ready to go. The only thing left to prove to yourself is the mental discipline part, and that comes with trading live.

With regards to Pirate saying he would be hurt too, I'll just say he knows me pretty well. I would have told him the same thing just like i'm telling you.
The thing is if I can be a better trader right now, or a friend came to me at the beginning and said I'm not ready and here's and why, I don't care about my feelings. I always want someone to tell me the truth, and we can worry about my feelings later. As a friend, this is why we are throwing up the warning signs.

Also, there is no need to be in a hurry. The money in this business is mind blowing. You will have the rest of your life to reap its rewards. Take your time, build right, and when you get there, you won't be sorry.

I would love to take your bet, anyways thank you for your advice

That's one strong piece of advice, thanks a ton Pirate.

I had no clue Forex is illegal in India and it's seriously out of my comprehension as to why it is!

Well was looking forward for a Banglore based broker just for ease of monetary transaction back and forth from my bank account. I guess I have to settle for a off shore account.

Paul; as always you never fail to impress me with you prompt talks.

1. $56000 was not out of 4 trades, I had 34 short sells and 15 buys to reach there, had 3 trades back fire.

2. At the minute I can forecast accurately what would happen in next 48 Hrs only, that means - You are Right again, I am not ready.

I have planned to take this demo account 10 folds high before I actually venture into a real one. it could be 10 days or a month or even two.

what's your though on that would that determination suffice?

besides which broker do you highly recommend, I want to get accustomed to their banking procedures and software support to be fully ready (besides opening a account is almost free isn't it)

Now you might ask why are you so eager to open a account when we told you it's a bad idea?

Well; In demo account I trade, order get's executed almost instantaneous irrespective of lot size (usual I trade between 8 - 10) and I have also noticed I can go short for 2 days continuous, so is this actually possible in a real account?

so forth I want to open a real account and test the waters (not to swim yet)

K here is some free advice for u.
open demo account with 10k and try to make 16k.
open demo account of 1k and try to make it to 1.6k
then observe

Hi SH,

My advice to you would be to open a real account and trade with just 0.01 ( 10c) lots. It is a different ballgame altogether - you will be better able to deal with emotions, something that demo trading will never give you.

Good luck.

SH, I know I'm very straightforward and pull no strings. I'm glad that, as a friend, you took it in the spirit I intended.
I knew you had more trades than the forecasts you published. My point was 3 out of 4 successful forecasts does not a forecaster make, yet you are encouraged to keep on doing it, if anything, being under the eye of public scrutiny.
The idea behind the gains on your account is that you are to be congratulated, but it is only 1 1/2 weeks. That is the whole point. If you showed me 500 trades, and you turned 100K into 600K in 1 1/2 weeks, I would still go back to, "It is only 1 1/2 weeks."
As far as sufficing a determination is concerned time is different for all of his. I'll say you are off to a flying start. I can also tell you are really excited. I feel and share in your excitement. This may surprise you, but I still get excited about taking a hart, and being able to look at, then tell you the future direction. As a matter a fact, that is the thing I love most about my job.
Getting back to you. With the quantity of trades you have and the dedication that you have towards your job, you could very well be on the express towards your dreams. That is honestly, the best way I can answer it.
The one thing that needs to be addressed if it is not already in place is money management skills. You should have a stop. What is the game plan if the trade goes bad. If you already have your stops and lot size management in place, then keep doing what you are doing right now, let me know in 3 months what your progress is, and then we can talk even more seriously.
After everything is in place, the next thing that needs to be addressed is the mental discipline. The two main ingredients of mental discipline is fear and greed. I promise you this. You will never know where you stand there until you go live.
I have been very satisfied with one of my brokers I currently have, and that is Hot Forex. They're customer service is very polite. I already has an issue where my TP was hit, but did not close the trade. They took care of it and even paid me handsomely on the interest. This exact thing came up with someone else in this forum, but I forgot who it was.
For whatever the reason, their data feed tends to be moody at times. But, don't let that bother you. Their positive qualities, by far, outweigh that one issue.

BTW, let me make one small allowance for starting to trade, right now! If you plan on starting with a very punitive amount, then I would say it is okay. "Punitive", in this case, is subjective. Specifically, start with an amount that if you lost it all tomorrow, you would never blink an eye.