I dont know this guy from Adam but when I asked him to do a write-up on Forex today. He obliged me with this beautiful piece. Please readers, kindly say thank you to Jerome Obada; words can not mention how grateful I am. Enjoy as you venture into the world of Forex – over to you JO:
My thots: Most of the HYIPs in
| Time Zone | GMT |
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From here onwards, I will dwell on my own personal experience in Forex trading.Â
Armed with the reality that my friend made $10,000.00 from Forex (I mentally blocked out the fact that he later lost it), I googled “Forex†and “Foreign Exchange trading†in as many different phrases as I could think of and noticed that www.fxcm.com was prominent in all my search results and also have the best customer service culture (my opinion).Â
To cut a long story short, I read most of the materials available on the site – webinars, videos, literatures – and also contacted one of their sales person through chat, he called me and we spoke for about 36 mins. I was advised to start with the practice/demo account to get accustomed to trading in the real market before risking my hard earned dough in the mini ($300) or standard ($2000 and above) accounts.Â
The practice account allows you to trade with $50,000 demo money in the real market with a leverage of 1:1000 i.e. you can control $100,000 with just $100. This leverage can amplify your profit but also works the other way; you can lose your money if the market moves in the opposite direction to what you bided for. Pls go to www.fxcm.com or www.fxcmtr.com to learn more, I also found the following links very informative;Â
www.babypips.com www.realtimeforex.com http://forex.acrobat.com/p75775177/ www.forex.acrobat.com/webinars www.fxcm.com/forex-trading-video.jsp Â
I lost $15,000 demo money on my first day; this happened because I rushed in without understanding the fundamentals of forex trading. The loss really affected me but I shrugged it off and decided to educate myself more on tools and tricks that the real traders use; I will advise all forex newbies to read babypips.com before starting and also understand the concept of Fibonacci ratios/retracement, Elliot Waves theory and Buy/Sell signal software. These tools and the 25mins video at fxcm really helped me.Â
The time difference between major trading countries can also be used to make quick profits especially when there is an overlap i.e. Tokyo closes by 9.00 GMT while London opens 1hr before that; the GBP/JPY currency pair is normally at its lowest around 7:30 GMT (this is referred to as “morning lowâ€) so you can buy at this time then wait till about 10:30am before you sell. You also make a certain percentage if you keep your open position for more than 24hrs.Â
Trend and Range – The fluctuations of currency pair’s can be broadly divided into 2 i.e. “Range†and “Trendâ€. Ranging currencies stay within a range (more or less) so you can easily predict how low/high they will go; buy @ low and sell @ high. You can also sell @ high then buy @ low. Trending currency pairs e.g. all pairs that include the USD can move 100 to 200 pips in less then 20 seconds but these movements are not easy to predict so you can either make it big or lose it all. This is for high risk takers. The GBP/JPY is my all time favorite ranging pair even though the spread is quite high (about 8 pips) compared to EUR/CHF, GBP/USD that have spreads as low as 2 or 3 pips. 1 pip is the lowest value a currency pair can appreciate or depreciate and it value lies somewhere between $8.3 and $10 in a standard account and $1 or less for mini accounts.Â
If USD/JPY = 119.01, 1 pip for this pair will be $0.01, this may look small but the1:1000 leverage allows you to make a sizeable profit because a movement of $0.01 becomes $10 and it’s further amplified by the amount you invest.Â
Spread: Spread is the difference between the buy and sell price and it’s the only commission your Forex broker will make from your trading. Â
Fully armed with all these Forex knowledge in my pocket, I was able to increase my $35,000 demo equity to $48,000 in 3 weeks by making an average of $1,000 profit a day. I’ve since moved from demo to mini account which I opened with $400 and made $62 on my 1st day. My all time favorite is the GBP/JPY which oscillates within a band – 239.75 Pressure and 236.44 Support – though it may once in a while out shoot these values.Â
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| CURRENCY | DATE | TIME | LOW | TIME | HI
|
PIPS |
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Trading Stations: Pls go to http://www.fxcm.com/trading-platform.jsp to view the flash video on how to use a trading station. Most trading stations include a feature that allows you to plot the real time graph of any currency pair over any period of time; this helps you to know the history of the pair’s performance and also watch as the price fluctuates in real time.Â
You can also read some of my posts at http://www.dipotepede.org/2006/08/28/nospetco and http://www.dipotepede.org/2007/03/22/coup-is-coup for some answers I’ve given to various questions on Forex.Â
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NOTE: Forex prices can be influenced by a lot of factors especially news from the Central Bank of major players like USA, Britain and Japan, I lost $130 in my mini account because I ignored a particular Trading news in my squawk box; the squawk box gives you real time news from different countries and predictions from prominent Forex traders around the globe.Â
Happy trading!!!
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272 comments
3 pings
October 26, 2007 at 1:01 pm (UTC 1)
If you are interested in buying e-bullion, I have $250 worth of e-bullion for sale at
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October 27, 2007 at 4:37 pm (UTC 1)
Is cool and to say hello.
Checking in to see if everybody.
Best site!
October 30, 2007 at 9:46 am (UTC 1)
pls i want to know how genuine this guys are. Although, i’ve opened real account with liteforex.org and fun it. pls i want to know if i will be able to withdraw back my money.Also i will like u to recommend broker that are reliable and accept e-gold.
November 3, 2007 at 2:49 am (UTC 1)
Hi all,
i have been into the fx biz for some years now, i cant judge myself if i am an expert in it or just fair. But i can tell you that i am more than both. The reasons are because if i dont know how to trade then i have an alternative way to earn from forex.recently i found a reputable nigerian that can pay me betwwen 15% to 23% monthly on my investment, secondly i am trying to analyse this people using EA (ROBOTS) to trade if they are really making good monies, but i wonder if some one can make up to 10% a day of his capital then why should he be thinking of trying to sell it for peanuts like #5,000 or even less when you can use that to make millions of dollars for your self. If that robot REALLY WORKS then i will buy my dream car soon http://images.google.com/imgres?imgurl=http://robson.m3rlin.org/cars/wp-content/uploads/2007/03/audi_rsq_concept_2004.thumbnail.jpg&imgrefurl=http://robson.m3rlin.org/cars/audi-rsq-concept-car/&h=375&w=500&sz=23&hl=en&start=15&tbnid=1yJhVJoGj–inM:&tbnh=98&tbnw=130&prev=/images%3Fq%3Drsq%26gbv%3D2%26svnum%3D10%26hl%3Den
thats the one million dollars Audi rsq. Ok back to business, we have heard about forex, stock, futures, ecurrencies, e.t.c most of us have money to invest most of us dont. How about a business that can give you 1-3% and above daily that is genuine, infact the companies are publicly listed companies in their respective countries. I really mean clean and honest earnings i am willing to disclose this business here because it requires huge capital outlay ranging from between $2000 to $10,000. Note in this business of mine you will make money calculate 2% by 300 days in a year, you are surely going to make above 300% profit. Just call me if you want to be my partner in this sport business i am giving out free info. My 3 years+ presence online is no joke, if you are really serious then call me now for the free info 08039286937. Have a nice day.
November 6, 2007 at 8:45 am (UTC 1)
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November 7, 2007 at 9:11 am (UTC 1)
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November 8, 2007 at 1:37 pm (UTC 1)
@Achu Godwin,
The number you gave in post #256 appears to be invalid. What other number can you be reached on?
November 14, 2007 at 10:45 am (UTC 1)
@ all
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November 15, 2007 at 12:19 pm (UTC 1)
I have e-bullion for sale at the rate of N140. Anyone who is interested should call me on 07028197636, 01-8716673 or 08029879354. thanks
March 7, 2008 at 3:22 pm (UTC 1)
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April 2, 2008 at 9:33 pm (UTC 1)
I have carried out large work and collected the most trustworthy
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PS I am sorry if my message out of forum topic or it`s not interesting to community.
April 3, 2008 at 12:03 pm (UTC 1)
I have carried out huge research and collected the most interesting
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They are accessible for everybody.
I offer you to acquaint with them ( online investing bookmak http://www.whattup.com/bookmarks.php/boksir124 )
If somebody can supplement my list please publish here your research or bookmark
PS I am sorry if my message out of forum topic or it`s not interesting to community.
May 3, 2008 at 2:35 pm (UTC 1)
check out http://www.bridge10.blogspot.com for new opportunity
May 3, 2008 at 2:36 pm (UTC 1)
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September 2, 2008 at 7:03 am (UTC 1)
Hello Jerome,
I have done enough training on forex traiding and I am making an average of 10,000 USD per day on my demo account. The problem I have now is getting to open a live account as all the online forex trading companies do not want to have anything to do with Nigerian clients, i understand why , so I ask if there is any out there that is still unbiased. I need to go live as soon as possible. Thank you.
March 2, 2009 at 5:02 am (UTC 1)
forex is very hard to do but if you do it right you can make alot of money. You have to use good tools and software.
forex trading forum
March 26, 2009 at 8:50 am (UTC 1)
If found this site very helpful in furthering my trading knowledge. I place their link below, let me know what you guys think or if anyone has other suggestions.
Forex ReviewsThe Forex (currency exchange) market is full of brokerages and trader tools. Learn which companies are the most reputable with Forex Focus Daily’s Forex reviews.
May 7, 2009 at 3:50 am (UTC 1)
Forex is not for everyone. Traders has to do lots of research and read lots of books from expert traders……. Lot to learn..
June 1, 2009 at 3:13 pm (UTC 1)
Forex is Real but not meant for everyone.
It takes adequate knowledge,patience and I can’t give up attitude to make a success out of it.
June 19, 2009 at 2:17 am (UTC 1)
Dear Reader,
Are you a good forex trader? To what extent can you grade yourself? How many years have you being trading? How much can you account for in a month? who is your mentor and how profitable are you now? How many account have you crash. Are you discourage already because you have crash a lot of account and you are just playing with demo. Although, i agree with you that no forex trader can do without demo as a play chat.
However, i have good news for you. Did you know that there are some robort that can rake in money for you while you are sleeping. Robot like fapturbo, faps, megadroid. You may think you don,t need them but the point is are you a guru. Did you know that one of the reason why you crash account is because of your wrong analysis. Now all this robot i have trade them and they are raking in money for me.
For more information e-mail me back. mikejames1235@yahoo.com
Mr James
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July 28, 2009 at 1:43 am (UTC 1)
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March 9, 2010 at 5:08 am (UTC 1)
Forex and the way it is marketed on the net is a sure way to lose your shirt. It is not a get rich quick scheme but is a quick trip to the poor house, if you don’t get yourself educated, which doesn’t happen in 5 minutes.
I have been trading on and off for years now and I found from all the courses I had done and thousands of dollars later that forex is not a push over.
What changed it for me was not getting more and more education, but getting a mentor, someone who was a professional trader for a living and capable of teaching.
So if you want to be a successful trader and it is not working for you, learn from a pro who is prepared to mentor you, it will turn your trading around, it did for me.
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