FAQ

Q: I would like to start trading forex but I am new and know nothing
A: I consider it a 4 step process…
Step 1 – Learn: Read everything you can about forex for a few days until you have a basic understanding of what it is and how things work, then re-read it all again. The “School of Pipsology” on babypips.com is all that I personally used to get the information I needed, and it is entirely free. I do not advocate paying for any forex systems, training, or services.
Step 2 – Experiment: Once you have the basics, you can open a demo account and start trading. Figure out of you want to use fundamental or technical analysis, or both. Figure out whether you want to be a scalper, day-trader, inter-day trader, swing trader, or position trader. Figure out which indicators work for you. If you don’t understand something that I just said, refer back to Step 1.
Step 3 – Demo Trading: By this point you have a pretty decent idea of how things work. Keep demo trading for at least 2 months, or until you are consistently making profits. You will know you are ready when trading starts to become easy and somewhat tedious.
Step 4 Live Trading – You’re a made man (or woman).  Open a live account and keep doing what you did to make money during your demo trading and hopefully you’ll be on your way to your first million!

Q: What broker do you use/recommend?
A: I personally use Interbank FX (IBFX) and to date I have not had any real issues. Any broker which uses the MT4 Metatrader 4 trading platform is preferred. I have also consistently heard good things about OANDA, although they do not offer the MT4 platform and I have never traded with them. The important thing is to use diligence and research your broker carefully before investing, as the internet is full of forex scams and dishonest brokers.

Q: How do you make your predictions / I’d like to know more about your system
A: (Currently removed)

Q: Do you have an EA (Expert Advisor) of your system / Why don’t you make an expert advisor?
A: I tried recreating an EA with my programmer friend, but there are a lot of subtle and seemingly un-programmable parts of trading that we have not been able to incorporate into an EA. The EA is on hiatus indefinately

Q: How long have you been trading Forex?
A: I opened my first forex demo account in February 2008, and my first live forex account in July 2008. I have also been investing in the stock market since age 18.

Q: What is your ultimate goal when investing in forex?
A: Being able to live comfortably on forex profits without having a traditional job. This blog is designed to document my progress towards this goal.

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One Response to “FAQ”

  1. Hi,
    I saw that you may design an EA for free. My partner and myself have come up with a very unique system. Part of the system depends on the equity reaching a certain point. We need an EA that we can input equity levels both above and below current equity. When it reaches our desired number, it will send us an email. Also, it would be a great feature if it could do the same with a percentage of equity (we would have to choose one or the other, number or percentage.) Example, 10,000 account. If equity reaches 11, 500 liquidate all positions. And if it reaches 9500, liquidate all positions. Is it possible? Let me know My name is Michael My email is alllive@cox.net
    TY

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