Is it possible to start trading FOREX with $1000?

[1time]

Originally Posted by luke24.5 Im still in the process of learning. Will attend a seminar next month. Anyone recommend any good seminars? Mind if I ask whose seminar? I think you're money would be better spent on Real-time datafeed with a simulator and a few good books regarding Market Profile and basic TA. Support and Resistance related info and chart patterns are helpful but there's no substitute for personal observation. Cisco Futures offers a home study course with a very good rep. Scientific Investors teaches basic support and resistance. Make sure that you're not just paying thousands for a weekend if you're new to trading. This stuff takes a while to sink in to the point you can think and trade in real time.

I was planning on going to a Forex seminar in London. Not too familiar with the guys who host it but it is supposed to be a big event. But from what I have been reading here... I think I will pass on it. Better to do a little more research. Perhaps I am rushing things too fast.

[Follow The Trend]

In my opinion $1000 is no where near enough to start trading, especially on the FX market. While you might make a few $ with a couple of successful trades, it only takes one big loss to wipe out your entire capital.

The most successful traders take small "turns" frequently, on large amounts of capital. The costs associated with trading $1000 would make it uneconomical in my view.

[carter]

$1000 is enough to buy you some decent trading books. If you want to start trading seriously, you need to be looking at minimum $30k - $40k plus living expenses.

[coachdeb]

Originally Posted by Soultrader ...why dont you join a trading room and just watch and listen for 2-3 months. This is alot better than attending a 3-5 day seminar costing thousands.

Great idea! What rooms do you know of that are free and worthwhile?

Deb

[Soultrader]

hello Deb,

I recommend taking some free trials at Linda Rashcke's room or Hubert & Carters trading room. I think the websites are tradethemarkets.com and lbrgroup.com.

Also luke24.5 recommneded a good trading room for the futs. I don't quite remember the link but you should find it if you do a search with his name.

What's important is to find a trading style that fits you and then expand on it. Although the mentor may be profitable, if the persons style does not suit your trading style, you will have a hard time incorporating it into your methodology. My advice is to find what suits you, adjust it to your style, and develop your own. There is no need to be creative and come up with your own methods. Trading has been around for quite some time now and you easily make a living by copying other people's strategy. Just make sure you find what fits you.

[coachdeb]

Thanks! Will check them out. I've been using 4XMadeEasy and it really isn't ...so easy that is. I consider myself a very intelligent person and I'm having a great deal of trouble with this package. They use pressure (buying/selling) charts instead of price charts and every time I enter a trade with their software, I lose instantly. Not just the spread either, I've always chosen the wrong direction. I feel like I'm working with a shadow so I'm switching to actual price charts just to see if I do better.

Thanks for the pointers!

Deb

[Soultrader]

If you are worried about spreads why don't you trade currency futures?

Also, you never use a price chart?

[coachdeb]

Originally Posted by Soultrader If you are worried about spreads why don't you trade currency futures?

I'm just starting out so I don't know what currency futures are. I know there are other instruments to trade but just starting out, I haven't considered anything but Forex yet.

Originally Posted by Soultrader Also, you never use a price chart?

4XMadeEasy doesn't use price charts, they use buying/selling pressure charts...how many were bought/sold,which should obviously be equal, but they use a proprietary set of algorithms which are able to determine direction [probably] based on what's happening first - buying or selling - and who's playing catch-up -- buyes or sellers. The software performs 15-20 calculations per second and then draws a graphic line representing the pressure waves. That's why I said I felt like I was dealing with a shadow, there has to be a delay involved, even though it may only be a second or two. Not only that, I'm dealing with a 2nd generation lagging indicator and if I want to see prices, I need to use the cursor and read the price off a grid to the right of the chart area.

However, to be fair, I don't really think the software is the problem. There are many people who are very happy with it, but I just don't know how to interpret what I'm seeing. They are very generous with their training (probably because we have to pay $99/mo for the data feed from eSignal) but I'm not getting it, and there are many others in the same boat with me. That's why I think that looking at a price chart might help me read the trends better.

Oh well, I'll keep trying, but with price charts this week, not 4xMadeEasy.

By the way, I have a BUNCH of money (100K+) that I'm living off of while I learn this >>> and I don't intend to live-trade a penny of it until I can double my demo account (which started at $2k). Two months of demo trading so far and all I've done is lose.

Thanks!

Deb.

[Soultrader]

Hey Deb,

Take your time to learn the game. Sooner or later you will figure things out and approach the market with a clearer view. Right now you are still driving the the fog. Once the skies clear up youre trading should improve significantly.

While you spend the time to demo trade, develop setups that offer high probability trades. These should become your bread and butter. Because you have risk capital, you will not be undercapitalized. With the proper amount of time training and applying money management, the risk capital should give you plenty of time to learn.

Good luck.

[coachdeb]

Thanks James, good advice.

Last nite I went to a meeting of 4xLosAngeles.org users (all started with 4xMadeEasy and have since moved on to real charts), and I learned that it wasn't me, it was the software. That made me feel much better. I'm very hopeful now, what with having spent the last two months being frustrated, at least I've gotten a good background on 4x. I'm gonna get real charting software and begin again, renewed!

-Deb