tag:blogger.com,1999:blog-5787768779179977966.post7211189476551601891..comments2024-03-01T09:49:24.381+08:00Comments on The Black Bottle's Forex: Quitting a $10000/mth job to trade FOREX??Blackhttp://www.blogger.com/profile/12971326600336403599noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5787768779179977966.post-84983639191483526662009-11-09T11:05:46.513+08:002009-11-09T11:05:46.513+08:00Hi kafechew, dont worry we aint much better than y...Hi kafechew, dont worry we aint much better than you other than mayb the experience we have on hand now. I can tell u wat my thoughts are though and mayb some advice. I assume the EA u are referring stands for Expert Advisor? First of all, Black and myself have never tried any of these EA b4 and we certainly do not know if it even works. Like yourself, we also thought of just simply purchasing one of these program and start using it to generate a income for ourself. But in the end,maybe its our ego or certain sets of principle that we choose to follow, we decided against it.<br /><br />So finally its still up to oneself to decide which path he wants to take. I see that u mentioned that u wanted to be a expert forex trader in 2 years time.<br />Quite confidently, i think 2 years is certainly enough to reach a certain level of expertise in fx trading if you r really devoted and put enough effort in it.<br />But if u decided to use EA instead, i may not guarantee that u can be as successful. Reason being, u will simply be relying alot on your EA's advice. <br />Short or Long signal all base on ur EA. SL TP all decided by ur EA. That makes the drawing of trendline, looking for candlestick patterns etc redundant isnt it?<br />Just like alot of other seasoned and pro traders always says, Practice makes perfect. Train the eye that spots the trend. So i think its quite not possible to<br />achieve that using an advisor. Too many elements of analysing r missing. U may not even know y u lose or win in a trade.<br />Well y not i suggest that u consider using an EA after earning more experience in trading? Afterall, EA isnt 100% correct but mayb 70% to 80%? Then base on ur experience and knowledge to pick on these signals given by the EA to filter out fakes?<br /><br />Whereas for not having enough capital, i m not ashame to tell u that i myself trades using micro lots (100 times smaller than a standard lot). This is my learning period. Its the pips that i profitted that counts for now. Not the real $$. Once i m constantly achieving a certain amount of pips daily, i will move on to higher lot hence the higher $$. For broker wise, its advisable that u find one that allows the trading of micro lots during ur learning stage. Its good to start trading DEMO for a start. But ultimately, u should start trading live but using only micro lots(WE regretted trading mini lot for start and lost quite abit of my capital). The emotional effects that a Live account have on u is totally different from trading a DEMO. <br />That i can tell u for sure. I(Black too) just finish this phase only a few months ago. So everything is kinda still fresh in our minds. eside on our information bar. Btw our broker, FXDD, may suits u. Link is just beside on our information bar yea? U can check it out.<br /><br />And as for only having paypal, no problem yea? they allow paypal transfer of $$. Recieving of $$ can be to ur paypal as well but there is always other alternatives like bank wire etc. I guess different broker's got different methods of doing so. U can check out their services at their sites too.<br /><br />The above are all my thoughts my friend. Its still up to u to decide if u simply just wanted a program to generate income for urself or learn a set of recession proof skill that is totally depending on urself to achieve that financial goal of urs. There is no right or wrong in this definitely. But so far those succesful traders that i came across reading uses traditional trading methods. So far not yet of EA users. So do think about it yea?? I really hope it helps u in ur decision making at the end of the day =)traderChttps://www.blogger.com/profile/05236287519978279705noreply@blogger.comtag:blogger.com,1999:blog-5787768779179977966.post-83795406004355725922009-11-08T14:13:52.060+08:002009-11-08T14:13:52.060+08:00Good idea. If I still not very Pro in Forex, can I...Good idea. If I still not very Pro in Forex, can I use EA to help me? I really don't want to work after my graduation (2 years to go). I hope I can be very expert in Forex in these 2 years. I don't have much capital here, don't have either credit or debit card, just using Paypal. How can I start my trade? Which broker will you introduce to students like me?<br />(I'm still trying demo version one, using Metatrader 4 platfrom, broker = Avafx)<br />Thanks a lot.kafechewhttp://www.kafechew.comnoreply@blogger.com