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Wednesday, November 30, 2011

Your questions and my answers!

Do you know which FOREX broker doesn't ask for ID at all?

If you wish to trade demo account then you don't need ID but if you wish to trade live account every
broker needs your ID to open an account. Forex broker is depositary agency, same as bank or fund!
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How to identify or learn Elliot waves very easily?

FIRST: learn how to read charts! (UP trend, DOWN trend, Side-way or No trend)
SECOND: Learn to read UP or DOWN trend with basic ABC method!
You need lot's of practice with reading the trend.
When you learn that than it would be easy to recognize Elliot waves!


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I like investing but also I want be a trader! What percentage rate of returns do I stand to gain on an investment monthly?

As a beginner round 1 to 3 %!
As a experienced trader you can use higher leverage and make round 6-10% but all depends on your account balance!
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How much leverage do you use? 

If you are a beginner  then it would be wised to use leverage (1:1) but if you are advanced trader then you can use 5:1 and if you are pro like me than you can use 10:1!
It all depends how you control your risk! You need to adapt your leverage with your risk!
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How many hours a day do you spend trading? 

It is very hard to say how many hours I spend on average but when I am aside of market then I don't spend more than half an hour per a day.
When I trade then I spend 8 to 12 hours per a trading day! 
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How many pips do you make a day? 

That really depends! I am searching for very good trading setup opportunity  and sometimes there are no good trading  opportunity  for a days and sometimes even weeks but on average it would be 15 - 20 pips per day!
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What else do you do besides fx trading?

I am a full time trader if that is what you ask me, I trade FOREX as my job! 
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How old were you when you started? 

I was 25 years old, I think!
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Can you show example of an good/best condition of entry point?

Here it is:
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hi,
whats your opinion on or do you use trading software your self. like recognition software for patterns or waves...etc


No, I am not using any trading software, I use only Trading Calculator that I have made.
I have good opinion about ZIG-ZAG indicator  for wave recognition. ( It is not perfect indicator)
I am not using It because I see those waves filtered without indicator!
ZIG-ZAG indicator can not filter the waves but it is very good indicator for new traders because they need to learn  ZIG-ZAG movements.

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Can you recomend few FOREX BROKERS?

Yes I can, there are many FX brokers!
I will give you links to the most reliable!
Forex brokers links:

DUKASCOPY
FXOPEN
AVAFX
ETORO

Check  Brokers TAB and there you will find which broker best suits your needs!


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What are the Top Four Indicator's you use to predict a reaction on the support or resistance line and how do you know if its a true support or resistance in the first place? 


 You can use MACD divergence as early sign that trend is near the end
I don't predict a reaction. I wait for reaction to be confirmed in price. If I see turning candle stick pattern on hourly chart, I do not believe that it is a right signal to enter the position. Zoom in that candle with 5 min or 1 min chart and study ABC turn. But still, do not enter the position on C1 (MOF-money on the floor). WAIT for break B1! (B= Higher high or Lower low)

This break is confirmation of turning point. Put stop loss order under A or any larger fixed stop loss.
Take profit when profit coefficient is satisfied. 
There is a lot more about taking the profit. (Position management)



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Can you tell me what (how) is the BEST way to learn Forex?

The Best way to learn how to trade Forex profitably  is coaching!

Why I think that Forex coaching is the best way to learn?
Trading the market is a live game. You can read tons of  FOREX  books but all you can learn is: rules of the trading game. Knowing the rules of any game can not make you a winner. So it is pointless to read hundreds of  FOREX books. There are maybe 1000 very good FOREX books, but you need to read only 6 or 7 of them! Just learn the basics and then find a Forex trading coach.

You can learn the basics of trading by taking basic Forex trading course  online or offline!

 There are two types of coaches:

- Coaches that are good in Forex. When they teach, they make Forex look easy. With good discipline,
good strategies there is a good money management.
- Coaches that don't know a thing about Forex or they are still weak in it. When they teach you, they will
stress you and let you feel like  Forex is a big mountain. No matter what you  do, you will never reach the top.



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