I seriously think I can make a fortune in forex trading?

Well i have been learning about stock trading for 6 years and have developed a good system. Forex is a little different. I started last january. i blew up within weeks because i was uing 400:1 leverage. i also wasent cutting my losses. Anyway through some experience i think i have it a ltitle figured out. What i have to do is wait patiently for a trend to form and act on it. I have about 500 in my account right now trading 50:1.. i cut my loses at 20 pips and let my profits run. until there is a reversal. ii incorperate the fibonacci retracement signals amounst a few ocilattors/indicators. I also keep an eye out on the news that would affect a currency pair. I have also read a few forex traders turning a couple grand into 10s of thousands their first year. I honestly believe this can be me.. can any experienced forex trader advise me?
uhh its actually a minus sum gamethe winner does not make all the money with slippage and commissions look up alexander elder.

Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about forex trading indicators the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.

This question was about forex trading indicators and there have been some pretty good answers that should help in your trading, and especially in relation to forex trading indicators, the answer has been posted in the categories listed below:

Forex Signal Service?

Is there a forex signal service/software that alerts it’s users when a currency crosses an overbought or oversold line on the stochastic and williams study indicators?

Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about forex indicators the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.

This question was about forex indicators and there have been some pretty good answers that should help in your trading, and especially in relation to forex indicators, the answer has been posted in the categories listed below:

What is the best site for trading stocks and currency exchange?

I am completely new to the world of trading stocks or currency, but I want to get started. I see ads for all these different websites (ameritrade, etrade, etc.), and I was wondering, which (if any) would be the best for a beginner? I’m not looking to get rich quick, but I would like to start investing my money for the long term.

Also, which if any of these sites offers a way to trade currencies? Ideally, I would become a member of the site with the best combination of both of these (trading stocks and currency).

Thanks

Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, the market is just too random and unless risk is controlled over time your account will slowly get wiped out, regardless how good a “trader” you think you are.

Need Help on MetaTrader4 Far As Forex Trading?

Last Friday, I have money invested in Dollar VS Euro. I choose dollar over Euro because of the average indicator and other technical indicator showing that the Euro currency is weakening.

I put 0 on Sell in US/Euro, the Euro value went against me and I have about -0 in my current trade. However, I figured that eventually I can leave the trade alone for the weekend.

Last Monday, I look into my account and noticed that I have a -0. The Euro was more weaker and that my prediction was correct. However, why was I been marked as -9.60 leaving me to pay the broker for the -0.04 that I owed.

What I also noticed that there is a Swap penalty but I need to know more about it. Why am I being charged with Swap penalty and could that be the reason why I lost money?

Here is the screenshot to show my trade….

http://i27.photobucket.com/albums/c160/Bopkasen/lostmoney.jpg

Note: I am practicing on "paper" portfolio and not real value.

How do I avoid that hidden or unseen problem when trading in the forex trading including using the software?

What do I need to do in order to manage my lots position properly?

Net Advisor, I don’t mean to be rude but you are wrong.

There is nothing different between a real money and a paper money.

This isn’t a game, I invest in foriegn exchange like I would with real money.
I have great analyst skill and extremely intelligence.

The last thing I need is an insult to my intelligence.

Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, the market is just too random and unless risk is controlled over time your account will slowly get wiped out, regardless how good a “trader” you think you are.

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