Hi guys,

I am a newbie to Forex, but i have installed Meta Trader 4 and will be setting up an account soon.

I have heard you can make a lot of money with Forex. I need to make arround £3000 in a month or 2 and would like to know if this is possible?

I currently have arround £1000 to invest, but i can't lose any of this really! Is there any EA out there that can me me this profit and how high are the risks?

All your comments, suggestions, thoughts and attachments are much appreciated. Hope you can help. Also do i need any special settings on your reccomended EA and does it work the same with all trading accounts?

Thanks.

cool..
Yes you can make 3000 even 10,000 if you want which is not a problem from forex i know people making even 20,000 every month from forex and even more and more from FX .. but you need more investment then just 1000 cause you need to become the broker much prefer is to become one of those bucket shop brokers other then that if you can get 100-350 a month that would be your lucky month.

Point is you said you are a newbie so here it is there is no free lunch fast making money in this business there are alot of systems on this forum choose one and see if you can make some decent pips cause 90% traders fail of disciplinary facts just try to follow and let us know if you are making 3000 a month ... about ea's good luck finding one there are alot them here too..

hopefully you will not come back and say i made 3000 a month and if someone wants to follow my trades or have exact results pay me 300$ i'll send you the system

regards
EACAN

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What do you mean when you say i need to become the broker?

Can you let me know how i can get starting, do i just pick an EA, install it, run it and leave it?

What steps do i have to take?

Just wondering, whats the difference between forex and FX?

:?

And you my friend need to get your hear straight. Do you really think that it works THAT simple? Do you really think you can have a 1 000 (USD, Pounds, etc), then you install something, wait a little and !BAM! you've earned 5 000 or 10 000. Well, proove me wrong, but it's not that simple, because if that was simple I'd run to bank right now, invested in forex and earned big time.

To earn, you need knowledge, you need expertise, you need experience, you need to dedicate time to it. There are NO ready-made solutions, at least for forex, or else everybody would earn, but the harsh reality is that most people are loosing.

You can't earn without investing your time and energy. Anyhow, I hope I did not discourage you from FOREX. It is an interesting thing to be involed in, and it can bring you money. But again, all that requires a lot of background work



Kindest regards and good luck,
Diam0nd.

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no please don't do this to me .. ok i appologize i have no idea why replied to this thread but just to answer your question the broker is any organization , firm you would deposit the money and they provide the facility to let you trade using there internet or otherways one e.g is like MT4 for example the broker is InterbankFX.com

Diam0nd my finger slipped

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Ohhh, KKK, coz I thought maybe there is a whole new meaning to FX that is different from FOREX Thanks for the answer.



Cheers,
Diam0nd.

__________________
- MetaTrader v4.00 Build 225 (10 Jul 2008)
- MetaTrader MultiTerminal v4.00 Build 213 (20 Mar 2008)
- Always use the latest (^ABOVE^) MetaQuotes products, saves a lot of nerves. What's new.
"METAQUOTES FOR LIFE!"

So can someone answer my questions and let me know what steps i need to take, becasue what does an EA do then if you have to do all your own work? I thought that was what the EA does?

What stuff will i need to learn and how do i apply it to Forex?

Please help me understand how i would use the EA, if i need to do my own work.

Thanks.

1. OK. First things first, what is an EA. EA (aka expert advisor) is basically a program that does everything you would do when trading manually. In other words, EA is a programmed realisation of a trading system. Example: you believe that it's time to buy when one moving average crosses another one from top. And sell when its vise versa. EA would do this for you. Also, the purpose of any EA is to minimise the 'emotion' factor. Example: sometimes when you start making losses and its time to close the position, you hesitate thinking that the market will go up again soon (when in fact "soon" you may loose all you have, since the market is always going its own way).

The problem with EAs that well, they can't make wonders. They can't predict future = can't say where the price will move. Again, all they do (= all they supposed to do) is to trade AS YOU WOULD DO MANUALLY. Advantage is that you don't have to sit in front of the PC the whole day.


2. In terms of the stuff you need to learn. Well, if you are a newbie, you simply need to start reading on FOREX. There are a few good books on that. Mainly, I'd suggest to read books on forex basics, on MetaTrader (the terminal, how to handle it, etc), books on Trading Strategies (ex: The Encyclopedia of Trading Strategies, by Jeffrey Owen Katz, Donna L. McCormick; great book, in my opinion) and on MQL4 (the programming language that's used for writing EAs for MetaTrader; in case you want to use EAs, I believe it's essential to know at least the basics of MQL4).

Also, my advise, always make sure you are using the LATEST version of your terminal, when trading/running EAs (refer to my signature).

And finally, refer to www.mql4.com. Great site with quality tutorials both on trading, using MetaTrader and on MQL4.



Cheers,
Diam0nd.

__________________
- MetaTrader v4.00 Build 225 (10 Jul 2008)
- MetaTrader MultiTerminal v4.00 Build 213 (20 Mar 2008)
- Always use the latest (^ABOVE^) MetaQuotes products, saves a lot of nerves. What's new.
"METAQUOTES FOR LIFE!"

Jamie,

If you are hoping that you can take your 1000 quids and use a few EAs and make 3000 per month right away... then I am going to tell you, "forget it... you won't be able to do it". Anyone who tells you that you can do it right away is lying. Trading is hard work and more importantly mostly psychological. Maybe you have the right temperament, but usually it takes years to develop it.

Start testing, demo trading and then live trading with small lots. See how it goes and then the answer to your question will be there for you.

Good luck.

Jamie please take your time to learn more about trading business.
Don't rush with opening your account for at least 6 month.
Probability of burning it in the same time is 100%.
Not to mention all the sharks or snake oil sellers with their junk.
Even this EA exists nobody is going to sell it.
Consider yourself lucky cos TSD is a place where you can
learn a lot if you are not lazy.

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