The Forex Noob

My purpose for The Forex Noob is to give my experience as a beginner to forex trading. I tend to veer off track a bit with the  FAPTurbo and Forex MegaDroid updates but that’s a part of the experience. I believe the robots on the market now are attractive to beginners, at least the promises made, and are marketed toward them. I don’t mind giving my updates, I’ve learned much from may who have commented and emailed. Thank you.

I want to continue to share my experience, good and bad, and hopefully help others.

I have suspended my live trading because I do not have the time to do it properly and have lost much of my initial deposit. Honesty time…I did a stupid thing and when moving offices left three trades open while my computer was dismantled. In my arrogance I believed that I know what I was doing and did not protect my trades well enough. All three trades lost big time!

Lesson #1 – Protect yourself  with stops and never leave yourself vulnerable to huge losses.

Lesson #2 – Unless you are trading live with the same or greater funded account be extra careful. My losses would have been huge profits had my live account had the same deposit amount as my demo accounts. Don’t over trade your account.

Lesson #3 – Trading well means giving it a lot of time, especially in the beginning. EA marketers want you to believe you can spend 15 minutes a week trading and make a fortune. The majority of us need much more time than that.

Lesson #4 – It’s going to take a long time to get good and make great gains. Baby steps is the key. Don’t get greedy.

My demo’s are still going with both FAPTurbo and Forex MegaDroid. I’ll get back to live trading in June but want to give it the attention needed to be successful. If you are thinking about forex trading or just started don’t get discouraged, read, learn and understand that it’s going to take time.

Your comments and suggestions are always welcome.

Thanks for your time,
The Forex Noob

I’ve been wondering why the EA’s I have running are inconsistent. It may be their nature, Donna informed us that FAPTurbo “has a ” ’scatter’ feature which means that not all trades are placed at identical times” which makes since. If all accounts running FAPT traded the same currency pair at the same time there would most likely be a huge swing in that pair.

I’ve also read where it is important to change your EA’s magic number frequently if your broker has a dealing desk. True?

The way I understand it a Magic Number is an optional and arbitrary number assigned to an EA via your Expert Adviser property settings. It allows multiple trades for a specific currency pair to be managed correctly.

From metatrader.info “The Magic Number is a unique number you assign to your order(s) as a reference enables you to distinguish between the orders that opened by your expert adviser and the orders that opened by another expert advisers or manually.”

So, we can change our magic number often and in theory DD brokers will not get used to seeing our trades and doing nasty things, not that they ever would.

Does that make since? Is this a valid reason why we see good trades early in EA installation and more poor or no trades after time?

Should we be changing our magic number every day?

Thanks for your time,
The Forex Noob