Totally newbie

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Hi everyone.

and when i say totally newbie , i really mean it.

I know many things about sports betting but nothing about forex trading.

I did little google search but got lost.

I need BASIC info.

In sports betting there are companies that accept your bets and earn money if you loose the bet.In forex ? Do they take commission? A couple of examples?

Also for automation of sports betting there are softwares with facilities like stop loss, target profit etc, you give an order and they place the bet for you. Simple things in the beggining.

In forex? Are there free programs (platforms?), one time fee / commission based? A couple of examples?

Thanks and sorry for the basic (silly?) questions?

Alex

 

Hi Alrodopial

First of all it is a good thing that you have a background in betting!

There are many things similar in forex.

Yes, brokers take commisions, each time you made a ticket(buy or sell),

they charge you a comision of 1,5 to 20 pips or so! For each ticket

of 0.1 volume they charge you about 1.5 usd minimum. 1 pip is about 1 usd

depending of currency you buy or sell. So 0.1 volume=min 1,5 usd........

if you buy or sell 0.2 volume=3usd, 0.3=4,5....and so on!

You have many brokers and they all give they platforms for free!!!!

I suggest to you to start learning MetaTrader 4. We all use it!

Metatrader have a stoploss, take profit, pending orders....etc...

All of that can be automated with the piece of software called

expert advisor (EA). You have a number of them through all

forums, but it is a pain in the ass to find a decent one!

Do not buy anything, 95% of sellers of EAs are scam!!!

There is no trader here who didnt lose at least one account.

Yu must learn, learn and learn more!!!

Every broker will give you a demo account, so first play with demo money,

it is a best way of learning forex, indicators, EAs, etc.....

In betting you always have a games that is "aranged" to take peoples money,

here is the same thing, brokers will do anything to take yours money!!!

So play smart, and dont rush to make money becouse you will loose it!!!

Respect

 

Thanks a lot for the respond.

First of all English isn't my native language so i may have "silly" questions.

So brokers are the companies that will "place" my order in the real market and they will get payied by commission.

In sports betting the largest company that accepts bets is Betfair and its commission is 5% from your NET winnings. So if i win 500 Euros the commission will be 25 Euros.

From the example you gave if i win 500 pips and lets say 1 pip=1 Euro and this amount was gained from 30 trades( tickets? - one per day - all winning) what will be the commission?

I don't understand the "0.1 volume " you said.

From a quick look a good system gives you about 500 pips per month (like Kolachi method ?) , am i right?

Secondly what brokers do you guys suggest that they are "reliable" and accept meta trader 4 ?

These all started from a sporting systems review site i'm watching who tested a site giving forex advises (buy-sell) and found it profitable (subscrition site).

Thanks

 

actually those brokers do not place order and earn commission from you

you actually trade with them and they will accumulate all the fund from all the small traders and they will eventually trade with central banks

hence it is why there is a saying , " in forex. your biggest enemy is your brokers". because they want you to lose hence they will make a gain

correct me if i am wrong

 
ariestomaster:
actually those brokers do not place order and earn commission from youyou actually trade with them and they will accumulate all the fund from all the small traders and they will eventually trade with central bankshence it is why there is a saying , " in forex. your biggest enemy is your brokers". because they want you to lose hence they will make a gaincorrect me if i am wrong

I think so ... (you're right!).

FerruFx

 

Hello alrodopial

If you are a really newbie in Forex market, you have to read a lot of this first.

One of the best things you can do is to practice with a software; I like metatrader, so you can learn more of this.

 

Hello alrodopial

If you are a really newbie in Forex market, you have to read a lot of this first.

One of the best things you can do is to practice with a software; I like metatrader, so you can learn more of this.

 

There are many ways around this; you can actually do the same trades alongside a real broker. The name for this I don’t really know got to check on it. So if he wins you win and vice versa. I think it is a less risky approach but there are more out there

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