Dear Diary,
After doing this part of the course I am now playing with all the mapping indicators on MetaTrader 4. I love all that hi-tech computer stuff! If you have not got MT4 – go for it as it is free (http://www.metaquotes.net/ or do a Google search for it) with a free live feed too, demo account and bundles of little programs you can use to do all the mapping. I also used the free mapping level indicator that the guys at StraightForex wrote specifically for their systems and MetaTrader. It automatically calculates all the mapping levels and draws the lines on (ask if they have not given it to you yet). Must have taken people ages in the days before computers were doing all that in the blink of an eye. I guess we all take it for granted now but I reckon it does not hurt every now and then to imagine how things used to be and feel lucky about how easy we have it, well as far as technology goes anyway.
I also think that perhaps because of that most people are a bit too lazy to put the work in to succeed and are used to automation doing everything for them. I know, I know; me too, that is why I looked at automated experts and paid for systems initially (as I mentioned in the last diary update). That is not helped by the sales pitch of many providers that appeal to our lazy side and promote it as an easy way to riches. At least the StraightForex course tells you in order to be successful you have to work hard and pay attention – maybe it is not what everyone wants to hear but rings true and I appreciate their honesty.
Tell you what though – there is a lot of rubbish to sift through on the net; everyone has the “answer” it seems. Just send me some money and I will make you rich etc etc. Heard that before. Makes it hard to tell the genuine stuff from the snake oil merchants.
Those Forex forums make me laugh too, in a non-funny way. So many people searching for something but not prepared to work for it. Is there anything in life that is worthwhile that does not require a great deal of effort---why do they think trading currencies is any different? I quite like it though as hopefully they will be the people who will be funding my account if it all works out...hehe. On saying that there is still some good info out there it is just a case of determining who has credibility and ignoring all the “holy grail” rubbish and supposed “sure things”. I reckon the REAL traders do not spend much time posting as they are too busy trading and working on their systems (and maybe spending their money).
Still – a lot of good info around if you are discerning in what to follow or believe, like everything in life I guess.
That should do for today – I enjoyed that last lesson and it is starting to make a lot more sense now the different aspects are being explained and revealed. Quite excited about the next lesson on Money Management as all the stuff I have read and other traders have told me seems to imply this is the most important part of trading. Better concentrate then, no being distracted by surfing YouTube or Facebook allowed.…
Anyway, time for another joke I reckon to finish off for today.
Three Forex market makers and three investors were going for a trip by train. Before the journey, the investors bought 3 tickets but the market makers only bought one. The investors were glad that the stupid market makers were going to pay a fine. However, when the conductor was approaching their compartment, all three market makers went to the toilet. The conductor, noticing that somebody was in the toilet, knocked on the door. In reply he saw a hand with one ticket. He checked it and the market makers saved 2/3 of the ticket price. The next day, the investors decided to use the same strategy- they bought only one ticket. The market makers did not buy any tickets at all! When the investors saw the conductor, they went straight for the toilet, and when they heard the knocking they handed in their one ticket. They did not get it back. The market makers took it and went to the other toilet!
After doing this part of the course I am now playing with all the mapping indicators on MetaTrader 4. I love all that hi-tech computer stuff! If you have not got MT4 – go for it as it is free (http://www.metaquotes.net/ or do a Google search for it) with a free live feed too, demo account and bundles of little programs you can use to do all the mapping. I also used the free mapping level indicator that the guys at StraightForex wrote specifically for their systems and MetaTrader. It automatically calculates all the mapping levels and draws the lines on (ask if they have not given it to you yet). Must have taken people ages in the days before computers were doing all that in the blink of an eye. I guess we all take it for granted now but I reckon it does not hurt every now and then to imagine how things used to be and feel lucky about how easy we have it, well as far as technology goes anyway.
I also think that perhaps because of that most people are a bit too lazy to put the work in to succeed and are used to automation doing everything for them. I know, I know; me too, that is why I looked at automated experts and paid for systems initially (as I mentioned in the last diary update). That is not helped by the sales pitch of many providers that appeal to our lazy side and promote it as an easy way to riches. At least the StraightForex course tells you in order to be successful you have to work hard and pay attention – maybe it is not what everyone wants to hear but rings true and I appreciate their honesty.
Tell you what though – there is a lot of rubbish to sift through on the net; everyone has the “answer” it seems. Just send me some money and I will make you rich etc etc. Heard that before. Makes it hard to tell the genuine stuff from the snake oil merchants.
Those Forex forums make me laugh too, in a non-funny way. So many people searching for something but not prepared to work for it. Is there anything in life that is worthwhile that does not require a great deal of effort---why do they think trading currencies is any different? I quite like it though as hopefully they will be the people who will be funding my account if it all works out...hehe. On saying that there is still some good info out there it is just a case of determining who has credibility and ignoring all the “holy grail” rubbish and supposed “sure things”. I reckon the REAL traders do not spend much time posting as they are too busy trading and working on their systems (and maybe spending their money).
Still – a lot of good info around if you are discerning in what to follow or believe, like everything in life I guess.
That should do for today – I enjoyed that last lesson and it is starting to make a lot more sense now the different aspects are being explained and revealed. Quite excited about the next lesson on Money Management as all the stuff I have read and other traders have told me seems to imply this is the most important part of trading. Better concentrate then, no being distracted by surfing YouTube or Facebook allowed.…
Anyway, time for another joke I reckon to finish off for today.
Three Forex market makers and three investors were going for a trip by train. Before the journey, the investors bought 3 tickets but the market makers only bought one. The investors were glad that the stupid market makers were going to pay a fine. However, when the conductor was approaching their compartment, all three market makers went to the toilet. The conductor, noticing that somebody was in the toilet, knocked on the door. In reply he saw a hand with one ticket. He checked it and the market makers saved 2/3 of the ticket price. The next day, the investors decided to use the same strategy- they bought only one ticket. The market makers did not buy any tickets at all! When the investors saw the conductor, they went straight for the toilet, and when they heard the knocking they handed in their one ticket. They did not get it back. The market makers took it and went to the other toilet!
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