Help Forex Trading System, Prosignal, etc

[inkosis]

Hi

I revieved an email a couple of days back and wanted every ones opinion on the product. Its for a product called Prosignal - a forex trading system. Has any one heard of it, used it.
In case you haven't heard of it or don't know what i'm talking about this is the link Forex Trading System - ProSignal

It seems pretty expensive, but i'd don't know.

I never looked into the forex, but looking at the website has made me courious.

I recently went to a Candlestick trading company "interview" and they mentioned a couple of terms which i did not understand and wonder if someone could explan them:

a) They said the CTC work on the forex "bourse/borse" what is that?
b) They deal mainly in spreads???
c) They teach people to your matrix/matrices to calculate?
d) They have a live simulator - where can i get one... so i can experiment before i lose my shirt on real trades.

Finally, i done my basic reading on the forex and am i correct with the following:

1) Bascially you are dealing with financial futures for a pair of currencies i.e. their exchange rates.
2) The flucations themselves can be quite small, but becuase the contract sizes are large, you can still lose and gain alot do to that.
3) The market is very fast paced and runs 24 hours a day, leading to alot of volume and trading, thus good for trading.
4) Most of the average trader are day traders becasue of the size of the contracts, I believe the size is $100,000.
5) You don't pay transaction fees, but the broker/exchange makes money through the spead i.e. the difference in the ask price and the bid price.

Please let me know if i'm correct, and if not what have i got wrong.

Thank in advance.
Sam

 

[TRADERguy]

Finally, i done my basic reading on the forex and am i correct with the following:

1) Bascially you are dealing with financial futures for a pair of currencies i.e. their exchange rates.
Please let me know if i'm correct, and if not what have i got wrong.

Thank in advance.
Sam

Futures and spot forex are two separate things. See the explanation that I wrote in this post: http://www.trade2win.com/boards/showpost.php?p=105856&postcount=29

 

[inkosis]

Thanx mate

Sam

 

[marthart]

Hi inkosis.

There is some info on elitetrader.com on prosignal where they have done a test on several signal type systems.
If you are just starting in forex why not open a demo account with capital spreads and try SB forex first .
They also have live charts. not the best but you can put the main indicators on and it will give you a feel for the market.
And it's all free

Martin

 

[JumpOff]

Hi Sam,
I'm a newbie, just 1/2 a step ahead of you (I did a little commodity hedging back in the 80's when my family was farming). http://www.cms-forex.com has been very pleasant to me, though I have yet to give them any money. They have a free no-time-limit demo program that lets you look at the forexs charts, and to make pretend trades. You can see how the spread and stop loss eat into your capital pretty quickly if you just trade willy-nilly without knowing what you're doing..It's been a great sobering! The paper trading doesn't quite give you the same tension as when you've got live money on the line, so even after you can paper trade sucessfully - there is still the discipline issue to deal with..

I've found the cms demo to be a very helpful refresher on how to place a trade, how to set a stop loss order, and to familiarize myself with the kind of price action to expect on the FOREX. Their servers do occasionally go off line (or perhaps it's my slow dial-up connection or my old computer - I've ordered upgrades for both, so we shall see. I think these retail forex shops have a place in the trading scheme. I plan to use them to do a "proof of concept" test on my strategy (these places allow you to start with just $300 and to trade 1/10th contracts- so that's just $1 per pip.

If you poke around these forums, you'll see that the retail forex broker system has some inherent flaw that make it less desirable once you've got real money on the line. At that point, if you still want to trade currencies, some folks say you ought to switch to a futures broker and trade those. (They are regulated in a way the retail spot brokers are not.)

JO

 

[JumpOff]

I forgot the most important thing! There are plenty of free demo accounts, charts, and strategy information on the web. So at this stage of the game, you'd be better off using your money for a trading stake than to spend it on some high powered courseware or trading system. Read a few books & websites and enjoy the digestion of it all....
JO

 

[TRADERguy]

I forgot the most important thing! There are plenty of free demo accounts, charts, and strategy information on the web. So at this stage of the game, you'd be better off using your money for a trading stake than to spend it on some high powered courseware or trading system. Read a few books & websites and enjoy the digestion of it all....
JO

This is very good advice.

Cheers

 

[inkosis]

Hello Guys,
Sorry for the delayed response. Once again been speading my hard earned money, on reading everything i can get my hand onto, I think my heads going to explode :!: , but i'd rather spead it then loss it

There's some good ebooks & stuff at http://www.usefuldirectory.com/cbsearch/search.php?keywords=forex

I bought an ebook called the The Day Trade Forex System

They also recommend cms-forex, So i've set-up a demo account. I especially like the way you can see the real time charts, it abit more visual. I haven't tried another ones, but i think most of the others give you tables instead.

I think i've really got to do some paper trading, instead of just reading, so hopefully start that next week.

Do people who trade activly usually just focus on one type of trading i.e. just forex or just futures.

I was thinking of trading options & futures for swing investment and forex for intraday trading. Have anyone heard of anyone doing is? Just wondering if it maybe I'm being too ambious??

Sammy

 

[inkosis]

Hi martin,

I tried to search for prosignal, on elitetrader, It didn't come up with anything useful i.e. reviews.

Somehow the world of spammers has found out that I intrested in learning to trade or trading. I'm suddenly being killed with emails trying to sell me the "perfect trading system" or "fibonnicci this" or "elliotwave that". Trying to resist.. but some of the marketing it very very powerful.... so watch out all.

 

[dvescio]

Prosignal

Hi martin,

I tried to search for prosignal, on elitetrader, It didn't come up with anything useful i.e. reviews.

Somehow the world of spammers has found out that I intrested in learning to trade or trading. I'm suddenly being killed with emails trying to sell me the "perfect trading system" or "fibonnicci this" or "elliotwave that". Trying to resist.. but some of the marketing it very very powerful.... so watch out all.

Hi Inkosis;

I'm new to this forum and to FOREX as well. Much like yourself, i've been doing a lot of research on FOREX. I've read 3 or 4 candlestick books and all kinds of stuff on the net...it's been a big help in getting me started. I started papertrading my own system about 2 months ago...first month profit $1100 and second month $880. Not so bad for a beginner but i also have been considering Prosignal...their results look great. Almost too good to be true!!

So to address my doubts i swallowed the $40.00 trial fee and tried it out for 2 weeks. I must say i was VERY impressed. They flood you with all kinds of educational material like videos, an ebook on how to control emotions in trading, full explanation on various strategies to validate the automated signals the software generates. Based on my experience, their customer service is excellent too. They are very quick to respond to e-mails. I did not renew with them yet, and they still respond promptly to my e-mails.

I am still a bit reluctant to start up with them for one reason though: You can't judge the profitability of a system on a 2 week trial. The back-testing results look good but so what! Anybody can create the appearance of inflated performance on these web sites.

Oh yeah...almost forgot! How did my trades do in the 2 weeks? Amazingly well. I managed $2200 of profit in the 2 weeks, with only 12 trade signals and an accuracy rate of almost 90% (obviously not sustainable over the long run, though). There are approx. 1-3 trade signals per day on average.

I've seen some other reviews on other forums like . There are none that i find that really bash it...most of what i've seen is positive or neutral at worst, but there aren't too many reviews.

I'd like to hear from others who have perhaps used Prosignal over a longer period of time. How's the performance, service, etc...

Hope all this helps a bit

Take care and happy trading.

 

[inkosis]

Hi
With forex tading, can one lose more then they are trading with. i.e. can there be a margin call as with futures.
Thanks
Sammy

 

[gus]

Too hard to pass this up and not reply! ...........If you are looking to understand what the f*** the markets doing, and how you should trade the damn thing then i would suggest you start basic plotting/charting. Since higher timeframes are in control (most of the time) start a chart on paper or excel of the weekly. Open/High/Low/Close -4 DATA POINTS. Don't consider doing the daily until you understand what the weekly is telling you. Do this for the next 12 months and I bet you will know more than most brokers! But then i'm betting you won't follow this path, because it sounds far too simple,lol

 

[dvescio]

You're right. I wouldn't do what you're telling me...not because it's too simplistic but because it's more complicated. I have one question for you. What could i possibly gain by charting prices manually on a piece of paper or excel that i wouldn't gain following prices on actual charts (which, by the way, contain every bit of information you're suggesting)

I agree with you that understanding price movements on charts is important in making trading decisions, but manually? I'm not sure i understand the logic here.

On a final note, i'm not too worried about whether or not i know more than a broker...nor should anybody. Often, they are just simple order takers and don't necessarily know more than a decently educated investor anyway.

Too hard to pass this up and not reply! ...........If you are looking to understand what the f*** the markets doing, and how you should trade the damn thing then i would suggest you start basic plotting/charting. Since higher timeframes are in control (most of the time) start a chart on paper or excel of the weekly. Open/High/Low/Close -4 DATA POINTS. Don't consider doing the daily until you understand what the weekly is telling you. Do this for the next 12 months and I bet you will know more than most brokers! But then i'm betting you won't follow this path, because it sounds far too simple,lol

 

[gus]

Hello dvescio - nice to have you here. You asked what you might gain? The only answer I can think of at the moment would be to look at my 2nd post under GOOD GOD WHERE IS IT - it would produce this type of analysis. That thread will be removed sometime next week. Everyone uses a fast computer/charting packages which are pretty simular/standard indicators - all of which does tell us plenty - often too much. I use TradeStation myself because it allows me to program/import indicators/strategies that are not standard.

 

[aberry]

Hi Inkosis;

I'm new to this forum and to FOREX as well. Much like yourself, i've been doing a lot of research on FOREX. I've read 3 or 4 candlestick books and all kinds of stuff on the net...it's been a big help in getting me started. I started papertrading my own system about 2 months ago...first month profit $1100 and second month $880. Not so bad for a beginner but i also have been considering Prosignal...their results look great. Almost too good to be true!!

So to address my doubts i swallowed the $40.00 trial fee and tried it out for 2 weeks. I must say i was VERY impressed. They flood you with all kinds of educational material like videos, an ebook on how to control emotions in trading, full explanation on various strategies to validate the automated signals the software generates. Based on my experience, their customer service is excellent too. They are very quick to respond to e-mails. I did not renew with them yet, and they still respond promptly to my e-mails.

I am still a bit reluctant to start up with them for one reason though: You can't judge the profitability of a system on a 2 week trial. The back-testing results look good but so what! Anybody can create the appearance of inflated performance on these web sites.

Oh yeah...almost forgot! How did my trades do in the 2 weeks? Amazingly well. I managed $2200 of profit in the 2 weeks, with only 12 trade signals and an accuracy rate of almost 90% (obviously not sustainable over the long run, though). There are approx. 1-3 trade signals per day on average.

I've seen some other reviews on other forums like . There are none that i find that really bash it...most of what i've seen is positive or neutral at worst, but there aren't too many reviews.

I'd like to hear from others who have perhaps used Prosignal over a longer period of time. How's the performance, service, etc...

Hope all this helps a bit

Take care and happy trading.

Hi

I have just subscribed to the 30 day trial with prosignal, so will let you know the results with my demo account, I have also set it up to automatically place the trades using the tradeitself software.

regards
Ab

 

[Psiphere]

aberry, what ever happened to your results?