thought i'd update this thread with three huge things I learned...
1) money management is HUGE
2) stop losses are a must
3) scalping is VERY DIFFICULT (I have switched over to using 4 hour/daily/weekly time frames)
Down 8000 for now. Hopefully will break it even one of these days LOL. EU seems to be the best pair to trade for beginners like myself. It seems to trend more then others and isn't as volatile as some other pairs.
I like using very basic indicators 50% level on fibs, trendlines, and most importantly try to go with the trend! Hardest part is when the market starts to range quite a bit. A few ppl have contacted me through PM over the past few months that I posted this thread. Forex is a VERY difficult business. The leverage will kill you (thats why I say money management is a must), but if your good at it or are willing to take the time and effort to get good at it the rewards are there. I haven't been paying as much attention to the market as I should. When news comes out the 100-150 pip move up just to come to the original spot within an hour is just horrible. It'll take out all the stops and have you wondering what the hell just happened. I missed a few excellent trades for EU in the last few days because I went to sleep and lost some motivation but after a small break I'm ready to go at it again.
this isn't about me getting rich off of trading. I have always had an interest in various markets (futures and forex mostly) but I never really planned on doing this full time until I heard that
95% of the people out there that try to trade forex FAIL. I always love a challenge so here I am
Edit: for those that want to know about using Oanda as my broker...the spreads are low, executions are fast, can be accessed from any computer and blackberry/iphone compatible, slippage isn't too bad. overall for canadians its easily the best broker to go with.