5-MinuteForex.com

Whipsaw: I use FXCM Trading Station, I think it's great.

You don't need metatrader with FXCM. They have their own trading platform that's much better. It's more reliable, easier to use, and even looks better.

I am now a Referring Broker with FXCM. Why FXCM? The first thing you should look for in a broker is to minimize the risk that you'll lose your money because the broker went under, or someone absconded with your funds. Fx brokers are not banks, and your money is not as safe as in a bank no matter who you choose, but some are a lot safer than others. The second consideration is quotes and execution. The third consideration is spreads. I was trying to resolve an issue with a subscriber a few weeks ago. It turned out FXCM had an 8-pip spread while his perfectly reputable broker had an 18-pip spread on the same pair. Scalping strategies obviously won't work with spreads that wide. Finally, some of the largest and most reputable brokers are in the habit of arbitrarily widening spreads when the market doesn't dictate it. You have to have several dozen people doing the same trade at the same time with different brokers to really get a handle on that. On those four considerations you are down to about half a dozen brokers. Of those half-dozen, FXCM has the best customer service by far, and they are the only one that will let me help the traders I refer. THat's why I went with FXCM. The first 20 people to join my referral group at FXCM get free subscriptions to any three SuperScalpers of your choice, or to 15-Minute or 1-Hour alerts!!! The free subscriptions will continue as long as you continue actively trading with FXCM. There are three steps if you want to be part of my referral group at FXCM: step 1: Follow this link to open an account at FXCM: http://www.fxcm.com/open-an-account.jsp step 2: Once you've selected a password the online application will say "If referred by a referring agent, please specify after reading the referral disclosure". Enter Michael Knee as the referring agent. Then complete the rest of the application. step 3: After you have completed the application send me an email with "FXCM Account" in the subject. In the body of the email include the name under which you opened the account, which free subscriptions you want, and the email address for the free subscriptions. Do NOT send me your logon ID or password. Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment, and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts

I'm in negotiations with several brokers right now, I'll let you know as soon as I have an agreement with one of them. Michael Knee

Hello all, I have developed a new series of alerts designed to address many of the issues that Henrik raised. These new ones are called SuperScalpers. You don't have to manage the trade with these. When you get an alert you put the trade on with a stop-loss of 10 to 15 pips and a profit target of 8 to 12 pips. Then you sit back and let the trade develop. These are very short-term, you will seldom be in one of these trades for more than 20 minutes. Also, with the SuperScalpers you subscribe by the pair, so you only subscribe for the pairs you want to trade. Each subscription costs $19.99 per month. For more information or to subscribe please visit http://www.5-MinuteForex.com and click on the SuperScalpers tab. Michael Knee

They are absolutely correct Whipsaw, the markets have changed dramatically in the last 12 months or so. Spreads have become wider and prices have become much more volatile. The world economy is in a state of confusion, and currency markets are following suit. In a normal world fundamentals are the primary determinants of price action, and technical analysis is a secondary factor used to get the timing. But fundamental analysis isn't much help right now. Most economic indicators are in uncharted territory, investors are nervous, and markets simply don't react to fundamentals the way they normally do. And the fact that the big players have less money to play with decreases liquidity, which makes the markets even more volatile. That's why I'm focusing on short-term technical analysis now. It's the only thing left that still works. We simply cannot predict markets more than a few hours out. Here's a perfect example: I offer trend-trading alerts based on 1-Hour and 4-Hour time frames. Both use the same approach, it's a technique professional traders have been using for years. But the 1-Hour version has been averaging about 60 alerts a day, the 4-Hour version has not produced a single alert in the last 10 trading days. What that tells us is that even when a trend is established it doesn't even last for four hours! So I totally agree with your friends, the markets are much more volatile than normal, and much more difficult to trade. Hope you find this helpful. Michael Knee

Thanks Henrik, I appreciate the time and effort you put into this. I agree with your information, the analysis of that information is another matter. 1. 90% of all new traders lose money. The fact that someone who never traded before ended up in the black after 3 weeks is the strongest possible testimony to how good my alerts are. 2. Henrik is correct, the European night is the worst time of day to trade. So we have a new trader trading during the worst time of day who still made a profit! Congratulations to Henrik, and to me! 3. In trading a 70% success rate is excellent. I realize Germans like perfection, that's why you make the best cars in the world. But in trading no one gets 100% winners. The best traders in the world get up to 80% for brief periods. 70% is extremely good. 4. Entering trades is a chore at first but once you've done it for a while it becomes second nature. Most people find that watching the charts waiting for an opportunity is the hard part, and that's what 5-MinuteForex does for you. 5. In trading there is no such thing as a "Fire-and-forget" system. Not if you want to make money at it anyway. 6. The 15-Minute alerts will not work if the only time you can trade is during the European night (after 20:00 GMT). The 1-Hour alerts might work then, but they require wider stops for the longer time frame. I hope this helps. Michael Knee

That's part of trading Henrik. Some days you make money, some days you lose. Some trades make money, some trades don't. The idea is not to win on every trade, it's to make sure that over time your winnings exceed your losses. Also, if I understood one of your posts correctly I think you said you are trading in the evening, which I assume means European evening. That's not an especially good time for short-term trading. The best time is the European-North American overlap, roughly noon to 4:00 PM GMT. Second best is the European morning, roughly 7:00 AM to noon GMT. The North American afternoon (4:00 PM to 8:00 PM GMT) is OK, but not as good as the others. Other times you need to be careful because the market can be thin. The times I gave might be off by an hour because the US is on daylight savings time already, but a lot of other countries aren't. Hope this helps.

Ich schribe zeyr a bissele Deutsch, azoi ich zal die shribe en English. I speak very little German, and write even less, so I'm going to write this in English. I hope the message comes across. I own 5-MinuteForex.com, I'm the one that developed it. I sincerely want to thank Whipsaw for posting my site here, and Henrik for testing it, but there are a few points I want to make: I have several more services which will be available shortly. More about those in a minute. This particular service is intended for people who want to trade short-term momentum but find it difficult or impossible to concentrate on the computer screen that intently for that long. The 5-Minute service frees them from that; it watches the screen for you and alerts you when something is happening. It is NOT suitable for inexperienced traders, nor for people who just want to follow instructions to make a little extra money. It's for people with serious trading experience and well-developed trading skills. I have a similar service going live on Monday that is based on a 15-Minute time frame. That one is much more suitable for traders with less experience. Anyone who subscribed to the 5-Minute service and wants to switch to the 15-Minute one will be able to do so at no additional charge. 1-Hour and 4-Hour services are also coming on line in the next few weeks. I hope this helps clarify things. Danke alles, Michael Knee