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I'm new and somewhat lost
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tradingwolves

Mitglied seit Nov 17, 2011  9 Beiträge tradingwolves Nov 29 2011 at 15:57
I'm new and somewhat lost, on ways to know when to get into a trade and if i should buy or sell, and what i should be looking at. i do have a demo account, i thought that would be the best way to start out and not lose a great deal of money right off the bat.

rob559

Mitglied seit Feb 11, 2011  615 Beiträge rob559 Nov 30 2011 at 14:21
babypips.com is a must for a newbie

tradingwolves

Mitglied seit Nov 17, 2011  9 Beiträge tradingwolves Nov 30 2011 at 19:54
thanks for the feed back i will look at that site and start to go through it.

i have been reading and i see a lot of things about signals of what i can get out of it is that referring to the candle stick? The candle stick i'm lost, i heard this off of fxcm.com in one of there training via there online training. what do you use is there better ones out there then the candle stick?

tigpips

Mitglied seit Jun 09, 2011  182 Beiträge tigpips Dec 01 2011 at 03:30
Welcome to forex, tradingwolves :D.

www.babypips.com is a really good site for new traders. Or than that you can head down to forexfactory.com or forex-tsd.com, see what you can learn.

Candlesticks are pretty much the preferred way of looking at the charts. However you can alternate the 3 modes by bringing up your MT4 terminal. Bring up any chart, press Alt-1 for Bar Chart, Alt-2 for candlesticks mode and lastly, Alt-3 for Line chart.

The number of different types of indicators and forex bots that can be coded are practically endless. To code a profitable bot or strategy that works on a long term does indeed take some time.

One of the fastest ways to learn, is to trade live, make some mistakes and get your feet wet. If you're not comfortable with trading live, you can always demo trade first. Although demo trading probably won't teach you how to avoid swaps, check spreads, check execution times and calculation of margin required per trade position based on risk and leverage.

And one more thing, don't invest money you cannot afford to lose, example children's education, all of your pension or business operational funds.

http://www.freeforexrebates.info
Chubs

Mitglied seit Oct 28, 2011  2 Beiträge Chubs Dec 01 2011 at 07:24
there's a very good video tutorial website here:
http://www.informedtrades.com/trades.php?page=freetradingcourses
Watch each one by one.

Cheers

psignals

Mitglied seit Oct 28, 2011  8 Beiträge psignals Dec 01 2011 at 07:31
Hi. I started trading about 2 years ago. Steve Nison is known to be the father of candlesticks. I could learn from watching videos of Steve Nison. There is so much to learn and finally it's not enough. In the end I realize that it's more about prudent money management and discipline that actually makes a winner in fx trading. I don't use more than 1% to 2% of my account to trade. As a beginner I would use 10% to 20%

tradingwolves

Mitglied seit Nov 17, 2011  9 Beiträge tradingwolves Dec 05 2011 at 19:15
And one more thing, don't invest money you cannot afford to lose, example children's education, all of your pension or business operational funds.



tigpips,
thanks for the advice on that. I have not really thought of it that way.

tradingwolves

Mitglied seit Nov 17, 2011  9 Beiträge tradingwolves Dec 05 2011 at 19:17
i do not know if this is out there, something to tell you when to get into a sell/buy and when to get out.

I am looking for feed back and ideas.

thanks for all the help that you all have already given me

mrWoland

Mitglied seit Nov 17, 2011  15 Beiträge mrWoland Dec 05 2011 at 20:11
Yeah! It's out there already. It's called a trader. smiley

You can be one too if you study the charts.

benbakhsh

Mitglied seit Aug 30, 2011  73 Beiträge Benjamin Nathan (benbakhsh) Dec 07 2011 at 11:37
Hey there - good luck on your journy. I hope it works out for you. First thing id reccomend is reading the book Trading in the Zone by Mark Douglas.. Its fundamental and sill continues to help me when it comes to trading... Also as others said babypips.com is the best learning resource out there in my opinion...
Open a demo account too so while you go through babypips you can actually put a working picture to what is being taught, then get used to the charts. I did this for 3 years before investing money.
When it comes to trading as others said only invest what you can afford to loose and if you do loose look at it as a business expense and a learning fund. There is no trader out there who hasnt at some point lost some money along their journy , but its the bigger picture that counts. Also most importantly, something that a lot of new traders overlook, the first thing to address when trading is risk management... my advice would be to NEVER risk more than 1% on any trade... also a big mistake to avoid - try not to be inconsistent... that is if you take a few losses do not switch systems.. system chasing is a big killer. I was taught that rule of the thumb says that you need to execute at least 100 trades on any given system to see the overall picture of whether or not it works.... another thing I learned from experience is that while demo accounts are great for getting used to charts you will find things very different when trading a real account... so when going to real money maybe start on something like a $200 micro account and get used to the new dynamic.

Really hope this helps in some way and I really wish you all the best.

Trading is not about Wins and Losses, it's about Income and Expenditure"
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