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I'm new to Forex trading and looking for some advice

Lswilliams
Dec 19 2014 at 15:24
7 posts
Hey all,
I'm new to forex trading and I'm just looking for some advice and guidance, I'm Lewis and I'm from the UK and currently a final year student (I study film and philosophy), I have no real experience in trading, I have traded on a demo account for the last couple of weeks, but I know trading for real is different, so I'm just looking for guidance or help, to help me learn the market quicker or some information I can study to improve my trading skills. I will attach a image of the trading I have done so far on my demo account, so far I have just been listening to the news and following what they have been saying and depending what they have been saying I buy or sell. I have no idea how to predict what the graph will be next etc I have tried but failed. Anyway if anyone can help me or give me guidance to improve my trading skills quicker that would be great.

Attachments:


Rihan
RSTrading
Dec 19 2014 at 20:04
385 posts
Hi there...

There are a few things you'd have to decide first..

Expert advisors or manual trading or both.
Fundamental or technical or both.
Long term trading or short term or both.

There are more - these are just a few I can think of now. Decisions I had to make to suit my lifestyle.

Not a huge fan of demo accounts - they don't make you deal with the emotional aspect (everyone feels they will trade exactly the same with real money - They don't) Rather open a cent account, if you do well there then proceed to a micro or standard account.

I am certainly not promoting or anything of the sort (moderators please remove this next sentence if I overstep the line)
Babypips offer an excellent 'school' where you can learn from basics to a bit more advanced stuff, just google them.


I hope this is of some use..
Good luck to you.

Kurtis J. Martyn (Post_Tropical)
Dec 20 2014 at 02:15
22 posts
first of all don't use eToro. They are horrible.


There are 2 rules for being successful. Rule 1, never tell them everything you know.
Duane Shepherd (DRFXTRADING)
Dec 20 2014 at 22:54
169 posts
Start from the top, drill your way down..


FINANCIAL GOAL

.. decide how much you want to earn from Forex... will determine type of trader you wanna be, the Method you use..


DAY TRADING vs SWING TRADING

...Day Trading most popular..very short-term intra-day trading...affected by a lot of volatility...most difficult means of earning..

...Swing Trading, not as popular..focuses on the bigger picture, larger trends...trading not everyday/week but when trades arise, more than compensate, providing steady long-term earning growth..

https://www.myfxbook.com/members/DRFXTRADING/duane/1079693


DEMO vs REAL ACCOUNT

Save your money....stay on the Demo, find a Method that works...when it begins to meet that target..Real Account


BROKERS

After that is done, then you can decide on brokers and the other stuff...


NEWS

Day Trading...news is used to capture small moves..Swing Trading...not necessary...Candlestick Signals will reflect/anticipate the news, most of which is volatile anyway (I am a formal Central Bank Economist)


Good luck..

Trade Less, Earn More
Don (240Z)
Dec 21 2014 at 07:10
50 posts
https://www.fxstreet.com/ is a good place to get news and ideas. https://www.investopedia.com/ is a good site for definitions of everything financial

“Everybody should have a dream. What if that dream comes true?” – Jack Ma
Lswilliams
Dec 21 2014 at 07:18
7 posts
RSTrading posted:
Hi there...

There are a few things you'd have to decide first..

Expert advisors or manual trading or both.
Fundamental or technical or both.
Long term trading or short term or both.

There are more - these are just a few I can think of now. Decisions I had to make to suit my lifestyle.

Not a huge fan of demo accounts - they don't make you deal with the emotional aspect (everyone feels they will trade exactly the same with real money - They don't) Rather open a cent account, if you do well there then proceed to a micro or standard account.

I am certainly not promoting or anything of the sort (moderators please remove this next sentence if I overstep the line)
Babypips offer an excellent 'school' where you can learn from basics to a bit more advanced stuff, just google them.


I hope this is of some use..
Good luck to you.

Hey,
At the moment I am trading on my own so manual trading and I'm doing short term trading, I wait until the market spikes for example and then sell my shares, I will check out Babypips, anyway thank you for your advice.

Lswilliams
Dec 21 2014 at 07:18
7 posts
Post_Tropical posted:
first of all don't use eToro. They are horrible.


Hey,
Do you advice using another broker? and what is the difference between eToro and another broker?

Lswilliams
Dec 21 2014 at 07:25
7 posts
DRFXTRADING posted:
Start from the top, drill your way down..


FINANCIAL GOAL

.. decide how much you want to earn from Forex... will determine type of trader you wanna be, the Method you use..


DAY TRADING vs SWING TRADING

...Day Trading most popular..very short-term intra-day trading...affected by a lot of volatility...most difficult means of earning..

...Swing Trading, not as popular..focuses on the bigger picture, larger trends...trading not everyday/week but when trades arise, more than compensate, providing steady long-term earning growth..

https://www.myfxbook.com/members/DRFXTRADING/duane/1079693


DEMO vs REAL ACCOUNT

Save your money....stay on the Demo, find a Method that works...when it begins to meet that target..Real Account


BROKERS

After that is done, then you can decide on brokers and the other stuff...


NEWS

Day Trading...news is used to capture small moves..Swing Trading...not necessary...Candlestick Signals will reflect/anticipate the news, most of which is volatile anyway (I am a formal Central Bank Economist)


Good luck..

Hey,
Thank you for your advice it has been very helpful, I just want to start to earn £100 profit every two weeks (start off small), day trading is more my style, so is there any secret to earning big profits over time or is it just practise? And what brokers do you recommend I set up my demo account on?

topastop
Dec 21 2014 at 07:27
21 posts
RSTrading posted:

Expert advisors or manual trading or both.
Fundamental or technical or both.
Long term trading or short term or both.



My advice:

1) Manual trading, forget EA's unless you want to lose money.
2) Both are important. I use technical to open my positions on better prices but fundamentals play the major role.
3) The market is irrational on short term. Long term is the way to go to make money.

Lswilliams
Dec 21 2014 at 12:26
7 posts
240Z posted:
https://www.fxstreet.com/ is a good place to get news and ideas. https://www.investopedia.com/ is a good site for definitions of everything financial

Thanks mate, I will check the websites out.

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