The best way to start as a beginner in my opinion, is pick the pair you wish to trade,and the timeframe you wish to trade it ---------And then watch,watch the big players painting the candles on the chart,and gain a feel of the market without adding any indicators, (boring i know)
Read and digest the daily economic calendar before you start the day and watch what the news events coming out during the day does to your pair, it will teach you to stay away from certain news releases which may whip saw your trade .( don't trade over the major news)
You described all the techniques quite correctly. To my mind, the main in day trading is to understand that you shouldn't rush. Rushing is a good way to lose everything you have actually. So, you have to wisely weigh all the risks and comply with money management practice. Always check higher and lower timeframes in case you are fond of trend trading, also remember about patterns and figures, which will help you to determine trend reversal.
KAnthony posted: hi all. i'm newbie and i have lot questions. what difference between fundamental and technical analysis? what should i choose? because i heard fundamental analysis isn't for newbies. is it true? also what indicators is convinient for newbies? what do you guys use?
Hi there! As a newbie, I advise you first learn about the forex market before you start trading. Fundamental analysis means analysing news relating to social, economic, and political fields that can directly or indirectly affect the price movements of the currency pairs. On the other hand, technical analysis means observing a wide range of historical price chart actions. When doing this, you will find common trends in price actions of the same or more currency pairs at certain specific conditions (like time, day or price). Compare this observation of historical price data to the present price chart patterns. This will help you predict the price movements.
For some traders technical analysis is easier than fundamental analysis and vice versa. But you shouldn’t completely rely on only one type of analysis, use both, irrespective of being a beginner or an experienced trader. Once you have learned everything about the forex market, practise in a demo account. You will have all your doubts cleared.
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UPOZORNĚNÍ NA VYSOKÉ RIZIKO: Obchodování s devizami přináší vysokou úroveň rizika, které nemusí být vhodné pro všechny investory.
Páka vytváří další rizika a ztráty. Než se rozhodnete obchodovat s devizami, důkladně zvažte své investiční cíle, úroveň zkušeností a toleranci vůči riziku.
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