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I'm new and somewhat lost

tradingwolves
Nov 29 2011 at 15:57
posts 9
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
Nov 30 2011 at 14:21
posts 1916
babypips.com is a must for a newbie

tradingwolves
Nov 30 2011 at 19:54
posts 9
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
Dec 01 2011 at 03:30
posts 186
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
Dec 01 2011 at 07:24
posts 2
there's a very good video tutorial website here:
https://www.informedtrades.com/trades.php?page=freetradingcourses
Watch each one by one.

Cheers

psignals
Dec 01 2011 at 07:31
posts 8
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%. My account would be wiped out in no time. Not now <a href='https://www.myfxbook.com/members/psignals/fxpips/199131'><img border='0' src='https://www.myfxbook.com/widget?id=199131&type=1&color=red'/></a>

tradingwolves
Dec 05 2011 at 19:15
posts 9
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
Dec 05 2011 at 19:17
posts 9
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
Dec 05 2011 at 20:11
posts 15
Yeah! It's out there already. It's called a trader. 😄

You can be one too if you study the charts.

Benjamin Nathan
benbakhsh
Dec 07 2011 at 11:37
posts 73
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.

outsidethebox
Dec 15 2011 at 16:07
posts 6
Hey tradingwolves, good luck man. If you need help, just send me a note.

Regards,
Roland


https://www.myfxbook.com/community/trading-systems/think-outside-box/197623,1

high probability trades & small, consistent daily profits!
tradingwolves
Dec 15 2011 at 16:40
posts 9
thanks for the note outsidethebox. how long have you been trading and what are you trading/

outsidethebox
Dec 15 2011 at 22:08
posts 6
Hey tradingwolves,
I have been studying the forex market for 5 years now. I have finally created my own profitable system several months ago. My partner and I have been working tirelessly to make it perfect. Now we think it is.

Check out the system's demo account: https://www.myfxbook.com/members/outsidethebox/think-outside-box/185696
Check out the reults on smalll real money account: https://instaforex.com/pamm_monitoring.php?trader=2014474

We are currently looking for traders who would like to make money trading my signals meaning that we will tell you which currency pairs to buy or to sell. If you're interested, just send me a note. Click on the link below for more information.

https://www.myfxbook.com/community/trading-systems/think-outside-box/197623,1

Later, buddy.


high probability trades & small, consistent daily profits!
tradingwolves
Dec 15 2011 at 22:38
posts 9
i will take a look at your sites

tradingwolves
Dec 21 2011 at 16:46
posts 9
hey outsidethebox

I looked at your websites and i like the 1st link that you posted...

7forex
Dec 22 2011 at 19:24
posts 56
Well, Forex trading is very easy to get in but very difficult to be mastered. You need to invest a lot of time and money to have a little chance to be success and most people can't make consistent profit from Forex trading. However, if you can survive, means you don't lose too fast, you may have a little chance to make it another year which is what you need.

You need to ask yourself: Can I commit to it life time with a lot of frustrations, time and money? If not, don't even try.

Most Forex trading systems can produce profits if we are mentally health enough. My trading system is very easy. I only draw support/resistant lines on my charts and trade on them. I don't use any indicators because I believe indicators are for recording the history which has very little to do with the future.

I trade well when I am mentally health and can also lose very fast with the same trading system when I am trading mentally out of control. You can also find here there are so many 'profitable traders' delete their trading systems because of big drawdowns in short period of time after a long run 'successful' trading.

In short, Forex trading is a mental game. You must improve yourself every day in order to be a better trader. I hope you will be one in the future.

Happy learning!

I love taking risk with the right returns.
avantifx
Dec 23 2011 at 16:09
posts 14
Congratulation for your accounts.


   7forex posted:
   Well, Forex trading is very easy to get in but very difficult to be mastered. You need to invest a lot of time and money to have a little chance to be success and most people can't make consistent profit from Forex trading. However, if you can survive, means you don't lose too fast, you may have a little chance to make it another year which is what you need.

You need to ask yourself: Can I commit to it life time with a lot of frustrations, time and money? If not, don't even try.

Most Forex trading systems can produce profits if we are mentally health enough. My trading system is very easy. I only draw support/resistant lines on my charts and trade on them. I don't use any indicators because I believe indicators are for recording the history which has very little to do with the future.

I trade well when I am mentally health and can also lose very fast with the same trading system when I am trading mentally out of control. You can also find here there are so many 'profitable traders' delete their trading systems because of big drawdowns in short period of time after a long run 'successful' trading.

In short, Forex trading is a mental game. You must improve yourself every day in order to be a better trader. I hope you will be one in the future.

Happy learning!

tradingwolves
Dec 27 2011 at 15:34
posts 9
thanks 7forex, i starting to understand the mental game of it.

Callen Aw (callenaw)
Jan 11 2012 at 12:54
posts 25

   benbakhsh posted:
   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.


Great advice there Benjamin, I'll get that book once I complete the 101 daily coach lessons by Brett N Steenbarger. Good one too :)

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