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Help me i am a newbie
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Imamul

Biedrs kopš Aug 09, 2017  39 ieraksti Imamul Aug 16 2017 at 06:36
As a newcomer a Great forex mentor is needed, it’s really supportive to keep survive in this volatile trading place in a proper way. But when you ll be a mature trader , then try to depend on your trading skill , not others.

Chenee

Biedrs kopš Aug 16, 2017  1 ieraksti Chenee (Chenee) Aug 16 2017 at 11:42
I am new too. I have been practicing in a demo account for months now, but I am not sure if my skills are enough to keep me going in a live account. How many years or months have you practice to finally get your own strategy working for you?

yapchenee@
leo23

Biedrs kopš Oct 12, 2016  321 ieraksti leo23 Aug 16 2017 at 14:49
There was a similar topic where I have mentioned few key important steps for new forex traders. I would like to repeat this assuming that it can help new forex traders.

Steps:
====
1.Find any mechanical trading system based on pure price action or may be with one additional indicator like Support and resistance, Trendlines or Febonacci levels. Any one of the indicator should be enough. You can find many free systems online.

2.Choose a timeframe that suits your personality and mostly I will recommend minimum H4 timeframe or Daily timeframe will be the best to avoid noise signals and more accurate trades and less time of seeing the mt4 screen. Just set and forget type of system with fixed stoploss and takeprofit.

3.Next, backtest the system with sufficient amount of past trading history using 'Forex Tester' or using any other backtesting software. I am not talking about EA backtesting, rather it is manual backtesting of your system. You should test the system in one currency pair which you want to trade using the system. Every system doesn't work the same way in each pair.

NOTE::This is the most important step to be successful in forex trading in short time and it will save years of demo trading and practising, but unfortunately most of the new traders skip this step and directly jump into demo or live trading.

4.Next, once you are confident about your results in backtesting, start demo trading in a demo account for few months. Not too much demo trading...

5. Next, start a micro or cent LIVE account for live trading with a small account balance until you are confident on going LIVE trading with large account balance.

6.If you are able to follow perfectly all the above 5 steps, then you are now ready for live trading with sufficient amount of balance.




Admoni

Biedrs kopš Aug 09, 2017  95 ieraksti Admoni Aug 17 2017 at 06:34
Imamul posted:
As a newcomer a Great forex mentor is needed, it’s really supportive to keep survive in this volatile trading place in a proper way. But when you ll be a mature trader , then try to depend on your trading skill , not others.


Don’t give up on demo account , besides demo account you can continue pips school which is the best place for the newcomers to acquire something new.

togr

Biedrs kopš Feb 22, 2011  3469 ieraksti vontogr (togr) Aug 17 2017 at 06:52
leo23 posted:
There was a similar topic where I have mentioned few key important steps for new forex traders. I would like to repeat this assuming that it can help new forex traders.

Steps:
====
1.Find any mechanical trading system based on pure price action or may be with one additional indicator like Support and resistance, Trendlines or Febonacci levels. Any one of the indicator should be enough. You can find many free systems online.

2.Choose a timeframe that suits your personality and mostly I will recommend minimum H4 timeframe or Daily timeframe will be the best to avoid noise signals and more accurate trades and less time of seeing the mt4 screen. Just set and forget type of system with fixed stoploss and takeprofit.

3.Next, backtest the system with sufficient amount of past trading history using 'Forex Tester' or using any other backtesting software. I am not talking about EA backtesting, rather it is manual backtesting of your system. You should test the system in one currency pair which you want to trade using the system. Every system doesn't work the same way in each pair.

NOTE::This is the most important step to be successful in forex trading in short time and it will save years of demo trading and practising, but unfortunately most of the new traders skip this step and directly jump into demo or live trading.

4.Next, once you are confident about your results in backtesting, start demo trading in a demo account for few months. Not too much demo trading...

5. Next, start a micro or cent LIVE account for live trading with a small account balance until you are confident on going LIVE trading with large account balance.

6.If you are able to follow perfectly all the above 5 steps, then you are now ready for live trading with sufficient amount of balance.





The steps mentioned above are not bad,
though it is much more precise to trade or backtest the EA
as human nature is to provide different results all the time

I like what I trade, I trade what I like
leo23

Biedrs kopš Oct 12, 2016  321 ieraksti leo23 Aug 17 2017 at 09:56
togr posted:
leo23 posted:
There was a similar topic where I have mentioned few key important steps for new forex traders. I would like to repeat this assuming that it can help new forex traders.

Steps:
====
1.Find any mechanical trading system based on pure price action or may be with one additional indicator like Support and resistance, Trendlines or Febonacci levels. Any one of the indicator should be enough. You can find many free systems online.

2.Choose a timeframe that suits your personality and mostly I will recommend minimum H4 timeframe or Daily timeframe will be the best to avoid noise signals and more accurate trades and less time of seeing the mt4 screen. Just set and forget type of system with fixed stoploss and takeprofit.

3.Next, backtest the system with sufficient amount of past trading history using 'Forex Tester' or using any other backtesting software. I am not talking about EA backtesting, rather it is manual backtesting of your system. You should test the system in one currency pair which you want to trade using the system. Every system doesn't work the same way in each pair.

NOTE::This is the most important step to be successful in forex trading in short time and it will save years of demo trading and practising, but unfortunately most of the new traders skip this step and directly jump into demo or live trading.

4.Next, once you are confident about your results in backtesting, start demo trading in a demo account for few months. Not too much demo trading...

5. Next, start a micro or cent LIVE account for live trading with a small account balance until you are confident on going LIVE trading with large account balance.

6.If you are able to follow perfectly all the above 5 steps, then you are now ready for live trading with sufficient amount of balance.





The steps mentioned above are not bad,
though it is much more precise to trade or backtest the EA
as human nature is to provide different results all the time

@togr
I am not referring to EA backtesting. Because EA backtesting is completely different than manual backtesting.

Manual backtesting a mechanical system gives a trader the experience to deal in real markets when a similar pattern appears in real market and that's how someone learns and progresses. No forex trader canbe 100% accurate all the time.

By the way, trading with an EA has nothing to do with a successful trader, because everything is done by the ea. So all the above steps which I mentioned will be eliminated and you just need to find an EA and backtest it and use it. But I will call such methods as curve fitting and doesn't work in real markets most of the times which work in backtesting.

TiffanyK

Biedrs kopš Feb 12, 2016  306 ieraksti Tiffany (TiffanyK) Aug 17 2017 at 10:38
togr posted:
Usually guys who know how to trade and make profit
are trading and making profit.
Guys who pretend to know how to trade and make profit
are mentoring and selling.


This is the most accurate thing I saw in the forum today... very well said. Go out there and learn to trade on your own, do not always wait for someone to push you and provide you with profits!!!

Accept the loss as experience
togr

Biedrs kopš Feb 22, 2011  3469 ieraksti vontogr (togr) Aug 17 2017 at 11:28
leo23 posted:
togr posted:
leo23 posted:
There was a similar topic where I have mentioned few key important steps for new forex traders. I would like to repeat this assuming that it can help new forex traders.

Steps:
====
1.Find any mechanical trading system based on pure price action or may be with one additional indicator like Support and resistance, Trendlines or Febonacci levels. Any one of the indicator should be enough. You can find many free systems online.

2.Choose a timeframe that suits your personality and mostly I will recommend minimum H4 timeframe or Daily timeframe will be the best to avoid noise signals and more accurate trades and less time of seeing the mt4 screen. Just set and forget type of system with fixed stoploss and takeprofit.

3.Next, backtest the system with sufficient amount of past trading history using 'Forex Tester' or using any other backtesting software. I am not talking about EA backtesting, rather it is manual backtesting of your system. You should test the system in one currency pair which you want to trade using the system. Every system doesn't work the same way in each pair.

NOTE::This is the most important step to be successful in forex trading in short time and it will save years of demo trading and practising, but unfortunately most of the new traders skip this step and directly jump into demo or live trading.

4.Next, once you are confident about your results in backtesting, start demo trading in a demo account for few months. Not too much demo trading...

5. Next, start a micro or cent LIVE account for live trading with a small account balance until you are confident on going LIVE trading with large account balance.

6.If you are able to follow perfectly all the above 5 steps, then you are now ready for live trading with sufficient amount of balance.





The steps mentioned above are not bad,
though it is much more precise to trade or backtest the EA
as human nature is to provide different results all the time

@togr
I am not referring to EA backtesting. Because EA backtesting is completely different than manual backtesting.

Manual backtesting a mechanical system gives a trader the experience to deal in real markets when a similar pattern appears in real market and that's how someone learns and progresses. No forex trader canbe 100% accurate all the time.

By the way, trading with an EA has nothing to do with a successful trader, because everything is done by the ea. So all the above steps which I mentioned will be eliminated and you just need to find an EA and backtest it and use it. But I will call such methods as curve fitting and doesn't work in real markets most of the times which work in backtesting.


yeah and that is the difference
as of course you can test manual trading system on past data
but on real trading real money many users will behave irrationally, cutting profits and increasing looses just on feelings or fear...

I like what I trade, I trade what I like
JacoAF

Biedrs kopš Jun 14, 2013  109 ieraksti Jaco Ferreira (JacoAF) Aug 18 2017 at 05:47
leo23 posted:
There was a similar topic where I have mentioned few key important steps for new forex traders. I would like to repeat this assuming that it can help new forex traders.

Steps:
====
1.Find any mechanical trading system based on pure price action or may be with one additional indicator like Support and resistance, Trendlines or Febonacci levels. Any one of the indicator should be enough. You can find many free systems online.

2.Choose a timeframe that suits your personality and mostly I will recommend minimum H4 timeframe or Daily timeframe will be the best to avoid noise signals and more accurate trades and less time of seeing the mt4 screen. Just set and forget type of system with fixed stoploss and takeprofit.

3.Next, backtest the system with sufficient amount of past trading history using 'Forex Tester' or using any other backtesting software. I am not talking about EA backtesting, rather it is manual backtesting of your system. You should test the system in one currency pair which you want to trade using the system. Every system doesn't work the same way in each pair.

NOTE::This is the most important step to be successful in forex trading in short time and it will save years of demo trading and practising, but unfortunately most of the new traders skip this step and directly jump into demo or live trading.

4.Next, once you are confident about your results in backtesting, start demo trading in a demo account for few months. Not too much demo trading...

5. Next, start a micro or cent LIVE account for live trading with a small account balance until you are confident on going LIVE trading with large account balance.

6.If you are able to follow perfectly all the above 5 steps, then you are now ready for live trading with sufficient amount of balance.






This is good very good advise... but I would like to add a very important distinction between demo and real. With a demo account, when trading a manual system/strategy you will not experience the emotional roller-coaster of live trading. By this I mean the fear of losing, the greed of moving a slop-loss or having none at all, the anger at a market that just took your real money, the revenge on a loss when doubling-down on the next trade.

When you trade live you will experience a whole range of emotions that will influence your trading decisions. My advice is to open a demo account with the same amount of money you will open a live account, and treat this account as if it were real. Every loss should be taken seriously. Constantly evaluate your mistakes and correct them. A key characteristic of a manual trader is discipline in your trading and a solid risk management strategy. By this I mean, and this is VERY important for manual trading, calculating the maximum amount you are willing to lose per trade, as well as in total on your account. For example, maximum m 1% of equity loss per trade and maximum 3% of equity on all open trades. A manual trader has to protect his/her account balance at all times. Your worst enemy as a manual trader is not the market or your broker, but yourself and your emotions.

In terms of an actual trading strategy, I agree with the above. I have tried all kinds of indicators, hundreds of them. The best method of trading is to define clear support and resistance levels. Use the weekly, daily and 4-Hour charts to look for SR levels. mark them with different colors for each time frame. For a new trader I would recommend the previous weekly High (res) and Low (sup), Daily High (res) and Low (sup), and them 3 previous Highs (res) and 3 prev Lows (sup) on the 4-Hour charts. Then trade on your 4-Hour charts (don't go lower than the 1 Hour), only taking trades when the market is at or near your levels.

For example, if you see a Bullish engulfing Candlestick pattern formed right at a support level, then buy on the next candle, or if you see an Evening star Candle pattern form at resistance then sell at the next candle, etc. You can then use another SR level at your targets, and always place your SL above/below the previous SR level.

Always be on the lookout for SR levels of various time-frames to line up, you can even use Fib levels here. These are key levels to watch. And I would say you should keep perfecting you trading on demo until you see consistent results (3-6 months) before opeing a real account.

Apart from this you should always be consistent with your trading system.

I have attached a PDF files with some basic principles for managing your emotional trading state.

Good lukj and have fun!

Keep it simple, be disciplined, get rich slowly and above all protect your equity!
Admoni

Biedrs kopš Aug 09, 2017  95 ieraksti Admoni Aug 18 2017 at 10:35
Newcomers should finish pips school for 2-3 times. Then it is more appropriate to kick off a micro account not demo , because they lost interest in here.

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