What is the first thing after registering in myfxbook?

Hi everyone.
Just registered here and wanna learn something about trading.
Could anyone tell me how i can quickly learn how to trade?

Regards.

Hello Sisiw

Myfxbook is a social Forex community and an online free tool to analyze forex accounts. Here you can find professional traders, verify their forex account and performance and invest with them they offer pamm accounts. Also it has a feature: AutoTrade where you can link your accont with other traders and mirror their trades.

If you want to lean to trade yourself I don't believe you can find great trading sources here. But try to make forex friends and I hope they will share their experience and you will learn from them.

One thing I'm sure: there is now way to 'quickly' learn how to trade. It needs great effort and patience. But it is possible to be a professional trader. Don't back up.

ahuruglica posted:
Hello Sisiw

Myfxbook is a social Forex community and an online free tool to analyze forex accounts. Here you can find professional traders, verify their forex account and performance and invest with them they offer pamm accounts. Also it has a feature: AutoTrade where you can link your accont with other traders and mirror their trades.

If you want to lean to trade yourself I don't believe you can find great trading sources here. But try to make forex friends and I hope they will share their experience and you will learn from them.

One thing I'm sure: there is now way to 'quickly' learn how to trade. It needs great effort and patience. But it is possible to be a professional trader. Don't back up.

Hi ahuruglica,

Thank you very much for your reply.
I knew this website by chance, because a letter was sent to me to sell their products.
After reading many topics posed here, I find trading is very hard. But so far still have interest in this.
I think I need to do more research in this area and take times to become traders like you.

Regards and Good trading!

Yes trading is very hard, but it is possible to beat the market. It needs a ton if work and patience. But once you master it, your pension is secuired :)

Add me up as friend and i will help you find good sources to learn to trade. It is important to become an indepedent trader.

Hello,
I am new over here, and as all others, willing to increase a few of gains against the losses, by the way, Hello to all!
Grretings

www.babpips.com is a great place to start, then after that goto www.fxstreet.com/education/learning-center/unit-1/

i recommend reading it all if you want to become more educated about forex and a better trader.😐

Correction: www.babypips.com

ahuruglica posted:
Yes trading is very hard, but it is possible to beat the market. It needs a ton if work and patience. But once you master it, your pension is secuired :)

Add me up as friend and i will help you find good sources to learn to trade. It is important to become an indepedent trader.

Hi ahuruglica,

I really appreciate your help.
Babypips.com is a good place to learn. It is very easy to understand.
I have opened a demo account and find it needs me watching the price actions all the time to get best opportunity.


Regards.

minagre posted:
Hello,
I am new over here, and as all others, willing to increase a few of gains against the losses, by the way, Hello to all!
Grretings

Hi minagre,

Hope we can improve our trading skills by this website.


Regards.

By the way, what is martingale?
Why people always say using martingale will lead to lose money sooner or later?

Thank you!

Maryingale is a strategy that requires to double the bet everytime the market goes against the trader.

By doubling te position also the risk doubles. Sometimes the market trends for an extended period of time and will kick the traders that does not accept small losses.

I prefer money management and using risk/reward at leas 1:2. It depends on traders point of view.

Hello Ardit, thank you for your precious advice! I am starting from the basis that all of you told me here, Thanks

Best of luck, feel free to pm any question you might have, I'll do my best to answer.

Hi

Also i am new to this site, i try to trade the Donchian channel but there is not much info about it on the internet.

Someone here ?

Marnix

Good morning,

 just a question, which is the relation between eurusd and usdjpy? I mean if in the night when euro and usa are closed, even if the forex's market still goes, which is the relation if usdjpy goes up in the night how come it will move at the begin at the 7:00 am Euro's market eurusd?

I have seen the value at the service it.investing.com and the correlation, but it is not so clear,

Thank you for your precious help,
 

Correlation on the market means what one market is related to another. As you can find attached the chart you can see correlation between the USDJPY and EURJPY. Current correlation based on 14 days close is 87% which means the markets are highly correlated. Usually correlation is used by traders to hedge or not make the same trade. For excamle: if you go long USDJPY and at the same time go long EURJPY, basically you are in the same trade, and if the market goes against you you will loose on both trades.

Forex is over the counter market. So it trades non stop 5/24. There are three different zones: Asian, Europe and American. Usually in every zone the market behaves differently. In Asian zone the market often quiet, moving a few pips. European zone is the time when there is the most liquidity and the price goes in one direction (London banks are called clearing houses because of huge bets they make) and in American zone usually price is choppy. When Europe and American zones are open at the same time, there is the highest liquidity in the market and usually price reversals happen on that time.

USDJPY trades in three zones and Europe is the zone where usually big moves happen. Movements happen with liquidity, and Europe is known for it.

@minagre

https://www.traderplanet.com/articles/view/162046-catching-reversals-with-donchian-channels/

I don't have much experience with this indicator, but it is breakout indicator. Best way to make money with breakout strategies is to trade pairs that have high voltality. I would not advice to trade charts with less than 4h timeframe. Try GPPJPY on 4h chart.

I read the article but in my view the indicator lacks money management, usually stop loss is too far and there is no defined target. I would advice a better money management strategy. If donchian singals a buy position, buy on two lots. If SL is 200pips then set first target on firs lot 200 pips and second target open. As price goes your direction trail on both lots. Exit on second lot by trailing the stop.

Second: use donchian channel with market sentiment. If market signals you buy position but the sentiment does not confirm it. Don't take the trade. By using sentiment you will have an additional filter that will possibly stop you from taking false breakouts.
I use Oanda sentiment.

https://fxtrade.oanda.co.uk/analysis/open-position-ratios


Best luck. Please keep us posted if it works for you.

Hello to everybody, since english is not my mother tongue and because this matter is very important, financials settings and indicators are worth, I'll read carefully your precious advices and then I'll reply shortly to everybody, Thank You for now, at the moment I am learning on a Book that treats about Trading on News using the volatility.

Thank You to everybody, with Best Regards

ahuruglica posted:
Maryingale is a strategy that requires to double the bet everytime the market goes against the trader.

By doubling te position also the risk doubles. Sometimes the market trends for an extended period of time and will kick the traders that does not accept small losses.

I prefer money management and using risk/reward at leas 1:2. It depends on traders point of view.

Not everyone knows how to use martingale to FOREX....
1st need to use a pair with not a high volatile
2nd Always much attention to economic calendar and try to stay out in important news for the pair
3rd Has to have big balance and use mini lots to start like 0,02 and 10 pips of TP only.

Well...and much practice working with Mt4....i use this system and i'm with 49% profit against 8% of drawdown.