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New to forex

  • Post #1
  • Quote
  • First Post: Nov 14, 2006 12:56pm Nov 14, 2006 12:56pm
Hello my name is Larry, I am new to the forex market. I have an account with forex.com. I am trying to teach myself intraday tradeing. Mainly just useing my practice account for now. The indercators I am useing are ADX, RSI-SMA, RSI-EMA. Right now I am just useing the default settings on them. My question is this, is there a better setting than the default setting to use for intraday tradeing at all? Other than ADX setting 20,0,0 or Rsi 14,0,0 at all?
In other word I was wondering if this could be fine tuned any better for day tradeing.

Thanks

Larry Liles
Welcome to FF Larry.
First I would go brew a large pot of coffee, then navigate to this thread and start reading.
http://www.forexfactory.com/forexfor...ead.php?t=2331
Once you have an understanding of what it is trying to teach you will be well on your way. I believe your time would be better spent in that thread at this early stage than trying to figure out the working of Indicators and such.
Good Trading to you.
In trading, there is no bullshit. You either make money or you don't.
you can use sidus method or vegas 1h simple and very good for newbs like us
to find the methods go to search forums and type sidus or vegas and iwill bring up the threads with the method. another method very easy to use is 16ema&55ema crossing on 15min tf but is more for scalping u grab 10-15 pips and your out wait for the next crossing for more info for this method go to maitei thread

good luck with your trading!!
Quoting mrgreen
Welcome to FF Larry.
First I would go brew a large pot of coffee, then navigate to this thread and start reading.
http://www.forexfactory.com/forexfor...ead.php?t=2331
Once you have an understanding of what it is trying to teach you will be well on your way. I believe your time would be better spent in that thread at this early stage than trying to figure out the working of Indicators and such.
Good Trading to you.
This has absolutely nothing whatsoever to do with his question.

To actually answer your question without advertising, generally the default settings are the best to use, especially if you are new. If there are other people trading based on the techniques you use, most likely they are using the default settings as well, which would tell you to also use them.
Quoting JK$$$
you can use sidus method or vegas 1h simple and very good for newbs like us
to find the methods go to search forums and type sidus or vegas and iwill bring up the threads with the method. another method very easy to use is 16ema&55ema crossing on 15min tf but is more for scalping u grab 10-15 pips and your out wait for the next crossing for more info for this method go to maitei thread

good luck with your trading!!
Once again a new trader asks a question and his gets nothing but "here use my system!". God, I can't stand this crap. Why is everyone here just to advertise their system or the system they use?
if this guy is new..

he needs to devote himself at least a month just reading about everything that has to do with forex.

Cause it's useless to use ANY system if you have no understanding of the components that make up the system.

And since he's a newbie, he'll start tweakin indicators so that the past price action fits the system..not knowing it would prove counterproductive. And few bad trades later...he'll ask for another system

My advice is..learn about all indicators and what they are used for. Learn about market psychology. Learn about yourself by demo trading..then it's up to you
Working towards CME membership
i dont try to advertise anybodys method i am anewb my self and it helps me understant better the use of indicators on existing method so i just suggest him to look an existing system to see how others use the indicators and the only ones that i have chcked out and helped me understnt some indicators better are the ones i mention, and then you try to see if they make sense.



and i again i dont try to advertise anbodys method !!
Quoting LarryLiles
Hello my name is Larry, I am new to the forex market. I have an account with forex.com. I am trying to teach myself intraday tradeing. Mainly just useing my practice account for now. The indercators I am useing are ADX, RSI-SMA, RSI-EMA. Right now I am just useing the default settings on them. My question is this, is there a better setting than the default setting to use for intraday tradeing at all? Other than ADX setting 20,0,0 or Rsi 14,0,0 at all?
In other word I was wondering if this could be fine tuned any better for day tradeing.

Thanks

Larry Liles
From my personal experience you should read as many books covering the subject as possible and not beleive everything you read on a forum as most on forums are clueless as well.

I know for certain that "Trading for a Living" by Alexander Elder goes over the most important and widely used indicators and gives you an overview of how to use them all. It will also go over many other very important aspects of trading such as psychology, chart analysis, and money management which makes it a must read in my opinion.

My personal research on the subject shows that leaving indicators on the default level is the optimal setting as these are the most widely used in the market.


Hope that helps you out some!
Quoting twinchell
Once again a new trader asks a question and his gets nothing but "here use my system!". God, I can't stand this crap. Why is everyone here just to advertise their system or the system they use?
Love these posts twinchell. I'm glad you stand up for something when you feel strongly about it. That's admirable.

As for the newbie, how about this. Read everything you can, don't go so much for the crazy obscure indicators, just stare at a chart for 20 min. No indicators, just the plain old chart. Observe how the price moves, ranges and trends, and you will soon learn how the candles and bars can tell you a lot. Develop some hard and fast rules. Demo these rules, and then when you feel comfortable, start tradin micros.

So I guess my advice is not to use the Sidusbagovegasfirebirdblahblahblah system, but use YOUR SYSTEM. That's the way to truly acheive success in Forex.

andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • Post #10
  • Quote
  • Edited 7:33pm Nov 14, 2006 7:16pm | Edited 7:33pm
I better explain myself. All indicators are based on price. Larry Williams states it best " One of the first rules of logic is that you cannot predict A with A. Yet day after day, we market analysts use price to predict price. Oh, we might cover it up and say we are predicting price with an oscillator or a moving average, or trendline. But the simple truth is we are using tools created from price to predict price."
An understanding of price action is where one would begin to understand Indicators.
Now to answer the next response of: "Well, w/o indicators then u are using price to predict price, where's the logic in that?". TA, IMHO, is not used to predict the upcoming price changes, it is used to predict trader reaction to those price changes.

Quoting twinchell
This has absolutely nothing whatsoever to do with his question.
In trading, there is no bullshit. You either make money or you don't.
Quoting JK$$$
i dont try to advertise anybodys method i am anewb my self and it helps me understant better the use of indicators on existing method so i just suggest him to look an existing system to see how others use the indicators and the only ones that i have chcked out and helped me understnt some indicators better are the ones i mention, and then you try to see if they make sense.

and i again i dont try to advertise anbodys method !!
I know you're not trying JK$$$, and I don't mean to criticize you. I just see a lot of this in so many threads and it gets extremely annoying from time to time. I wasn't pointing to you in particular.
Thank you to all the people that gave a reply to my question.

Larry Liles
just trade...keep losing not more than 5%. You'll get there. Learn how to control losses. As you go by try reducing the risks all the way to 1%. Once can manage your losses up to this point you'll be more than ready to kill the market.

Its never abt the winners but controlling the losers.
I only have planed to use the demo for now any ways. Since I am teaching myself I have no plans on doing any live trades for at least a year. I just open the account so I can use the practice account. Once I can build the practice account up to $1500 then I will try a live trade or two. One good thing about forex.com you can have it set to any amount you want. No matter how low or high you request it. That way you really do feel the effects of what it would be like if your using your live account. My first attemp will be to see how well I can build it up from $120.00. My plan is to just get 10 or 15 pips a day that all. Once I get or lose 10 or 15 pips a day then I just turn the computer off and walk away from it for the rest of the day. Thats all, I have no plans on competeing against the big guys.

Larry Liles
  • Post #15
  • Quote
  • Last Post: Nov 15, 2006 5:11pm Nov 15, 2006 5:11pm
Quoting LarryLiles
I only have planed to use the demo for now any ways. Since I am teaching myself I have no plans on doing any live trades for at least a year. I just open the account so I can use the practice account. Once I can build the practice account up to $1500 then I will try a live trade or two. One good thing about forex.com you can have it set to any amount you want. No matter how low or high you request it. That way you really do feel the effects of what it would be like if your using your live account. My first attemp will be to see how well I can build it up from $120.00. My plan is to just get 10 or 15 pips a day that all. Once I get or lose 10 or 15 pips a day then I just turn the computer off and walk away from it for the rest of the day. Thats all, I have no plans on competeing against the big guys.

Larry Liles
You are very wise and I think you are on the right road, stay with it
Pip Goes The Weasel
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