old trader but new learner

Hello to very one in forex factory. What a useful place?

since 2004. I have lost about £8000 pounds so far . I would say I started even without knowing what is really forex trading.



I have started to learn now it’s too late but I am still happy because now I feel I am on right path.



There was no any system which I adopted when I saw see red candles going down I bought and when I saw green candles going up I sold.



Could any one take time and help me to find out how I can make a system?



Or any one can advise the right way to learn forex. English is not my first language so please ignore my mistakes.





regards

Only 8000 pounds and it took you so long???


You're at the right place. Start by reading through all the sticky sections here in the Beginners Forum. There are many books that's recommended to give you a better understanding of the markets.

There are many threads about different systems (just look for the ones with the most views), which are discussed quite thoroughly. My favourite though is this one http://www.forexfactory.com/forexfor...1&page=1&pp=15

Also, stop trading with real money and start with a demo account, until you become profitable, and continue making profits for a couple of months.

Take Care
Habeeb

Hi

I posted something the other day that you might find useful

http://www.forexfactory.com/forexfor...ead.php?t=5051

From the sounds of things you have started at the middle instead of the beginning.

The first thing that you will need to do to become successful in forex is read and get some education about trading. The best investment you will ever make is in books. I would recommend "Trading in the Zone" by Mark Douglas , "Trend Trading" by Daryl Guppy, find a simple book on candle sticks.

The strategy I would look to develop is along a multi-time frame strategy, starting with a week chart , then a day chart , down to a 4 hour , 1 hour and 15 minute chart.

Find something that is easy to identify , for example , the GMMA mentioned in "Trend Trading" by Daryl Guppy , or MACD Divergence mentioned in Alexander Elders "Trading for a living" , or contracting bollinger bands strategy. These all work as a way to make money from the forex either independantly or as a combination.

You will need to develop a trading plan and a list of rules. This list of rules should cover a strategy to of when to get into a trade , what chart this is based on , exit strategy. These should be consistant with your mental state and what you are confortable with. What this means is if you are not comfortable with a 70 point stop then it should not be a part of your rules , if you are not comfortable with 30% of your capital going in 3 loosing trades in a row then your rules should reflect this , if your not able to trade during the London session then your rules should reflect this.

You should avoid the thinking that you are missing out on a trade and this will lead to a gambling attitude. If you think about it as a business then you will go a long way and the actual trades themselves in military terms or martial arts terms, your confidence will increase considerably. I myself think in the same terms as a Sniper with a high powered rifle. I sit on the sidelines with my trading strategy waiting for the ideal opportunity to take out my target (ie profits) with the highest likelyhood of success.

These are things that only you can know and develop , and with more learning and understanding you will be on the way. Read my other recent post as this should help you out further.

Just remember that a public library's trading and investment section is your friend when you start to learn trading ! hahaha

All the best

Bear

Bear73, eastmaels , habeeb,

Dear Friends,

Many thanks to all of you for giving me useful suggestions, I am going to
look in to one by one. Many thanks for taking time to show me right
driection.

To, eastmaels
What a useful place?
it was just a typing mistake. There is no doubt forex fectory is the best place for forex traders to learn.

Once again many thanks to all of you.
regards

8000 punds is not great money i think so in two years of trading.


Keep posting and learning here, it is really usefull place