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NEWBIE Tactics!

  • Post #1
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  • First Post: Feb 8, 2008 1:34pm Feb 8, 2008 1:34pm
Hi Guys

As a newbie here I was wondering what advice more experienced traders would give to an FX newbie? From research I have done it would appear that trading the trend is recommended for newcomers and to focus on the longer time frames rather than the shorter ones. Is this the right way to go?
Any thoughts or opinions appreciated.
PA is where its at!!
Quoting bertie123
Hi Guys

As a newbie here I was wondering what advice more experienced traders would give to an FX newbie? From research I have done it would appear that trading the trend is recommended for newcomers and to focus on the longer time frames rather than the shorter ones. Is this the right way to go?
Any thoughts or opinions appreciated.
Yes I agree with both, especially longer timeframes

Have a go through all the sticky beginner information here. Make sure you learn proper MM !

Best of luck on your journey

Mike
Quoting mbqb11
Yes I agree with both, especially longer timeframes

Have a go through all the sticky beginner information here. Make sure you learn proper MM !

Best of luck on your journey

Mike
I agree with Mike. He beat me to it recommending a look at the stickies in this section. If you have not seen it yet (not sure how much a beginner you are), you might take a look at the "School" section on Babypips.com as well
I agree with Mike also but that doesn't mean you shouldn't check the Lower TimeFrames to "Time your Entry".

Remember though, that you are Trading the HTF & don't let the LTF swings kick you out without checking the HTF Chart for confirmation.

Good luck & HTH
Longer time frames help you avoiding overtrading. This is very useful for newbie because avoiding overtrading means avoiding to lose a lot of money.
Longer time frames have another advantage, they greatly reduce the spread cost impact on your trading.

Anyway, having said that, as I see it, there are no other advantages with longer time frames compared to shorter ones. For me longer time frames are not more easy to trade or more predictable than shorter ones.

When I was in my beginning I lost both on longer and shorter time frame with the same win/loss ratio, no difference at all. The difference was, on longer time frame you have to wait a lot of time just to get your losses, on shorter time frames you will know a lot more early if you were right or not. Since you will lose anyway (if you are an average newbie) I think going with longer time frames will greatly increase the time you will need to learn. But going on shorter time frame will greately increase the money you will lose.

The real point is to be able to understand that if you are a newbie you just have to avoid trading live with real money at all. I suggest you just study and do a lot of manual backtesting on past charts until you develop a good strategy. Doing that will also enable you to discover on your own if there is a time frame that better fits yourself. And in the meantime you avoid to waste money.
.Ubeee.
My advice would be to trade the same market during the same hours everyday. Forget trying to predict. You must go with the flow. Be patient with the entries and impatient with the losers. Never let your largest loser exeed your largest winner for the day. Also, know when news is coming out to avoid the increase in spreads and spikes. Just wait a few minutes until things settle down.

I like EURUSD from 7:30AM - 1:00PM (or when things become too slow) EST.

Also, trade very small until you start winning consistently. You will be losing for a while until you get a feel for this.
It has all been good comments but one thing left for you guys:
pls can you all state the HTF AND LTF each of you talking about.Maybe 5M,1HR and 4HRS OR 15M, 1HR and DAILY E.T.C. Hope you guys understand.
Thanks,
Alnames.
longer time frames often need much less time sitting watching the markets, which to me least is very appealing.
Quoting peterM
longer time frames often need much less time sitting watching the markets, which to me least is very appealing.
You Know i have been trading for more than 5-Years on 30-Minutes chart successfully ...You Might be right but here i must say that i found 30-minutes chart best for me... My prediction's are based on Weekly , Monthly chart's but trades are made on 30-Minutes chart...
Quoting peterM
longer time frames often need much less time sitting watching the markets, which to me least is very appealing.
I agree in 100%
Quoting bertie123
Hi Guys

As a newbie here I was wondering what advice more experienced traders would give to an FX newbie? From research I have done it would appear that trading the trend is recommended for newcomers and to focus on the longer time frames rather than the shorter ones. Is this the right way to go?
Any thoughts or opinions appreciated.

i would say get a 9-5 job.
Long or short positions do not influence in gains or losses. You can make or lose money with both. You can do the same as me by trying it in DEMO accounts, particularly I prefer the short ones, it seems that the trader learns faster with his "hits and wrongs".
Would suggest the same, but with a demo..
one thing for sure, for new comers the best thing to do is continue trading demo and keep on studying, I know it can be annoying since you won't be making any money doing deo, but thats the first step to avoid falling with in the 95% of traders that failed.

yes trading the trend is ok, I also recomend that you try different trading systems, different trading methods, and try them out on demo, slowly you will have a good picture and you will be able to create your own trading method/system that suits you. and best of luck.
Quoting bertie123
Hi Guys

As a newbie here I was wondering what advice more experienced traders would give to an FX newbie? ...
Common Guys get real!
I'm amazed that account size has not been mentioned as relevant to time frame traded.
From my limited experience, it would appear that blindly trading TFs say 1Hr and above with a minimum account of around $ 250 would be very unlikely to withstand the average drawdown that would occur.
This leads into the second vital fallacy...Demo accounts. Certain strategies would be fine on demo, when the psychological aspect is totally absent. Would be very hard to sustain similar adverse runs on a live account.
So to me it would seem that using minimum lots on a live account would really focus the mind and speed up the learning.
EP
Quoting bertie123
Hi Guys

As a newbie here I was wondering what advice more experienced traders would give to an FX newbie? From research I have done it would appear that trading the trend is recommended for newcomers and to focus on the longer time frames rather than the shorter ones. Is this the right way to go?
Any thoughts or opinions appreciated.

Trading is wasting your time and money...
What do u guys think of my strategy?

Subscribe to 10 free signals service. Try them on demo account for a 2 months.
After the 2 months. Pick the top 3 most profitable signal service and use them on live accounts.

Can someone tell me whats the weakness of this strategy?

Thanks
Quoting mbqb11
Yes I agree with both, especially longer timeframes

Have a go through all the sticky beginner information here. Make sure you learn proper MM !

Best of luck on your journey

Mike

I agree with Mike, and continue using your demo for better practice.
  • Post #19
  • Quote
  • Last Post: Feb 21, 2012 10:23am Feb 21, 2012 10:23am
thats one way to put it, but it will just slow your forex growth don't you think guys?
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