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New To Forex and Need Advice!

  • #101
  • Apr 24, 2017 1:59pm Apr 24, 2017 1:59pm
Forex trading is not easy at all for the traders who are particularly newcomers even for us traders who already passed a long time in this volatile trading place. I been earning good in Forex trading after four years trading in Forex. but I can only manage until now to earn just 5% profit each month.
  • #102
  • Jul 24, 2017 8:16am Jul 24, 2017 8:16am
Quoting MitchellMcC
Forex trading is not easy at all for the traders who are particularly newcomers even for us traders who already passed a long time in this volatile trading place. I been earning good in Forex trading after four years trading in Forex. but I can only manage until now to earn just 5% profit each month.
When someone explained Forex trading is not easy , beginners feel embarrass and de motivated from here. Fx trading can be profitable if you can maintain the proper trading discipline.
  • #103
  • Jul 24, 2017 9:24pm Jul 24, 2017 9:24pm
OK, I'll try to help. Even that is difficult, but here goes. First, stay in demo until you have three months in a row profitable with no cheating. Then trade no more than 0.01 lot per trade in cash trading until you get three months profitable in a row. While your trades are running, read everything you can find that looks like it might help you. Plan on it taking 10 years. Then you will know what to do next.
  • #104
  • Jul 25, 2017 1:42pm Jul 25, 2017 1:42pm
Quoting Graviton
OK, I'll try to help. Even that is difficult, but here goes. First, stay in demo until you have three months in a row profitable with no cheating. Then trade no more than 0.01 lot per trade in cash trading until you get three months profitable in a row. While your trades are running, read everything you can find that looks like it might help you. Plan on it taking 10 years. Then you will know what to do next.
Good advice you had. Demo trading is more appropriate for the traders who are particularly newcomers. But they don’t believe the importance of this trading place, I think instead of demo trading micro account works really for live experience. so newcomers can take it before large investments.
  • #105
  • Jul 26, 2017 4:51pm Jul 26, 2017 4:51pm
Quoting MitchellMcC
Forex trading is not easy at all for the traders who are particularly newcomers even for us traders who already passed a long time in this volatile trading place. I been earning good in Forex trading after four years trading in Forex. but I can only manage until now to earn just 5% profit each month.
5% profit is more appropriate for the newcomers but I think we can earn more if we trade without emotions and with real risk managing plan.
  • #106
  • Jul 26, 2017 5:34pm Jul 26, 2017 5:34pm
'Learn how to use/make trend lines'

That is important. But if you use them more or less the same/similar way as most other retail traders, you will still struggle in the long run. I learn this the hard way.



'Learn Order blocks/Order Flows'

I think order flow is usually used for short term scalping/intraday trading. I am not sure how long/how much effort it will take to learn to read order flow properly.



'Learn about other people's simple strategies'

Since you are new, it is okay to look into systems and get an idea of how typical systems operate. Bear in mind most (if not all) systems that are easily available to the public, don't work (or don't work well in the long run). Develop your own system and test it (with small account) - a lot of hard work, invested time, trials and errors here. It might take many years to get decent consistent results. It is also possible lasting success might never come, to be realistic.
'For the market to work, it needs people who think that they can beat it.'
  • #107
  • Edited 1:13am Jul 28, 2017 1:03am | Edited 1:13am
Quoting IsaacTan
Sir, can anyone help me to explain the trades. 1. For instance, trade USDCAD, sell 1.3476-->1.3479 lot size 1000 per pip, it only lost 3 pips why the lost show 2 225 684.40 not 3000 ? 2. Why is that USDCAD pair have the "v" at the end? What is mean? 3. can data in MT4 manipulated or fake ? please help {image}
what is your account currency? @1000 lots avg per pip VALUE is US$10,000 not US$1000. if your account is of other currency, exchange rate applies to it. looks to me your account base is in jpy.

the syntex at the back does not make a difference. usually brokers use it to differentiate between ecn and dma quotes.

fx is a manipulated game. so your question is redundant. it is manipulated not because your broker wants to cheat you (assuming you are using a good one) its because u are using an aggregated price feed.

banks/dark pools > quote to your broker > broker aggregates incoming quotes and shows you best bid/ask.

each broker has set of different banks/dark pools. so price on 2 different brokers can seem manipulated at a certain time
  • #108
  • Jul 28, 2017 1:28am Jul 28, 2017 1:28am
When people say trading is hard I wonder what they are actually talking about. Anyone can put on a winning trade with little to no experience. Is the hard part being consistent? Nearly anyone can learn how to work the platform, and click a button. Is the hard part being disciplined? Think about going to a casino. Nobody says gambling on roulette or baccarat is hard. But now take a game more closely related to skill, poker. A lot of people say playing poker is hard. It is only hard when you don't know anything.

Learn, practice, learn more, practice more. Each time you are playing the game learn by practicing good discipline. They say practice makes perfect. Can there be a perfect trader? We know there can be profitable traders, maybe that is as close to perfection as we can hope for.

Why is it so hard to be profitable? Why do so few make the cut? What happens?

In my experience it really comes down to discipline, dedication, and due diligence. People don't stick to whatever strategy they've come up with. And that really boggles my mind. I mean, you made it up, why change the rules so erratically? People want quick results and are hard pressed when they experience a string of losses. Are you so accustomed to win at every single thing that when you lose you quit? People really don't want to work hard and actually apply themselves. Are you really used to getting everything handed to you on a silver platter?

Honesty, humility, and persistence...

These are the real hardships in trading... The actual trading itself, super easy. I think that is the lure for so many people. Trading is nowhere near as hard as most other 9-5 jobs. What is hard is the risk, the losing, the uncertainty, the doubt, the fear, and so on.

Why are you here? Because you want to make money trading currency... You want to learn... Here at Forex Factory there will be many lessons to learn, many good and bad habits to pick up. This group is simply a bunch of people talking. I like to imagine it like voices in your head, not all of them give good suggestions...
  • #109
  • Jul 28, 2017 2:46am Jul 28, 2017 2:46am
The big picture:
Most traders fail because it is their duty to fail. To be of benefit to a free market economy speculators must lose so that the real contributors to society (people who MAKE THINGS that are USEFUL to others) can prosper

If you are a consistent loser at trading, you are a valued contributor to the free market economy. Keep up the good work.
  • #110
  • Jul 30, 2017 1:35pm Jul 30, 2017 1:35pm
Quoting BrendanHigg
My suggestion is for newbies, they should study more and more about forex trading and forex market. Because this is the largest financial market of the world. You cant skip anything there which you are thinking less important. Every novice trader should not forget that knowledge is power. To make knowledge your power you must have to acquire it with passion and hard work. This is the way you can grow your confidence.
Yes, there is anything that can skip , all inevitable part of trading newcomers have to observe but practically they skip learning issue and try to create profit very rapidly . as a result they become loser.
  • #111
  • Jul 30, 2017 2:59pm Jul 30, 2017 2:59pm
Quoting MarkFxAnde
{quote} Yes, there is anything that can skip , all inevitable part of trading newcomers have to observe but practically they skip learning issue and try to create profit very rapidly . as a result they become loser.
Actually only due to lack of trading knowledge is not the foremost reason for failing , according to me most of them are loser because of emotions and they try to take revenge when fall a loss. Nothing without it there is no reason behind major losses.
  • #112
  • Jul 30, 2017 8:25pm Jul 30, 2017 8:25pm
Hey i am new to FOREX, and i wanted to know like how can i use the news to my advantage ? i understand that the red means good because it has a high impact but i am still having a hard time for some reason trying to understand how to make those news work for me. Any help would be greatly appreciated because i can't seem to find the answers i'm looking for....
  • #113
  • Jul 31, 2017 12:07am Jul 31, 2017 12:07am
You need to learn the basic concept of the Forex, for which the sites like Babypips and FPA would be great, later you could learn about it in more effective way through Demo Trading, which is exactly like Forex Trading, but without the risk of losing money.
  • #114
  • Jul 31, 2017 9:10am Jul 31, 2017 9:10am
Quoting GodfatherSam
You need to learn the basic concept of the Forex, for which the sites like Babypips and FPA would be great, later you could learn about it in more effective way through Demo Trading, which is exactly like Forex Trading, but without the risk of losing money.
For how long would you recommend to trade on a demo account? Do you think that trading on one can be detrimental if done for too long?
  • #115
  • Aug 1, 2017 1:16pm Aug 1, 2017 1:16pm
Quoting GodfatherSam
You need to learn the basic concept of the Forex, for which the sites like Babypips and FPA would be great, later you could learn about it in more effective way through Demo Trading, which is exactly like Forex Trading, but without the risk of losing money.
Pips school and FPA that you have mentioned are really appropriate for the beginner’s trader. But this approach will fall down if you don’t practice a demo account for trading. Really this approach can make sure maximal result for new Forex traders.
  • #116
  • Aug 2, 2017 6:34am Aug 2, 2017 6:34am
Here's my advice, go through some training with one of the brokers and you'll learn everything, and then you'll just be learning little stuff as you go along.
  • #117
  • Aug 8, 2017 8:19pm Aug 8, 2017 8:19pm
Newcomers don’t like to use Stop Loss which is the inevitable part of trading; they have to ensure more about proper using Stop loss. And they should practice demo account for all time besides live account. And forum community can be a great source for them to acquire real trading experience in particularly Fx factory and FPa.
  • #118
  • Aug 9, 2017 12:52pm Aug 9, 2017 12:52pm
Newcomers are just coming in the Forex Trading, with a delusion that they will start making money by just entering the market and thus they lose a lot.
  • #119
  • Aug 12, 2017 5:50pm Aug 12, 2017 5:50pm
Quoting Bowser
Hey i am new to FOREX, and i wanted to know like how can i use the news to my advantage ? i understand that the red means good because it has a high impact but i am still having a hard time for some reason trying to understand how to make those news work for me. Any help would be greatly appreciated because i can't seem to find the answers i'm looking for....

Hey, Bowser!

Your confusion is absolutely normal. The thing is, it's not only about the 'color', it's about the context.. As you know all these major currencies have Central Banks that can intervene if needed and either value or devalue their money. That being said, what you need to pay attention is what these entities are comfortable or uncomfortable with and then pay attention to the data they mention. A recent example can be the USD. On July 26th, the FOMC Minutes showed that the Fed (the US central Bank) was concerned with inflation.. Well, as you can see that report alone caused a USD selloff.. anyway, the point is, after this we should focus on inflation, right? So, a few days later, August 1st, we saw the PCE y/y (which is not of Forex Factory but we can see it on other calendars) exceed expectations, which could hint that inflation is not as bad as they thought.. so that takes us to last week, where on Friday we had the CPI.. So when we saw the number below forecast the USD suffered once again..

Hope this helps..
  • #120
  • Aug 13, 2017 1:01am Aug 13, 2017 1:01am
Quoting Falco1
{quote} Hey, Bowser! Your confusion is absolutely normal. The thing is, it's not only about the 'color', it's about the context.. As you know all these major currencies have Central Banks that can intervene if needed and either value or devalue their money. That being said, what you need to pay attention is what these entities are comfortable or uncomfortable with and then pay attention to the data they mention. A recent example can be the USD. On July 26th, the FOMC Minutes showed that the Fed (the US central Bank) was concerned with inflation.....
A very pointed point by a first time poster and I am totally impressed.
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