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Help needed for Forex newbie

  • #21
  • Nov 24, 2017 12:11am Nov 24, 2017 12:11am
Commonly I do have a go at keeping everything on a comparable time period. I use most things for an idea of how the Market is moving. I made sense of how to scrutinize Candles long back in the Stock Market and they have transformed into my Friends. I know them all by name. Doji, Morning Star, Hammer etcetera. In any case, just they simply reveal to me what the accompanying light will do!!!! following 3 hours they can go converse of my exchange.
  • #22
  • Nov 24, 2017 2:32am Nov 24, 2017 2:32am
Quoting tglk
Hi All, I am new to forex and I have setup few demo accounts to learn forex. But I am confused about technical anaysis. Can professional forex traders answer following questions ? I think this would help most of the newbies. 1. What are the technical indicators/combinatins and chart types (5min/30min 1Hr etc...) you are using to make buy/sell decitions. 2. As I am currently working in a full time job. I need to adjust my trading hours with working hours. What is the best time frame of the day to trade USD/CHF,EUR/USD,GBP/USD ..... I am living in...
I'm currently testing placing a limit order at resistance / support waiting for breakout but the consequences of it is the lack of momentum to follow through.

It's still a hit and miss.

Your best effort is to only look for trending market. In this way. Your bias is reduced to only one direction.
You're going to pay a price for every bloody thing you do and don't do
  • #23
  • Apr 7, 2018 10:13am Apr 7, 2018 10:13am
Quoting faisal13
Doji, Morning Star, Hammer etcetera
Yes, these are very much popular trade setups! But the real thing is, if you try to trade here only based on these kinds of setup; you’ll suffer a lot! Because, so many false signals!
  • #24
  • Apr 7, 2018 2:47pm Apr 7, 2018 2:47pm
I am also thinking, it’s a good set up. Good luck
  • #25
  • Apr 10, 2018 10:39am Apr 10, 2018 10:39am
I think there is no sucb thing as best time frame. It may be unique to everyone. The main fact is what you find suitable is best for you. I personally use D1 for my trading. It's very rear that I see H4. But yes I check monthly and weekly charts. Success has no shortcut. By researching you have to find out what you are good at.
  • #26
  • Apr 11, 2018 9:18pm Apr 11, 2018 9:18pm
Using bigger timeframe is the best way to get a secure trade, also practice it on demo so that you can learn it that how you can manage it.
  • #27
  • Apr 12, 2018 3:36am Apr 12, 2018 3:36am
Learn trading psychology. Forex trading is like three leg chair made of Technical/Fundamental analysis and Psychology (Cliché) but it's true. Remove one leg and the chair will fall.
Write how you feel before you enter the trade and when you win. I guarantee, you will feel like a god when you win the trade and like a loser when lose and you must get so used to those feelings that you won't cloud your judgement and become absent in your head. Ask for a third party to tell what he would do, you will see how different your and his opinion will be since it's not his money and funny thing is he will be right more than you. That is how you have to be willing to act with your trading money, like spartans did with their babies, be prepared to drop it off a cliff if they can not be good fighters (profitable trades).
  • #28
  • Apr 12, 2018 2:20pm Apr 12, 2018 2:20pm
Quoting Butterscotch
Using bigger timeframe is the best way to get a secure trade, also practice it on demo so that you can learn it that how you can manage it.
Can you speak honestly, in your trading career you got goo knowledge and experience by using demo trading?
  • #29
  • May 2, 2018 2:22pm May 2, 2018 2:22pm
Quoting Butterscotch
Using bigger timeframe is the best way to get a secure trade, also practice it on demo so that you can learn it that how you can manage it.
For making sure real knowledge and market principle it is more appropriate to regular big time frame its but newcomer generally depends on short time frame to predict the market.
  • #30
  • May 6, 2018 3:04am May 6, 2018 3:04am
Quoting faisal13
Commonly I do have a go at keeping everything on a comparable time period. I use most things for an idea of how the Market is moving. I made sense of how to scrutinize Candles long back in the Stock Market and they have transformed into my Friends. I know them all by name. Doji, Morning Star, Hammer etcetera. In any case, just they simply reveal to me what the accompanying light will do!!!! following 3 hours they can go converse of my exchange.
Different traders use different indicators and systems. From by experience I can say that looking into what others are doing only creates confusion. If you want to be a good trader, learn how a indicator works, how to modify it. You have to find out your strength. It is all about what you understand the most.
  • #31
  • May 6, 2018 3:55am May 6, 2018 3:55am
Even newby for any trader another person cannot recommend a Good method for trading. because no one cannot predict the market exactly what will going to happen next. so what we are doing is we study the history and predict the future. But the Best part is the method that fit to me may be not suit for you. because always for trading that involve our emotion and personality. Persona to person this may different. so i can say One method is working great for me. because that fit to my personality and my emotions but for another one that could not be a good method because his or her personality may different . So for newbies best advice is first study the basic from great cource like babaypips youtube vidoes . and create a own method that fit to you and run it few month on demo
  • #32
  • May 7, 2018 1:15am May 7, 2018 1:15am
Yes, I have learned trading Demo account and it is not easy work for me. Because at the start you will face the issue of loss and account blew but as time pass, I have learned how to work with a demo.
  • #33
  • May 8, 2018 8:20am May 8, 2018 8:20am
Quoting Butterscotch
Yes, I have learned trading Demo account and it is not easy work for me. Because at the start you will face the issue of loss and account blew but as time pass, I have learned how to work with a demo.
Can you tell me , the knowledge you have acquired from demo , actually work when using it in a real account ?
  • #34
  • May 10, 2018 9:32am May 10, 2018 9:32am
Quoting AdamCrist
{quote} Can you tell me , the knowledge you have acquired from demo , actually work when using it in a real account ?
So, you are not supporting demo, isn’t? What do you prefer actually? Cent or micro account (initially)?
  • #35
  • May 10, 2018 3:09pm May 10, 2018 3:09pm
Quoting DarrenLehma
{quote} So, you are not supporting demo, isn’t? What do you prefer actually? Cent or micro account (initially)?
I don’t support demo, it’s not actually, I have seen so many times according to my experience the knowledge we take from demo after passing a long time, not works in a real account. That’s why I have a little doubt, nothing without it.
  • #36
  • Aug 5, 2020 2:00am Aug 5, 2020 2:00am
If you are new in the forex market, you need to have proper knowledge about the market. Without knowledge, you can not make money from this market. So before trading in this market, you have to gather all kinds of knowledge about forex.
  • #37
  • Aug 5, 2020 2:50am Aug 5, 2020 2:50am
you emphasis on importance of trading knowledge , um agree without knowledge there is no way to survive in there successfully , but all trading knowledge can be useless if there is no regular practice session. so be careful.
  • #38
  • Aug 5, 2020 9:35am Aug 5, 2020 9:35am
I've never heard of sentimental analysis, what is that?
  • #39
  • Aug 12, 2020 5:44am Aug 12, 2020 5:44am
New traders always make mistake when they are going to choose a broker for them. So, do proper research before choosing the broker.
  • #40
  • Aug 12, 2020 7:47am Aug 12, 2020 7:47am
If you are new in this market you need to be very careful. You should make a good and profitable strategy to make money from this market.
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