Help Needed

I desperately need some help please. Very green at trading. Few weeks non-live xperience, still dont have a clue. Been reading any material icould get my hands on and b4 completion id get annoyed cos their views, jargon, strategy is a whole lot different to the previous writer.

Needs to be EUR/USD, and was hoping you could advise where/how i could start my learning. Im assumig literature is best meas of understanding forex?? If so, what books are they? Or what else is there
im looking for any literature on forex trading to best put it in

Any feedback would be greatly appreciated

Hi rid,

I am fairly new myself. The first thing that came to my mind while reading your post was IMPATIENCE. I was there too. Learning to trade will take some time so you need to be patient. There is no one single book or any other source for that matter that will provide you with easy answers to become successful at this. You need to be patient and study. Apply what you learn and then study some more. The more you study the easier it will be to understand. Do not worry if you do not get certain things right away. Just keep on educating yourself and it will come to you. Eventually you will start having strong opinions of your own and will be able to identify valuable information from less valuable or completely worthless. I would suggest that you start by studying price action alone (chart patterns, trend lines, Support/resistance, Fibonacci, pivot points, etc.). After that you could study some indicators. Once you would have some basic understanding about this things than you could pick a system and learn it, understand its principles and trade it. You should not use any indicators until you study them and know why you have them on your chart. In the same time try to get at least a basic understanding of money management and psychology in regard to trading. And remember to be patient and demo trade until you know exactly what you are doing and why! I hope this helps. If you want more info on books or web sites to look into just pm me or look around this forum.

Best of luck to you,

Sergiu

Hi rid,

You're going down the same road I did when I started. The amount of disagreement and conflicting information from various sources was very confusing and discouraging for me. But here's the way it works. Every trader will amass a large amount of information. Then from that chaotic mass, they will mine gemstones and gold. Some traders will gather only diamonds, others only pearls and yet others only gold. You must go through a lot of reading to find the bits of information that make the most sense to you. What ends up making sense to one trader will be different from what makes sense to another. Out of all the tons of information you will aborb, you will eventually distill it down to only those essential elements that fit together for you and make sense for you. Expect this process to take 2 to 5 years.

But, you're in luck in having joined Forex Factory! This is THE place to be if you want to learn how to trade. After you've been here a while, the good traders who know what they are doing will stand out to you. Learn from them. When they tell you something that doesn't make sense, listen harder and dig to understand what they are telling you from their hard experience. By doing this, you will shorten your learning curve.

As for reading I recommend the following five books to get you started:

Market Wizards
Reminiscenses of a Stock Operator
High Probability Trading
Trade Your Way to Financial Freedom
Trading in the Zone.

I also recommend you read the four sticky threads in the beginner's forum, paying special attention to the money management sticky.

Finally, the absolute best thread on the forum for putting you ahead of the crowd is the James16 Chart Thread, located here:

http://www.forexfactory.com/forexfor...ead.php?t=2331

Finally, here are some general principals that I believe you should focus on:

Trade longer term charts. Weekly, Daily and 4 hour as the shortest. Shorter term intraday charts can be traded, but they require a level of skill that beginner's simply do not possess.

Don't be enamored by "indicators". Instead, learn the King of indicators: Price Action. The James16 Chart Thread cited above is your best bet for learning how to trade with price only.

As a beginner, pick one system that makes sense to you and is being traded profitably by others. One system only. Stick with this one system until you've been consistently profitable for at least six months before taking on another system.

Pick one currency and trade it only and exclusively until you know its personality as well as you own. Afterwards you can add on more currencies.

Demo trade your chosen system and currency until you've shown consistent profits for several months. Then switch to live trading and trade only ONE micro lot. When you've made money with that for a while then you can slow begin increasing your position size as long as you remain profitable.

Open a micro account. Do not open a mini account. You will read about why in the beginner's forum, money management sticky.

Treat trading as a business. This is not a get rich quick scheme. Don't try to make the big kill on every trade. Growth comes from a long series of small gains that compound over time into a large account. If you try to push this process, it will cause you to lose all your money.

You CAN learn how to trade. Don't let anyone or anything tell you otherwise. Believe you can do this, stay the course, and you will eventually get there.

Dial