New to forum

I'm glad i found a forum with people who are interested in forex as i am.

I don't have much trading background. I was taught a bit of technical analysis of stocks from this school. (it was a good foundation to start)

I had a few questions lingering in my head. (Some questions may sound stupid so please bear with me)

1. Technical analysis has many indicators and ways to use them. Do all the technical indicators that help people read entry and exit points for stocks the same for forex?

2. Do forex traders also look for doji, hamari, pullbacks, etc etc?

3. does global forex (GFT) go straight to the bank or does it go through a trading desk? [I hear that brokerages that execute your order from trading desks minipulate your trade and by the time your order gets executed, your pips will be off]

Please help me understand some of this. I'd really appreciate it.

Answers to your Qs:

1. Yes, the same TA valid for stocks and for forex
2. the candlestick patterns is part of TA, and so it is also valid in forex, whether it is applied in forex trading, it would depends on the trader himself.
3. GFT is market maker and therefore goes through trading desk. you can google for more info on what are the differences between ECN/STP brokers and market maker brokers.....

Note: Not all market maker are bad brokerage......

I myself using GFT and so far, I am happy with their service

Welcome to the forum and do review some of the old stickies, they contain all the info you need.
On to the specific queries,
No, do not use all indicators just select the ones you think you need and go with those..and on the second one, depends more on the individual.

A lot of the favored brokers here use No-Dealing-Desk technology. No person is making individual decisions on your trades, they are all sifted/sorted/matched by computer...usually in under a second.

There's a cadre of voices on this forum which say that people who complain about their broker stabbing them in the back are really just looking for someone to blame. I tend to agree with them. I always get the impression that most of these people have bank rolls that are rather small and thus their respective position sizes are also small and thus there's really no reason for a broker to try and skim a bit more from these small positions by manipulating things. It would be better business (and less stressful) to just let people do what they want and collect the spread.

So look for reputable brokers, and you should be find. Names like Pepperstone, FinFX, Alpari, Oanda, MB, Dukascopy, MIG Bank, FXDD, AAAFX, and IBFX all seem to fall into this category. I'd start by researching those brokers. Unless you're in the US and want higher leverage and no FIFO or hedging restrictions...then FinFX is the only game in town.

Hey MPR,

Welcome to Forex! I started off in the industry using my knowledge of stock technical analysis as well. You should first pick up a demo account and familiarize yourself with the charts and patterns you know and see if they look profitable for forex trading. If you're looking for a demo account, pretty much all the brokers Renegade recommended will have one. Best of luck!


SerenityFX

Hello everybody here.

The OP's first two lines echo my sentiments exactly.

"I'm glad i found a forum with people who are interested in forex as i am.

I don't have much trading background. I was taught a bit of technical analysis of stocks from this school. (it was a good foundation to start)"

All of this is still somewhat overwhelming. I am so glad I found all of you.

Hello,

I am a newbie to Forex. Learned a bit about trading tips over the net and will appreciate if you can advise me about any website that I can join and start trading whether demo or real-money mode. Will be glad if the website can also help new users how to trade with step-by-step guides.

Thanks,
David.

Hi David,
Welcome to the forum and on the list of brokers, check out some of the independent broker review websites, check out the ones you think sounds good, read up the reviews and start with a demo until you can figure out how it all works..good luck and if you are planning to go live, start small.

Thanks so much for this swift response to my need. I found a good one yesterday actually. I have even won quite a few games as well.

Hi Forex community.

I've been studying the markets for a year now, have very little trade experience in equities and commodities (stacking PM's) but none yet in Forex. Though I have read quite a lot about it and I understand it like a new kid in the playground. I know what I am doing, know some terms and some TA. Gotta love the charts.

Anyways, I stepped into Forex recently because I think I might see where the currencies could be heading during the doldrums and I just want to cut some small profits, but most of all, gain more investing experience. If I start to like Forex, I will keep this as a little habbit.

And here is my first question: Though I consider myself a strong hand and patient (can't say that for sure cause I really am young) can you still be successful, or at least stay flat, in Forex, being in sort of part-time? My main interest will stay equities, futures, bonds, etc.. I will base all my Forex trading provided by the global economy information that comes out during my studies.

Best Regards!

Hi Silver Snake,
Welcome to the forum and yes, it has all the info you need though you would have to flesh out the info you need from the others posted here.
I do have one query, just how young are you?
Moving on, as a new trader, you can start with a demo and move on to live account later on. Just remember to start small and don't focus so much on the profit but rather try to convert most of your trades into profitable ones..
And trading on global cues, would advise that you stick to technical for the moment and move on to fundamental trading later on, good luck!

Hi, I'm currently a newbie in Forex and I really want to know the ins and outs of trading via Forex.

Hi Everyone,

I'm new to FF and have enjoyed learning so much from it over the last few months.
It's so enlightening to see others that think as seriously if not more seriously than I do and willing to share and advice.
There's just not enough hours in the day to take it all in. I work full time, but my heart is in trading.

So just a big thank you to all who contribute and share their knowledge.


Delta

I'm also new to forex market. I think the key point to learn fast is to trade demo account and build own solid trading system. Statistics rules. I know there're so many systems introduced here. But I found it difficult to rely on them if I don't understand their logic behind and I won't have the confidence to use them for real account. I'm a trend follower.

Agree. There are so many threads here. Always stick to a few threads/systems. Otherwise it is really hard for you to get in the right track.

Yeah, FF has a lot of great info from beginner to more advanced levels..and yes, some of the info can be a bit overwhelming but feel free to list your queries on it.
Once again, welcome to forex factory.. and good luck trading.

Thanks guys, a good bit of advise there to follow.
I have traded Demo on and off for a few years, but now I'm in at the deep end - so finger crossed
All the advise you can throw at me - I'm happy to accept :/

Good luck all you Newbies, lets help each other

Thx Alanamc for your advice, but frankly speaking, I also don't know how to choose the threads/systems to follow. There are threads with 1000+ pages of replies.... Wow... But only with the proper performance evaluation like myfxbook for at least 6 months record I can say if a system is stable and profitable... It's like choosing the right mentor.

PS: Do you know when can a new member start threads? Thx.

Hi Cogito,
You can start a new thread when FF have reviewed you for a time and they are sure you are genuine FF member for all the right reasons

I think you can start threads in the rookie section & trading journal sections.

For some sections you will need vouch from the members and other requirements by the Forex Factory.