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Any Advice for a Beginner?

  • #181
  • Sep 19, 2023 7:46am Sep 19, 2023 7:46am
ADVIVE for beginners is stay away from this guy.. He is a known SCAMMER
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  • #182
  • Sep 19, 2023 6:29pm Sep 19, 2023 6:29pm
[quote=Monke;13623768]Hello! I have been trading since a year ago. I made some and then lose some. Seems like I need to find a good mentor in Forex Trading. Can't afford to sign up those professional courses yet. Looking forward to learn from all you ppl here! Chee

Hello monkey, I saw you on the forum I hope you are well I wanted to ask you what you can tell me. The truth is that I feel bad on this path. A mentor scammed me for 700 USD. He told me that he was going to give me 1-on-1 mentoring classes and he never told me anything. I'm desperate. Since I know the concepts but I don't have a strategy to do backtesting, but I don't want to give up.

The truth is that I know everything about smart money concepts but I don't have a strategy to be able to apply everything about bos, choch, liquidity acquisition, etc. But I don't have a strategy to apply and start, the truth is I say this as a relief. BUT I'M NOT GOING TO GIVE UP AND I'M GOING TO DO IT.
  • #183
  • Sep 21, 2023 3:03am Sep 21, 2023 3:03am
Quoting fraziboy
Quoting Monke
Hello! I have been trading since a year ago. I made some and then lose some. Seems like I need to find a good mentor in Forex Trading. Can't afford to sign up those professional courses yet. Looking forward to learn from all you ppl here! Chee Hello monkey, I saw you on the forum I hope you are well I wanted to ask you what you can tell me. The truth is that I feel bad on this path. A mentor scammed me for 700 USD. He told me that he was going to give me 1-on-1 mentoring classes and he never told me anything. I'm desperate.
...
get one smc model and keep forward testing it at a time frame you are comfortable. As you gain experience, you will be able to refine that one model.

Do it in demo.

Once you try live, make sure it's the smallest risk where you can trade atleast 20 trades based on your capital.

Dont trade more than once within a 1h, better don't trade more than once every 4 hours.

Don't over saturate yourself with knowledge.

Write a checklist.

Here is mine

1. Choose a pair
2. Decide when to trade. Mine is 8am to 11 am ny
3. Trade only at bounce of floor or ceiling.
4. Risk 1/20 of capital. Rr atleAst 1 to 1
5. When with gains, stop trading for 2 days.
6. Repeat.
Trading is gambling. So gamble responsibly.
  • #184
  • Sep 21, 2023 5:40am Sep 21, 2023 5:40am
Quoting Sovy
{quote}{quote} get one smc model and keep forward testing it at a time frame you are comfortable. As you gain experience, you will be able to refine that one model. Do it in demo. Once you try live, make sure it's the smallest risk where you can trade atleast 20 trades based on your capital. Dont trade more than once within a 1h, better don't trade more than once every 4 hours. Don't over saturate yourself with knowledge. Write a checklist. Here is mine 1. Choose a pair 2. Decide when to trade. Mine is 8am to 11 am ny 3. Trade only at bounce of...
What is smc model? Can you explain in details maybe some EA that will do the most complicated part?
  • #185
  • Edited 6:54am Sep 21, 2023 6:41am | Edited 6:54am
Quoting pizd0s
{quote} What is smc model? Can you explain in details maybe some EA that will do the most complicated part?
smart money concept. Cause i read that is what he knows. For you it can be anything. What model do you like? Choose one and master it. I dont use ea because I'm a manual trader.

You can do 1h break and retest and use ceiling and floor to filter good trades. Or anything that you know.
Trading is gambling. So gamble responsibly.
  • #186
  • Sep 28, 2023 3:19am Sep 28, 2023 3:19am
Quoting Sovy
{quote} smart money concept. Cause i read that is what he knows. For you it can be anything. What model do you like? Choose one and master it. I dont use ea because I'm a manual trader. You can do 1h break and retest and use ceiling and floor to filter good trades. Or anything that you know.
So it it like price action or something like that? Any tools besides technical patterns?
  • #187
  • Sep 28, 2023 3:23am Sep 28, 2023 3:23am
Quoting pizd0s
{quote} So it it like price action or something like that? Any tools besides technical patterns?
1. Fundamentals. Like trading 15 minutes atleast after heavy news is better than trading during or before news if intra day.

2. Htf analysis for swing trading. Since you have no choice but to stomach the news.

3. Risk mgt.

Basically a general idea of knowing yourself is key to trading.

Also one must not start trading without immersing to mark douglas' online psychology videos
Trading is gambling. So gamble responsibly.
  • #188
  • Oct 29, 2023 2:23am Oct 29, 2023 2:23am
Hi traders. Im new to forex. Is it better to trade intraday or longer term say 4hr of daily trades? Which has the potential to make more money (of course)!
  • #189
  • Oct 30, 2023 1:54am Oct 30, 2023 1:54am
Quoting Proton
Hi traders. Im new to forex. Is it better to trade intraday or longer term say 4hr of daily trades? Which has the potential to make more money (of course)!
Both can be DOABLE if you fully understanding the strategies whether intraday or long term. Majority of traders are losing because of being NPC traders.Trading is NOT just about drawing a line or mastering knowledge of trading.Everyone knows that supply or demand, market structure,order B, FVG so on....Its not a BIG secret...we understanding majority of our HANDS.
Remember, You're trading against smartest people with lastest high tech equipments.Understanding market behaviours ,Use different startegies as if a football/soccer manager with use different technique for different environment or different opponenets.TRY to understanding how majority of traders reacts to *potential* Bullish HL forming....Not ALL opportunity is GOOD apportunity......ADAPT, and i hope you making great progress...
  • #190
  • Oct 30, 2023 7:53am Oct 30, 2023 7:53am
Thank you. Good advice.
  • #191
  • Oct 30, 2023 7:33pm Oct 30, 2023 7:33pm
Quoting Proton
Hi traders. Im new to forex. Is it better to trade intraday or longer term say 4hr of daily trades? Which has the potential to make more money (of course)!
Try both in demo and see which of the two you like

I know a friend who only trades 4h and is godlike at it and one who only trades 1min who also is godlike at it.

So know yourself and your own behavior and reaction to losing and making money. Try to be on the equilibrium.

Pls pls pls

Use trading view friendly brokers. 100% king
Trading is gambling. So gamble responsibly.
  • #192
  • Nov 4, 2023 10:09am Nov 4, 2023 10:09am
Quoting Mattfx042
Hi, again ppl, I will sign up and pay for some backtesting software, but what what I invest in? - Ninjatrader? - Nakedmarkets? - Other?
If you are taking about automated backtest data than trading view is a good option for that, also if you want to do it manually then also Tradingview will be a good choice it has a great user Interface
  • #193
  • Nov 14, 2023 3:11am Nov 14, 2023 3:11am
Quoting PineCoder
{quote} If you are taking about automated backtest data than trading view is a good option for that, also if you want to do it manually then also Tradingview will be a good choice it has a great user Interface
Does trading view provide a high-frequency quality feed as part of their Premium service? I would like to connect my HFM account to such feed and run some backtesting but haven't been able to find any decent offer...
  • #194
  • Nov 14, 2023 6:35am Nov 14, 2023 6:35am
Can someone create a micro account compounding chart starting with 5Dollars and trading micro lots of 0.10??
Am tored of per day forums why can't we make pips per week or month
  • #195
  • Dec 30, 2023 12:30am Dec 30, 2023 12:30am
Don't rush!
Perhaps most mistakes in trading are made because of rash or thoughtless actions.
In trading we have several terms that denote such behavior. And the most famous of them is FOMO.
It means fear of missing opportunity.
Experienced trader will not worry about missed opportunities and will not risk his deposit too much.
Trading opportunity will definitely appear, and there is no substitute for losing deposit as a result of rash actions.
  • #196
  • Jan 13, 2024 6:25am Jan 13, 2024 6:25am
Quoting Proton
Hi traders. Im new to forex. Is it better to trade intraday or longer term say 4hr of daily trades? Which has the potential to make more money (of course)!
Potentially more money - ain't know. It depends on a big set of variables, i.e. your risk tolerance, your ability to face emotional seesaws, your knowledge, skills and so on.
I would advise you to start off with classical intraday trading, making 5-10 deals per day again depending on your risk tolerance and emotional stability. If you realize that you can bear 5 deals, then start with 2 or 3, until you get rid of the fear of the market.
Money will come with knowledge, constant practicing and work on yourself, I bet.
  • #197
  • Jan 30, 2024 3:58pm Jan 30, 2024 3:58pm
Hi,

Seems I am too much of a rookie to start a new thread, hence I decided to write in this one. I am going through it right now as there is plenty of good advice to gain from.

However, I am thinking about a slightly different approach. Currently, I am "trading" with 0.01 lot positions learning price action. It's ok, as I am trading on D1 plots (with insights in H4 or H1) with wide stop loss / take profit of -30 / 100 pips respectively. At the same time, I do not allow a single stop loss to melt more than 5% of my budget. It all means I have positions open for even a week.

What I am considering is more education. And I do not mean trading systems, trading knowledge, etc. I want to understand the economy that drives all of these. I want to listen to the Fed press conferences and understand every word and its influence on the markets. How does inflation influence the price of EURUSD and USDCAD? Why rising interest rates allow to fight inflation? What are a good strategies for monetary policy of a country?

But the problem is - I am a major in computer science with no economy background. Can anyone help me to start to learn about this kind of stuff? Just pointing in the right direction, a good book or website would be wonderful. Is the "book on economy" the only way, or are there any materials like "economy for traders", focusing on aspects important to traders? I would just like to learn to truly understand what is underneath the price action. What drives the price from one point to another? Especially since I am trading with rather low frequency keeping transactions open for rather a long time (as I am reading FF many people trade on crazy, for me, intervals like M5, which I never watch).

Thanks in advance!
  • #198
  • Jan 30, 2024 9:01pm Jan 30, 2024 9:01pm
Directional bias is the key. You have to build a model that focuses on this.
Trading is gambling. So gamble responsibly.
  • #199
  • Feb 1, 2024 3:40pm Feb 1, 2024 3:40pm
Hi All.

I'm three weeks new to all this trading malarky and have started using the Senior Wealth Partnership (SWP) trading platform.

I have someone that was assigned to me through SWP, however I'm not convinced he is assisting in my best interest. The reason I am saying this is he said that he will help with a 'risk free bonus for 1 Lot of Insurance Liquid Capital - up to £10,000.00(up to 14 Days) through an SWP partner company to help with profiting at a greater rate'. When I questioned the risk free part and said there is a possibility of losing the £10,000.00 I was informed that everything will be insured and covered through the partner company. I received a 'Letter of Guarantee' which at the end stated 'IMPORTANT: During 14 business days of RISK FREE Management of 1 Lot of Liquid Capital of £10,000.00 and all activity will be fully insured by SWP with the help of high tire liquidity providers excluding all possible losses and all negative consequences'. That tells me it excludes any losses and that I wouldn’t be covered and would be liable for any loss! I questioned this and was told I was wrong and that he could get their solicitors to change the wording to say 'Including' if I went ahead with it. When the link was sent through it was for 'Moneysupermarket.com' for a loan of £10,000.00 and was again told it was a 'risk free Liquid capital bonus' and that the money will be given back automatically within the 14 days after I had made up to 7k profits. I was one click away and decided I not comfortable with going through with what IS a LOAN. He wasn’t happy with what I said and if I needed more time to think as it was a 'One Off' deal he would give me a week on the condition that I give him 'my word' that I'll go through with it. Obviously I said I'm not giving any word. He became quite angry and started commenting on providing for my family, questioning why I am uncomfortable with it, trying the hard sell and saying I'm pissing him off for not going through with it etc. I received a call again from him today and after the pleasantries and advice on when to trade and at what volume he started again with hard sell, attempting to get me to obtain the £10,000.00. I stuck to my instincts and again refused.

I now have a number of questions in the hope of obtaining your advice/experiences etc. Thank you in advance.

  1. Has anyone had any experience of SWP?
  2. Is the practice of obtaining £10,000.00 loans disguised as a 'risk free Liquid capital bonus' normal practice for starting out and making larger profits, in a shorter space of time?
  3. Is the practice of hard selling and attempting to get someone to take out a large loan normal?
  4. What advice would you give for someone in my position other than 'Give up now'.

Thank you once again in advance and best wishes.

  • #200
  • Feb 2, 2024 5:25am Feb 2, 2024 5:25am
Quoting Andy1966
Hi All. I'm three weeks new to all this trading malarky and have started using the Senior Wealth Partnership (SWP) trading platform. I have someone that was assigned to me through SWP, however I'm not convinced he is assisting in my best interest. The reason I am saying this is he said that he will help with a 'risk free bonus for 1 Lot of Insurance Liquid Capital - up to £10,000.00(up to 14 Days) through an SWP partner company to help with profiting at a greater rate'. When I questioned the risk free part and said there is a possibility of losing...
Scam. don't add problems to life.
Trading is gambling. So gamble responsibly.
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