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A beginner's plan for learning the basics.

  • #1
  • First Post: Jul 27, 2007 4:45am Jul 27, 2007 4:45am
Hi,

I've just begun learning Forex.

So far I've read "10 Forex Essentials" by Jarez F. Martinez and I can say that I have some basic understanding of candles,Bullish/Bearish stuff .

I have also read few threads in this forum and I learned a bit about RSI,CCI,MACD.

But anything else I DON'T KNOW.

I post here a general plan ,by which I would learn all the essentials needed to start trading.

I would want you guys to commentate my plan. It's a very initial plan, and I'm not a great planner either, so feel free to give me some good advices.

Here's the plan :

1. Get to know all the common indicators and other FX ideas like SL/TP/Resistance/Support and stuff like that.
2. Get a good idea about the trading software I use.
3. Learn how to spot trends and basically stare quite a lot in charts trying to understand them!
4. Build my own system , using my own experience and systems I found on the net.
5. Start trading on demo account using that system, trying to improve it and trying to feel quite sure that I know most of the stuff. Having a lot more successful trades than bad ones.
6. Advance to mini account after quite a while and eventually to a regular account. Keep learning new things and improving my system.
7. Buying a BMW 760 - Just kidding!

So what do you guys think?
Thanks a million for every response!


P.S. - I would appreciate some decent guide that explains everything I need to know about indicators. I've already read Blueruby's one, but it's not enough. Thanks in advance!
Money for nothin' and pips for free!
  • #2
  • Jul 27, 2007 5:20am Jul 27, 2007 5:20am
Quoting ltklev
Hi,

I've just begun learning Forex.

So far I've read "10 Forex Essentials" by Jarez F. Martinez and I can say that I have some basic understanding of candles,Bullish/Bearish stuff .

I have also read few threads in this forum and I learned a bit about RSI,CCI,MACD.

But anything else I DON'T KNOW.

I post here a general plan ,by which I would learn all the essentials needed to start trading.

I would want you guys to commentate my plan. It's a very initial plan, and I'm not a great planner either, so feel free to give me some good advices.

Here's the plan :

1. Get to know all the common indicators and other FX ideas like SL/TP/Resistance/Support and stuff like that.
2. Get a good idea about the trading software I use.
3. Learn how to spot trends and basically stare quite a lot in charts trying to understand them!
4. Build my own system , using my own experience and systems I found on the net.
5. Start trading on demo account using that system, trying to improve it and trying to feel quite sure that I know most of the stuff. Having a lot more successful trades than bad ones.
6. Advance to mini account after quite a while and eventually to a regular account. Keep learning new things and improving my system.
7. Buying a BMW 760 - Just kidding!

So what do you guys think?
Thanks a million for every response!


P.S. - I would appreciate some decent guide that explains everything I need to know about indicators. I've already read Blueruby's one, but it's not enough. Thanks in advance!
Try this site for all your questions
  • #3
  • Jul 28, 2007 8:06am Jul 28, 2007 8:06am
Thanks

I'll check it out!
Money for nothin' and pips for free!
  • #4
  • Jul 28, 2007 12:13pm Jul 28, 2007 12:13pm
Quoting ltklev
Hi,

I've just begun learning Forex.

So far I've read "10 Forex Essentials" by Jarez F. Martinez and I can say that I have some basic understanding of candles,Bullish/Bearish stuff .

I have also read few threads in this forum and I learned a bit about RSI,CCI,MACD.

But anything else I DON'T KNOW.

I post here a general plan ,by which I would learn all the essentials needed to start trading.

I would want you guys to commentate my plan. It's a very initial plan, and I'm not a great planner either, so feel free to give me some good advices.

Here's the plan :

1. Get to know all the common indicators and other FX ideas like SL/TP/Resistance/Support and stuff like that.
2. Get a good idea about the trading software I use.
3. Learn how to spot trends and basically stare quite a lot in charts trying to understand them!
4. Build my own system , using my own experience and systems I found on the net.
5. Start trading on demo account using that system, trying to improve it and trying to feel quite sure that I know most of the stuff. Having a lot more successful trades than bad ones.
6. Advance to mini account after quite a while and eventually to a regular account. Keep learning new things and improving my system.
7. Buying a BMW 760 - Just kidding!

So what do you guys think?
Thanks a million for every response!


P.S. - I would appreciate some decent guide that explains everything I need to know about indicators. I've already read Blueruby's one, but it's not enough. Thanks in advance!

First thing is first, in general I would agree 100%.

But, I would encourage you to spend more time on trend lines, trends, support, resistance, etc. These are the only forward projecting "indicators" in my experience. (Fibonacci is as well, to a point. The problem is always this: Which Fib? The 4hr one? The weekly one? etc.)

As far as indicators, I am into this 9 months so far...and what I have found is the less crap I put on a chart, the better.

MONEY MANAGEMENT is the closest thing to a "Holy Grail" you will find. Read as much as it takes to get it into your head.

However, I would say you are approaching this very intelligently. As long as you get the Psychology part down, you really should be okay in this market. But remember, you are taking on professionals here, and this will take time. Keep working at it with SMALL amounts, then work your way up.

Good luck, and I think you really are on the right track.
  • #5
  • Jul 28, 2007 1:45pm Jul 28, 2007 1:45pm
Forget indicators, price is the only truth. Price incorporates all peoples' reaction to information and news, which finally leads to the true price in the market. And what do you want more than the true price?
I'm getting there ... slowly
  • #6
  • Jul 28, 2007 10:25pm Jul 28, 2007 10:25pm
Quoting miketoll
Forget indicators, price is the only truth. Price incorporates all peoples' reaction to information and news, which finally leads to the true price in the market. And what do you want more than the true price?
I agree, as I have been getting rid of them....

To be honest, indicators are like crutches for trading, but still offer no real support.

The longer I do this, the more I realize that indicators are there just to make you feel safer.

If you want safe, buy CD's.

Trend lines, Fibonacci (to an extent), and support/resistance lines are what matters. Also, have some fundamental reason for the trade if at all possible...but to be honest, it only figures in about 10% of my decision.

It doesn't matter if a report is good or bad, just how traders react to it. It took me a while to figure that out.

Never make this any more complicated than it needs to be.
  • #7
  • Jul 29, 2007 3:40am Jul 29, 2007 3:40am
Thanks for the comments guys!
Money for nothin' and pips for free!
  • #8
  • Jul 29, 2007 4:16am Jul 29, 2007 4:16am
I've finished reading the money management stuff,and fortunately it's quite easy for me to understand such things, because during my first days I blew 1500$ in my demo account... That's what I call now a miserable money management... I had 10K and used a leverage of 50 or something like that... Funny times!
Money for nothin' and pips for free!
  • #9
  • Jul 29, 2007 5:10am Jul 29, 2007 5:10am
one more site to check out:
www.babypips.com

i liked the style of the articles and it covered pretty much all the basics

enjoy!
  • #10
  • Jul 29, 2007 1:53pm Jul 29, 2007 1:53pm
You will find that by locating a good system, you will save time, energy and make money a lot sooner and faster.

PM me.
  • #11
  • Last Post: Sep 9, 2008 5:24am Sep 9, 2008 5:24am
Quoting blucky
Free Book for beginner, also has Strategy:10 by W. R. Booker & Co.
You do realize your responding to a post over a year old? Check post dates .. may save you some time and effort
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
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