Help with When to get in and out | Forex Factory

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Help with When to get in and out

  • #1
  • First Post: Oct 4, 2007 10:02pm Oct 4, 2007 10:02pm
I just started to Demo trade about a month ago. I never traded stocks or anything before and one of my Friend recommended that Forex is a good market to get into now. I took his advise read few books and forums and now I am demo trading for the past month. My account is positive but I think it's just pure speculation or luck. What I am having trouble with is to when to get into a trade and when to get out of a trade. I am only focusing on the EUR\USD pair and USD\CAD pair. I think I am getting the fundemental analysis part but not technical analysis. I also try not to focus on short time period charts. I mainly focus on the 2hr, 4hr or daily charts for now. I like to trade the short time period and learn that too when I plan to go live. My goal is to go live March 2008. If someone could please guide me to a book or forum to learn technical analysis and provide me with tips on how to determine when to get in and out it would be really helpful. Thanks in advance for your help
  • #2
  • Edited 3:43am Oct 5, 2007 3:31am | Edited 3:43am
Welcome to ForexFactory!

Two things you did not mention, if you attended any classes and if you trade a system.

I strongly suggest that you do take a class. Unfortunately, one cannot mention class suggestions due to the rules. But we can mention trading systems if they are within the rule guidelines. We have some good trading systems on this forum under the system section. Find one you like and read all of the posts... from beginning to end without skipping.

Do you know of any successful traders that can mentor you? If not, find one. Also, don't assume that if your doing well with demo's that you will do well with real trading. Demo is really only good for the purpose of getting the hang of placing trades, getting out of trades and getting used to the system.

Read the beginner's section and the system section of this forum and get your feet wet!

Good Luck (check your PM for a message...hint)
  • #3
  • Oct 5, 2007 4:39am Oct 5, 2007 4:39am
Quoting WHTenn
Welcome to ForexFactory!

Two things you did not mention, if you attended any classes and if you trade a system.

I strongly suggest that you do take a class. Unfortunately, one cannot mention class suggestions due to the rules. But we can mention trading systems if they are within the rule guidelines. We have some good trading systems on this forum under the system section. Find one you like and read all of the posts... from beginning to end without skipping.

Do you know of any successful traders that can mentor you? If not, find one. Also, don't assume that if your doing well with demo's that you will do well with real trading. Demo is really only good for the purpose of getting the hang of placing trades, getting out of trades and getting used to the system.

Read the beginner's section and the system section of this forum and get your feet wet!

Good Luck (check your PM for a message...hint)
Yes - very good advice !!
What you pay for a mentor is well worth all the time and money you will lose doing it on your own.
  • #4
  • Last Post: Oct 5, 2007 8:34am Oct 5, 2007 8:34am
Quoting WHTenn
Welcome to ForexFactory!

Two things you did not mention, if you attended any classes and if you trade a system.

I strongly suggest that you do take a class. Unfortunately, one cannot mention class suggestions due to the rules. But we can mention trading systems if they are within the rule guidelines. We have some good trading systems on this forum under the system section. Find one you like and read all of the posts... from beginning to end without skipping.

Do you know of any successful traders that can mentor you? If not, find one. Also, don't assume that if your doing well with demo's that you will do well with real trading. Demo is really only good for the purpose of getting the hang of placing trades, getting out of trades and getting used to the system.

Read the beginner's section and the system section of this forum and get your feet wet!

Good Luck (check your PM for a message...hint)
Thanks for your reply. I am still reserching on which class to attend. I am not sure what you mean by which system you are trading. I am using the CMSforex platform if you reffering to that by "system" and I am using the candle stick charts. As per indicaters I am not sure which one to use and how to use it. I guess I will read the systems forums and find out but which system forum would you recommend as one of the best one?
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