New to FX Trading | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Day Trading vs. Swing Trading vs. Position Trading 86 replies

New Trading Guide for the New Year (Need Help Testing) 86 replies

How to proceed only on new bar instead of new tick? 0 replies

Euro New High above 1.3669 before New Year? 5 replies

New to FX Trading

  • #1
  • First Post: Dec 19, 2006 5:39pm Dec 19, 2006 5:39pm
Hi

I am somewhat new to the technical analysis of FX trading. I come from a economics background and have monitored equity markets for sometime, however for about 1 year i have been following the currency market.

I have read numerous books, threads etc about FX trading. What simple technical analysis tools can anyone recommend? I was thinking of attending a FX trading course, but a little unsure.

Can anyone provide some advise?

I have read a lot about people who feel the FX market is a gimic and more money is lost than made, i truly believe that with proper money management and careful analysis money can be made.

Any advice, basic technical tools, or guidence would be great

All the best
  • #2
  • Dec 19, 2006 6:08pm Dec 19, 2006 6:08pm
Quoting disneytrader
Hi

I am somewhat new to the technical analysis of FX trading. I come from a economics background and have monitored equity markets for sometime, however for about 1 year i have been following the currency market.

I have read numerous books, threads etc about FX trading. What simple technical analysis tools can anyone recommend? I was thinking of attending a FX trading course, but a little unsure.

Can anyone provide some advise?

I have read a lot about people who feel the FX market is a gimic and more money is lost than made, i truly believe that with proper money management and careful analysis money can be made.

Any advice, basic technical tools, or guidence would be great

All the best
That is a ruther difficult question and without you being more specific i can not give you a very specific answer. I sugest that you start out by looking at the james16 pyblic thread http://www.forexfactory.com/forexfor...ead.php?t=2331
about price action. If you like what you see there you might wanna join the private forum. Also go through the systems listed on this forum and see what indicators and tools various systems use and then try to figure out how you could take advantage of those indicators.
Good luck!
Stubbornly persistent
  • #3
  • Dec 21, 2006 12:04am Dec 21, 2006 12:04am
Actually Forex Market is not gimic, it is how you trade and how you treat, what are your approaches, its what countable. Just follow the trend and market is your friend, like you cannot fight with the sea if it is rough, if it is rough then you just wait to calm down so you can swim, otherwise dont put yourself in danger. know what I mean....

Asif
friend and new one as well
  • #4
  • Dec 21, 2006 11:49am Dec 21, 2006 11:49am
Hey, first off best of luck in your new career in forex. Now my best advice is learn everything you can about price action, skip all the indicators because they usually dont help much and then that will lead you straight to a promising career. Learn about pin bars and candlestick patterns and things like that because those are much better than any indicators.
I dream, therefore I become.
  • #5
  • Dec 21, 2006 11:56am Dec 21, 2006 11:56am
Quoting mike w
Hey, first off best of luck in your new career in forex. Now my best advice is learn everything you can about price action, skip all the indicators because they usually dont help much and then that will lead you straight to a promising career. Learn about pin bars and candlestick patterns and things like that because those are much better than any indicators.
I agree wholeheartedly - indicators all lag to a certain extent so generally will only tell you what has already happened. Price action and being able to read the charts is the key. Also, please don't spend any money on courses, systems and such like - there are some fantastic trading brains here which you can utilise for free. Just my humble opinion

Kind Regards
Steve
  • #6
  • Dec 21, 2006 9:58pm Dec 21, 2006 9:58pm
What is a good time range for a chart? weekly 15 min, 30min???


Thanks


Janel
  • #7
  • Edited 11:00pm Dec 21, 2006 10:48pm | Edited 11:00pm
Everybody thinks they're better than average so everyone assumes they can beat the odds and make money trading fx. In reality you're almost guaranteed to blow your account and being better than average doesn't get it. You need to be head and shoulders above everyone else.

My advice to you is you'd better know what you're getting into and before you fund your account understand there's a 90+% chance you're going to lose it.
How you act is more important than how you feel.
  • #8
  • Jan 2, 2007 6:47am Jan 2, 2007 6:47am
Hi Disneytrader,
I've been retired now for quite a few years and make my income purely from trading so I can tell you it is no gimic.
So my advice is research research research, I personally use RSI, M.A, TD TRENDLINES, PIVOT POINTS, FIB, REI, MACD and TLB.
Now I'm a intra day trader who started out on shares then went to options, futures etc but one of my students introduced me to the FX Market and thats where I live now because it gives me alot more freedom on my time.
I also use multiple time frames for trends and entry and exit points.
Hope this helps Go Getter
Go Getter When Trading Its All About "WHO YOU ARE BEING"
  • #9
  • Jan 3, 2007 2:02pm Jan 3, 2007 2:02pm
Hello,

I have been trading for 5 months and am still learning every day. I have been very fortunate to have found a method that works for me right here in FF. It is no gimic and does not require you to look for crossing lines nor does it have "gizmos that tell you to get into a trade when all the stars are aligned". The most important thing to remember about being successful in Forex is to learn all you can and then learn some more. Check out the SRDC method here at FF.
Start with SRDC I and join teamspeak, which is a live trading room full of FF traders that have applied this method to their trading.

http://www.forexfactory.com/forexfor...splay.php?f=86

Best of luck to you,
  • #10
  • Jan 3, 2007 5:36pm Jan 3, 2007 5:36pm
disneytrader,

This is definitely not a gimmick. With that being said … take your time to learn what kind of trader you would like to be. Keep an open mind to what you read and remember that something that works for someone else may not work for you. Yes, money can be lost in this market, but it will be up to you to determine your path.

For example, I spent my first year learning. My second year I funding a small account and paid my “Forex Tuition.” Meaning, I started out losing, but since I had a very good Money Management, I didn’t blow my account and was able to get my money back with time. I really learned a lot about myself by the end of my second year. Now I’m in my Third year trading and my account balance is growing consistently.

My best advice is to take your time.

Happy Trading to you!
If it is not broken, fix it until it is!
  • #11
  • Jan 3, 2007 9:43pm Jan 3, 2007 9:43pm
Hi

Thank you all for your encouraging replies!!!

Can anyone recommend any good reading material on technical analysis? I spend a few hours a day reading posts on the internet, theories definitions etc, but is there anything good books etc that would be a worthwhile read?

Thanks
  • #12
  • Jan 4, 2007 6:12am Jan 4, 2007 6:12am
Hi,

Martin Pring's Introduction to Technical Analysis: A CD-ROM Seminar and Workbook is the book I recommend. I found it to be very informative although not written exclusively for Forex. The CD Rom allows you to listen to the text being read and a quiz at the end of each chapter. This really helped me to evaluate my understanding of the information.

Hope this helps
  • #13
  • Last Post: Jan 4, 2007 12:16pm Jan 4, 2007 12:16pm
Hi Disney,

I did 3 years testing of several strategies.
I found hundreds of strategies that didn't work, untill I found a few that work great.
That's the secret of forextrading.......
Try, try, try......
Till it works.
Ofcourse, testing is done in a demo account.

Greetz,
Ron
0 traders viewing now