I need help...... | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Need help with 10M chart - got it already but need some help! 1 reply

I need help about afl to mql4!!! please help to me 0 replies

need help with a simple MA crossover EA. anyone can help? 7 replies

help, help, help (templates) 5 replies

Help me out? I need the help of you. 20 replies

I need help......

  • #1
  • First Post: Feb 25, 2008 6:46pm Feb 25, 2008 6:46pm
So, please don't allow the title of this thread to make me look mentally unstable. ha ha ha ok now that the laughter is over lets get down to buisness. I have been "involved" with forex for about 2 years. I signed up with a company though that worked a equation and I punched in numbers. Thus i've lost around 15k. I'm done with them but am looking to go out on this adventure by myself. I've been trying to read through threads on here and find myself COMPLETELY lost. Nothing bad on you guys, but as a complete newbie it's extremely overwhelming. I am currently running a demo and live account in conjuction. I figured out the equation that the company was using and am still using that for the time being. I'm sure your all wondering why i'm still working with something that didn't work, but its all i know. Here are my current account stats:

I started with 400 Dollars

Margin is 400:1 and im trading at a 10% margin

Obvisously im at .01 lot sizes

Im dealing right now with:

EUR/USD 4 lots per trade
GBP/USD 4 lots per trade
USD/CHF 16 lots per trade

This is how they set up there equation. Any suggestions or more information needed? Please be nice to me for I know most will read this and laugh at my nembieness but I don't really know how to learn other then ask questions. How do i go about trading other currencies? How do I change my aggresiveness? Can I trade other currencies the same way I trade with my 3 I listed above? Also I've been reading forums and many ppl talk about trading in 15 minute window or 5 minutes? what does this mean? Thanks so much guys. I appreciate any help I can get.
Lets do this...
  • #2
  • Feb 25, 2008 6:59pm Feb 25, 2008 6:59pm
You were given the pairs to trade, number of lots. Was there a criteria for entering a trade long or short? or did u just get an email of text msg saying to enter?
Based on your post here - and please I am not trying to be critical - but I would say. Go to www.babypips.com and complete the whole course. Use your demo exclusively for now til you get an idea of what you are doing.

PS: Please remember that All you know may not be correct. Forget everything you have been taught and go to the above site and start all over. Pretend you woke up from a bad dream.
In trading, there is no bullshit. You either make money or you don't.
  • #3
  • Feb 25, 2008 7:03pm Feb 25, 2008 7:03pm
first of all, you need to get the terms right. 400:1 is leverage, not margin. Margin is your collateral when you open trades.

anyways, i won't tell you how to trade, but i will direct you where you can learn the basics to get you started.

1. Go to beginners section (yay! you're here ) and read the stickies. Front to End. seriously. I did.

2. Go to babypips.com. Go to school section. Read from start to finish. Again, you're only cheating yourself if you don't.

3. Read read read. Look online, forums, public library and read stuff about forex. Technicals, fundamentals, etc.

3. Come up with a plan for your trading system. Go to systems section of this forum to get an idea. Make it as detailed as possible like rules on entry, exit, position size, stop loss, etc.

3. Demo trade for 3 months or so to figure out how to work around a trading platform and learn about orders, sl's, lots, etc and how these will fit into your system

4. Trade live using few hundred bucks with Oanda. They are good for traders with low balance and use 2% or fewer of accoutn balance/trade.

5. After 6 months or so, read "Trading in the Zone" by Mark Douglas or other trading psychology books like "Come into my trading room" and "Trading for a living" by Dr. Alexander.

6. Then you're on your own...
  • #4
  • Feb 25, 2008 7:13pm Feb 25, 2008 7:13pm
Quoting hilmy83
first of all, you need to get the terms right. 400:1 is leverage, not margin. Margin is your collateral when you open trades.

anyways, i won't tell you how to trade, but i will direct you where you can learn the basics to get you started.

1. Go to beginners section (yay! you're here ) and read the stickies. Front to End. seriously. I did.

2. Go to babypips.com. Go to school section. Read from start to finish. Again, you're only cheating yourself if you don't.

3. Read read read. Look online, forums, public library and read stuff about forex. Technicals, fundamentals, etc.

3. Come up with a plan for your trading system. Go to systems section of this forum to get an idea. Make it as detailed as possible like rules on entry, exit, position size, stop loss, etc.

3. Demo trade for 3 months or so to figure out how to work around a trading platform and learn about orders, sl's, lots, etc and how these will fit into your system

4. Trade live using few hundred bucks with Oanda. They are good for traders with low balance and use 2% or fewer of accoutn balance/trade.

5. After 6 months or so, read "Trading in the Zone" by Mark Douglas or other trading psychology books like "Come into my trading room" and "Trading for a living" by Dr. Alexander.

6. Then you're on your own...
Much better articulated than my post
In trading, there is no bullshit. You either make money or you don't.
  • #5
  • Feb 25, 2008 7:14pm Feb 25, 2008 7:14pm
thanks so much for your information so far. I'm def. going to check out babypips haha and I dont find it humiliating at all. I read these forums a lot. What should i do if someone is saying a current currency pair is hot? Should I invest or should i ignore? Obviously I don't know exacly how to trade with it but should i look into it? Also how do you guys go about forseeing what's about to happen other then the calender. How much can the calender be trusted? Thanks again guys.
Lets do this...
  • #6
  • Feb 25, 2008 7:34pm Feb 25, 2008 7:34pm
Quote
thanks so much for your information so far. I'm def. going to check out babypips haha and I dont find it humiliating at all. I read these forums a lot. What should i do if someone is saying a current currency pair is hot? Should I invest or should i ignore? Obviously I don't know exacly how to trade with it but should i look into it? Also how do you guys go about forseeing what's about to happen other then the calender. How much can the calender be trusted? Thanks again guys.

Ignore tips, they're wrong too often to count. Develop your own system. It's not the "tip" or "system" that makes trading successful, it's the psychology of the trader. Until you develop that it's going to be an uphill battle.

Instead of trying to "foresee" the market, just listen to what the market is telling you right now.

This is a thread that came along a few weeks ago:
http://www.forexfactory.com/showthread.php?t=70074
  • #7
  • Feb 25, 2008 7:46pm Feb 25, 2008 7:46pm
I am very excited about this babypips site.... didn't know anything of it. I'll be back in a few weeks gentleman... wish me luck
Lets do this...
  • #8
  • Feb 25, 2008 10:13pm Feb 25, 2008 10:13pm
Babypips.com is where I started; you'll learn a little bit about everthing about forex. But don't stop there. Read the stickys. no, study the stickys and everything you can get your hands on. Then, DEMO DEMO DEMO!!! I can't stress that enough. If you can't profit in a demo account, you can't profit in a live account. I read that dozens of times, and got impatient and lost 80% of my account (which, fortunately, was not very large).
I realize after typing that paragraph that I just reiterated what everybody else just said...

Anyways, good luck!

When you've got a pretty good handle of things and are ready to kick it up a notch, dive into this thread. It is THE best, most valuable information I've found!
skype: ststroud. let's talk trading.
  • #9
  • Last Post: Feb 25, 2008 10:39pm Feb 25, 2008 10:39pm
Quoting tyler812
Babypips.com is where I started; you'll learn a little bit about everthing about forex. But don't stop there. Read the stickys. no, study the stickys and everything you can get your hands on. Then, DEMO DEMO DEMO!!! I can't stress that enough. If you can't profit in a demo account, you can't profit in a live account. I read that dozens of times, and got impatient and lost 80% of my account (which, fortunately, was not very large).
I realize after typing that paragraph that I just reiterated what everybody else just said...

Anyways, good luck!

When you've got a pretty good handle of things and are ready to kick it up a notch, dive into this thread. It is THE best, most valuable information I've found!
I can't say enough about J16 group. I started some time ago thru a system that I thought would work at the time and blew my account dry. Even though I had to lick my wounds clean, I always truely believed forex was the best business to be in. After a while working on the psyc of trading (for me was much more important then the actual trading) did I dive back into it. Only after taking it slow and following a solid trading plan that works for me was I able to start seeing profits over TIME.

Key elements may be to find YOUR system for YOUR trading style and keep it simple

Take care and good luck

Coll
0 traders viewing now