Suggestions you could give a beginner!

Hello,

i am new to this forum and i am quite new with the forex market.
I do have fundamental knowledge about money management, risk management and money at all but i would like to learn more about how to end up with my own trading system, trading plan on my personal needs.

what should i need to know and where to get it. This forum is great and i also read a lot about trading and it´s instruments in the past but maybe you could give me some more detailed information advices i should know about when comming to technical analyses, information like how do they work, what kind of analyses there are and how to use them to build a simple strategy and so on. i don´t mean a step by step guide but maybe some good free courses specialized on charts or any good book i could buy at mr. amazon. Important would be that all this information is concentrating on easy to understand information to get a deeper look and practise into all the facts i need to know to build my own litle system and what plays a role.

suggestion:

if it's going up, buy.

if it's going down, sell.

and no, im not kidding. you need no more than this.

he :-) sure you need 2 more things to know, when to buy / when to sell

Well one thing I have learned is that while it's good to always look out for something new. At some point you have to stick to your rules and system.
I found myself browsing fourms 4 hours a day reading millions of pages learning dozens of methods and systems.
You have to ask yourself one fundemental question to determin what is right for you.
How much time do you want to dedicate to trading?
Do you want to be glued to the screen and scalp 3 pips trades on the 5 minute timeframe or rather one "Fire and Forget Trade with fixed SL and TP" and you are done?

Another thing is that once you found your trade and conditions are right and you enter the market. DONT touch anything! You might think at some point "I've almost been stopped out now I'm 5 pips in profit ("Lieber den Spatz in der Hand als die Taube auf dem Dach") If I close now no one can take my profit. Wrong! Don't do anything that makes your Risk/Reward worse! even if you risk 20 pips on a trade and take 10 pips everytime. You need to have a sucessrate greater 70% to be profitable on the longrun. Now think about risking 25 and exiting with +5. There will be times where you'll be stopped out and price goes into you your favor after that and you are pissed. Well F*ck that!
You did the right thing.

Manchmal hat Oma halt doch nicht recht mit ihren Weisheiten.

Actually Soultrader answered this - u just didn't read closely.

ok after read closely i change it do the following ( when it´s going up / when it´s going down)

Tjpld, tnx for your answer, German? May be it would be good to come in contact with some others traders out there, you have skype or some other kind of messenger i could come in touch you?

Also thx for the answers so far, my next step really would need to know more about the technical aspects, i think thats the way to go but i need to get more information like for e.g how to build a basic strategy and how to test it and so on.

If You can afford to lose $1,000.00 the open an account and deposit $100.00.
You get to figure out the rest 'cause, after all, It's Your Money.

Educate yourself. That's what we recommend. Don't rely on any signal software or mechanical trading systems. Learn the market, learn fundamental and technical analysis, and learn to minimize risk and manage your portfolio.

Is it important to know about daily news whats going on if you trading charts based on technical analyse?

Is it important to know about traffic jams when you are driving to Italy for vacation?

italy? vacation... i don´t have vaction!

A good place to start to learn the fundamentals is babypips.com

Also, read through this post for info on the structure of the market.
http://forexfactory.com/showthread.php?t=7484

Also, more on the structure of the market. The US Fed Reserve has pdfs located at:
http://www.ny.frb.org/education/addpub/usfxm

I am sure the Deutsche Bundesbank has a similar link. Read through it also as it will help to read in your native language.

no problem with english, spanisch or even french ones, thanks for the good information and i will check out the pdf :-)

Keep reading the forums, here and on Babypips.com Practice, practice, practice and read, study and read some more. Welcome to the community that keeps on giving!!!

i would personally say to any1 thinking of trading ..ask yourself what u want out of it ....

it really isnt easy and it isnt a get rich quick scheme, i takes ages to realse what yur doing and it aint even about yur knowledge thou this does play a part..

it can be very stressfull and if u cant afford to lose money dont do it, only do it if u prepared for a long hall fight ......emotionally can chanlenge and even break u....

if u ask me a successfull trader would be successfull in life regardless u need the same qualities

Babypips.com is a good place to start for newbies.

Sorry, double post.

Yes! Economic news influences trading. Here is a site that shows you previous economic news releases and how the forex market reacted to it:
http://www.forexnewspatterns.com