Some questions from a real newbie

Hey this is the first real informative thread I have read, so here goes my stupid question what is the difference the Mt4 platform and the Easy Forex platform?
Or are all the platforms the same?

Great thread!



A question:

I got all my money in NOK, a very small currency that has been doing very bad lately against all other currencies and really bad against the dollar and the euro.

My expenses are both in NOK and ARS/USD, but in the long term I would like to buy some property in both Norway and Argentina, both economies that I think will have great problems during this world wide monetary/credit contraction that is going on. Island is so close to Norway.... both crazy Vikings.... lol

I asume that the dollar would go tits up at some time in the future, right after the world central banks stops to support/buy it... or the rest of the world lose the trust in the dollar.

Can the JPY be a short term safe haven or a good bet for my future property investments/bets?

Peace out locos

-smartypants-

Here is some information that beginners or advance traders might find useful.

I trade breakout mainly but use other methods also.

What set aside the pro to a novice , to be honest i think it is just applying the right attuide and following a strict set of rules , most know why novices fail but still they seem to keep doing the same mistakes, i know i still make mistakes and anyone who tells you different is a fibber.

Rules that were taught to me when i first started but took me a while to completely understand them, but are very straight forward

1) Identify highest probability, ignore the others.
2)Never ever rush into or chase a trade,Loss of opportunity is preferable to loss of capital.
3) Always look for most obvious charts patterns, same as the big boys will be looking at.
4) Dont Overtrade , its the same as gambling.
5) Have a plan - Set targets
6)Study Trader Pschology
7)Treat it as a business , start small ,use the method of compounding ,

As i use a method that has set indicators and methods you might know follow everything but most of it applys .

Fear and greed , Market is ruled by these emotions. You need to learn to understand this and control it, i feel this is the most important part to be a professional.

Every course or program that is on offer mentions that you will make ???+ pips a day, maybe they do but what they dont tell you is that you have to have the psch?makeup to use the systems 99% of people dont. Personailty is everything what might work for me might not work for you, but learning the right attitude and using a strict set of rules and using money management you will find the edge.

Professional edge

They go that extra mile
Diet, exercise, sleep, relaxation, visualisation, reading, studing, self improvement.

4 emotions

Fear- to control this you need to feel good about your trades , know that if it goes bad you have done your homework etc . You have done a correct trade it has just gone against you this time.

Greed - People want to make money fast, now etc , they overtrade , this is how fear kicks in because you are gambling, it is all relative.

Anger/revenge- just getting stopped out or you just missed a trade and jump in, it reverses , you trade again ,so on and so on. JUST DONT DO IT. BE A PROFESSIONAL.

Arrogance- Dont get cocky , keep yourself to yourself about how successful you are, help others be respectful and humble.

Well i hope this helps , i will be glad to answer any questions and problems you may have.

For now

Well in the trading world everything counts and yes clockwork71 I forgot about the stop lost, but it’s a security method or that is the way I see it. So if you take away the stop lost then you are gambling, so I guess the time limit is always important in other to trade since I think no one has all the time in the world to sit in front of your pc and trade.

So what is the best strategy when you begin on short time schedule? Or is there even one!

Plan for a Long Time Schedule.

I have one question to begin. I’m new here. The company I’m working for is now earning a lot of money due to the increase in the dollar prize, so my best friend (he works with me) told me it’s a good time to buy some, will this tendency continue like that? Maybe it could be my plan for a long time schedule but who can know that?

David,

You're asking the wrong question. Nobody here knows whether the dollar will continue, or how long it will continue, or at what price it'll reverse. Nobody can know, and nobody worth their salt as a trader will claim to be able to tell you this.

If someone gives you an answer... run. Run far and fast. Instead of looking for tips on how things may go, spend a little time learning how to read the market's motions. Technical analysis will not tell you in advance when something will happen, but it will tell you quite quickly after it's happened that something has changed. Despite all the "professionals" out there, a huge percentage of ppl in the investment world are far slower... giving ppl an impression that technicians are prescient.

Case in point is the current Dow Jones IA chart. If you were just watching the monthly charts and running a simple indicator set you would've been able to recognize a major shift in the Dow last November and could've been out by December. That would not have taken you out at the very top, but it would've saved you most of the ride down. The similar approach will also yield an entry point too, and w/ a good plan you could be in right for the recovery.

The specific "How?" isn't important, as there infact many different techniques for this, the important thing is that a proper plan of action and quick recognition of the technical change could've saved trillions of dollars in investments across the world. And any number of techniques will work if all you want to do is invest w/ a long time frame.

Don't ask for tips. Don't look to others for a wisdom that's not there. Just learn how to do it for yourself, and you'll never have to worry about investing again.

I 100% agree , never ask for tips .I wish it was that easy. You have to learn yourself or have a mentor who can pass some knowledge onto you. dont listen to other peoples opinions you might get lucky here and there but in the long run you will lose everything. Read market wizards might help you understand .

I was wondering myself something like that and it happen because I think everybody know more than me in this business, but you guys must recognize newbies , like me, hesitate when someone who seems to have more knowledge tell you some kind of movement you need to do.

Two days ago when I joined this forum I went back to the web to know something about this market because you all talk about things I don’t even heard before, but I recognize that maybe sometimes traders need an advice from someone else like a second opinion as doctors do. However I keep always in mind the money in the table are mine and the responsibility as well.

Thanks for that. I’m following the dollar price since a placed this post and it has been going up and down. My friend’s words weren’t correct, he didn’t know what he was talking about but that’s not his fault.
But I keep a doubt. You say technical tells you only something have changed and quickly but that applies for the indicators use and candles pattern analysis?

Applies to everything. The only question is how quickly you can recognize the change. S&R w/ candle patterns or whatever will still only occur after the mood change has happened in the market, but you'll recognize that sentiment change a lot quicker than someone just glancing at the end-of-day data.

So from one perspective it may look prescient, but in reality it's just recognizing early change patterns that others would miss. There are a lot of ways to do this... for instance notice where the DJIA, S&P and NASD ranges have formed in relation to the previous big wave high and low. You might not have been able to predict the exact point, but a simple retrace tool (fibs, whatever) could've given you this level months ago. It looks impressive at the start, but it's not really... it's all very simple.

I'm a beginner too and it was interesting and useful to me reading this topic and understanding more clear any things!

I’m following you. However when you talk about DJIA, S&P and NASD they are stock market indicators, aren’t they? Or can they be applied to forex trade because I don’t have them in the indicators list in the MT4.
And thanks for the answer, I appreciate it

I used them as an example. They are an indicator, but you can also trade those contracts directly, thru either an index fund or thru, for instance, the S&P contract. They don't directly apply to forex, altho there is some strong correlation there recently, however the patterns that they are experiencing can be applied to forex. For instance the tendency for pairs to find value at retracement levels.