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Help a newbie please

  • #1
  • First Post: Dec 1, 2007 1:03pm Dec 1, 2007 1:03pm
Good evening to everyone,

I discovered Forex there is now about a year and a half and I have read extensively the different threads on this forum and also on other website. It is very difficult to sort out the true methods, true strategies that over the long term benefit. Many times, it is to sell something, a signal, services, etc.

If a charitable person might finally saying there strategy, learning method. I do not ask the grail, just a method that will enable me to get out of my situation which is currently very difficult. Losing your job in sight. And that will allow me to have a monthly income.

Thanks for your help.
Unum
  • #2
  • Dec 1, 2007 1:24pm Dec 1, 2007 1:24pm
Hi Unum, unfortunately there is no winner strategy that work for all traders, you need to chose the strategies that like the most and practice them in demo or with very little money, then you'll find the ones that you can understand and fit you best.

You say you have been involved in forex more than a year now, I supose you have used the demo all this time, I think at this point you have realized which timeframe and styles you prefer, so, if you like long-term trades and you can hold positions for hours or days, you can research in the hourly, 4 hours, daily methods that are rated 5 stars in the Trading Systems forum; if the opposite, you feel better in shorter time frames, then look for a 5 star strategy in that period, and practice it a lot; practice this until you find one with you can be consistently profitable over the time.

Finally, I don't think it's a good idea to start trading live and without other income at the same time, the pressure of the bills and the rush of get money might change your perspective and make you take bad trades that you would not have taken if you were with clearer mind, so I strongly recomend you evaluate your situation again, look for another job or source of income and consider living of Forex only until you are fully profitable and confident of what you are doing.

Good luck.
Ado Whether you believe you can do a thing or not, you are right.
  • #3
  • Dec 1, 2007 2:58pm Dec 1, 2007 2:58pm
I (mostly) day trade and i like to keep things as simple as possible. My suggestions to you based on the things that have worked for me would be to simplify, simplify and simplify again! Focus on just one pair, and delete all indicators or keep your charts as clean as you're comfortable with. Also, apart from staying out of the market when there's a rate decision or if it's NFP Friday, leave the news and the pundits alone for a while.

As for method, draw s/r lines on the 1 hour chart, and trade breaks. If you have to use the daily tf because of your job, then that's even better because the breaks are more reliable. Once your eye gets used to doing that for a while, i think you'll have a great edge, and you'll be able to refine the technique to suit you. I've found a few reliable variations of the simple s/r break, but they're harder to explain because there's more discretion involved and it's something that only came with practisce and seeing my pair do the same things over and over again.

Here's another thing; put your stops at the point where you think the trade is wrong, and use no other criteria to decide where it should go. This means you'll need a broker who lets you size your positions, giving you the most control over your risk. I actually think you should open a very small live account with a microlot broker. If you've been demoing for quite a while, then penny trading is a good way to transition while keeping strategy development and risk management as the focus, instead of greed and fear.

I wish you the best of luck too.
  • #4
  • Dec 1, 2007 3:01pm Dec 1, 2007 3:01pm
I would suggest this thread;

http://www.forexfactory.com/showthread.php?t=39514

Understanding this thread might save you a lot of time & frustration, but that's just from my perspective.

Ado's post is right on all counts. You would be doing a wise thing to take his opinion to heart.
  • #5
  • Apr 27, 2009 2:54pm Apr 27, 2009 2:54pm
Quoting Unum
Good evening to everyone,

I discovered Forex there is now about a year and a half and I have read extensively the different threads on this forum and also on other website. It is very difficult to sort out the true methods, true strategies that over the long term benefit. Many times, it is to sell something, a signal, services, etc.

If a charitable person might finally saying there strategy, learning method. I do not ask the grail, just a method that will enable me to get out of my situation which is currently very difficult. Losing your...

Sorry Bro but if you are trying to understand Forex for more than a year and didnīt came up with an own system it isnīfor you. try to find out why, maybe lack of information.
Forget about getting rich in a few months, you just have to think about it, thereīs a lot of good traders making some money here but they didnīt got rich in a few days. Start looking for a new job, save a little bit, in the meantime read a lot and ltry,try,try in DEMO modus. If you can handle making profit for 3 months in a row, open a micro account and check your MM. Here in FF itīs a lot of good thing to read.

Good luck.
  • #6
  • Apr 27, 2009 3:27pm Apr 27, 2009 3:27pm
come over to my thread, grab a new template for your MT4, sit down for a week or two and you will learn what you didnt in the past year since SO MANY think they learn forex on their own, and prove they havent REALLY learned it at all.

cmon over -- we even serve ice cream

enjoy and trade well

mp


Quoting Unum
Good evening to everyone,

I discovered Forex there is now about a year and a half and I have read extensively the different threads on this forum and also on other website. It is very difficult to sort out the true methods, true strategies that over the long term benefit. Many times, it is to sell something, a signal, services, etc.

If a charitable person might finally saying there strategy, learning method. I do not ask the grail, just a method that will enable me to get out of my situation which is currently very difficult. Losing your...
  • #7
  • Apr 27, 2009 5:01pm Apr 27, 2009 5:01pm
Quoting pipprincess
I (mostly) day trade and i like to keep things as simple as possible. My suggestions to you based on the things that have worked for me would be to simplify, simplify and simplify again! Focus on just one pair, and delete all indicators or keep your charts as clean as you're comfortable with.
Pay close attention to this! She is pointing you in the right direction
  • #8
  • Apr 27, 2009 11:03pm Apr 27, 2009 11:03pm
Originally Posted by pipprincess http://www.forexfactory.com/images/buttons/viewpost.gif
I (mostly) day trade and i like to keep things as simple as possible. My suggestions to you based on the things that have worked for me would be to simplify, simplify and simplify again! Focus on just one pair, and delete all indicators or keep your charts as clean as you're comfortable with


follow this advice
  • #9
  • Apr 27, 2009 11:06pm Apr 27, 2009 11:06pm
Quoting Rednose
Sorry Bro but if you are trying to understand Forex for more than a year and didnīt came up with an own system it isnīfor you. try to find out why, maybe lack of information.
Forget about getting rich in a few months, you just have to think about it, thereīs a lot of good traders making some money here but they didnīt got rich in a few days. Start looking for a new job, save a little bit, in the meantime read a lot and ltry,try,try in DEMO modus. If you can handle making profit for 3 months in a row, open a micro account and check your MM. Here...
Um...

That post is more than two years old. Have you ever wondered why you would post such a thing like that?
  • #10
  • Apr 30, 2009 1:33pm Apr 30, 2009 1:33pm
Quoting Vfforexlee
Um...

That post is more than two years old. Have you ever wondered why you would post such a thing like that?
Are you some kind of thread police?? Or are you just shouting for a little attention?? Grow up man.Take care of your own business.
  • #11
  • Last Post: Apr 30, 2009 3:30pm Apr 30, 2009 3:30pm
Quoting Rednose
Are you some kind of thread police?? Or are you just shouting for a little attention?? Grow up man.Take care of your own business.
Back at ya buddy. I know I have challenged a few in my time here. They were not all Wise Descisions.

"If it Don't fit... Don't Try it on."


Note to self...
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