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Help for Newbies (Discussion Thread)

  • #181
  • Jun 4, 2009 3:03pm Jun 4, 2009 3:03pm
Thanks Leon. Yep I certainly hope I'm ready for the journey too - not quite sure what to expect but the uncertainty is part of the excitement I guess.

A journal sounds like a good idea as I'm hoping to record my learning experience anyway - hopefully someone may also benefit from it in the same way that I am gaining from the awesome journals already on here.

I'm in London btw, how about you?

Yass.
  • #182
  • Jun 5, 2009 11:44am Jun 5, 2009 11:44am
Greetings, I have a simple need for all the very extreme basics such as plotting the Fibo Ret, Support & Resistance as well as Pivot points.

I have done a search, but these baby steps have eluded me, and I can't seem to move on to real relevant testing without some of these simple building blocks.

Can someone perhaps just recall a thread that covers all this so I may get informed? I have read James16, and Peter's already...

Also, How does one actually "Lock In" profits then set stops to break-even? Perhaps I am confused by the wording itself, as I understand closing a trade, banking the profit and then perhaps re-opening same trade, as well as trailing stops, but the term used isn't quite clear to me.

I apologize for such a trivial query...

Thank you in advance!
  • #183
  • Jun 5, 2009 1:07pm Jun 5, 2009 1:07pm
Quoting MIWeiser
Also, How does one actually "Lock In" profits then set stops to break-even? Perhaps I am confused by the wording itself, as I understand closing a trade, banking the profit and then perhaps re-opening same trade, as well as trailing stops, but the term used isn't quite clear to me.
Perhaps I have answered this part of my own question:

Once a profit is realized, move the stop loss to break-even or higher, possibly followed by a trailing stop, then worst case we have lost nothing and perhaps "locked in" some profit...

Thanks for clearing that up for me Rob in your Strategy 10...
  • #184
  • Jun 5, 2009 1:51pm Jun 5, 2009 1:51pm
Quoting MIWeiser
Perhaps I have answered this part of my own question:
Once a profit is realized, move the stop loss to break-even or higher, possibly followed by a trailing stop, then worst case we have lost nothing and perhaps "locked in" some profit...
"Lock in some profits" as you already answered could mean to move your SL to BE+, but imagine in an unlikely but possible case as it happened at todays news announcement that the E/J had an up gap from 135 pips, so your BE+ might not get executed at the point you defined and a BE+ converts very unexpectedly into a loss.

Another way of "lock in some profits" is that you partially close your position. If you have more lots open than the minimum lot size of your broker requires, than you can specify a volume in the close dialog which is lower than the open positions volume and this part you have definitely "locked in your account" unless your broker gets bankrupt and the remaining volume you can set to BE/BE+/trailing stop, etc...

HTH.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #185
  • Jun 6, 2009 3:52am Jun 6, 2009 3:52am
Quoting stefx
... as it happened at todays news announcement that the E/J had an up gap from 135 pips ...
I opened the platform to make some mql modifications and saw that my broker corrected the up gap, now the bars before and after the gap are way longer and the gap reduced to 9 pips. I still don't understand such weird corrections.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #186
  • Jun 6, 2009 3:06pm Jun 6, 2009 3:06pm
Hey guys, I'm fairly new to Forex Factory and I've had experience with Forex before but it wasn't the good kind!LOL! I need help to find at least 2 solid books in understanding the fundamentals behind forex. If anyone could please point me in the right direction it would be greatly appreciated. Also, where can I find solid news?! That's been another major problem! Thanks!
  • #187
  • Jun 11, 2009 12:45pm Jun 11, 2009 12:45pm
How are the Fib Ret on the charts plotted?

Is there a guideline, or system to follow?

Thanks so much!
  • #188
  • Jun 13, 2009 2:17am Jun 13, 2009 2:17am
Hi folks.

Today I got a PM from a user signed up a week ago about his site named "Forex secrets and strategies". I took a look at and it was about free articles revealing some secrets and - you guess - EAs. The site states So give these reports a try, you got nothing to lose but that is wrong. You can lose the most important captical you require for trading, your mental capital. Probably your email adress too.

Remember that you are the ONLY person that is REALLY interested in growing YOUR account, others around the world will not do more than helping you to learn this but select them carefully. This should not sound rude against the people in here which really put much effort in helping others.

I could not hold back to write him this with a webmail address solely for this purpose:

- One important part in a forex strategy is the must to ignore sites like yours.
- FapTurbo was my introduction to forex and the fact that I don't use EAs anymore has made me profitable on a consistent basis.
- The forex market is not tricky it follows the simple rule to calculate a price to fill the maximum of contracts at any time. Finding a suitable method, building a strategy out of it and apply this strategy with the right mindset is tricky.
- I just reported your site to the FF admins.
- I put your username into my ignore list until it gets kicked.
- I posted your site in a newbie forum so they can properly avoid it, advanced traders would avoid anyways.

Nice weekend to all.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #189
  • Jul 8, 2009 2:32pm Jul 8, 2009 2:32pm
Quoting Gfx
Hey guys, I'm fairly new to Forex Factory and I've had experience with Forex before but it wasn't the good kind!LOL! I need help to find at least 2 solid books in understanding the fundamentals behind forex. If anyone could please point me in the right direction it would be greatly appreciated. Also, where can I find solid news?! That's been another major problem! Thanks!
The first is a news service, though they all tend to be slow in giving you the news when you need it!
http://uk.reuters.com/business/currencies

I'd recommend these 2 books for some fundamental background.

http://www.amazon.com/Beat-Forex-Dea.../dp/0470722088

http://www.amazon.com/Foreign-Exchan...7081430&sr=1-1

Hope this helps.
  • #190
  • Jul 19, 2009 12:38pm Jul 19, 2009 12:38pm
hi there,
Can anybody tell me how to place a 15 min indy on a 5 min chart? I know it's not a rocket science but somehow I cannot do this. Some suggested to put 15 min TM under the visualization tab, but then I just het this 15 min indy only on the 15 min chart.
Please help, it's killing me Any help would be appreciated.
  • #191
  • Jul 19, 2009 3:05pm Jul 19, 2009 3:05pm
Quoting jackal
hi there,
Can anybody tell me how to place a 15 min indy on a 5 min chart? I know it's not a rocket science but somehow I cannot do this. Some suggested to put 15 min TM under the visualization tab, but then I just het this 15 min indy only on the 15 min chart.
Please help, it's killing me Any help would be appreciated.
Is it a Moving Average?
If so multiply by 3. For example; 8sma on 15m chart measures the last 8 bars that closed during the last 15 minutes. To relate that to a 5m chart you place a 24sma on your chart.

The other question is why are you trading 5m charts this early in your career. I suggest you re-read my main thread and then when you get the links to J16 Price Action thread continue your education there.

We may still be talking in a year's time if you do that.
  • #192
  • Jul 30, 2009 11:59pm Jul 30, 2009 11:59pm
I know it's elementary, but I have a basic pivot point question.

How do you figure the actual close of the previous day. I know you use the close of 4 Pm es. standard time, but how do you determine that (where do you get that from).

Thank You!!!
  • #193
  • Aug 8, 2009 2:31pm Aug 8, 2009 2:31pm
Peter

I thank you for your input, it is helping me clear my mind off things that have been confusing me, I have just started to learn about FX and have found an overwhelming amount of info, some is very useful, but some I do not even know how to use yet, this help of yours is helping me choose with much better criteria.
  • #194
  • Aug 12, 2009 4:55pm Aug 12, 2009 4:55pm
Hi,
I contemplate keeping a list of currency pairs to trade via 5 min charts or hourly charts. Which pairs (say in a list of five or so) should I monitor/select to avoid duplication of effort and riisk?
Thanks in advance
every Saint has a past. Every Sinner has a Future
  • #195
  • Edited 5:49pm Sep 1, 2009 3:06pm | Edited 5:49pm
Hi,

i have been trading for few months now, first on a demo which i though gave me very promising results 5000 to 58 000(this is no joke) in two months. however since i started a live account, results have been far less promising.
I basically learned everything from a series of 6 videos, which i though at first were very helpfull, only to realise they are in fact confusing. After reading this forum for newbies it became clear to me, i hope. I was, and still am using too many indicators which were suggested in these series of videos (aligators, bolinger, stochastic, ravi etc). Currently i have 3 or even 4 indicators per chart, but mostly i only pay attention to bolinger bands rsi and stochastic.
As for the chart analysis i have a program called autochartist which pops up alerts based on chart patterns.
any help and opinions, especially on which indicators are most effective would help me big time.

thx
  • #196
  • Sep 2, 2009 3:11am Sep 2, 2009 3:11am
Quoting ledobedo
Hi,

i have been trading for few months now, first on a demo which i though gave me very promising results 5000 to 58 000(this is no joke) in two months....
Hi
If I could turn back the clock to when I first started the (lengthy) learning process, I would have ditched ALL indicators, and concentrated instead upon support and resistance. The best advice I would personally offer to you, is to take EVERYTHING off your charts, and then go to the following 3 threads here on Forex Factory;

1). http://www.forexfactory.com/showthread.php?t=2331
The James16 thread is a veritable goldmine for newbies. It's very focused upon horizontal support and resistance.

2). http://www.forexfactory.com/showthread.php?t=27286
Jacko's thread is a 'must'. It major's on diagonal support and resistance(trendlines).

3). http://www.forexfactory.com/showthread.php?t=86429
Steve's thread(NoBrainerTrades) is superb for studying the reaction of price to these levels.

Honestly, you will not need any more than these 3 threads for a very long time. I wish that I had 'seen the light' earlier!

Hope this helps a little.
  • #197
  • Edited 10:10am Sep 2, 2009 9:23am | Edited 10:10am
thanks..all my indicators are cleared except the stochastic it is responsible for most of my good trades.
also would you suggest any trading systems, of course simple ones like the 4h box breakout system i came across on this forum. or is it a little too soon to be using a trading system?

my last question is what trading platform to use? I currently use rumus 2, but i m not very happy with it, no weekly and 4H charts and other fall backs.

thx again
  • #198
  • Sep 2, 2009 4:32pm Sep 2, 2009 4:32pm
Quoting ledobedo
thanks..all my indicators are cleared except the stochastic it is responsible for most of my good trades.
also would you suggest any trading systems, of course simple ones like the 4h box breakout system i came across on this forum. or is it a little too soon to be using a trading system?

my last question is what trading platform to use? I currently use rumus 2, but i m not very happy with it, no weekly and 4H charts and other fall backs.

thx again
As far as systems are concerned, you are going to progress a lot quicker if you just forget about them. Think methodologies instead. Think James16. Think Jacko. You will be profitable a lot sooner that way.
I can't say I've ever come across Rumus2, but if I'm understanding you correctly, then MT4 is the standard way to start.
Hope this helps.
  • #199
  • Sep 5, 2009 5:18pm Sep 5, 2009 5:18pm
Quoting Interceptor
As far as systems are concerned, you are going to progress a lot quicker if you just forget about them. Think methodologies instead. Think James16. Think Jacko. You will be profitable a lot sooner that way.
I can't say I've ever come across Rumus2, but if I'm understanding you correctly, then MT4 is the standard way to start.
Hope this helps.
hi and thanks again for ur time..i have gone through jackos thread and it is great indeed.
i have been drawing resistance and support lines for bout two days straight and i have one simple question.when looking at pairs at different time frames, do hourly support and resistane levels matter? i know i shud trade day for starters but i simply looked at all charts my platform offered.
also when using fib levels for trend correction, what is the general accepted minimum lenght for the trend?i mean we surely cant use fib for a week old trend.
thanks again
  • #200
  • Sep 6, 2009 6:07am Sep 6, 2009 6:07am
Quoting ledobedo
hi and thanks again for ur time..i have gone through jackos thread and it is great indeed.
i have been drawing resistance and support lines for bout two days straight and i have one simple question.when looking at pairs at different time frames, do hourly support and resistane levels matter? i know i shud trade day for starters but i simply looked at all charts my platform offered.
also when using fib levels for trend correction, what is the general accepted minimum lenght for the trend?i mean we surely cant use fib for a week old trend.
thanks...
Quote
i have been drawing resistance and support lines for bout two days straight and i have one simple question.when looking at pairs at different time frames, do hourly support and resistane levels matter? i know i shud trade day for starters but i simply looked at all charts my platform offered.
Every time frame has it's own trends and supp/res levels, for you such res/supp levels should matter only when they are on the time frame you've taken the trade on or any higher time frame. So if you take a euro long on the 1H, you will look for res/supp levels at the 1H, 4H, Daily, and weekly.

Quote
also when using fib levels for trend correction, what is the general accepted minimum lenght for the trend?i mean we surely cant use fib for a week old trend.
thanks again
there are no hard and fast rules as to the length of the trend but you sure do need to have 2 things well cut out:

1) A distinct swing high.

2) A distinct swing low.

You can draw your fibs on a 1 hour trend or on yearly trends, as far as they are drawn from distinct swing points defining a clear trend you should be fine. Of caorse you are to practice common sense too...you won't draw a fib ret on a 1H trend if you trade daily and above. Generally what i said abt your res/supp levels also holds true for your fibs.

Ps: here's a post I made at the J16 thread some time ago, thought it might help you further...

POST

Ghous.
I believe . . .
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