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Help for Newbies (Discussion Thread)

  • #221
  • Sep 21, 2009 5:42pm Sep 21, 2009 5:42pm
You can see that the Downtrend is arrived at by the same method. I have a Sell order in (DO NOT TAKE THIS TRADE) on a demo account where I am testing a new approach.

So the core trend is down but the pair is retracing up to a Resistance level.

Buy or sell? That is the question. It'll take you a few months to get a feel for this sort of approach - there's no wiggly lines, no oscillators, no first aid bandages just a whole bunch of study and testing.

(btw SLH = Significant Lower High)

We are with you when you need help so just ask.

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  • #222
  • Sep 22, 2009 9:21pm Sep 22, 2009 9:21pm
Hi Peter,

Thanks for all your helpful insights. I'm still on the first few steps in trading (haven't even opened a demo account yet). I've just been reading and understanding a lot about the market. I sort of ran into this:

A trend on one time frame is a correction on another time frame.

What is your input on this?


Again, thanks a lot for helping out newbies like me.
  • #223
  • Sep 23, 2009 10:46am Sep 23, 2009 10:46am
i already have a live account but not with a well known broker. but the main reason i want to change is because that broker uses their own platform and i want to work with mt4.
any thoughs on this?my money is limited maximum 1000US.this might be a problem because i know most of brokers i looked at have minimum deposits way larger than i can afford atm.

thx
  • #224
  • Sep 23, 2009 11:15am Sep 23, 2009 11:15am
Quoting arcane83
Hi Peter,

Thanks for all your helpful insights. I'm still on the first few steps in trading (haven't even opened a demo account yet). I've just been reading and understanding a lot about the market. I sort of ran into this:

A trend on one time frame is a correction on another time frame.

What is your input on this?

Again, thanks a lot for helping out newbies like me.
Well, yes, I suppose that's correct but I don't trade that way. By that I mean if I'm trading with the up trend on the Daily chart I will go to a lower time frame to look for confirmation of entries during a pull back (which would show as a down trend). I don't currently take shorting opportunities during that retracement.

My golden rule is to only take trades that go with the Daily trend as I see it. By missing out on those opportunities it is costing me money, I suppose, but I am far easier in my mind.
  • #225
  • Sep 23, 2009 11:20am Sep 23, 2009 11:20am
Quoting ledobedo
i already have a live account but not with a well known broker. but the main reason i want to change is because that broker uses their own platform and i want to work with mt4.
any thoughs on this?my money is limited maximum 1000US.this might be a problem because i know most of brokers i looked at have minimum deposits way larger than i can afford atm.

thx
Alpari, IBFX or Oanda would suit you at the moment. $1000 is more than enough to start with and you can ask for higher leverage which will let you trade really small lots (0.01) for a start.

I have a live account with IBFX and demo accounts with Alpari UK and I'm happy with them both.
  • #226
  • Sep 27, 2009 6:31pm Sep 27, 2009 6:31pm
First off i would like to thank you for the time you put into this thread as it has helped me immensely. I thought i had figured it out with MA crossovers and applying a few other indicators and when they lined up i bought/sold immediately. My method worked great on demo for about a month then on micro i doubled my account within one week i was so happy but then the second week came along and i followed my method only to loose my entire account ...why because i was trading off 5 and 15min chart while ignoring the trend on the weekly and daily charts. i have now retreated back to demo to go about trading entirely differently with out forex factory i would have given up though. I will continue educating only to succeed in the future. Jamie 16 thread is awesome as well thank you for directing us there!!!!!
  • #227
  • Sep 27, 2009 7:15pm Sep 27, 2009 7:15pm
Quoting almann400
..why because i was trading off 5 and 15min chart while ignoring the trend on the weekly and daily charts. i have now retreated back to demo to go about trading entirely differently with out forex factory i would have given up though. I will continue educating only to succeed in the future. Jamie 16 thread is awesome as well thank you for directing us there!!!!!
Well, most of us have .

I'm glad it's helped - and J16 stuff is the basis of all I do now. Support/Resistance and a little bit of PA thrown in for good measure.
  • #228
  • Sep 27, 2009 11:41pm Sep 27, 2009 11:41pm
Peter
I been traiding for the past two months, so far i have lost tons off money.
I don't know what to do to recover.
Please help
  • #229
  • Sep 28, 2009 2:20am Sep 28, 2009 2:20am
Quoting Kidlamond
Peter
I been traiding for the past two months, so far i have lost tons off money.
I don't know what to do to recover.
Please help
Go back to a demo account for a while. There is very little chance of you recovering that money until you have found a sound method.

In the meantime, take what's left of the money out of the account (this will stop the temptation to trade live) and stick it in a savings account or under the mattress.

Demo until you are profitable for at least 3 months and you're sure there is no problem with your method (either the old one or a new one) and then put half of it into somewhere that lets you trade very small lots (eg IBFX - Oanda).

At this stage you can't tell if it's the method or your brain that has caused the losses. Demo will let you find out. If you're making money on demo but losing when live, then you need to get your head sorted.

'Trading in the Zone' by Mark Douglas will help.
  • #230
  • Sep 28, 2009 5:27am Sep 28, 2009 5:27am
Thank you very much my friend
I will do as you told me
  • #231
  • Edited 9:21am Oct 16, 2009 6:40am | Edited 9:21am
heey...i am happy to report my account grew by 24% in past two weeks with proper mm and everthing i have learned here...all reading u guys suggested was very helpful so big thx
..now i switched my focus onto elliot wave theory which is pretty chalenging..i read though that elliot theory is not very suitable for leveraged markets such as forex, but iknow it is commonly used by many traders. so i was wondering whether it is worth my while.any thoughts?
also i keep hearing everywhere that mentors are a great help..to me all of u on this thread are mentors but i was wondering how would one like me find a mentor willing to work with me
  • #232
  • Oct 19, 2009 6:28am Oct 19, 2009 6:28am
Hi everybody, I am new to forexfactory and have been on some other forums, Have only been trading for some five months now. Hope I will be able to learn from everyone on this site
  • #233
  • Nov 8, 2009 1:46pm Nov 8, 2009 1:46pm
This is my 1st month in my newbie forex journey. A friend of my brother teach me and show me some indicators and Now i still in my learning process via babypips.com. When I almost reach my second weeks in my demo forex, I feel like I'm a bit eager to enter the live forex. So I'm afraid that I might be wrong and hope you can give some advices or some links to Improve my forex knowledges. Btw thanks for your great guide in this forum. It's really help my journey.
  • #234
  • Nov 8, 2009 6:06pm Nov 8, 2009 6:06pm
Quoting NoobActPro
This is my 1st month in my newbie forex journey. A friend of my brother teach me and show me some indicators and Now i still in my learning process via babypips.com. When I almost reach my second weeks in my demo forex, I feel like I'm a bit eager to enter the live forex. So I'm afraid that I might be wrong and hope you can give some advices or some links to Improve my forex knowledges. Btw thanks for your great guide in this forum. It's really help my journey.
There are plenty of people who will try and convince you to go live so that you experience the joy of losing money early in your trading career.

Ignore them until you are comfortable with most of the core aspects of FX. Babypips is a good starting point and as long as you don't start trying to make 10 pips off the 5 minute charts you should be OK.

Search around here and on Google for Support and Resistance (S/R). Once you have an understanding of this most important aspect of trading you can move on to testing S/R with other indicators.

I use no indicators at all, but I've been around for some time now so I realise you won't see your charts in quite the same way that I do. All I can say is the fewer the indicators the better you will be in the long run.

Welcome to our world; read and ask and take your time.
  • #235
  • Nov 9, 2009 12:48pm Nov 9, 2009 12:48pm
Quoting PeterFM
There are plenty of people who will try and convince you to go live so that you experience the joy of losing money early in your trading career.

Ignore them until you are comfortable with most of the core aspects of FX. Babypips is a good starting point and as long as you don't start trying to make 10 pips off the 5 minute charts you should be OK.

Search around here and on Google for Support and Resistance (S/R). Once you have an understanding of this most important aspect of trading you can move on to testing S/R with other indicators.

I use...
yah... i feel so stupid when i knew that i miss this world even my fren convince me last year... btw any1 know what is TP and SL? and i thought more indicator is better... now i use moving average and rsi.
  • #236
  • Nov 11, 2009 4:17pm Nov 11, 2009 4:17pm
I have downloaded some EA's., indicators, and trmplate from one of the threads here on FF for my mt4 platform. However I am unfamilier with how to put them in the right files and use them on the platform. I would appreciate it if someone here could give me some detailed instructions. Thanks
  • #237
  • Nov 12, 2009 2:14am Nov 12, 2009 2:14am
Quoting Pipzkreig
I have downloaded some EA's., indicators, and trmplate from one of the threads here on FF for my mt4 platform. However I am unfamilier with how to put them in the right files and use them on the platform. I would appreciate it if someone here could give me some detailed instructions. Thanks
u use the meta editor and place the code in it.after u do that press compile and there u are...but i think i speak for all here when i say indicators ea if u are new are not needed. most of the indicators are preloaded on mt4 anyways..safe trading
  • #238
  • Nov 22, 2009 11:44pm Nov 22, 2009 11:44pm
Hi Peter, I have just started reading about forex and I saw your thread here: http://www.forexfactory.com/showthread.php?t=39514

You have advised that for beginners, we should open an account with 400:1 leverage. But I also found out that due to some NFA ruling, the maximum leverage will be 100:1. So what would your advise be? Besides using a non-NFA registered broker.

The MM post here http://www.forexfactory.com/showpost...4&postcount=18 does not seem to take the broker leverage into consideration. Does that mean that I can still try to practice good MM using 100:1 leverage?

Thanks.
  • #239
  • Dec 6, 2009 6:54am Dec 6, 2009 6:54am
Hi Peter

Thanks for starting this thread. There are so many good threads on FF that it is hard for a beginner to know where to start. But a thread devoted to newbies is surely a must read for those like me who are in the learning stage of trading. I will be following this thread closely.
  • #240
  • Dec 6, 2009 11:15am Dec 6, 2009 11:15am
Quoting countmybones
You have advised that for beginners, we should open an account with 400:1 leverage. But I also found out that due to some NFA ruling, the maximum leverage will be 100:1. So what would your advise be? Besides using a non-NFA registered broker.
The MM post here http://www.forexfactory.com/showpost...4&postcount=18 does not seem to take the broker leverage into consideration. Does that mean that I can still try to practice good MM using 100:1 leverage?

Thanks.
Apologies, I missed this one. I see that you are based in Malaysia so there are alternatives for you, I think.

I am using Alpari in the UK and will be going live with them in the New Year (2010) and can offer 400:1. There are a range of currencies they accept once you decide to go live. If all you need is a demo at the moment I would suggest you go with them.

As long as you don't live in the US or any of the countries listed on their web page shown below then they will accept you. These are some of them but I would send an email to their support people to check your own situation.

https://my.alpari.co.uk/en/openliveaccount/
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