Attachments: Learning Together - A Newbie on the road to improvement

Learning Together - A Newbie on the road to improvement

#1
First Post: Jan 5, 2010 11:33pm Jan 5, 2010 11:33pm

edmturk
| Joined Dec 2009 | Status: Yilmaz | 348 Posts

Hello everyone,

I am still new to Forex and have been trading since June 2009. I still need to learn a lot and improve myself. My goal is here to learn and teach others what I learn and my hope is that we all profit from each others experience.

I have not made a business plan yet but have come up with some ideas. Here they are:

MY FOREX MANIFESTO

- Currency trading is a business and is not an activity to have fun.
- The goal is to MAKE MONEY not just spend/waste time
- Objectives
- Until you know where you want to go, you can never get there.
- Develop a plan
- Have a goal
- Exit strategy
- Have patience
- Cut loses short and let the profits run
- Always learn, and be teachable
- Remember market rules, and you cannot rule the market

I would appreciate any opioions and suggections.
Thank you

#2
Jan 6, 2010 12:57am Jan 6, 2010 12:57am

Zen
| Joined May 2006 | Status: Trader | 328 Posts

the first suggestion is pour over Trading System section of this forum. If you find anything that you like, test it yourself. Note how you feel during trading. Then backtest it (always backtest everything before come out here and claim "I found the holy grail!"). Think out your goal, how you want to trade, then try and tweak the system to fit your need. Backtest it again, then forward test. Afterward, start with the smallest account possible, see if you can gain consistently for more than a couple of months.

In the mean time, read books about forex trading, try to understand it even though you may not use it ever.

In between, have a life. After all, you trade to live, not live to trade.

#3
Jan 6, 2010 4:58am Jan 6, 2010 4:58am

erikte279
| Joined Aug 2009 | Status: Trader | 2,585 Posts

Heres a link to a sample trading plan from the THV, FINAL EDITION thread.

http://www.forexfactory.com/showpost...ostcount=14427

Annoying Precision

#4
Jan 6, 2010 5:02am Jan 6, 2010 5:02am

erikte279
| Joined Aug 2009 | Status: Trader | 2,585 Posts

I would also add that you musnt

- OVERLEVERAGE your trades

- OVERTRADE , dont be a gambler, lotto tickets are at gondi mart

review the basics before you attempt to get "sophisticated" , there is more there then you think.

Annoying Precision

#5
Jan 6, 2010 8:14am Jan 6, 2010 8:14am

albinas
| Joined Nov 2009 | Status: Trader | 168 Posts

Seems we both started learning on 2009 June, Edmturk

It seem a bit funny, because I was also doing something similiar few weeks ago, but then I decided that I read to much, and I have not to write up great truths, but proove myself that I can use them practicaly

Thank you,
Albinas

#6
Jan 7, 2010 1:20am Jan 7, 2010 1:20am

edmturk
| Joined Dec 2009 | Status: Yilmaz | 348 Posts

Thank you everyone for suggestions and I really appreciate. I found "Currency Trading For Dummies", "Technical Analysis for Dummies", and "Trade Your Way To Financial Freedom" very useful. Especially the fist book I mentioned is a must read.

Any opinions?

#7
Jan 7, 2010 1:24am Jan 7, 2010 1:24am

edmturk
| Joined Dec 2009 | Status: Yilmaz | 348 Posts

Albinas, I always made a mistake of never writing any business plans, budgets. etc. But now I realize if I write and try to stick to what I write(trading/business plan) and reread it I will kind of set my mind to practice it, and again, I am new and will fall and rise up on my trading journey. I have already wiped out a couple of accounts and learned the hard way how not to trade.

#8
Jan 7, 2010 3:48pm Jan 7, 2010 3:48pm

therbcoe
| Joined Jan 2009 | Status: American, Arrogant and In Your Face | 31 Posts

Quoting edmturk

Disliked

Thank you everyone for suggestions and I really appreciate. I found "Currency Trading For Dummies", "Technical Analysis for Dummies", and "Trade Your Way To Financial Freedom" very useful. Especially the fist book I mentioned is a must read.

Any opinions?

Ignored

Hi Ed,

Try also:
- Candlestick Charting for Dummies (Rhoades)
It's about 25 bucks and provides the same information as the $65 Hardcover version written by Nison
- Trading in the Zone (Mark Douglas)

Sounds so far like you're on your way to becoming successful as long as you stick to the rules you set out for yourself and aim to get rich slowly.
Best of luck.

#9
Jan 8, 2010 1:19am Jan 8, 2010 1:19am

edmturk
| Joined Dec 2009 | Status: Yilmaz | 348 Posts

Quoting therbcoe

Disliked

Hi Ed,

Try also:
- Candlestick Charting for Dummies (Rhoades)
It's about 25 bucks and provides the same information as the $65 Hardcover version written by Nison
- Trading in the Zone (Mark Douglas)

Sounds so far like you're on your way to becoming successful as long as you stick to the rules you set out for yourself and aim to get rich slowly.
Best of luck.

Ignored

Thanks a lot. I actually bought the book you mentioned and read almost half of it. I found "Currenycy Trading For Dummies" very useful, and read it twice. Currently, I am reading "Technical Analysis For Dummies", and "Trade Your Way To Financial Freedom". I just hope to practice what I learn. I see myself making the mistake of making my loses run and cutting the profits short

I now realize after many countless loses, worries, etc. it will take time, patience, and much more learning+practicing before I could become a successful trader. It is a tough road and it is not for everyone. There are times, I thought of never trading again but I do enjoy trading.

#10
Jan 8, 2010 2:41am Jan 8, 2010 2:41am

edmturk
| Joined Dec 2009 | Status: Yilmaz | 348 Posts

I am wondering what indicator you would recommend. I am not looking for the latest and the greatest indicators but I am trying to stick to "classical" ones, such as RSI, MACD, Stocastic, CCI, and the Bolinger Bands.

Any suggestions, and also which indicator would be the most reliable the ones I listed above?

Thanks

#11
Oct 14, 2010 4:06am Oct 14, 2010 4:06am

edmturk
| Joined Dec 2009 | Status: Yilmaz | 348 Posts

Just to update the post. I am back to trading again but only demo and will go live in February. I am only using Ichimoku and learned a lot from it.

#12
Mar 18, 2012 4:46pm Mar 18, 2012 4:46pm

richdadeze
| Joined Mar 2012 | Status: Trader | 14 Posts

High everybody.
My name is ThankGod, and I live in Nigeria. I am a newbie in forex trading and really needs the help of you all in this forum. I am still Demo trading, and the platform that i use is cmsforex.com, my user name is [email protected], and my pass word is mywife01.

I will really appreciate if anyone can log into my account and tell me exactly what i am getting wrong there. I am really getting it hard learning how to fix the stop loss and the take profits.

I joined this forum today and i am really thrilled by what i see here and i know that i only need a little coaching to get going.

I have the intention of having forex as my basic source of living and hence, i am ready to devote all energy and the resources that i have to learn this trade.
Thanks you all.

#13
Mar 20, 2012 6:09am Mar 20, 2012 6:09am

mv6
| Joined Apr 2007 | Status: Trader | 1,553 Posts

Quoting richdadeze

Disliked

High everybody.
My name is ThankGod, and I live in Nigeria. I am a newbie in forex trading and really needs the help of you all in this forum. I am still Demo trading, and the platform that i use is cmsforex.com, my user name is [email protected], and my pass word is mywife01.

I will really appreciate if anyone can log into my account and tell me exactly what i am getting wrong there. I am really getting it hard learning how to fix the stop loss and the take profits.

I joined this forum today and i am really thrilled...

Ignored

You must practice and not to submit yourself and learn from the mistakes in this way raise their skills

More on my Blog...

#14
Mar 24, 2012 3:25am Mar 24, 2012 3:25am

richdadeze
| Joined Mar 2012 | Status: Trader | 14 Posts

High everyone, My name is ThankGod, I started Demo trading this month, but im still finding it difficult to understand the ropes in forex trading. The most confusing part of this is the platforms. I opened two different accounts with two different brokers. Gkfx forex and Cms forex. With the cms forex, i am making continuous profits daily though, i know that i don't know what i was doing, i was simply doing guess work. i don't know how to place stop loss/ take profits, sometimes and in some platforms i get confused on how to close open positions, but yet my profits continue to rise, which is not normal, but in Gkfx, i am continuously recording loses. So my question is what actually is happening to these two accounts. Is there any trick going on somewhere in order to trick me into depositing money in order to lose the money.

Alpari representative called me to know why i didnt complete my demo account registration form, and i told the lady that i am not coversant with their platform and if she could help me, i will be glad which she obliged only for me to get a mail from her urging me to deposit money and they are going to double my deposits without bothering to say anything i told her that i still a newbie.

Who can actually bail me out of all these confusions.

#15
Mar 24, 2012 2:38pm Mar 24, 2012 2:38pm

ha-pattern
Joined Sep 2008 | Status: hardcore chartist | 2,173 Posts

Quoting richdadeze

Disliked

High everyone, My name is ThankGod, I started Demo trading this month, but im still finding it difficult to understand the ropes in forex trading. The most confusing part of this is the platforms. I opened two different accounts with two different brokers. Gkfx forex and Cms forex. With the cms forex, i am making continuous profits daily though, i know that i don't know what i was doing, i was simply doing guess work. i don't know how to place stop loss/ take profits, sometimes and in some platforms i get confused on how to close open positions,...

Ignored

The obvious is:

Withdraw all money from Gkfx,
stop trading in CMS until write down and follow rules that say what one is doing to make all that profit,
and ignore Alpari (most MT4 broke rs allowing demo accounts without giving real personal information).

#16
Mar 24, 2012 3:35pm Mar 24, 2012 3:35pm

richdadeze
| Joined Mar 2012 | Status: Trader | 14 Posts

Thanks folks for your candid advice. Now, which broker/platform is best for me to sign up with and it will provide me with the necessary tools that will guide me in this business and not the ones that will give me fake profits/success that is different from what i will really experience in the real market.

#17
Mar 25, 2012 7:03am Mar 25, 2012 7:03am

Davidyel
| Joined Mar 2012 | Status: Trader | 8 Posts

Quoting richdadeze

Disliked

Thanks folks for your candid advice. Now, which broker/platform is best for me to sign up with and it will provide me with the necessary tools that will guide me in this business and not the ones that will give me fake profits/success that is different from what i will really experience in the real market.

Ignored

richdadeze, the market is not a Casino.
You should really get to read some books or get some knowlege about it before you start trading (have some kind of strategy, or plan - test it many times) It usually ends bad for people how just put thier money without understanding what you're doing.
I belive that once you get some knowlege and experience you will see that you can know how to identify what brooker is good for you and which one isn't fitting you.

Good luck!

#18
Mar 26, 2012 7:35am Mar 26, 2012 7:35am

Alpari
| Commercial User | Joined Jul 2008 | 507 Posts

Quoting richdadeze

Disliked

Alpari representative called me to know why i didnt complete my demo account registration form, and i told the lady that i am not coversant with their platform and if she could help me,...

Ignored

Hi Richdadeze,

Thanks for registering with us.

The easiest way to learn to use MetaTrader 4 is to view our MT4 Video Tutorial.

Alternatively, you can also check out our Metratrader 4 user guide.

Feel free to practice trading on your demo until you feel comfortable.

Alex

________
Alexander Chadwick
Alpari (UK) Representative

#19
Mar 27, 2012 3:26am Mar 27, 2012 3:26am

the redlion
Joined Jan 2011 | Status: Trader | 2,680 Posts

I believe if you are serious about your endevour you MUST put in the work.
Many newbies not unlike our fore fathers that invented gods, gnomes, goblins, fairies and the like, as newbies we come with high hopes of profit with no clear idea of what it is that we are actually trading and how it works.

If there are a newbies here that are serious about becoming professional traders there are certain principles that WE MUST STUDY. Just like when going to medical school, law school, or any other occupation.

NO ONE will teach you HOW to trade, trading is like economics. We have models and theories but in practice is very much like a random variable.

i pose the question to the traders here do you know what a chart is? bar chart? candle chart? histogram? pie chart? scatter plot? as you are starting to deduce. I am talking about STATISTICS, that is what we look at the statistical data of transactions made in the spot market of GLOBAL implications.............perhaps some macro economics and micro economics might help with understanding the statistics?

how about some probability classes? to understand bayes laws, expectations? probabilities? inference? then how about understanding the structure of the Currency market? the players, the big banks, the CB, fiscal, monetary policy? etc?

have you heard of stochastic model? black scholes? modern portfolio theory? maybe some quantitative finance classes?

Indeed let's learn together if you are all willing to learn, we will take classes from , Harvard extension school, Bercleys open access classes? MIT open online econ classes and form study groups?

all free, the internet is a beautiful resource

Google groups also free to discuss, or even here is also free. the thing is that by looking at the the chart go up and down and take some signals, or lines, averaging down, wont give you the background knowledge to trade prudently.

AVT INVENIAM VIAM AVT FACIAM