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Looking to learn!

  • #1
  • First Post: Feb 16, 2010 11:30am Feb 16, 2010 11:30am
Hello

I am looking to learn and am bewildered as to where to start. Pls help with some easy pointers.

thanks all

Tr44
  • #2
  • Feb 16, 2010 1:12pm Feb 16, 2010 1:12pm
Hey man. try babypips first. they have a nice little school that will at least get you started. google it.
  • #3
  • Feb 16, 2010 1:58pm Feb 16, 2010 1:58pm
Quoting Tr44
Hello

I am looking to learn and am bewildered as to where to start. Pls help with some easy pointers.

thanks all

Tr44

  1. Plenty of stuff in the stickies at the top of this thread
  2. Investopedia's Forex section covers all the basic questions as well Don't forget to scroll all the way down the page

  • #4
  • Feb 16, 2010 2:04pm Feb 16, 2010 2:04pm
You'll need to understand how the market works without ending up slagging your broker for everything that goes wrong while you're learning.

Do yourself a favour and read the 3 stickies at the top of the Broker Discussion thread.
  • #5
  • Feb 22, 2010 10:39pm Feb 22, 2010 10:39pm
Thank you very much for the links Peter. I am just getting into the forex arena and your posts have been very helpful!
  • #6
  • Feb 23, 2010 3:58am Feb 23, 2010 3:58am
Thanks for the help and links. Have checked out Babypips and think that is a good starting point.

Many thanks
  • #7
  • Feb 23, 2010 8:30am Feb 23, 2010 8:30am
My struggle is whether to concentrate on short term ( 1min, 5mins) trading or go for the longer timeframes (15 min, 1 hour + etc).

I like the idea of making money quick and fast but I know a lot on here prefer the longer timeframes. Question is do they both produce the same end result in profit terms (if you good that is)?

So many questions here, sorry.

Tr44
  • #8
  • Feb 23, 2010 7:52pm Feb 23, 2010 7:52pm
Quoting Tr44
My struggle is whether to concentrate on short term ( 1min, 5mins) trading or go for the longer timeframes (15 min, 1 hour + etc).

I like the idea of making money quick and fast but I know a lot on here prefer the longer timeframes. Question is do they both produce the same end result in profit terms (if you good that is)?

So many questions here, sorry.

Tr44
I like the idea of making money quick and fast

I know a lot on here prefer the longer timeframes.

The first leads to busted account.

The second is because most experienced traders have learned that the first leads to busted account
  • #9
  • Feb 23, 2010 8:47pm Feb 23, 2010 8:47pm
Yes most experienced traders here on ff suggest longer term time frames. This is what i am attempting to understand now.
  • #10
  • Feb 24, 2010 10:23am Feb 24, 2010 10:23am
Quoting Tr44
My struggle is whether to concentrate on short term ( 1min, 5mins) trading or go for the longer timeframes (15 min, 1 hour + etc).

I like the idea of making money quick and fast but I know a lot on here prefer the longer timeframes. Question is do they both produce the same end result in profit terms (if you good that is)?

So many questions here, sorry.

Tr44
trading on a shorter timeframe doesn't mean you are going to be making money quick and fast, and trading on a larger timeframe doesn't mean you will make money at all.

actually, trading on a shorter timeframe and looking for smaller moves might actually take longer. when trading either long term or short term, the whole key to not losing all your money is risk management. if you are scalping and you aren't dropping five lots on a trade, but are using small lot sizes, you can actually have a better chance of making and holding a profit.

when you trade one large trade going for a hundred pips, you have one shot. you can either win or lose this trade. but, if you trade five times going for twenty pips each time, you have a better chance of securing some profit.

the reason most experienced traders on this forum subscribe to longer timeframes is that most of them learned how to trade while working a job. they didnt have the time to sit a chart for six or eight hours. there is nothing wrong with this at all.

in the actual trading world (not forex factory) most very experienced traders tend to trade on a shorter timeframe. they view it as a job, not a way to make money (there is a difference), and tend to do a lot of day trading.

basically, what it comes down to right now is whether you have the time to trade short term or long term, and which style fits you best.
  • #11
  • Feb 24, 2010 8:50pm Feb 24, 2010 8:50pm
Quoting Tr44
Hello

I am looking to learn and am bewildered as to where to start. Pls help with some easy pointers.

thanks all

Tr44
Choice #1
Find a professional trader that shows you all his trading. Get to know his system. Watch the system in action. Ask question after question after question after question, until you can do it on your own successfully. Jacko and James 16 are two of the best here.

Choice#2
You can always read a book on trading. Usually by a person who has never traded. http://cdn.forexfactory.com/images/s...lling_eyes.gif
Or you can read some posts here from children like this one http://www.forexfactory.com/showpost...stcount=186135
Or maybe you can trade the forex market by using trial and error until it takes all your money.
Or you can play on demo for years and then find out that the real market is completely different from demo trading.
  • #12
  • Feb 24, 2010 9:11pm Feb 24, 2010 9:11pm
Quoting Tr44
My struggle is whether to concentrate on short term ( 1min, 5mins) trading or go for the longer timeframes (15 min, 1 hour + etc).

I like the idea of making money quick and fast but I know a lot on here prefer the longer timeframes. Question is do they both produce the same end result in profit terms (if you good that is)?

So many questions here, sorry.

Tr44
I strongly suggest that you read all PeterFM's suggestions, for a brief starting.... have fun there for a couple of days.... then read it again (I keep doing it again and again) and have no hurry... stay away from the Trading Systems for a while...

... then, you should be able to answer your questions...
Many share my views with me. But I don't share them with them...
  • #13
  • Feb 25, 2010 4:54am Feb 25, 2010 4:54am
What I have learned is that the biggest edge in trading is patience with winning trades, and impatience with losing trades.
  • #14
  • Feb 25, 2010 6:58pm Feb 25, 2010 6:58pm
I second the babypips.com post...I always send people there as you really learn from the basics on to a few advance things...and you learn it step by step so your not jumping all over the place..
  • #15
  • Feb 26, 2010 7:39pm Feb 26, 2010 7:39pm
Quoting zarraman
I like the idea of making money quick and fast

I know a lot on here prefer the longer timeframes.

The first leads to busted account.

The second is because most experienced traders have learned that the first leads to busted account
  • #16
  • Feb 27, 2010 11:20pm Feb 27, 2010 11:20pm
Quoting forexmick
Choice #1
Find a professional trader that shows you all his trading. Get to know his system. Watch the system in action. Ask question after question after question after question, until you can do it on your own successfully. Jacko and James 16 are two of the best here.

Choice#2
You can always read a book on trading. Usually by a person who has never traded. http://cdn.forexfactory.com/images/s...lling_eyes.gif
Or...
  • #17
  • Feb 28, 2010 1:13am Feb 28, 2010 1:13am
and ofcourse there are lot of video classes in youtube

and torrents [if you are into pirated stuff ]
  • #18
  • Feb 28, 2010 2:40am Feb 28, 2010 2:40am
I've certainly made more money faster trading higher timeframes like 4hr and Daily than I have on anything below.
  • #19
  • Feb 28, 2010 8:50am Feb 28, 2010 8:50am
Rob I agree I only use the 4 hour and 15 hour to narrow in my entry for the overall trend (I will look at the entire history of the chart to determine the trend. and narrow it into smaller time frames such as 1 year and half year. I have been able to see that trend much earlier that way.

I was fortunate enough to speak to someone on here who is mentoring me. He has really opened my eyes and showed me why my entries were turning against me at first and when he explained it I was amazed at how simple it is to prevent that. That is how I concluded the first part of my post in response to you.

The trend is your friend. Made 150 Pips in one night and still have a trailing stop open on it.
Know when to hold em, Know when to fold em!
  • #20
  • Mar 1, 2010 12:56am Mar 1, 2010 12:56am
Regarding the torrents, do you recommend any videos or programs to download? are they all illegal?
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