Help for Newbies (Discussion Thread) | Page 14 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Which FX Trading Course/System is Good for newbies? 41 replies

Help for Newbies. What can you learn on Forex Factory? 42 replies

No Help for newbies at Forex-tsd :C 8 replies

Price Action for Newbies HELP WANTED! 2 replies

HELP THE NEWBIES!!!!! 2 replies

Attachments: Help for Newbies (Discussion Thread)
Exit Attachments

Help for Newbies (Discussion Thread)

  • #261
  • Jan 11, 2010 7:07pm Jan 11, 2010 7:07pm
Quoting blackdog
Thanks peter
for a great thread
Don't forget: the key is finding the levels that have created the largest reversals. If you stick a line on every little twitch that you see you'll end up with no clear vision of where the true S/R levels are.

Work the charts from LEFT to RIGHT; once you apply a line then run your eye along the line and check how many times price is held or rejected at that point. Also remember that a S/R still qualifies even if it has been pierced as long as price then reverses away from it.
  • #262
  • Jan 23, 2010 8:59am Jan 23, 2010 8:59am
Hi PeterFM,

Thanks for your sharing! I take a lot of notes, but it is so hard to summarise and precisely verify them! LoL.

kk007

Quoting PeterFM
Hi KK

I'm not a great note taker. I carry all my stuff in my head. I just sit and look at the charts and try and build a picture in my mind of what a good trade looks like.

When I see that pattern appear again, I trade it. It's not perfect, I know, but with my S/R levels it seems to have kept me out of trouble for a year or two.

You're right; practice makes perfect!
  • #263
  • Feb 14, 2010 8:32pm Feb 14, 2010 8:32pm
Hello everyone. I am new here to the forums, and very new to forex. I know that this may annoy many of you, as there are many clueless newbies who just want $$$ and ask too many questions, but thank you very much for the thread peter!

Peter I have been reading ur thread and i have tried to modify my leverage on my demo account to 400:1 and to micro lots, but forex.com will not let me. Do you think that it is wise to stay with them and just continue learning from your thread? or is it paramount that use those leverages and nanolots?

Sorry again!
  • #264
  • Mar 5, 2010 6:16am Mar 5, 2010 6:16am
i have just finished reading your thread and would like to say thank you lot of good information on trading and an insiders view into it. i have recently realized shorter times frames suck my accounts dry and started to look at longer time frames no lower than 4hr and maybe 1hr for a quick look at whats happening. and im slowly starting to see consistent profit. and this thread has encouraged me more to keep learning the longer time frames and learn as much as i can about price action.

thank you

damien
i pull the trigger when others are fearful---me
  • #265
  • Mar 9, 2010 9:54am Mar 9, 2010 9:54am
Thank you!
  • #266
  • Mar 29, 2010 7:24pm Mar 29, 2010 7:24pm
Peter,

Thanks for graciously sharing with us your market savvy!
  • #267
  • Apr 13, 2010 1:43pm Apr 13, 2010 1:43pm
I could not think of getting initiated into the fx world in any better way Peter. I've been reading different threads w/o joining the board.
Today i joined for a simple reason...... to acknowledge my gratitude to all the nice ppl who wrote in this rookies section ( and others as well ) knowing what goes thro a beginner' mind.

Thank u peter once again for this great thread

ohan
  • #268
  • Apr 14, 2010 2:44am Apr 14, 2010 2:44am
Quoting Proda
Do you think that it is wise to stay with them and just continue learning from your thread? or is it paramount that use those leverages and nanolots?
I am not the thread starter, but let me put my 2 cents in. Super-nano-micro-tiny lots are ok for the starting and testing your trading strategy without wasting too much money. If you find some trading method that works well with 5 USD, it will work with 5 thousand/million/billion/brazillion as well.

Apart from that... leverage, lot size, spread, etc - are just tools in my mind. They can help to earn or they can mess with it, it depends on how you use them. I have seen people using 1:500 only and earning and people using 1:10 and earning, damn it, too. So, depending on your trading system/style you should use these tools wisely. A hammer in good hands will build a house, a hammer in bad hands will cause body injuries with possible lethal end.
  • #269
  • Apr 19, 2010 1:06am Apr 19, 2010 1:06am
Hello Peter!

I would like to thank you for the time and effort you put into this thread and I must be very grateful for you and people like you who share their insights and powerful thoughts that come from experience. The information is precious and can make one really start off this business on the right track. Again, I'm very grateful and hope one day I can return the favor.

Kohn
  • #270
  • Apr 19, 2010 5:22am Apr 19, 2010 5:22am
Hello fellow traders, my apologies in advance if i am posting in the wrong forum but im hoping someone can tell me how to backtest pairs effectively, for some two years now i have manually backtested and being a regular FF reader i cant help but get the feeling some of us are backtesting alot quicker than some[aka me], how is this done? thanks for your time.
  • #271
  • Apr 19, 2010 5:39am Apr 19, 2010 5:39am
Quoting Jax
Hello fellow traders, my apologies in advance if i am posting in the wrong forum but im hoping someone can tell me how to backtest pairs effectively, for some two years now i have manually backtested and being a regular FF reader i cant help but get the feeling some of us are backtesting alot quicker than some[aka me], how is this done? thanks for your time.
Hi there Jax,

If you're a little easy on spending money forextester.com isn't a lame purchase.

Another option that you have is go left on your chart as far as you want and then use the "F12" function to move your chart rightwards one bar at a time.

The third option you're already using that of simple manual back testing.

Emphasize on forward testing more though, as that's what will help you put your thoughts into a methodical procedure which you can then base your trading system on.

g.
I believe . . .
  • #272
  • Apr 20, 2010 8:32am Apr 20, 2010 8:32am
Hi Jax

Back testing is a slow process but an essential part of trading. The only way I see as effectively electronic back testing is get a programmable charting package such as ninja trader(free) and hire a programmer and design youe=r self a simple system in which you can adjust different paremeters to give you the best results. Just make sure the code is not peeking

Then forward test on demo systematically, just to confirm that the trades generated are identical to your system rules. Then once your satisfied use the least amount of leverage possible and dip your toes in the water.

I use ninja trader and wealth-lab for my testing but then you create another problem over optimizing your results. Us traders are like fish we just swim around in circles in a glass bowl.
Cheers

Darren

http://www.fxtradingfactory.com
  • #273
  • Apr 24, 2010 11:56pm Apr 24, 2010 11:56pm
Quoting Jax
Hello fellow traders, my apologies in advance if i am posting in the wrong forum but im hoping someone can tell me how to backtest pairs effectively, for some two years now i have manually backtested and being a regular FF reader i cant help but get the feeling some of us are backtesting alot quicker than some[aka me], how is this done? thanks for your time.


If you are using MT4, you might want to save your money and use this simulator.

Manually move the files in the folders to the MT4 "Experts" and the "Scrips" directory and read the short manual on how to use it.
I could never get the installer to work make sure you move the files manually.

Works great.
Attached File(s)
File Type: zip Market Simulator.zip   573 KB | 375 downloads
Starting to see instead of just looking.
  • #274
  • Edited 8:11am Apr 25, 2010 5:57am | Edited 8:11am
Question about brokers.

I recently had problems with my broker, amongst which they changed their server time to JST Japanese standard time and are missing large chunks of data which they say they may fix at some stage.

So, for price action on H4, I am pretty much screwed with this broker and am looking for a new one. I would prefer a domestic broker in Japan but there are not many that have MT4 and the ones that do, have outrageous spreads and no micro accounts.

I noticed Peter mentioned he used both Alpari and IBFX and wonder if any recommendations are still valid or if anyone can suggest another reasonable choice. I was considering FXCM but read some not so good reports on the Forex Peace Army site. Actually I also read some outrageous stuff about IBFX and Alpari.

Any suggestions folks?
Starting to see instead of just looking.
  • #275
  • Apr 27, 2010 12:08am Apr 27, 2010 12:08am
Quoting Rastaman
Question about brokers.

I recently had problems with my broker, amongst which they changed their server time to JST Japanese standard time and are missing large chunks of data which they say they may fix at some stage.

So, for price action on H4, I am pretty much screwed with this broker and am looking for a new one.
What people often don't understand is that it is not imperative for them to trade AND also use the charting software of their broker. You can always use another demo platform for your technical analysis and place your trades with your original broker.

Fxpro
IBFX
MBtrading
Alpari

All of these and many more offer free of cost demo mt4 platforms which you can use.

Point being that broken data feed should never shoo you off due to concerns of technically analyzing charts if everything else is fine about that broker.

g.
I believe . . .
  • #276
  • Apr 28, 2010 5:42am Apr 28, 2010 5:42am
sry if im posting in wrong thread but i just wish to know where i can find the details like 'how it is painted' and 'how it s used' about so many indicator posted in different threads. For example the other day i read somewhere that ATR or ADR can be used for finding how many pips in a day a pair would move and one possibly can get them. Pl dont suggest babypips its already my reference book
thx
  • #277
  • Apr 30, 2010 9:18am Apr 30, 2010 9:18am
hi,

i have been trading a while now. i have started writing my dissertation on a type of break out strategy. does anyone have any papers, reports etc on breakout strategies? i know some ppl helped me a while back by sending lots of papers with strategies etc

i ll wud be happy to share my finding with this forum after
  • #278
  • May 6, 2010 6:46am May 6, 2010 6:46am
Hello all,

First time I join the FF club, hope to learn good tips and share usefulll information!

Cheers
S
  • #279
  • May 6, 2010 9:16am May 6, 2010 9:16am
Hi Folks!

Well i don't if i'm posting on the right place but.. Just to show that know it's a good time to short in EurUsd..

http://img291.imageshack.us/img291/7403/21834415.gif
Uploaded with ImageShack.us




Just my opinion..

Cheers,
Joaoftd
"Those who fail to prepare, are preparing to fail."
  • #280
  • Jun 5, 2010 6:30am Jun 5, 2010 6:30am
I apologize if this is the wrong place for my question but I just registered here...

I saw few people from South Africa and I wanted to ask if internet there is good enough for forex trading, since the info I find in internet doesn't sound very good.

Thank you in advance!
0 traders viewing now