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Long Term Trading W/ Micros Advice Needed

  • #1
  • First Post: Dec 1, 2006 4:35pm Dec 1, 2006 4:35pm
I'm very new at trading in the forex market and I would like to start out by trading long term with 1k lots. I figure this will allow me to avoid the small fluctuations in the market while I learn more and can move into trading shorter time frames. Currently when looking for the current trend I start out with weekly charts than move to daily charts to see which direction the pair is moving. I then try to idenify and major resistance or support levels that may affect my trade. Is there any pitfalls or advice you can give to a newbie thats looking into long term trading with forex market. Im still a bit confused on what to do with my stop losses.


Thanks
  • #2
  • Dec 3, 2006 9:18pm Dec 3, 2006 9:18pm
Quoting intensedrive
I'm very new at trading in the forex market and I would like to start out by trading long term with 1k lots. I figure this will allow me to avoid the small fluctuations in the market while I learn more and can move into trading shorter time frames. Currently when looking for the current trend I start out with weekly charts than move to daily charts to see which direction the pair is moving. I then try to idenify and major resistance or support levels that may affect my trade. Is there any pitfalls or advice you can give to a newbie thats looking into long term trading with forex market. Im still a bit confused on what to do with my stop losses.


Thanks
Suppose ur beginner.... Just " Think Simple, Do SImple, Get Simple....
I mean.... you have to think how to learn trade first with get small profit.. still u can learn with technical and fundamental analysis and of course " Feeling " .
Make Stop Losses with range reasonable... and so do with your Stop Profit..
Try it....
ANd You Will Know when You have to breaktrough your target....

Good Luck 'n have a nice trade
  • #3
  • Dec 4, 2006 12:54pm Dec 4, 2006 12:54pm
There are many ways to manage your stoploss. You could have a fix stop and then move to breakeven, trail it by a fix amount, trail it below the latest higher high/ lower low or trail it below a moving average. Whatever you use you need to give enough space for market retracements, if you are a long term trader you don’t want to close your trade at the first sign of retracement and then see the market going back on your direction. Remember that every currency pair is different, so your stop needs to account for the pair volatility.

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If you are new to Forex I recommend you to do a lot of demo, one you get consistent on demo then go live. Not because is long term trading its easier, it may be even harder psychologically have to wait long times to see profit or to come out of a drawdawn. It just gives you more time to think and you’ll have less noise on your charts, but the technical analysis is the same as on short timeframes.
  • #4
  • Apr 7, 2010 12:36pm Apr 7, 2010 12:36pm
Quoting intensedrive
I'm very new at trading in the forex market and I would like to start out by trading long term with 1k lots. I figure this will allow me to avoid the small fluctuations in the market while I learn more and can move into trading shorter time frames. Currently when looking for the current trend I start out with weekly charts than move to daily charts to see which direction the pair is moving. I then try to idenify and major resistance or support levels that may affect my trade. Is there any pitfalls or advice you can give to a newbie thats looking...

If you are really serious about this, follow this link:

http://www.forexfactory.com/showthread.php?t=155459

When you get there, start at the first post. Read through the whole thread. There is a lot, but don't be put off - it IS worth the effort!

Re-read each post until you are sure you understand it, before moving to the next. Do this until you catch up with the rest of the group.

Don't be in too much of a hurry to spend any money at this stage. If you feel the need to try things out for yourself, pick a good broker (one that allows free demo trading). Don't spend any of your business capital until you can tell yourself that you are ready, and when your demo account confirms what you are saying with a positive balance of at least one (preferably more) months trading.

You can afford to follow this plan, much more than throwing your money away needlessly.

Good luck to you.
  • #5
  • Last Post: Apr 29, 2010 9:00pm Apr 29, 2010 9:00pm
The afore mentioned thred is the truth...wish I read it before I LOST about 15k [over about a 4 year period of self education]
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