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Trading Knowledge 116 replies

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Good places to start for trading knowledge

  • Post #1
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  • First Post: Jul 23, 2010 3:08am Jul 23, 2010 3:08am
Listed below are the sources that I found most useful.

http://www.forexfactory.com/showthread.php?t=193795 - this is the thread that got me started. the first few pages are the only ones really worth much, except for a post by darkstar somewhere in the 40's. it is posted below to save you the trouble

http://www.forexfactory.com/showthread.php?t=57639 - good stuff if you can make any sense of it. it took me a read or two to get and most of the stuff i only use subconsciously now, if at all.

http://www.forexfactory.com/showthread.php?t=223371 - lots of crap to wade through, but i seem to remember there being a decent tidbit or two.


Quoting Darkstar
Orderflow trading in a nutshell:

1)Find the stops and fade them.

2)Find the barrier options and push into them.

3)Find pockets with a lack of open interest and gap them.

4)Find a sequence of stops spaced 10-25 pips apart and prepare to put your kids through college.

What you need? A prime broker currenex/ebs account, IFR, Oanda open interest, some friends on the inside of a large bank or brokerage, a proper understanding of risk management, and most importantly; your psychological issues completely resolved.

Its not an EA type of system. Even having the above, your still going to fail until you have developed a keen sense of the market. Intuition plays a huge part so if your stuck in the mathematical world of EA's and if-then-else logic, don't waste your time. Trading is an art, not a science.

Why am I telling you this? I really don't know, but I won't be giving you any more. Ever.

Do with it what you will.

PS - Please stop sending me PM's asking about training or mentorship or begging for clues. If you can't figure it out with what has already been said, it would be a waste of my time to train you. Thanks.
read darkstar's stuff, keep an eye on the james16 thread, read anything by gaston, there are several others that i am forgetting

read Larry Harris's "Trading and Exchanges"

"Mind Over Markets" is worth a read as well.

read "Market Wizards", if only just for fun

be wary of anyone telling you the market is completely unpredictable, it can be, but not always

try and trade only when you KNOW what is going on, the odd gamble here and there is ok and almost impossible to avoid, but take full advantage of the fact that you don't have to be in the market all the time

news doesn't really matter, except when it does

i guess thats about it. good luck
Thanks for the post, trying to read as much as I can to get a good understanding of forex trading before I risk any money at all.
So.. what chart time do you use to identify a trend..? This is my biggest difficulty right now - 3 months in Forex only - as a 4h chart shows one thing, and a daily or weekly shows another.

Thanks and have a good weekend.

A
short at the top and long at the bottom is what its all about. read the posted info. its all in there. i like 3 hr charts, but that's just me.
Hello everyone,

I'm new to the forum.
Recently, I have become interested in Forex trading.
I'd like to get some advices on how to learn Forex. For example:
1) What are the best sites the offer forex trading services? (also which allow demo accounts)
2) What kind of learning strategies do you suggest for a beginner?


Also, I have a B.S. and a M.S. in computer science. Can they be any useful?

Thanks for the info.
Quoting Arona
So.. what chart time do you use to identify a trend..? This is my biggest difficulty right now - 3 months in Forex only - as a 4h chart shows one thing, and a daily or weekly shows another.

Thanks and have a good weekend.

A

I think it depends on what your objectives are. Say you only looking to scalp a few pips, getting in and getting out as fast as possible, then, I would think a periocidy of 15mins would be best.

If your more "intermediate" and really want to catch some pips, go day chart or week, this route will leave your risk exposure up because you will be looking at days instead of minutes......your window for the trade to go against you will be longer. Anybody have any advice?
just remember larger timeframes aren't boring, because making money isn't boring
that being said, i love me some scalping while i am flat for whatever reason
Forex trading is risky. However, it can be controlled by proper risk management. So, new traders should learn about risk management.
It is never possible to be a profitable trader without trading knowledge. So in every case trading knowledge should be acquired first.
Learn before you invest your money in forex market. Forex trading requires specific knowledge and skills. You can not make money just by coming into the market. Another advice is choose your broker wisely.
Trading is very difficult. Proper knowledge and trading education are needed to make difficult things easier. It is never possible to be profitable without trading education.
Quoting DeanLittler
It is never possible to be a profitable trader without trading knowledge. So in every case trading knowledge should be acquired first.
True. New traders often start real trading without having proper knowledge and lose money.
Simply said you need to understand liquidity in the market. Being able to read price points that are very active and explosive.
Quoting SamGoi
Trading is very difficult. Proper knowledge and trading education are needed to make difficult things easier. It is never possible to be profitable without trading education.

True. Moreover, proper strategy and analysis are also important to make consistent profit from forex trading.
Traders shouldn't depend on a single source for knowledge. Forex is vast and so is the information to be learned. It is best to diversify and expand the scope of sources that one uses.
The best place to start for forex trading os a forextradign academy. Most people hear about this and the first thing that comes to their mind is the fact that they have to use money in that forex trading academy and most people would rather not. People never get the whole idea where you have to use money to get money and would rather go for the free options which i the ene d are not as good as the paid options and they don't become good traders or they blow up all their money. The best way to learn about forex is to be taught by the experts. No expert is going to teach you forex trading for free because they still want to make money jstu as you want to make money. So sign up for a forex trading course.
The best place to start forex trading is with the broker you have chose .There are so many brokers these days and therefore chosig the right broker is usually a problem. If you manage to do things the right way and you chose a good broker with a reputation that is acceptable then you should be able o get some learning materials from your broker. Some brokers will give them to you for free while some will require you to pay or create an account and deposit moeny which you should never do because taking back the moeny if you relaise that you can't handle forx trading is sometiems next to impossible even if the broker has a good reputation. One of the other options to take a course on forex trading and learn the right way rather than learning on your own.
I am not sure how a broker can help unless they're organizing educational courses? And even then those are just to hook people up,rather than give them any indepth knowledge.
  • Post #20
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  • Last Post: Jan 5, 2021 12:02pm Jan 5, 2021 12:02pm
Greed is the most dangerous thing in forex trading. You can lose all your investment because of your greedy nature.
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