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Help for Newbies (Discussion Thread)

  • #301
  • Oct 28, 2010 12:45pm Oct 28, 2010 12:45pm
Im also new here looking to start trading live soon, can anyone recommend me some noob friendly system from the trading systems section?
  • #302
  • Oct 28, 2010 2:46pm Oct 28, 2010 2:46pm
Can anyone recommend some books about forex that they think would be helpful to a newbie?
  • #303
  • Oct 28, 2010 3:06pm Oct 28, 2010 3:06pm
Trading in the Zone.
Enter Signature
  • #304
  • Nov 26, 2010 4:14am Nov 26, 2010 4:14am
I've just read most of this introduction thread and there's a lot of information in it. Going to have to go over this again. Thank you for your article. Basically, you seem to be saying that indicators are not the best way to go, mostly because people don't understand them.

You seem to be interested in support and resistance and also candlestick patterns. I've done some demo trading with a free account at FXCM and looking at some free charts.

It could be helpful if you could include a of table of contents in the post since its quite long.

Do you have a trading journal anywhere on this site of your entries and exits? I would really like to begin following some successful traders to understand how they are trading.
  • #305
  • Nov 26, 2010 10:48am Nov 26, 2010 10:48am
Quoting daryl
hi guys, great thread for helping newbies like me!

just joined, have a friend who has been trading a while, so he is going to help me a little too, but advised i come here to talk to experienced traders too...

great forum, and i will take my time to read through this whole thread.

can i ask what you guys think about paying for a signal service?

my freind pays for one but isnt very happy with the service right now.

thats why he told me to come here and learn for myself!

hope i can learn alot from you all....
Don't even think about a signal service.
You get better results with flipping coins than a signal service.
Just my 2c.
  • #306
  • Dec 10, 2010 6:02pm Dec 10, 2010 6:02pm
Hello Peter, thanks for the nice thread. Now i know where to start here.. A lot to read on FFactory.
Im not a complete newbie, i come from Stock trading but new at Forex.
Traded demo last 6 months now funded my real account last month..
Thanks again..
How to opt out annoying user signatures ??
  • #307
  • Jan 1, 2011 10:47am Jan 1, 2011 10:47am
I am presently trading a demo account at FXCM. To my dismay, I am unable to open multiple tickets of the same currency.

My system trades multiple time frames. For instance, the 1 and 5 minute, with different entry and exit points.

I need to be able to open two separate lots on eur/usd, each with their own stop and limit.

Maybe I missed something, but it seems FXCM lumps each order on top of the other, leaving me with 200k open and no ability to customize a second stop-limit price.
  • #308
  • Jan 2, 2011 9:14pm Jan 2, 2011 9:14pm
Hi Peter, your "Newbie Help" truly amazed me. Once I put 500$ into NorthFinance and dreaming to quit my offline job, but as you say, I came as spread betting and I got to realize my account got shrinked into 385$ within month, 135$ within two months and finally disaappear within three months.

Yes I do get a uppercut punch on it. Reorganizing my life, getting another offline job with better salary (almost tripled from the first one). So right now I'm ready to learn forex once and again. Yes your thread are very inspiring me. Could you help me refering good brokers who accept Alertpay? Thanks in advance.
  • #309
  • Edited 11:31am Jan 5, 2011 8:32am | Edited 11:31am
Hi all , completely new here, I have been spending time learning chart patterns and candlesticks, and using some indicators. I have been using this system as a tool to learn, 5min intraday system
http://www.forexfactory.com/showthread.php?t=11854
I find it easier to have something to work off and learn from there.

My question is, there is an element of trading I feel I am completely missing out on, and its knowledge that others seem to have that I cant really find simple info on. And that is info related to the behaviour of markets at certain times, or in certain areas. I hear stuff like "I dont like trading during asian sessions", or "dont trade around news announcements", or "I wait for the start of the London sessions"
Its just general stuff like this that I cant find much info on, probably because the words are fairly generic. Just wondering can someone point me to a thread or an article that discusses some of this.
Like when do you know theres going to be a news announcement? Should you just be keeping your eye on reuters all the time or something?
Or how do you the know difference between how the asian session behaves over the london session etc?
I know alot of it is experience but even general guidelines would be great.
Thanks in advance for any help
Adrian

edit: ok just spotted the calender on this site, thats one of my questions answered!
  • #310
  • Jan 6, 2011 2:22am Jan 6, 2011 2:22am
Quoting adecleir
Hi all , completely new here, I have been spending time learning chart patterns and candlesticks, and using some indicators. I have been using this system as a tool to learn, 5min intraday system
http://www.forexfactory.com/showthread.php?t=11854
I find it easier to have something to work off and learn from there.

My question is, there is an element of trading I feel I am completely missing out on, and its knowledge that others seem to have that I cant really find simple info on. And that is info related to the behaviour of markets at...
You could try a structured learning programme such as www dot babypips dot com / school. I have been trading unsuccessfully for about 6 months as I wasn't really committed to it wholeheartedly.

I believe you are in Ireland so you are positioned well for the London and NY timings depending on if and when you work. personal preference and sleep patterns are major contributors to when you should trade. You will know when you are most switched on during the day so use this to start off figuring which sessions you should trade. A tired trader makes bad decisions.

News announcements should be avoided until you have a lot more experience - wait until the market has reacted and retraced before you consider trading.

Read some books - Van Tharps Super Trader is a good one to make you consider where you are are in your trading cycle and what work you need to do on yourself to be successful.

May your future be filled with pips!
  • #311
  • Jan 6, 2011 11:31pm Jan 6, 2011 11:31pm
Quoting Hail Xenu
I am presently trading a demo account at FXCM. To my dismay, I am unable to open multiple tickets of the same currency.

My system trades multiple time frames. For instance, the 1 and 5 minute, with different entry and exit points.

I need to be able to open two separate lots on eur/usd, each with their own stop and limit.

Maybe I missed something, but it seems FXCM lumps each order on top of the other, leaving me with 200k open and no ability to customize a second stop-limit price.
You need a broker who allows Hedging...most of them seem to. Dont really think I'm in a positions to recommend one who does as I'm pretty noob at this myself.
  • #312
  • Jan 6, 2011 11:36pm Jan 6, 2011 11:36pm
I've seen a lot of talk about the absolute Need to set up stop losses...limiting risk ect. But........

Assuming we are talking about dealing with less then 5% of your funds.
If you make a wrong call.......Why not just leave it?

I know there is "roll over" interest, sure it changes from broker to broker.
but could someone could explain to me the math on that.

I'm just wondering if holding out would be a good thing rather then biting and loosing out. Even if holding takes a few days.
  • #313
  • Jan 8, 2011 1:02pm Jan 8, 2011 1:02pm
Many thanks for the wisdom Peter. I had slipped into trading against the trend again and setting stops too tight. Will pay more attention to the daily charts as suggested.
  • #314
  • Jan 10, 2011 2:23pm Jan 10, 2011 2:23pm
I'm just starting to trade GBP/USD on the 15 min chart using MT4.

I've got a feeling this is a really stupid question but was hoping you could help.Can you tell me what the optimum scale is for the currency axis on a chart. Depending on how much I zoom in or out on the currency axis it completely exagerates or flattens any trends I'm looking at.

Many thanks.
  • #315
  • Jan 11, 2011 1:35am Jan 11, 2011 1:35am
Quoting untamedrose
I've seen a lot of talk about the absolute Need to set up stop losses...limiting risk ect. But........

Assuming we are talking about dealing with less then 5% of your funds.
If you make a wrong call.......Why not just leave it?

I know there is "roll over" interest, sure it changes from broker to broker.
but could someone could explain to me the math on that.

I'm just wondering if holding out would be a good thing rather then biting and loosing out. Even if holding takes a few days.
Hi - speaking from personal experience stop losses arfe essential BUT you have to learn where the support, resistance and pivot points are so you are setting them correctly. Human nature - and statistics - will prevail. Track your pattern and you will be bound to see that you allow losing trades to run much longer than winning ones i.e. when we see as profit we will tend to grab it early and when we see a losing trade we will hang on hoping it will turn around which can take weeks or months if ever - if I had hung onto the EURUSD long I placed in mid Nov when the Euro turned I would be down over 1300 pips.

I think a good rule of thumb is setting for 2:1 profit if you expect to make 40 pips then you stop loss should be approx 20 pips below based on Fibs and pivots.

Hope this helps.

Good luck!

Good luck with your trades
  • #316
  • Jan 12, 2011 2:25am Jan 12, 2011 2:25am
What's the difference between hegding and scalping?
  • #317
  • Jan 16, 2011 6:29am Jan 16, 2011 6:29am
Hi traders,

Just stumbled onto your site and just find it very helpful and informative, I am a novis in forex trading. I am demo trading in the Uk using spread betting platform
for last 3 months. Not doing very good currently lost 50% of my account but just find the whole experience of trading very interesting. I have been interested in the financial markets for some time and have read various books and viewed numerous websites on the subject. I have just been reading the post on help for newbies which has given me renewed enthusiasum for trading the markets.

I currently trade only (eur/usd) a couple of hours a day in the early am 5.30 to 7.30 as this is the only time frame that fits the day job, I have been trading intraday charts 1min short term chart and 3min long term for confirmation.



I would be gratfull to any traders for advise and comments.
  • #318
  • Jan 16, 2011 3:37pm Jan 16, 2011 3:37pm
Peter
I have to tell you that my (Forex) life flashed before my eyes as I read your Help for Newbies Thread.
I have just recently come around to trading Price Action on the larger time frames.
I am astounded at the intelligence and insight which was used to write this. Especially if I understand this correctly you have been trading for just a few years.
I wonder if there is a way to print your thread out without the breaks?

Also , I see your last post was on page 18? I hope you are alright.

Again thank you again.
  • #319
  • Jan 20, 2011 9:47pm Jan 20, 2011 9:47pm
Hi...im new here at forexfactory..actually as i cant post any new topics i would like some help..can anybody show me any thread discussing about inflation i mean...does FOREX is the cause of countries inflation and instability? or maybe can anybody explain it to me? thx in advance
  • #320
  • Jan 20, 2011 9:59pm Jan 20, 2011 9:59pm
What is a retest?

And what is a BPC pattern?

Short answer + link would be ideal.

Thanks in advance.
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