Help for Newbies (Discussion Thread)

Hello, guys! I want to share with you my vision of Forex. It has been changed in last days. Forex has a great profit potential but what is more important - you can make money every month. Now look! If you invest only $ 1000 and will make 5% every month in 5 years (60 month) you will have $ 18,679! Why Donald Trump so rich - he is compounding his capital. This what you would have with one thousand. Add some money every year to you account, and you will have more! Tricky part of this is small - 5% every month. EVERY! Is this hard? - No! Does everybody work like this? - No!

I just wanted to share my thoughts with you!

Any comments or thoughts are welcome.

Trade well.

P.S In ten years one thousand of dollars with 5% per month will turn into .... hold on.... hold on... into $ 348,911.99!!!

Hedging is taking a position in a currency pair, and then taking the opposite position on the same currency pair. (Btw, U.S. forex brokers no longer allow hedging on trading accounts.)

Scalping is opening a position in a currency pair, and then closing the position shortly afterwards (i.e., within minutes or even seconds). It's a trading style that some traders employ. It's also a common trading style for trading robots, or EA's (Expert Advisors). Some forex brokers frown upon scalping, so they implement restrictions such as a minimum of 2 minutes must pass before a newly opened position can be closed.

BPC pattern = Breakout. Pullback. Continuation.

For example, price could be trading in a range, testing support and resistance. When it hits resistance again, it manages to Breakout. It eventually pulls back to test the resistance (now support) level it broke out from. This is also called a *retest*. Then it bounces off support in Continuation of the direction of the Breakout.

Inflation is a complicated topic, but I'll try to simplify it for you...

Inflation occurs when a country's economy grows too fast. Essentially, the economy becomes "inflated". This is actually bullish for the country's home currency because the government would attempt to control inflation by raising interest rates.

Think of interest rates as the "price" or "cost" of money (or currency). So if interest rates, or the price of money goes up, that means the value of that currency goes up, which leads to bullishness for that currency in the forex market.

Onix monitoring is showing all graphs (Equity, Margin, Free margin) only after date of adding your trading account to monitoring service.
If I add trading account with old history, onix will show only Balance graph from account creation date till date of registration at onix.

Is there any other service (similar to Onix), which can show all history graphs BEFORE registration at monitoring?

the best thing for newbies is to NOT INVEST their money in the market ,if its possible. I have done that and it was frustrating to see when you blow up your account. I have found some brokers that offer some money bonus, and used that to make money for live trading. that way you want get pissed for lossing money , and if you get some profit you can celebrate. I recomend you to do the same ...

I cant seem to find any alert that plays a sound when the SL or the TP is hit, can anyone help me with it?

Maybe, if you say what you want?
Alert for which system ??? ??

i think it's a bad idea getting into forex believing that it is not hard. based on the warnings of some of the experienced members, anyway.

I have just installed pivot indicators on the £/usd dollar charts
The S1,S2,S3 and R1,R2and R2 are plotted which I understand.
There are also M levels which are plotted which I cannot find any reference to when I google these settings.
I realize that these are also some kind of support and resistance levels
but I need a bit of background on how they are obtained
Thanks in advance

I totally agree.

For all new traders out there...Don't give in to the hype, regardless of what marketers say. Forex trading is difficult.

Even trying to make 5% a month is difficult. This assumes you are able to make consistent profits. That's a challenge for many traders, new and experienced.

Think about it this way. All it takes is one bad losing streak. Say your account lost 25% in value one month. Now to reach your 5% goal, you would need to make a ROI for the rest of the month of 40%!

That's where newbies get into trouble. They'll throw money management out the window and take on too much risk in order to make that 40%.

By taking on too much risk, chances are higher that they'll lose even more money in their trading accounts. Fear and anger set in and they take on even more risk, and lose even more money.

Eventually their accounts are depleted beyond all recognition.

So be humble. Don't think making even a "small" 5% gain each month is easy...it's not.

You dont understand, its for no system, all I want is that the platform plays a sound when the TP or SL is hit at any time... Understand?

Thanks
Dan

New to FF...Please disregard...

Hello everyone... would anyone be so kind as to show me how to start a thread, should I choose to do so down the road...Any and all help would be greatly appreciated...Thank You...

Hey guys I'm new to forex. I'm a lowly college student who has been trading stocks on and off for the past year with mostly hit or miss results.

Anyway, I just opened up an account with etoro/fxsolutions, $300. After reading reviews I've decided already to close this account and move to Oanda for the time being. I played with a dukascopy demo account last summer but never bothered opening a live account as I don't have enough to cover the minimum.

Anyway, I've been playing with it, I've made a 20 pip return and pocketed a whopping $12. Yay.

Anyway, some questions. Is it really possible to get anywhere with $300? Is it wise to use a credit card (with 0 APR of course) to get me started so I can play with a real amount of money? Finally, assuming somebody had a large retail account, say valued at 300k USD, in between all of the leverage and everything else wouldn't they be able to live comfortably by just scalping and returning a few pips return a day (one pip with max leverage would be worth $1k)? Or am I just misunderstanding something?

I never realize the retail forex markets where this unregulated and wild westish...doing some light reading I'm thinking about staying out of it all together. The only way to make any real money with this is it seems to me is if you start with $100k via a respected ECN like dukascopy...correct me if I'm wrong.

Hi ReptilianApe,

Dukascopy now offer 1K minimum.

Yes, if you are a successful trader then you can live comfortably day-trading with that large account. make sure you have been making money for several months in your live account with the least money, before you invest more.

And you can still make good money with less 20K or so and with Market Makers.

With that 300$ you can learn the market and the live trading, this process of learning and experience in a live account is essential.

Good luck

hi am a newbie to trading but, i have been reading and reading. practicing i'm actually practicing with real money.

yeah i know everyone is against this and it is a dumb idea but my goal is to lose it all. i'm not kidding, i want to feel the pain of loss, and i want to experience those "oh sh*@!!!" moments, i think learning from your mistakes is great its taught me some lessons so far. my risk capital is minimal, but i dont think ANYONE likes losing money.

i think i'm making progress, ive been finding it more and more dificult to get my self in stupid trades and im well on my way to breaking even. i see them as points. because thats how i want to get use to seeing it.

so far from reading and experimenting 2 things, never fight the market, and indicators are wrong.

so i'm trying to develope a style of trading, not a system and i will use many different indicators and trust none, i will not base any trade on what they are telling me.

i will see it like the medical field, believe it or not, we never really know whats wrong with the patients or how to cure them lol, just trust our analyzis, look at all the diagnostics and make a reasonable diagnosis of what can be causing the illness and thus a reasonable plan of care to treat it.

my patient is the market, my diagnostic tools
1- candles sticks to tell me open,high,low,close of each time frame and what buyers and sellers are doing,

2 -price formations and patterns to kinda estimate of where price might move

3-support and resistance (which are not really too much support or resistance lol price break through them, they are kinda ranges and guidelines) because traders seem to pay attention to them

4-moving averages to keep me in line to estimate where the trend HAS been and respect it, otherwise i should probably lean towards longs in an uptrend as people seem to be buying more and ill be screwed if i short sell, d/t price moving up.

5-10/30/200 moving averages just because the 10/20 cross over and it usually gives me an idea if i should be short or long while the 200 gives me an idea of the overall trend

6- bollinger bands to keep me from panicking and give me some sort of direction although

7- pivot points, just because it gives me order in an otherwise chaotic market and prices gravitate towards them due to the volume of people that observe these levels.

8- fibonacci d/t the same thing as pivot points

9-RSI due to the fact that it tells me if the market is overbought or oversold (sort off, because the market could be oversold for a long time)

10- most importantly my BRAIN, and the confluence theory. if they all point to the same thing.....maybe i should pay attention.

and i dont want to lose money so if im wrong, im out, if im right, ill stay till i things change, then im out. and if i dont know, then ill stay out. lol

Yes it looks extremely difficult to make some money in this business, very very difficult.

And new traders also have another problem, besides trying to find a system that works, they (or we) must try to recognize and filter all the scam around this business. I mean the fraud robots that are sold everywhere, the clickbank affiliates codes, the adsense spam abotu forex, ETC ETC ETC... most people waste their money in those ponzi shemes, instead of focusing in learning forex from scratch. The thousands youtube videos (even some promoted and ad space bought) talking about 500% monthly profit with scam expert advisors, ETC...

I really don't know why in forex there is so much noise about it. I mean, there is no such thing or bogus pre-build clickbank sites about STOCKS.. but yes in forex... why?? I don't know.

The point is that new traders have a big challenge to focus in real forex.

I was also a newbie and I do not like to play with Demo Account as I heard its not accurate to your trades and spreads. Moreover you do not feel the pain.

I tried demo last year and stopped because I do not feel the pain of losing money and not being motivated to learn. The only way is to put a sum of money but not all your assets and play with it. In that way, you will treat forex seriously. I just started this year and already losing quite amt of money. I also bought an EA to try out and it doesn't work the way I want it to be. Every traders has their own style. Some are experts at borrow signal from other traders, some are EA experts and so on.

The best way to learn Forex is to start from basic fundamentals. Learn to read charts and also read up basic indicators what its strength and weakness. This way if you meet some problem with a real time situation you know how to forecast it and use the correct indicator to react in realtime situation.

Currently I also picked up some systems to try and see what is suitable for me. That is how I do my trading and analysis.

Man, I was following an expert in forex trade yesterday, and see what happened:

http://www.dailyfx.com/forex/technic...on_Bounce.html


(sorry not sure if we can post links to other forums, if we can't, please remove it)


The price WENT EXACTLY the other way and hit STOP LOSS!! DAMN!!!!

Now I ask myself, if experts have these problems, what is left to us Rookies?