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Help for Newbies (Discussion Thread)

  • #381
  • Mar 1, 2011 1:34am Mar 1, 2011 1:34am
Quoting Neveroff
Simple question:

Is there on Forex Factory list of main true real confirmed ECN brokers? I typed in search box all this and did find nothing.
I'm 100% sure only about MB Trading.

Quote
Hope, this is right spread for newbie question? Can somebody link me to the thread about trade psychology?

Yes, but, questions can't be TOO Newbie!
  • #382
  • Mar 1, 2011 7:13am Mar 1, 2011 7:13am
After a bit of advice if I may:

As a newb, the hardest part with respect to trading I am struggling with is the formulation of a trading plan.

I am trading demo (although treating the money as real), I dont really have any set structure to my trades, no set plan, I watch the candles and see momentum, then look at the previous trend, and place a trade, sometimes Ill place rush trades others I'll draw up S/R lines. I have a stop loss but define it on a trade per trade basis. Never a 'set' percentage.

Do I have hope in making a 'trading plan' for this type of trading, I trade on 'feel' rather then rules. Most comments ive seen suggest this is eventual suicide as the probability factor is knocked out and Ill never know if im trading correctly or not.

Since Ive been demo trading with a £500.00 account, im down to £220.00 and floating around that mark, which considering my youthful newbiness of 3 months, im proud that I have stuck to a basic understanding of MM and am getting closer to actually making a small gain.

Any help is appreciated.
  • #383
  • Mar 2, 2011 1:32am Mar 2, 2011 1:32am
Super-question: how to open the thread on FF get the last page? My internet is pretty slow, so I one extra page for each thread is sensitive for me.

Suggestions?
  • #384
  • Mar 2, 2011 9:37am Mar 2, 2011 9:37am
Quoting Oliver_Chart
Super-question: how to open the thread on FF get the last page? My internet is pretty slow, so I one extra page for each thread is sensitive for me.
Suggestions?
Attached Image


To go to the thread's last post from the "Forums: Rookie Discussion" display page,
press either button in the box that aligns with the thread's row and the "Last Post"'s column.
  • #385
  • Mar 3, 2011 9:09pm Mar 3, 2011 9:09pm
Im a newbie, just come off my demo account, have made almost all the mistakes listed and found your thread very useful. Thankyou for taking the time to write it, I hope I can learn from it. Cheers.
  • #386
  • Mar 4, 2011 1:17am Mar 4, 2011 1:17am
Quoting ha-pattern
Attachment

To go to the thread's last post from the "Forums: Rookie Discussion" display page,
press either button in the box that aligns with the thread's row and the "Last Post"'s column.
THANK YOU SO MUCH!!!

This is really useful information. I'm not new to forums, but Forex Factory engine is uncommon or custom made.
  • #387
  • Mar 4, 2011 3:08am Mar 4, 2011 3:08am
Quoting edenworceste
After a bit of advice if I may:

As a newb, the hardest part with respect to trading I am struggling with is the formulation of a trading plan.
I am trading demo (although treating the money as real), I dont really have any set structure to my trades, no set plan, I watch the candles and see momentum, then look at the previous trend, and place a trade, sometimes Ill place rush trades others I'll draw up S/R lines. I have a stop loss but define it on a trade per trade basis. Never a 'set' percentage.

Do I have hope in making a 'trading plan'...
You have to create a trading system that gives you an edge, otherwise you’ll continue putting on trades randomly. Once you have a method with proven statistical edge and positive expectancy, then you just wait for those specific set-ups to be present in the market. Otherwise you’ll be like a kitten chasing birds, . . . . . without ever catching any.

The good news is that you’re displaying some awareness and are aware of some of your weaknesses. You definately must have a rule based plan, and be very structured. There are no shortcuts to success. Even discretionary traders have plans that they follow. Don't let yourself be influenced by some of the posts here on FF where people post their trades where they chase every wiggle in the market, it does not work like that in reality.

Profitable trading is a business where everything must be properly planned, it's not a hobby.

BTW, your money management should not let you have more than 50% drawdown (even on a demo). Your MM needs to be addressed as well. You should have a rule that you stop trading for certain period after certain drawdown. Usually after some losses it is necessary to stay away from the market, or at least drastically reduce size, and determine whether your edge is no longer present in the market if your losses are due to your trading errors. ............Just stay with demo accounts
  • #388
  • Mar 4, 2011 3:28am Mar 4, 2011 3:28am
Quoting OceanOfPips
In general, the two are inversely related, meaning the lower the market liquidity, the higher the volatility in price movement, and vice versa..
I disagree, but the above logic has relevancy to false breakouts during lower liquidity periods.

According to your logic, then the highest liquid periods in FX ie. European and the 1rst part of the US session would have to have lower volatility than Asian sessions, and clearly that's not the case.
  • #389
  • Mar 4, 2011 5:09am Mar 4, 2011 5:09am
Hello, my dear friend. I can't say that I'm 100% newbie in Forex. I collected some knowledge during last year and did some demo trading. Blow up small real account.

Meanwhile, I'm looking at Forex currency market as a great tool for investment, saving money and gambling. It can be used in all this ways:

I can take a big risk on your small-live-gambling account and get emotions from losing and winning.

You can trade with very low risk on your main account for profit.

Yes, it is not easy to have separate attitudes but what is easy in this world.

Correct me if I'm wrong in something.

Cheers

Allan
  • #390
  • Mar 4, 2011 5:46am Mar 4, 2011 5:46am
Try not to approach it with a gambling mentality.....
  • #391
  • Mar 4, 2011 5:58am Mar 4, 2011 5:58am
Quoting newborn1000
Try not to approach it with a gambling mentality.....
What I was thinking about is to solve the conflict. You fulfill you gambling need on one account and your trader needs on another.

In this way, you will be calm
  • #392
  • Mar 4, 2011 8:39am Mar 4, 2011 8:39am
It is not like I learn the things needed to trade and this is done. We should have five eyes and borrow five more eyes and ears to trade. Only personal mentoring is in order. Otherwise it is like chasing wild geese. For others it seems this is not the case. Good for you.
  • #393
  • Mar 4, 2011 9:07am Mar 4, 2011 9:07am
I don't think your brain will be able to tell which acct your in - and will thus do what it enjoys the most - gamble. Far better to set yourself up some online 'Texas Hold-um" acct someplace and use it to gamble.
Then when your on your trading screen your brain knows 'this is business'
and on your poker site - it knows - "this is play"

Appeasement to a character flaw is never good.
Quoting Allan
What I was thinking about is to solve the conflict. You fulfill you gambling need on one account and your trader needs on another.

In this way, you will be calm
In trading, there is no bullshit. You either make money or you don't.
  • #394
  • Mar 4, 2011 4:34pm Mar 4, 2011 4:34pm
Quoting mrgreen
I don't think your brain will be able to tell which acct your in - and will thus do what it enjoys the most - gamble. Far better to set yourself up some online 'Texas Hold-um" acct someplace and use it to gamble.
Then when your on your trading screen your brain knows 'this is business'
and on your poker site - it knows - "this is play"

Appeasement to a character flaw is never good.
You're right. Trading account for gambling would create bad habits.

Playing "'Texas Hold-em" could teach him to think in probabilities.
  • #395
  • Mar 9, 2011 9:29am Mar 9, 2011 9:29am
Quoting Allan
Hello, my dear friend. I can't say that I'm 100% newbie in Forex. I collected some knowledge during last year and did some demo trading. Blow up small real account.

Meanwhile, I'm looking at Forex currency market as a great tool for investment, saving money and gambling. It can be used in all this ways:

I can take a big risk on your small-live-gambling account and get emotions from losing and winning.

You can trade with very low risk on your main account for profit.

Yes, it is not easy to have separate attitudes but what is easy in this...
Hello, Allan. The main idea is good in theory, but hard to make it live. You desire to win and fear of loss will be the same, unless you have two personalities - this will be very hard. But good luck, man. Maybe you will open new trading strategy or something like this.
  • #396
  • Mar 10, 2011 3:26am Mar 10, 2011 3:26am
The forex is not an investment tool, but a trading tool. It is essential to notice the difference. My best suggestion is to learn something about Volatility Based Position Sizing. If your not necessarily interested in that term, then by all means ...Keep pulling the handle on the slot machine. Personally, I've taken a great deal of time to learn the 'next thread' and the world keeps getting a little more round. Such as Currency Correlations, Market Cycles in Euro (German) Equities, the proxy of the JPY, and really what the Fed is trying to accomplish in an unvoiced weak dollar policy ...to name a few. Most of us devote a lot of time to this.

It can seem like a video game in to beginning, but there is a science to Trading. The science has to do with how you spend yourself, your money, and desire on a daily basis. That may seem a bit allegorical at the moment, but the essential component is distinguishing between Investing and Trading. What is the reason for your trade? And there'in lies the reason for your Stop Loss. You've got to be engaged in this relationship(s) ...Cheers!
  • #397
  • Mar 10, 2011 3:36am Mar 10, 2011 3:36am
When the trader should go live trading? When you can or have to start trading on live account?

I read a couple threads and find opposite advices: DEMO is nothing else like a game you don't feel real rick and you don't feel money. It is the same like car and toy. Yes, toy has 4 wheels and so on. But you can't feel the speed. Main idea - demo is something like step you should take before you go live. But this step should be very short.

Different opinion: demo is powerful tool to test your strategies and EAs. You should try everything on demo for couple months before you switch to live.

So I am now between this two opinions and can't choose one.
  • #398
  • Mar 10, 2011 3:58am Mar 10, 2011 3:58am
Where I can find the list of FF Moderators?

Question is want to get feedback and more information about specific commercial product, there is only one old thread on the FF and I am not can I create new one?

P.s FF so good moderated so I don't want to be permanently ban without warning for doing something wrong accidentally.
You should fall, before you stand up!
  • #399
  • Mar 10, 2011 9:42am Mar 10, 2011 9:42am
You should just contact twee
  • #400
  • Mar 10, 2011 3:49pm Mar 10, 2011 3:49pm
Having read the excellent help for newbies thread and its associated friend, I now realise I need to go back to my demo account for a while. Almost all the follys of those who fail would describe my early trip into the exchange market.

I wish to have a play with an EA (I can get an MT4 demo account easy enough). I know how to google etc....but can someone point me in the direction of what (from their experience) they reckon is a good guide to setting up and programming an EA ?
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