Help for Newbies (Discussion Thread)

i certainly needed to wait for confirmation - as only luck got me through today.....

Where can I find the list of FF moderators?

thanks Peter for sharing your approach. reads very interesting.

Hi all ... in FF economic calender there are 'previous' - 'forecast' - 'actual'. can you tell me who makes the forecasting?

Thanks
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Btw, sorry if my question not so polite, coz I dont know how to be polite with this language (english)

is it coz I am a new comer so no body respond my question?

It's hard to get answer in this thread, more helpful to start new thread with your question.

Personal experience.

To answer your question, typically certain agencies survey relevant economists to put a number on their expectation and then they statistically find out some kind of mean/weighted mean to find out a "expected" number.

Past and Actuals are from actual reports as compiled by govt/relevant officials/authority.

1. Never go live unless you are consistently profitable on a demo account.:53::53:

2.Be Patience and VERY Disciplined:33:

3.Stick to you trading plan.(Good risk management plan is a must):21:

4.Over 90% of traders loose their money ; you have got to be smart and unique else you wont be different either.:33:

5.Don't be GREEDY:33:

6.You are not obliged to hold a position immeditely your TP/SL gets hit rather spend time looking for trade setups.

7.Stick to the majors and avoid trading more than three pairs.

8.Trade signals and bot's are not the best alternative.

9.Keep a trade journal(For Emotions,Entry price,Losses................) and calculate your winnings in pips not cash.

10.Always feels free to ask for help.

I have just finished reading all of PeterFMs posts from Help for Newbies. Even tho they were done back in 2007, they still relate to today. I have been trading for several months and have had my ups and downs and have also realised that I need to be trading the longer timeframes and not the short ones as I have been doing.

I have been trialing different trading strategies - Fibs and ElliotWaves and am finally starting to see the light

Don't be modest, if market is ready to give you money - come and get it!

Hello everyone!

I hope I am not being rude writing this post just to introduce myself and say hello to everyone. I haven't managed to find any appropriate place on the forum to do this.
I am a definite newbie. I found about forex just half a year ago so I am still at the very beginning of the road. FF is a great community with lots of people marvelously generous about sharing their knowledge and experience and I think the site is responsible for at least 90% of the stuff I already know about the market. I can only hope one day I can contribute something to reciprocate.
In the meantime I'll try to at least contribute something for the rookie section (there must be people even more greenhorn than me) and learn, and learn, and...

You all have a great weekend,
Giansar

Hi there, I've been learning about forex for more than a couple of years now, but still feel a complete newbie.

I was studying forex on a different platform previously, which wasn't metatrader. Now using MT, and I was wondering if there's an easier way to calculate stop loss, etc, than using a calculator or doing maths on a piece of paper.

Does anyone know of an app which might help with these calculations (for example, in Alpari I can't enter number of pips stop loss I want, I have to enter the price. I've made a couple of misatakes with that.

So, anything that would help make that bit of the process easier would be much appreciated.

Have you been trading on live or on demo account?

Hi Oliver. Thanks for your reply. I'm using demo for the most part.

@ Pipiness I have been trading for only two months and here is what I have learned!

As far as S/L and T/P (Stop loss) and (Take Profit) I trade on the MT4 platform with using basic Technical Analysis.

My charts are set up with 3 main EMAs
1- (8) EMA
2- (22) EMA
3- (55) EMA

I take a look at the H4 chart to get a broad view of what has been going on for the day, then over to the H1 Chart

I advance my chart ahaead and find my swing high and low, I then draw my Fib Retractments. I find commons support and resistance draw them in there as well, I then start looking at the candle sticks for Doji's, spinning tops etc.

I had a trade I made last night on the EUR/USD around 1am US/Central time. The H4 chart showed that the bulls have been kicking the bears ass all day long. I switched to the H1 chart which showed the top of the long Bearish run, found 3 dojis that made 3 nice waves, all up and down then found my SWH and SWL drew in my Fib Retactments. I noticed about 4 hrs of Consolidation where seemed like the bulls and bears where fighting it out. Also before that there was a huge bear run, after that my fib line of 38.2 was providing me with resistance and just above it was my drawn in Supp&Resit line that early in the day was once a support line. After the consolidation ended there was another big long Bear candelstick. The price tride to rise back up but was now finding resistance at the 61.8 line. I noticed that 3 candelsticks failed to close above it, then "Bamm" a nice long leged doji! I waited for the next candle stick and it was (Red) bearish. Market was now below my EMA (55) line and was finding resistance with the EMA (8) line as well.

So I set my S/L (Stop Loss) way above my 38.2 line and right above it was my drawn in Supp & Resist line! Just incase the market went back up and wanted to test the 38.2 line again. The market was around 1.4458 I new with all of these indicators lined up that it was time to buy in and the market was on its way back down. I set my T/P (Take Profit) at 1.4730 which on the H4 chart was in the middle of the bull run for the past days Swing low and Swing High.

I went to bed, woke up and and the market was now at 1.4328! It went way down. I made around 810$. Trading 1 lot. My Demo went up from about 1400 to 2400$.

Plase anyone with advice on if this was a "Good Trade" Im still learning! And yes I drew my Fib Retractment lines wrong! They should be reversed! Found this out when I was printing off the charts for review!! LOL!!


http://i1194.photobucket.com/albums/...a/EURUSD1h.png
This was after I had drwan my Fib lines (Yes it was the wrong way lol) I noticed that good indication of the trend going down! What would you have done?

http://i1194.photobucket.com/albums/...RUSDh1Doji.png

This is where I noticed the Doji, mine are in blue and before that was an Inverted hammer.




http://i1194.photobucket.com/albums/...USDh1Short.png

We now have a nice bearish candle this is when I went in with my "Sell" or went short! You can see how high my S/L was between the 38.2 and 23.6.

http://i1194.photobucket.com/albums/...SD1hFinish.png

And this showed my profit off the trade and how far the market went down!

Any advice on anyones thought on this trade, this was my first "Indepent" trade that I did after being burnt by all the "Forex Robots" I paid for!

Sorry for the photos being so large! I know some forms don't like that! I will try to scale them down next time

Thanks!

JC

Hi all,

I'm new to forex, and this forum so I don't know if somebody has allready answered my question (I've tryed searching for it...).
I've been trading on demo account for about 4 months now, and read numerous articles, but I haven't found answers to my questions.
I have 2 questions regarding opening an live account:

1) If I open live account in USD, does that mean that I can only trade with USD as a base currency (USDJPY,
USDCAD...)? What would happen if I enter EURJPY where USD is neither base nor quote currency? Do I pay additional
transaction costs, or anything else. Do I have to pay double spread cost (of EURJPY + USDJPY)?

2) I was reading through babypips.com and found something that I didn't understand, and it kindda scared me because
calculations didn't add up. This is the article: How Leverage Affects Transaction Costs | The Number 1 Cause of Death of Forex Traders | Learn Forex Trading
Do they mean that transaction cost is spread x pip value(value of pip in tradet currency pair) or is there some other cost I should calculate in?
I also don`t know what commission is? It is in Metatrader`s trade info (terminal) window but it is always zero in demo account.
Is it different in live account?

To sum it all up, I wanna know what are the additional cost of live trading that are not calculated in demo account.

Thnx

All costs that will apply to your real account trading are also applied to transactions on your demo account. If you trade with a market maker broker all you pay are spreads and swaps (if you keep open position overnight).
You can of course trade any currency pair you want (as long as your broker provides trading it) regardless of your account balance currency. If trade currency other than you balance currency your profit/loss will be recalculated to your balance currency.

Great Thank you!

This forum needs a section where Junior Members can start threads, even if it is just to say "Hi - I'm not a robot!". Otherwise, how can they build reputation for becoming Members?

Also: I have a query about FOREX accounting and I wanted to know what the best forum section was?

Hi. I am not a robot

I'm trying to learn as much as i can about forex but i'm really struggling with the terminology. I've had a quick route around but is there a glossary somewhere which doesn't blind me with science?