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Information For Beginners

  • #141
  • Jul 25, 2011 4:33am Jul 25, 2011 4:33am
Quoting PhilDoc
So a chicken pecking at the keyboard would have 50% chance of a gain (yes... and a loss!).
Minus spread and swap. Generally there's nothing wrong in treating market like a roulette - your broker would be more than happy if you traded like that
Quoting PhilDoc
So how come I'm 74% down in the last month???????????????
Well, maybe you just aren't as smart as the chicken...
  • #142
  • Jul 27, 2011 3:41am Jul 27, 2011 3:41am
Thanks for all the advice! Let's hope I make a profit this month!!
  • #143
  • Edited 2:51pm Aug 16, 2011 2:31pm | Edited 2:51pm
Quoting PhilDoc
Forex trades can either go up or down.

So a chicken pecking at the keyboard would have 50% chance of a gain (yes... and a loss!).

So how come I'm 74% down in the last month???????????????
What % winners are you having?

You can have more winning trades than losers and still show a loss.....a big loss.

Maybe your money management needs to be rethought?
  • #144
  • Aug 23, 2011 9:11pm Aug 23, 2011 9:11pm
Not sure if this is the right thread to ask but since i'm new i can't open a thread.

I'm trying some demo account which is based on USD, but in the account i can buy/sell any pairs offered, so my question is how does it work?

I understand if i have USD, i can buy GBP with USD, what i don't understand is how i can sell GBP for USD (profit when GBP drops) when i don't hold any GBP?
How can i buy/see EUR/JPY & other non USD pairs when i don't have any of these currencies?

I asked few people but can't really get any answers.
  • #145
  • Aug 25, 2011 1:19am Aug 25, 2011 1:19am
Google "margin trading".


Quoting burningbun
Not sure if this is the right thread to ask but since i'm new i can't open a thread.

I'm trying some demo account which is based on USD, but in the account i can buy/sell any pairs offered, so my question is how does it work?

I understand if i have USD, i can buy GBP with USD, what i don't understand is how i can sell GBP for USD (profit when GBP drops) when i don't hold any GBP?
How can i buy/see EUR/JPY & other non USD pairs when i don't have any of these currencies?

I asked few people but can't really get any answers.
I'm not trying to convince anyone. I'm not in the "convincing" business.
  • #146
  • Aug 26, 2011 8:27pm Aug 26, 2011 8:27pm
Thank you for posting these things.

I am trying to learn the very basics of this kind of trading...boy is it difficult.
  • #147
  • Aug 27, 2011 12:04pm Aug 27, 2011 12:04pm
One of the best web-sites for a beginners is babypips.com The most complete and easy to understand.
  • #148
  • Sep 2, 2011 9:20am Sep 2, 2011 9:20am
Quoting PhilDoc
Forex trades can either go up or down.

So a chicken pecking at the keyboard would have 50% chance of a gain (yes... and a loss!).

So how come I'm 74% down in the last month???????????????
It's called self destruction! Unconsciously, at some point, you probably started acting against yourself...
go go go
  • #149
  • Sep 2, 2011 6:04pm Sep 2, 2011 6:04pm
I need more lingo explaination, today I ran into a few i don't know
PWR mq4 and m1
  • #150
  • Sep 15, 2011 11:31am Sep 15, 2011 11:31am
Read Trading for a Living by Alexander Elder.
  • #151
  • Oct 1, 2011 6:13am Oct 1, 2011 6:13am
From the main thread, by PeterFM "as a final word of advice, I would suggest you invest in a book written by Mark Douglas. Its title is ‘Trading in the Zone’.

It will be the first step in helping you understand what you need to know in order to master the Psychological aspects of trading."

Anyone that finds the reading tough going, or perhaps you travel, I found this on Audible.com, it is an excellent listen, and I find that the information gets into my brain.... finally

This and the main thread are great for new traders for sure, I am suggesting to all
It takes a lot for me to IGNORE you, but you can try.
  • #152
  • Oct 1, 2011 6:19am Oct 1, 2011 6:19am
Quoting Rawfoodie
I need more lingo explaination, today I ran into a few i don't know
PWR mq4 and m1
mq4 is the Metatrader file extension

Program written for MetaTrader, an online trading platform for Forex, Futures, and CFD markets; may be a Custom Indicator, Script, or Library file; contains code written in the MetaQuotes Language, which typically includes variables, functions, and comments.

http://www.fileinfo.com/extension/mq4

m1 - I believe this would be a 1 minute chart description, as m1, m5, m15, m30. Then we have 1 H(our), 4 H, D for daily, W for Weekly, M for monthly

PWR, got me, what is the context, where did you see this used?
It takes a lot for me to IGNORE you, but you can try.
  • #153
  • Oct 1, 2011 8:13am Oct 1, 2011 8:13am
Might it be a reference to the PWR trading system?
  • #154
  • Oct 1, 2011 12:26pm Oct 1, 2011 12:26pm
Getting Through Your First Month of Forex Trading
Attached File(s)
File Type: pdf Getting Through Your First Month of Forex Trading.pdf   276 KB | 825 downloads
It takes a lot for me to IGNORE you, but you can try.
  • #155
  • Oct 3, 2011 4:32am Oct 3, 2011 4:32am
I saw this in an Amazon book review post and thought it was interesting, just passing it on:

"... Learning to trade is like learning to drive a car. You can't read a book and then go out and drive successfully. You have to practice. You have to see whats working and do more of it, and you have to see whats not working and do less of that. And most importantly you have to do it enough so you get to the point where you feel comfortable with anything the road (or market) throws at you."

  • #156
  • Oct 31, 2011 10:09pm Oct 31, 2011 10:09pm
this will be a good read... just started...
  • #157
  • Feb 9, 2012 7:58pm Feb 9, 2012 7:58pm
Quoting diallist
http://www.fxsol.com/images/getting_...x_glossary.gif
(From FX Solutions)


Standard Forex Terms

Base currency: The base currency is the first currency in a currency pair, and the currency that remains constant when determining a currency pair's price. The United States Dollar (USD) and the European Union Euro(EUR) are the dominant base currencies in terms of daily traded volume in the foreign exchange market. The British Pound (GBP), also called sterling or cable,...
Thank you for THIS!!!
  • #158
  • Feb 10, 2012 9:18am Feb 10, 2012 9:18am
Hi guys,
I always see this term in posts and have no idea of what it means.
I'm new here so would be glad if some1 could help...
  • #159
  • Feb 18, 2012 11:19am Feb 18, 2012 11:19am
Quoting F0r3xPHD
Hi guys,
I always see this term in posts and have no idea of what it means.
I'm new here so would be glad if some1 could help...
may be some websites like investopedia or wikipedia can help you
  • #160
  • Mar 13, 2012 7:28am Mar 13, 2012 7:28am
There is so much free flowing info on the net these days about trading FX, make sure you absorb as much info as possible through books, forums, free educators and talking to people who are making money but also who have lost money so you can study their patterns....Surround yourself in a community of people who are doing the same thing as you!
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