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Help for Newbies (Discussion Thread)

  • #601
  • Apr 7, 2012 1:38pm Apr 7, 2012 1:38pm
Quoting PeterFM
There is a lot more to come, time is a problem with a project like this if I'm going to do it properly.

TP is hard, and I'll deal with this later, but try this old thread of mine for a start. I don't have hard & fast TP rules, I suck it & see as the trade develops. If I look back over trades, I'm wondering why I took profit at all at some points. Hindsight & fear, really good partners in FX trading

Hello people! I dont know if i post First of all, here correctly. But if not, please move the post where belong. Sorry for bad english! So, the question is, as i am very new in this business, i wish to talk with someone who can help me a little on how to start working with this meta trader, i use r. I have 2 accounts at www.alpari.co.uk. One is for real but with no money on it yet and another one demo. The ideea is that i dont know how to work with it. I didnt find anywhere some clear indications of how to use that S/l, T/L, pips and so on. So please if someone want to give a little help, i will appreciate a lot.

Thank you,
Adrian
  • #602
  • Apr 8, 2012 1:31pm Apr 8, 2012 1:31pm
Hello! Im a spanish boy, so i will try to write as good as i can in English.
I have a dude, im 17 years and in two months i have to decide what career to study, i want to know what career you recommend to me related to forex, stock market... i dont know the best, but i dude with Economics or Insurance and financial economics please, help me, thank you and sorry for my bad english. Good trading!
  • #603
  • Apr 9, 2012 11:13am Apr 9, 2012 11:13am
Hello! I'm just starting to get acquainted with the forex. Before you try your luck, I would like to learn more about it. Please advise, where do I start?
  • #604
  • Apr 10, 2012 2:35am Apr 10, 2012 2:35am
Quoting Lela
Hello! I'm just starting to get acquainted with the forex. Before you try your luck, I would like to learn more about it. Please advise, where do I start?

Hi lela
Here is some good advice. Try something else to put your money into. There is a 98% chance of you failing at this game, and a 2% chance of you succeeding. So I would really think about it seriously. It's a VERY tough learning curve. At least get a broker where you can trade micro lots (10 cents a pip). That way you can't lose too much while you are trying to learn. Don't thinking that trading a demo account is like trading live because it's totally different.

Hope this helps

Rgds
Jerry
  • #605
  • Apr 10, 2012 2:38am Apr 10, 2012 2:38am
Quoting Lela
Hello! I'm just starting to get acquainted with the forex. Before you try your luck, I would like to learn more about it. Please advise, where do I start?

www.babypips.com
  • #606
  • Apr 12, 2012 1:45am Apr 12, 2012 1:45am
Quoting jmtini
Hi lela
Here is some good advice. Try something else to put your money into. There is a 98% chance of you failing at this game, and a 2% chance of you succeeding. So I would really think about it seriously. It's a VERY tough learning curve. At least get a broker where you can trade micro lots (10 cents a pip). That way you can't lose too much while you are trying to learn. Don't thinking that trading a demo account is like trading live because it's totally different.

Hope this helps

Rgds
Jerry
Thank you for your advice)
Just seemed to me that to begin with still better to trade on a demo account and at the same might have something to learn, to join in quietly. result of this would not be?
  • #607
  • Apr 17, 2012 1:34pm Apr 17, 2012 1:34pm
Hey guys,

Just a quick question, I've been looking through the forum trying to find an indicator that identifies candlestick patterns. I stumbled upon and downloaded the candelabra one but despite downloading the relevant files:

Candelabra.ex4
Candelabra
common.ex4
Patterns.ex4

It says it can't open the candelabra file when I compile it. It does have a white text box in the top left of the chart window (managed to attach it at least) which acts as a key showing the symbols and what they mean.

Basically, I'm looking to supplement the dynamic breakout box indicator by squalou with a candlestick indicator to assist in my trading. Does anyone use the breakout indicator with other tools?

The recognition indicator would merely be an aid to help pick out take profit exits.

Cheers peeps
  • #608
  • Apr 20, 2012 10:23am Apr 20, 2012 10:23am
I really need help understanding Price Action, I search and search and I can’t seem to understand it.. I feel as if when I figure it out I’ll realize how simple and “right in front of my eyes” it was but I can’t seem to understand it.. I read in so many thread about Price Action BUT what is it?
  • #609
  • Apr 20, 2012 3:23pm Apr 20, 2012 3:23pm
Hello all! I was lucky enough to stumble on this forum and have learned soo much already.I used to play poker professionally until the government put a stop to it. I was looking for something else to get into and not work for someone else. I have enough money set aside to live for a year or so if i dont make anything. I have been trading for 2 months now, started with $500 right away ( the demo account I just felt like i was waisting my time) Im fully prepared to take a loss on a few accounts . Anyway just introducing myself as I'm sure II'll be asking a bunch of newb question..Cheers
  • #610
  • Apr 25, 2012 8:10am Apr 25, 2012 8:10am
hi,
can anyone explain me what is slippage and what is breakeven. waitingg for your answer.
best regards
  • #611
  • May 14, 2012 1:26pm May 14, 2012 1:26pm
I was made aware of this forum from my account manager at 24Option after loosing everything in my account in a matter of days. She thought that I could gain some knowledge here and after reading this first thread, I have to say that I definitely have. This post help to explain the mistakes that I made shortly after after winning my first 5 trades. I started making trades where a clear market trend did not exist.

Once I started loosing, I became very anxious and nervous and my mindset was that I had to win my money back. Of course that did not help me any because I lost focus and lost my next 12 trades and completely depleted my account. I never did look at indicators and never thought that I did or should. I had always learned that you do the Price Action and follow the trend.

What I'm still unclear of is "How do you know where the entry point is while looking at the chart in real time?" and "Why does it always seems like I already missed it?" which leads me to the next question of "How often do I need to be looking at the charts (every minute, 5 mins or 10 mins of every hour) so that I don't miss the entry point)?"

This is an excellent post. Very informative. Utmost respect to the Poster.
  • #612
  • Jun 20, 2012 8:46am Jun 20, 2012 8:46am
Hi Peter,

Just a thank you for an informative and un biased guide to a potential start for any new forex trader.

I personally work with Binary technology providers but I have always thought I would do well with FX. I am using a lot of info that i have read from what you have posted and I am sure it will truly help me!

Best,

Adam
  • #613
  • Jun 22, 2012 6:26am Jun 22, 2012 6:26am
Peter,
Very interesting. I am quit new with all this. Your information are very helpfull. I have made some researchs and find information on how to trade futures. I have open an account but actually I use it only to verifying a trading strategy. I trade CL, ES, YM, ZB, GC and 6E. I fixed a target per week and per month. I fixed also a max lost per day.
They only problem is that I do not have enought time to trade!

Anyway, thanks for your help.

Felgab
  • #614
  • Jul 2, 2012 12:15am Jul 2, 2012 12:15am
Peter,
Thank You for this really informational thread, I've been demoing and trading a small account for a couple of months now but this really cleared up alot for me.
Best,
PipForPip
  • #615
  • Jul 2, 2012 11:51am Jul 2, 2012 11:51am
Nice thread, think I'm going to try my rookie question:

I'm on Oanda with a trial account, I use very small trades because I want to master the technique more than make money at this stage.

Some of the trades that I make don't change the balance on the account. The first time I figured out that my profit was the same as the spread. But I made a trade this morning and although small I should have made some money on it. What are the reason balances don't change?
(Earned interest also should change the balance right?)

Thanks
  • #616
  • Jul 2, 2012 11:58am Jul 2, 2012 11:58am
Quoting catalicu
Hi, i have this problem with Taking Profit.
It's not even a pip and my broker or my platform doesn't take my TP.
I realized this on 1m, 5m, 1H, 4H, everything, and shows me that is 0 (pips).
It's not the first time.

http://imageshack.us/photo/my-images/856/ujhk.jpg/

What is wrong with this or what can i do ?
I was wondering about this as well.
The other day I my position was long USD/EUR 1.2600 but when it reached that point nothing happened, why is that?
  • #617
  • Jul 2, 2012 12:01pm Jul 2, 2012 12:01pm
Quoting GreenAvenue
I was wondering about this as well.
The other day I my position was long USD/EUR 1.2600 but when it reached that point nothing happened, why is that?
you have to wait till the bid price reaches 1.2600

what you saw was that the offer price reached 1.2600
  • #618
  • Edited 12:10pm Jul 2, 2012 12:05pm | Edited 12:10pm
Quoting kinky
you have to wait till the bid price to reach 1.2600

what you saw was that the offer price reached 1.2600

Thanks! I wonder if Oanda will let me change that!

** found it !! **
  • #619
  • Jul 2, 2012 1:30pm Jul 2, 2012 1:30pm
Damn, didn't learn a bit...

Put in LONG USD/EUR 1.25811 with T/P 1.25997 but make a loss ?? WTF? What is it that I'm overlooking?
  • #620
  • Jul 2, 2012 11:01pm Jul 2, 2012 11:01pm
Quoting GreenAvenue
Damn, didn't learn a bit...

Put in LONG USD/EUR 1.25811 with T/P 1.25997 but make a loss ?? WTF? What is it that I'm overlooking?

That's over 18 pips it should be profit. How long did you hold the position? Maybe swap charges ate it. Also check to see what price the trade actually closed at.

If that still doesn't help post a screen shot of your account statement with the trade shown in there. (cover your acct # up)
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