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I want to learn and learn

  • #1
  • First Post: Sep 3, 2012 3:21pm Sep 3, 2012 3:21pm
Hello!

I'm quite young and I've traded only stocks, true stocks without financial leverage.

Now I'm trying to learn forex stuff. I've made few bucks but still I know only basics what is support and resistance and so on, money management, risk reward etc.

But I don't know nothing about how to use indicators. I'm more scalper not a swing trader.

What you should suggest me? What kind of literature should I read? Where can I find some additional information about trading?

Thanks in advance!
  • #2
  • Sep 3, 2012 4:10pm Sep 3, 2012 4:10pm
Babypips

After that go to the trade systems forum on here and read up about various systems. Most system threads explain indicators used and after a while you'll figure out which ones you like...

Do a LOT of back testing...2k bars+
  • #3
  • Sep 3, 2012 4:52pm Sep 3, 2012 4:52pm
Thanks man! I'm looking for some simple and effective systems. I doubt that very complicated system prove worthy because of indicators lag.

And does anyone have some links to the most successful traders in the world?! I want to know their philosophy, strategies preety much everything.
  • #4
  • Sep 3, 2012 5:04pm Sep 3, 2012 5:04pm
Bill Dunn is one of my heros because he has a great track record in systematic trading.

As for systems, I'm biased

THV/Pipware with Fractals as support/resistance and Damiani Volatmeter to weed out fake signals, works great...look up the threads.
  • #5
  • Edited 10:21pm Sep 3, 2012 9:50pm | Edited 10:21pm
  •  fivex
  • | Joined Sep 2011 | Status: This is the title that appears | 247 Posts
I can tell you what not to do.
However,
It’s a great feeling to place S/R lines on D1+ charts & start to recognize patterns, then to see them being relevant in most time frames, days & days later.
The same goes for fibs placed in higher timeframes, when you can look tighter, and see they were placed "correctly" it opens up a new way of looking at the charts.
The whole Fib thing still blowes me away.
  • #6
  • Sep 4, 2012 2:29am Sep 4, 2012 2:29am
Quoting 4exNinja
Babypips

After that go to the trade systems forum on here and read up about various systems. Most system threads explain indicators used and after a while you'll figure out which ones you like...

Do a LOT of back testing...2k bars+
I would second this, babypips has a lot of resource material on everything..check it out.
  • #7
  • Sep 5, 2012 10:39am Sep 5, 2012 10:39am
Hey which indicators and strategies are useful for scalping?
  • #8
  • Sep 12, 2012 8:54am Sep 12, 2012 8:54am
Quoting Tadej89
Hello!

I'm quite young and I've traded only stocks, true stocks without financial leverage.

Now I'm trying to learn forex stuff. I've made few bucks but still I know only basics what is support and resistance and so on, money management, risk reward etc.

But I don't know nothing about how to use indicators. I'm more scalper not a swing trader.

What you should suggest me? What kind of literature should I read? Where can I find some additional information about trading?

Thanks in advance!
Go back to stocks. There are some fantastic tools in technical analysis that when applied to stocks can help you catch them at their lowest. Stocks are a real investment in a company forex is more roulette. Everyone looses in the long run in forex that is a fact. You will not find 1 person who has been profitable consistently for a career.

I will be told that I am a sore looser or just don't know how to trade by people here but take it upon yourself before you start throwing your money away. There is nobody who has ever made a reliable steady income from forex. A minority make money then quit when ahead but the majority slowly bleed their money away to the brokers via spread.
  • #9
  • Sep 12, 2012 9:48am Sep 12, 2012 9:48am
Quoting woolo
Go back to stocks. There are some fantastic tools in technical analysis that when applied to stocks can help you catch them at their lowest. Stocks are a real investment in a company forex is more roulette. Everyone looses in the long run in forex that is a fact. You will not find 1 person who has been profitable consistently for a career.

I will be told that I am a sore looser or just don't know how to trade by people here but take it upon yourself before you start throwing your money away. There is nobody who has ever made a reliable steady...
Sore loser

You asked for it. FYI, technical analysis isn't all that different for stocks...for example, Bollinger bands work the same way in both cases, and the same goes for pretty much every indicator.

I think stocks are WORSE because it's easier to be exploited by insider information due to the smaller market place...and the correlation between profits and value of a stock has long gone out of the window for a ton of stocks. Just look at all those crazy multiples

By the way, your "bleed money due to spread" comment shows that you don't know what you're talking about. For medium to long time frame forex traders the spread is almost irrelevant. I mostly go after breakouts with moves of 30pips+, so whether I pay 1pip or 4pip in spread doesn't really matter. Sure, I prefer 1pip, but it's not as if the spread will make me "bleed my money away".

Of course if you trade the M1 charts companies like Goldman can really mess with the price (in the short term) as the data you receive is likely delayed by a few minutes...while theirs is real time

By the way, if you are "bleeding away money" you shouldn't be trading a live account in the first place. Learn demo trading before trading for real money...or at least use a small account with proper money management. If you use proper leverage (as in: don't trade overleveraged) it's actually quite hard to destroy an account, you'd need an amazing string of losses...which means you're probably horrible at it in the first place.
  • #10
  • Sep 12, 2012 11:04am Sep 12, 2012 11:04am
If you flip a coin 10,000,000 times always betting on heads in a perfect universe you'll come out close to break even. What i mean by spread bleeding you dry is that because at the end of the day the markets are completely unpredictable for retail traders using technical analysis taking a trade is like flipping a coin. However spread prevents the probability of it being a 50:50 bet. Spread makes it a 49:51 bet. After 10,000,000 random buy/sell trades you will down due to that tiny 1-2 pip take.

My point is really that there is nobody in the world who has been consistently and reliably profitable with forex ever. Not even the so called smart money is profitable by nature they too only have winning streaks. Its a game of luck after everything else.
  • #11
  • Edited 11:34am Sep 12, 2012 11:21am | Edited 11:34am
Quoting woolo
If you flip a coin 10,000,000 times always betting on heads in a perfect universe you'll come out close to break even. What i mean by spread bleeding you dry is that because at the end of the day the markets are completely unpredictable for retail traders using technical analysis taking a trade is like flipping a coin. However spread prevents the probability of it being a 50:50 bet. Spread makes it a 49:51 bet. After 10,000,000 random buy/sell trades you will down due to that tiny 1-2 pip take.

My point is really that there is nobody in the world...
If you compare trading to "flipping a coin" you are obviously not taking into consideration proper data analysis at all. It isn't a 50/50 chance

If you flip a coin there's a 50/50 chance IN THEORY...but only because it happens so fast you don't have time to analyse the influence of wind, drift, and everything else influencing the coin. If you could actually analyse these influences, it wouldn't be a 50/50 chance at all.

Trading isn't a 50/50 chance either because you have at least some information that tips odds in your favour...at least if you do a proper analysis.

Your comment about nobody being successful is complete and utter nonsense because if that were the case, NOBODY would trade at all...not even the big guys.

Just because you haven't found a way to properly analyse all that data and make informed trades doesn't mean nobody has

It's also not like flipping a coin because it's not as if you always make X amount of pips when you lose, and Y amount when you win. And again, your spread comment is hogwash, complete and utter nonsense for anyone who trades at higher than M15 charts...

As for "nobody ever makes consistent profits" when it comes to technical analysis...check out Dunn Capital. Pretty much proves my point...
  • #12
  • Sep 13, 2012 12:26pm Sep 13, 2012 12:26pm
Flipping a coin? Yeah, that sounds just about right..NAH. Trading is not a 50-50 call, wish though it was that way since we can make more $$$$$ than we are making at the moment..LOL
  • #13
  • Sep 13, 2012 2:47pm Sep 13, 2012 2:47pm
Quoting Forexnuts
Flipping a coin? Yeah, that sounds just about right..NAH. Trading is not a 50-50 call, wish though it was that way since we can make more $$$$$ than we are making at the moment..LOL
There are systems with a win rate of way lower than 50%...and they are profitable. So the win% isin't everything anyway and the whole coin flipping comment is nonsense.
  • #14
  • Sep 14, 2012 1:42am Sep 14, 2012 1:42am
Just a thought..... You could try not using any indicators to trade. Would be a good thing long term.
  • #15
  • Sep 14, 2012 6:46pm Sep 14, 2012 6:46pm
Search video's *The Rumpled One Forex Trading* on You Tube. Look at some of his simple sytems and learn. Then demo them and use MT4 just for charting and look back 6 months and forward with F12 each candle and see what happens. Keep score. Skip the indicators. Too many good systems don't need them. Learn to trade with the trend.

Actually if most of the losers here selected a trade and reversed it they would be ahead of the game because most are losers. So if one is losing a lot do the opposite of instinct.
  • #16
  • Sep 15, 2012 1:00am Sep 15, 2012 1:00am
Quoting 4exNinja
There are systems with a win rate of way lower than 50%...and they are profitable. So the win% isin't everything anyway and the whole coin flipping comment is nonsense.
Granted the whole coin flip thing is one for the books, but would rather prefer something that gives a 60%win rate..*sigh*
  • #17
  • Oct 22, 2012 4:22am Oct 22, 2012 4:22am
hey all,
i live in the uk and looking for people to chat with about forex. i am 22 years old and willing to dedicate a lot of time learning this skill.

moving from a professional poker play i have a good head for numbers and maths generally and a great ability to adapt to situations.

I would love to meet like minded people. If you are new lets chat, if you are experienced and willing to share a bit of time and wisdom i would happily arrange a profit share in the future.

thanks all. happy trading.

you can get me on [email protected]
  • #18
  • Oct 23, 2012 4:02am Oct 23, 2012 4:02am
To the topic:
try to use a lot of different indicators and systems (you can find them on the forums) on the demo-account. This is really helpful for choice of your own strategy. I do it by myself and I noticed the real progress in my trading.
  • #19
  • Oct 23, 2012 7:33pm Oct 23, 2012 7:33pm
Quoting 4exNinja
Babypips

After that go to the trade systems forum on here and read up about various systems. Most system threads explain indicators used and after a while you'll figure out which ones you like...

Do a LOT of back testing...2k bars+

Definitely start with Babypips, it is the most comprehensive FX free program online. It is a great start for anyone and will get you up to speed.

As far as systems go, I have always had a strong belief that you need to be able to read the markets for yourself, rather than rely on a system or robot to do it for you.

A solid understanding of charts, pairs and how they interact on various time frames is so important if you want to be trading with long term success.

The large financial institutions and the mega hedge funds are not relying on a system or EA to tell them when to trade, they have a sophisticated knowledge of the market which only comes with experience, and screen time.

Manual systems are great, and this site has a lot of information on them. But I would urge you away from an automated system or robot. Once you are a babypips 'graduate' you will have a much better understanding of your trading syyle, and what sort of method might work for you.

Hope this helps!
  • #20
  • Jun 11, 2021 11:05am Jun 11, 2021 11:05am
Quoting Tadej89
Thanks man! I'm looking for some simple and effective systems. I doubt that very complicated system prove worthy because of indicators lag. And does anyone have some links to the most successful traders in the world?! I want to know their philosophy, strategies preety much everything.
Jim Simons is the world’s richest mathematician.
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