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Got advice for a rookie?

  • #1
  • First Post: Sep 25, 2012 8:51pm Sep 25, 2012 8:51pm
Hello everyone, I joined this forum about 2 weeks ago, and now that I have a full member status, here's something I've been itching to ask since joining: What advice do you have for a newbie?

I've got into forex very recently, attempted a few trades on demo with varying results, and most of the time I feel that I'm taking shots in the dark even if I can come up with a particular reason for a trade. I pretty much obtained most of my information about trading from Investopedia's Forex Walkthrough, it was quite a big guide, and yet from my demo trades I see how little I really know. So once again: Anyone got any advice for a newbie? Also, would anyone be willing to give me a tour of the place? Useful threads to see and such? Much appreciated.
  • #2
  • Sep 26, 2012 12:31am Sep 26, 2012 12:31am
Trading & Exchanges. Larry Harris
Markets and Market Logic. Steidlmayer - Koy
Orderflow Trading For Fun And Profit. Daemon Goldsmith
Reminiscences Of A Stock Operator. Don't remember the author right now...
"carol Osler" (Do a google search and download all the papers on her site)

I can't remember all books I have read over the last several years, but these are some of the titles I consider most valuable. The info on wikipedia and Investopedia is ok for some basic stuff, after that I strongly recommend You to switch to real books written by real authors. Trust me, You might think You know how markets work, but You don't.

Start reading, I recommend starting with "Trading & Exchanges".

Good luck!
  • #3
  • Sep 26, 2012 1:59am Sep 26, 2012 1:59am
To give advice is the worst kind of vice.
  • #4
  • Sep 26, 2012 8:02am Sep 26, 2012 8:02am
I can recommend you Babypips school. It is free of charge and very informative.
  • #5
  • Sep 26, 2012 10:54am Sep 26, 2012 10:54am
Quoting huchonok
I can recommend you Babypips school. It is free of charge and very informative.
I would second this, and babypips is free so that makes it even all the more attractive. And on tips, just go through the stickies posted in this forum and babypips..it has all the info you need to get started.
  • #6
  • Sep 26, 2012 11:13am Sep 26, 2012 11:13am
In addition to your reading, paper-trade. You'll find that most of what you learn about price action will be through hands on experience.

The books/other reading will give you the good habits (i.e. risk management), and some extra stuff (i.e. trading concepts, indicators to try, etc.) that will improve your trading.
https://www.huntingtrader.blog
  • #7
  • Sep 27, 2012 3:52am Sep 27, 2012 3:52am
Another rookie here...Does it matter on what type of demo trading platforms you use? Like, I set up Trade Interceptor account because it seemed easy to use demo for both my phone and computer. But on the computer version, there was a choice for paper trading (which seemed like its own?? Not sure what that means honestly) and demo trading (which I made one demo account with FXCM). Not sure how difficult it is to start with one platform and move onto another one...??

And will have to check out Babypips. Thanks to the original poster and others for recommending this! Didn't know that website.
  • #8
  • Sep 27, 2012 5:00am Sep 27, 2012 5:00am
1. Prepare to sweat and BLEED!

It's a very hard way to make easy money.

2. Don't waste your time on indicators.

Learn to read the price only for the first 6-12 months. You can always add indicators later, if you really wish. There are several Price Action threads on this board. Also google Sam Seiden.

3. Treat trading as business.

Trading is serious business and you need to make a plan.

4. Understand money management and probabilities.

You know why and how Vegas always wins?

5. Prepare to sweat and BLEED!
  • #9
  • Sep 27, 2012 5:37am Sep 27, 2012 5:37am
Quoting poetic908
Not sure how difficult it is to start with one platform and move onto another one...??
I think that it all depends from a person. As a rule all platforms have practically the same instruments, it's just that their interface differs. But with time you simply get used to the variety of interfaces. The most important thing for me is that a platform should be quick and transparent. If you find the platform which perfectly suits you I'm sure that it will be easy for you to get used to its interface and functions.
  • #10
  • Sep 27, 2012 8:31am Sep 27, 2012 8:31am
I said similar thing that never treat forex trading as a game, but a serious business, it's really hard to be disciplined, however, when you can do that, you are not far from success.
  • #11
  • Sep 27, 2012 3:30pm Sep 27, 2012 3:30pm
Quoting poetic908
Another rookie here...Does it matter on what type of demo trading platforms you use? Like, I set up Trade Interceptor account because it seemed easy to use demo for both my phone and computer. But on the computer version, there was a choice for paper trading (which seemed like its own?? Not sure what that means honestly) and demo trading (which I made one demo account with FXCM). Not sure how difficult it is to start with one platform and move onto another one...??

And will have to check out Babypips. Thanks to the original poster and others for...
I used Oanda's "practice" platform when I started to learn currencies, and it was a seamless transition to real trading because their real trading platform is exactly like their practice one.

"Paper" and "demo" trading both mean the same thing; trading with fake money.

Moving from one platform to another would really just be annoying rather than difficult. You just get used to having certain buttons/features in certain spots.
https://www.huntingtrader.blog
  • #12
  • Sep 27, 2012 3:56pm Sep 27, 2012 3:56pm
Quoting StockHunter
I used Oanda's "practice" platform when I started to learn currencies, and it was a seamless transition to real trading because their real trading platform is exactly like their practice one.

"Paper" and "demo" trading both mean the same thing; trading with fake money.

Moving from one platform to another would really just be annoying rather than difficult. You just get used to having certain buttons/features in certain spots.
The only thing I see different is the time frames. I like having the weekly time frame on the practice account.. The live account only goes up to daily.
  • #13
  • Sep 27, 2012 4:59pm Sep 27, 2012 4:59pm
You can never learn to predict the future....that includes the market
you can have a pretty good Idea according to information you extrapolate but concentrate on your risk.
AVT INVENIAM VIAM AVT FACIAM
  • #14
  • Sep 27, 2012 7:08pm Sep 27, 2012 7:08pm
Quoting Supernaut
1. Prepare to sweat and BLEED!

It's a very hard way to make easy money.

2. Don't waste your time on indicators.

Learn to read the price only for the first 6-12 months. You can always add indicators later, if you really wish. There are several Price Action threads on this board. Also google Sam Seiden.

3. Treat trading as business.

Trading is serious business and you need to make a plan.

4. Understand money management and probabilities.

You know why and how Vegas always wins?

[b]5. Prepare to sweat and...
This kinda makes me laugh. Although I'm still a beginner myself I think this is correct.
I would only add:

6. Stop believing 95% of what you read on this forum or any other media.
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #15
  • Sep 28, 2012 2:07am Sep 28, 2012 2:07am
Quoting pipsel

6. Stop believing 95% of what you read on this forum or any other media.
That's also a good point. And not just forums and media, but also books. This brings to another very important point: time management while learning FX.

How much time you should devote to reading books, educational websites and forums? How much time should be devoted to charts?

The Big problem is to find a good balance between reading and charts. You won't be trader by just reading. And by just watching charts it will take ages to figure out all the things yourself.
  • #16
  • Sep 28, 2012 2:10am Sep 28, 2012 2:10am
Quoting the redlion
You can never learn to predict the future....that includes the market
you can have a pretty good Idea according to information you extrapolate but concentrate on your risk.
like it
  • #17
  • Sep 28, 2012 2:40am Sep 28, 2012 2:40am
Quoting Supernaut
That's also a good point. And not just forums and media, but also books. This brings to another very important point: time management while learning FX.

How much time you should devote to reading books, educational websites and forums? How much time should be devoted to charts?

The Big problem is to find a good balance between reading and charts. You won't be trader by just reading. And by just watching charts it will take ages to figure out all the things yourself.
Finding that balance is the key, once you know how much time to spend on analyzing past trades, reading current charts, you can figure out how much time you can spend on actual trades, and for scalpers out there, this is a must as they often have to use shorter timeframes.
  • #18
  • Sep 28, 2012 2:48am Sep 28, 2012 2:48am
I think that it's much better to devote your time to practicing on charts rather than to reading books. It often seems to me that many of books were written in oder to make a trader to be confused and lose his money.
  • #19
  • Sep 28, 2012 3:42am Sep 28, 2012 3:42am
Hi, I am rookie on the Forex. Truly speaking I'm afraid to loose my money but I want to earn on Forex. Please give me an advise how to start. Which steps I have to do and what brokers' conditions are the best for trading.

thanks in advance.
  • #20
  • Sep 28, 2012 7:05am Sep 28, 2012 7:05am
Quoting huchonok
I think that it's much better to devote your time to practicing on charts rather than to reading books. It often seems to me that many of books were written in oder to make a trader to be confused and lose his money.
Oh please, are You serious? there's no conspiracy against You or against anyone. There's a lot of good information about Forex out there, and most of that information is found on books.

By the way, what is "practicing on charts"? There seems to be many people around who have this idea of looking at your charts for hours a day, and then (in some mysterious way) you are supposed to become some kind of chart expert and You'll be able to see things that other people can't...well, good luck with that.

To the thread starter: please refer to the book list on my first response, I promise you that those 4 books or so contain more information than all Forex websites together.
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