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Got advice for a rookie?

  • #21
  • Sep 28, 2012 4:10pm Sep 28, 2012 4:10pm
I read and am acquainted with all those (and many others):

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)

... did not help one bit (:
It's only after searching high and low and reading everything ever written on trading that you realise it's all crap. Of course you have to go through that phase... and then burn them all.
  • #22
  • Sep 28, 2012 5:05pm Sep 28, 2012 5:05pm
Quoting candle779
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.
You can't be afraid to loose money, if you are you'll never get anywhere in trading.
https://www.huntingtrader.blog
  • #23
  • Sep 28, 2012 5:10pm Sep 28, 2012 5:10pm
Quoting candle779
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.
For starters, read up on the many free info resources available online. You may also want to check out baby pips in addition to FF's stickies on the market for beginners threads.
Then review brokers and select one that suits your trading requirements. Register and set up a demo account. Test your strategy on the demo for a certain number of weeks and after you are sure, move on to live account [pref micro]. Hope that helps!
  • #24
  • Sep 30, 2012 3:26am Sep 30, 2012 3:26am
Start trading with real money.
Really believe deep in you heart that your insane for doing something like that.
Really believe it. Really be it. That is important.
Go seek medical / psychological help but do not talk about what you do. never. Not to anyone, ever.
If you fail and quit you will have lost money, but you will have your sanity.
If you do succeed, consider yourself one of those idiot savant, weird but wonderful.
  • #25
  • Sep 30, 2012 5:48am Sep 30, 2012 5:48am
1) Automatic systems are crap...well, 99.99999999999% are.
2) Nothing can replace you doing the word and going over charts yourself.
3) If you spend an hour on Forexfactory, you should spend another hour going over charts...way more valuable!
4) Read "Hedge Fund Market Wizards"...the best book teaching you how the SMART MONEY thinks. You can also learn about failures of people who made it.
5) Demo trade until you've been consistently (3mo+) profitable.
6) Never risk more than 3% on a single trade.
7) Anything above 50:1 leverage is GAMBLING.
8) Try to identify patterns when analysing charts, focus on PRICE ACTIOIN.
9) Set up your own system that you fully understand if you want to be a trader, if you merely use signal services you are an investor and NOT a trader.
10) Back test every strategy for at least 2000 candles. Then forward test it on a demo account for another 3 months.
11) Only trade live when you are 100% convinced your system works, that way coping with losses will be MUCH easier.
  • #26
  • Sep 30, 2012 7:43am Sep 30, 2012 7:43am
Quoting 4exNinja
1) Automatic systems are crap...well, 99.99999999999% are.
2) Nothing can replace you doing the word and going over charts yourself.
3) If you spend an hour on Forexfactory, you should spend another hour going over charts...way more valuable!
4) Read "Hedge Fund Market Wizards"...the best book teaching you how the SMART MONEY thinks. You can also learn about failures of people who made it.
5) Demo trade until you've been consistently (3mo+) profitable.
6) Never risk more than 3% on a single trade.
7) Anything above 50:1 leverage is GAMBLING.
8)...
Spot on. But 3% per trade for a total novice is way too much risk. Novice traders should start with 1% and increase risk only after they have good results trading live and are actually comfortable with more risk. And their stats actually allow more risk. So the first 50 or so trades should be taken with risk no more than 1% per trade. After that you can decide what to do further.
  • #27
  • Sep 30, 2012 12:39pm Sep 30, 2012 12:39pm
Quoting Forexnuts
For starters, read up on the many free info resources available online. You may also want to check out baby pips in addition to FF's stickies on the market for beginners threads.
Then review brokers and select one that suits your trading requirements. Register and set up a demo account. Test your strategy on the demo for a certain number of weeks and after you are sure, move on to live account [pref micro]. Hope that helps!
I've been going through babypips as someone recommended, and it's great!

Is there a website or link that can tell how to navigate through different buttons in the platform? I'm starting to get the "idea" of how Forex works in theory (thanks to babypips and few Forex books I have), but the hardest part for me - even for demo account is - that there are so many buttons in the platform!
  • #28
  • Oct 1, 2012 2:36am Oct 1, 2012 2:36am
Quoting calamardo
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...
Yes, I'm quite serious. For a newbie of forex market it's quite difficult to find among a lot of garbage of information a really worth and usable product. I mean that tere are too many books and too many people who want to teach you trading. But very often they simply want your money and nothing more.

Looking at charts - means practicing, not simply meditating near them or smth else

Cheers
  • #29
  • Oct 1, 2012 11:14am Oct 1, 2012 11:14am
For me, the best sources are:

#1 Babypips
#2 Greg Secker`s "financial freedom through forex"
#3 Courtney Smith

I hope this helps!
  • #30
  • Oct 2, 2012 1:53am Oct 2, 2012 1:53am
Quoting TheNatural
For me, the best sources are:

#1 Babypips
#2 Greg Secker`s "financial freedom through forex"
#3 Courtney Smith

I hope this helps!
How is Greg Secker`s "financial freedom through forex" working out for you? thanks
  • #31
  • Oct 2, 2012 8:27am Oct 2, 2012 8:27am
It describes 2 strategies:

The Eclipse Strategy is good for 100 pips per week on average.

However, I can`t seem to make "angry bear" work because I don`t see the pattern he describes most of the time.

All in all I like this book because it gives you a nice big picture of the Forex topic.
  • #32
  • Oct 2, 2012 4:54pm Oct 2, 2012 4:54pm
Quoting TheNatural
It describes 2 strategies:

The Eclipse Strategy is good for 100 pips per week on average.

However, I can`t seem to make "angry bear" work because I don`t see the pattern he describes most of the time.

All in all I like this book because it gives you a nice big picture of the Forex topic.
Thanks for the info, will give it a read..really appreciate it!
  • #33
  • Oct 3, 2012 8:32am Oct 3, 2012 8:32am
Quoting TheNatural
It describes 2 strategies:

The Eclipse Strategy is good for 100 pips per week on average.

However, I can`t seem to make "angry bear" work because I don`t see the pattern he describes most of the time.

All in all I like this book because it gives you a nice big picture of the Forex topic.
Thanks for information. And what strategy do you prefer? I'm newbie on trading what else good books you could recommend? TY Best wishes.
  • #34
  • Oct 15, 2012 1:50am Oct 15, 2012 1:50am
Quoting Mingary
How is Greg Secker`s "financial freedom through forex" working out for you? thanks
Knowledge to Action (KTA)

Other opinions on GREG SECKER can be found here...

download the podcast, enlightening stuff, especially if you didn't already know NOT to spend 23,000 GBP on a course....

'Get rich quick' seminars put to the test

It takes a lot for me to IGNORE you, but you can try.
  • #35
  • Oct 15, 2012 2:06am Oct 15, 2012 2:06am
Got advice for a rookie?


dont ever trade real money
  • #36
  • Oct 15, 2012 2:14am Oct 15, 2012 2:14am
From Indonesia?

See this thread, no problems

14 Year Old Forex Trader's Lessons
It takes a lot for me to IGNORE you, but you can try.
  • #37
  • Oct 15, 2012 6:09pm Oct 15, 2012 6:09pm
Not sure if this is the right thread to post this, correct me if im wrong.

Anyway, im a newbie trader and don't have must time trading so ive been looking for an ea that can help me with trading. Do you guys have any recommendation of which ea is bet to use for newbie?
  • #38
  • Oct 16, 2012 5:30am Oct 16, 2012 5:30am
Quoting Belaslav
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...
I would like to add a question..I cannot open a new topic(just a junior member)
I started with a demo account on forex-metal.com..is that ok?
how can I know that once I create a real account my earnings will remain the same?
  • #39
  • Oct 16, 2012 8:23am Oct 16, 2012 8:23am
Start on demo to have a good strategie (test a lot of here, choose your own and learn it 1 year).

When your know very well your strategie in different type of market, start on micro lot 0.01...

Dont risk any money you need.

Then learn discipline, dicscipline and discipilne
Bottomless wonders spring from simple rules, which are repeated without end
  • #40
  • Oct 16, 2012 8:58am Oct 16, 2012 8:58am
I can see that this is a popular thread so I'm going to pile in with my advice. Read PeterFM's thread at the top of the forum - it's called "Help for newbies... ", and all the links therein. Then work through all the "school lessons" at Babypips.com.

Before choosing a strategy using indicators, learn about support and resistance levels and what makes them. Then have a look at threads which deal with price action, like the J16 thread in the commercial section (lots of free information). Learn about candlesticks and chart patterns. Find out what price action means and why it is more valuable than indicators. Find out the best time of day to trade.

Last but not least, plan your trade and do not set market orders or limit orders. Set stop orders, with a stop loss and a take profit level. If you use a stop order, the price has to be moving in the direction you want it to for your order to be filled. If it goes the wrong way it doesn't matter. When a trade gets nearer to the profit target, consider moving the stop loss to break even or +1. Then consider this: What would happen if you removed the take profit level altogether, and set a trailing stop? If the price increases in volatility you may make more than your original target. If your trailing stop loss is fairly close, you won't have much to lose.

Practise on demo accounts or micro accounts with very low leverage. It isn't easy. Make your own good luck by working hard. Good luck!
Gone to a better place
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