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Help for Newbies (Discussion Thread)

please where do i get crude oil, commodity charts and dollar index charts intraday? or if they are on mt4 what is the symbol representing them? thanks guys...
Quoting megaboy01
please where do i get crude oil, commodity charts and dollar index charts intraday? or if they are on mt4 what is the symbol representing them? thanks guys...

It says in your profile you have been a full time trader for a minimum of three years. You should know where to get those charts. Google is your friend. http://www.marketwatch.com/investing/index/dxy/charts
Over thinking over analyzing separates the body from the mind.
I am thankful to Peter for this great article and thread. It is very helpful thread to newbies in trading field.
Thanks Peter for initiative in opening this thread. Well newbie like me is not allowed to open thread to ask silly question like what I want to ask here.

Can I edit my open long with SL and TP? I Have open trade on one currency, but I forgot to put the SL and TP. Can I edit it? Currently I'm using demo.

My second question, I have open one long and I left it open all night long (I'm sleeping), when I check on it the next morning, I found that I had lost of $100+, what should I do if it is a real account?

Anybody opinion are welcome. Thanks.
First of all, thank you Peter for opening this thread

Second, since i am a rookie and i cannot post new threads, i would like to ask my question here:

- Where is the best place to get info for news trading?
I am currently using the economic calendar from fxstreet.com(if you guys know of any better ones please let me know), but i can't find any online streaming news to watch(i tried with the Bloomberg tv, but they don't report as much on the news as i'd hope).

thank you for the answers in advance.
Just use fxstreet and forexfactory These are one of the best. And also I'm using 2 very helpfull apps on my mobile (if you have android phone, check google market or play store):

- 1st is very simple but (for me) brilliant - Forex Calendar Notifier. This app proves that beauty is in simplicity - it only lists all incoming items, and you can set configurable alarm on any items. For me its just perfect - as I'm interested only in few news, and I don't want to sit near pc 10 hours per day nor setting alarms manually. This app alerts mee soon enough. And its also very cool looking

- 2nd app is official app from forexfactory, its more complex then app mentioned above, but it's a completely different kind of software. You can set alerts on actual value change, and lot more, but its not so simple. It's not notifier, but something like "watching dog". Also very good, very robust and complex app...But I don't know, if it disappeared from google market, but can't find it now, or it changed name (?)
Quoting qkx
Just use fxstreet and forexfactory These are one of the best. And also I'm using 2 very helpfull apps on my mobile (if you have android phone, check google market or play store):

- 1st is very simple but (for me) brilliant - Forex Calendar Notifier. This app proves that beauty is in simplicity - it only lists all incoming items, and you can set configurable alarm on any items. For me its just perfect - as I'm interested only in few news, and I don't want to sit near pc 10 hours per day nor setting alarms manually. This app alerts mee soon...
thank you so much
i feel really stupid for not checking the android market in the first place, but i will definitely check these apps out...they seem to be exactly what i was looking for!
Hi guys i am pretty new to Forex. only started 2 months ago.
A few question i have in mind is,

How do you read the daily supply n demand?

What does Fibs do?

When do we enter a market?

Hope my question is not nooby as i have zero knowledge. Learning right now.
Hey im new to ff, and the forex world itself. Im pretty young ( take a guess) but i want to get into the world of forex. Im in the process of finishing a book by James Dick, but i would still like to ask you guys for some advice. I made a demo account on a few different brokers and ive probably had a %70 win on my total trades. So i was looking on starting a live account with about $200-$500, and see where that goes. But before i start up my live account, are there any articles, books, or anything else i could read or use to help me be a bit more successful? thanks in advance!
Quoting Snooze
Hi guys i am pretty new to Forex. only started 2 months ago.
A few question i have in mind is,

How do you read the daily supply n demand?

What does Fibs do?

When do we enter a market?

Hope my question is not nooby as i have zero knowledge. Learning right now.
You can tell the daily supply and demand because if the day was an up day demand was higher than supply and if the day was a down day the supply was higher than demand.

Fibs are things people tell other people when they don't want them to know the truth. This is very useful in forex, it happens every day. Let's face it, if you know something noone else does you don't want to tell them the truth now do you?

We enter a market when the doors open. Imagine how pissed off the stall holders would be with people milling around before they had got their stalls set up?

The best thing to learn is that learning how to trade based on advice from forums is a hard road. I know, I did it myself.

The following is slightly more serious advice... If you are just starting out then only trade on daily charts. If the price is moving up then find a good reason to trade long and if the price is moving down then find a good reason to trade short (a break of support or resistance generally). Your best chance of making money is to add to your winning positions and close your losing positions fast.

The following is deadly serious advice... Trying to predict which way the price will go next is a mugs game. Learn to follow trends because when a trend starts it has a habit of continuing and that is what will make you money in the long run, not predicting, just following, on daily charts.
Quoting jdmkid
Hey im new to ff, and the forex world itself. Im pretty young ( take a guess) but i want to get into the world of forex. Im in the process of finishing a book by James Dick, but i would still like to ask you guys for some advice. I made a demo account on a few different brokers and ive probably had a %70 win on my total trades. So i was looking on starting a live account with about $200-$500, and see where that goes. But before i start up my live account, are there any articles, books, or anything else i could read or use to help me be a bit more...
You want to be more successful than a 70% gain?!
Hopefully if thats possible, but from what ive heard, the way the market works in a live account is different from the way it acts on a demo account? And the %70 wasnt a exact, but i get around 5-7/10 successful trades when i was trading on a demo account. And by successful i mean making a profit, may it be $1 or $100. I have the capital to start a live account which is about $300. Im just wondering if theres a way for me to be more prepared to trade a live account since its real money at stake, rather than the simulated money given for demo accounts. I know about keeping your emotions in line, but what i dont understand is making a trading plan?

thanks
Hello, traders! Can someone explain me what does OCO order mean and does anyone use them?
Regards
Quoting Hugh Briss
You can tell the daily supply and demand because if the day was an up day demand was higher than supply and if the day was a down day the supply was higher than demand.

Fibs are things people tell other people when they don't want them to know the truth. This is very useful in forex, it happens every day. Let's face it, if you know something noone else does you don't want to tell them the truth now do you?

We enter a market when the doors open. Imagine how pissed off the stall holders would be with people milling around before they had got...
Thanks Hugh Briss! Guess i have to read up more. I guess live trading the hardest part is emotion. Many times i end up with losing trade cause i do not believe in myself and i worry too much. I am learning to do multiple time frame analysis. Is there anything else a newbie trader shld take note?
Quoting Hugh Briss
The following is deadly serious advice... Trying to predict which way the price will go next is a mugs game. Learn to follow trends because when a trend starts it has a habit of continuing and that is what will make you money in the long run, not predicting, just following, on daily charts.
Thanks for information Hugh Briss. Would you tell me the sites or charts to follow? Because I am newbie and a bit confused. TY Best wishes.
Hi there, I've just recently got in trading (Forex) and i'm loving it at the moment. I have one question I want to ask. I've learned (the hard way) how news seriously effects trades.

Yesterday there was news coming out of the USD market on ADP Non-Farm Employment Change, which lead to a few markets rising such as JPY & CAD. What I want to know & understand is when news comes out of the USD market how do I know which market it will effect (EUR, GBP, JPY, CHF, NZD, CAD, AUD)?

Thanks in advance.
I am a day trader and my trading strategy is price action strategy. I place 20-35 pips take profit (t/p) in every order and I don't follow any plan in placing t/p.
I want to thank you peterg for putting this forum together for us newbees. I have only been looking at learning this trading materials since may of this year (2012). Thought that the materials i had was going to be what pushed me into being a strong and proficient trader, boy was i wrong. the materials you wrote for us and explaining the differences in the priorities and ways to look at our strategies is priceless to me. I understand ( in my thinking) what trading is and how it works but knowing the specifics and understanding why your " route" and the alternative that you now go by is awesome. I have spent around 2000 dollars on trading materials trying to learn this stuff and felt like i just wanted to hire someone to "school" me. having the materials and understanding it is two entirely different subjects. i have alot of technical materials with a lot of indicators and explanations of what an elliot wave and so forth is ,BUT when i found your posts and started reading all this OTHER needed materials a lightbulb just came on and I have as aha moment: I have just found my teacher I know that you are not the only one posting but your stuff makes so much sense and i will be heeding your advice and listening to every other great trading person out there. Thank you again for taking the time to set this up and help anyone who will listen. carolh-
Quoting ioke89
Hi there, I've just recently got in trading (Forex) and i'm loving it at the moment. I have one question I want to ask. I've learned (the hard way) how news seriously effects trades.

Yesterday there was news coming out of the USD market on ADP Non-Farm Employment Change, which lead to a few markets rising such as JPY & CAD. What I want to know & understand is when news comes out of the USD market how do I know which market it will effect (EUR, GBP, JPY, CHF, NZD, CAD, AUD)?

Thanks in advance.
By far the best way to learn about this is to go to the calendar pages from the Forex factory home page. Look at graphs of previous NFP data and then look back at charts (daily probably would be best) to see what effect, if any was found. Interest rate changes affect curencies the most, followed by QE, then news data.
Gone to a better place
Thank you for posting info regarding novices. The plethora of info can cause information overload, thus it is refreshing to know what is needed to prepare the novice mind for FX trading. Thanks again
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