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Newbie needing recommendations !

  • #1
  • First Post: Jun 30, 2006 12:00pm Jun 30, 2006 12:00pm
I have been viewing this community for a couple of months now and must say this is by far the best Forex community I know off.

I am still in my reading phase, looking to open a demo account in mid fall sometime, so far I have learned allot of intresting stuff regarding forex. I have been reading any ebooks I can get me hands on and so far I have only read "Getting Started in Currency Trading by Michael Archer" . I just now finished the book and now Im looking to purchase my 2nd book.

My current situation is while Im vaguely grasping the vary basics, im still really lost....

I want my next book to show me a more indepth view of Forex basics. Currently, I am looking at: Forex Revolution, by Peter Rosenstreich / Day Trading the Currency Market, by Kathy Lien / or, Come Into My Trading Room by A. Elder.

Can you help me to decide between the 3 or if you have another book you can recommend that would be great too. I really want to get the basics down. I will still be reading all 3 anyways but right now I want to focus on learning the basics.

Also, was looking for a recommendation on a great "Technical Analysis" book.
Someone recommended: Martin Pring's Introduction to Technical Analysis, and Technical Analysis of the Currency Market, by Boris Schlossberg.

Any recommendations on that would be great as well.

Thanx all-

g
  • #2
  • Jun 30, 2006 12:28pm Jun 30, 2006 12:28pm
Quoting saltcreep74
I am still in my reading phase, looking to open a demo account in mid fall sometime,
I say open the demo account now. There's nothing at risk and you can learn a lot. The only thing to watch out for is if opening the demo account early will make you think you're ready for real money earlier than you really are.

Definitely do a search on the forum for books. if you don't find reading from the screen that uncomfortable (and even if you do) read through EVERY thread that's sticky here in the beginner forum.

Quote
Also, was looking for a recommendation on a great "Technical Analysis" book.
Someone recommended: Martin Pring's Introduction to Technical Analysis, and Technical Analysis of the Currency Market, by Boris Schlossberg.

Murphy's Technical Analysis of the Financial Markets. It's generally considered a class reference work for TA.
http://www.amazon.com/gp/product/073...lance&n=283155
  • #3
  • Jun 30, 2006 12:47pm Jun 30, 2006 12:47pm
I would also recommend opening a demo account now... why not? I already went through 10 or more of them since March and will probably keep doing this until I see the light at the end of the tunnel... (OK, I only blew the first 3, the other ones just expired).

Demo account gives you exposure to trading platform and up close look into the market.

As for the books, I like "Mastering the Trade" by John Carter and "Trade Your Way to Financial Freedom" by Van Tharp. I picked them up because they have been recommended by people from this forum.

Consider joining the private forum (james16 group), that will give you access to a lot of trading ideas, trading signals, money management and trading psychology education, etc.

Welcome to the forum. Buckle up and get ready for an adventure!

Good luck,

Dane
  • #4
  • Jun 30, 2006 3:14pm Jun 30, 2006 3:14pm
Quoting saltcreep74
I have been viewing this community for a couple of months now and must say this is by far the best Forex community I know off.

I am still in my reading phase, looking to open a demo account in mid fall sometime, so far I have learned allot of intresting stuff regarding forex. I have been reading any ebooks I can get me hands on and so far I have only read "Getting Started in Currency Trading by Michael Archer" . I just now finished the book and now Im looking to purchase my 2nd book.

My current situation is while Im vaguely grasping the vary basics, im still really lost....

I want my next book to show me a more indepth view of Forex basics. Currently, I am looking at: Forex Revolution, by Peter Rosenstreich / Day Trading the Currency Market, by Kathy Lien / or, Come Into My Trading Room by A. Elder.

Can you help me to decide between the 3 or if you have another book you can recommend that would be great too. I really want to get the basics down. I will still be reading all 3 anyways but right now I want to focus on learning the basics.

Also, was looking for a recommendation on a great "Technical Analysis" book.
Someone recommended: Martin Pring's Introduction to Technical Analysis, and Technical Analysis of the Currency Market, by Boris Schlossberg.

Any recommendations on that would be great as well.

Thanx all-

g
If you don't know much about economics, I suggest you order a good "into to economics" book. I found one for about $10 (older edition, but that won't make much of a difference) on Amazon. Its called Economics - Principles, Problems and Policies by Campbell R. McConnell.
  • #5
  • Jun 30, 2006 3:17pm Jun 30, 2006 3:17pm
Quoting saltcreep74
I have been viewing this community for a couple of months now and must say this is by far the best Forex community I know off.

I am still in my reading phase, looking to open a demo account in mid fall sometime, so far I have learned allot of intresting stuff regarding forex. I have been reading any ebooks I can get me hands on and so far I have only read "Getting Started in Currency Trading by Michael Archer" . I just now finished the book and now Im looking to purchase my 2nd book.

My current situation is while Im vaguely grasping the vary basics, im still really lost....

I want my next book to show me a more indepth view of Forex basics. Currently, I am looking at: Forex Revolution, by Peter Rosenstreich / Day Trading the Currency Market, by Kathy Lien / or, Come Into My Trading Room by A. Elder.

Can you help me to decide between the 3 or if you have another book you can recommend that would be great too. I really want to get the basics down. I will still be reading all 3 anyways but right now I want to focus on learning the basics.

Also, was looking for a recommendation on a great "Technical Analysis" book.
Someone recommended: Martin Pring's Introduction to Technical Analysis, and Technical Analysis of the Currency Market, by Boris Schlossberg.

Any recommendations on that would be great as well.

Thanx all-

g
Hi saltcreep (neat name, what's it mean?)

Of the three books, I recommend the one by Kathy Lien as it gives great in depth info on forex specifically.

Now a word of advice if I may be so bold. Your post indicates your learning focus is the area of methodology or the mechanics of trading, and this is good as you need to know this area well. But successfull trading consists of three areas and all three be mastered.

Methodology - Important
Trader Psychology - Very Important
Money Management - Critically Important

I recommend you start with the following books:

Methodology - High Probability Trading by Marcel Link
Trader Psychology - Trading in the Zone by Mark Douglas
Money Management - Trade Your Way to Financial Freedom by Van Tharp

After you've read these three, here are three more books that are essential:

Market Wizards
Market Wizards 2
Reminiscences of a Stock Operator (a must have classic)

If there is anything I can help you with or any questions I can answer please don't hesitate to post or to send me a PM. If you PM me, please be patient as I get lots of PM's which I answer in the order received.

BTW, since trading books are so darn expensive, you can get them free to read through your public library's interlibrary loan system. When you find one that is a keeper, you can buy your own copy. This saves you from spending money on books that don't do anything for you.

Hope this helps!

Dial
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  • #6
  • Jun 30, 2006 7:40pm Jun 30, 2006 7:40pm
grickherder, thanx for the recommendation of the TA book. I have added it to my favorite lists and will be purchasing it really soon.

As far as the demo account, the only reason I haven't opened one yet is cause I can bearly read a chart. I still don't know what the h#$@ you guys mean when you start talking about MT4's, S1, S2, MACD, or SMA's. Thats why I want to learn more on TA.

Maybe I will open a demo just to familurize mysel with chart interpreting.

great*dane, I havn't hear about this book Mastering the Trade" by John Carter. I'll check it out, thanx for the recommendation. I have heard of james16 group, I am thinling of joining there service as soon as I am up and running.

blueshift, thanx for your recommendation as well. Maybe I should study up on Economics. I will take a look at your recommendation.

diallist, I think im going with Kathy's book as well. It's got great reviews.

Your right as rain, my learning forcus is based on Mechanics. I just don't feel confident enought to start demo'ing yet. I feel I need to comprehend what im looking at "charts" before I can start making moves I can understand. I know
Trader Psychology and Money Management are equally if not more important than Mechanics, I plan on spending equally enough time learning these principles. I just think mechanics should be first on the list.

But you know more than me, thats for sure. I think I will start with M Douglas and V. Tharps book. I have been following up on your group from time to time now and I hope to join very soon.

Thanx all for your advice and happy trading....

BTW, I get my name "saltcreep" because my NEW 2nd passion is saltwater aquariums. Don't let the name fool you, I am really a nice guy.

Gerald Martinez-
  • #7
  • Jun 30, 2006 7:48pm Jun 30, 2006 7:48pm
Quoting saltcreep74
BTW, I get my name "saltcreep" because my NEW 2nd passion is saltwater aquariums. Don't let the name fool you, I am really a nice guy.

Gerald Martinez-
Ah! I knew I'd heard that word before! I used it 16 years ago when I had a marine aquarium. But I normally said it as @#%$&* Saltcreep!! I didn't recognize it used by itself. :

Dial
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  • #8
  • Jun 30, 2006 9:41pm Jun 30, 2006 9:41pm
Quoting saltcreep74

As far as the demo account, the only reason I haven't opened one yet is cause I can bearly read a chart. I still don't know what the h#$@ you guys mean when you start talking about MT4's, S1, S2, MACD, or SMA's. Thats why I want to learn more on TA.
I think you'll find the demo account really helps. I'd recommend one that uses Metratrader 4. Check out strategybuilderfx.com. I've been at this about two months and at first nothing here made sense. And I really do mean nothing. But by the time I'd read through the 3 books Dial recommends (really good by the way!) and done about 100 trades I at least understand enough to follow most of the posts here. I'd read about an indicator in a book and then find it in metratrader and try it out. It really helped make sense of it all much faster I think. I still have a long ways to go, but it's nice to at least be able to read a post and make some sense of it now.

Good luck! This forex stuff is definitely addictive.

Squid
  • #9
  • Edited 9:57pm Jun 30, 2006 9:49pm | Edited 9:57pm
Also look into VT trader, very powerfull and free demo.

as to your trading...KEEP IT SIMPLE
don't get caught up in all the bells and whistles, and do't clutter up your charts, use a couple of indicators to help you 1. identify the trend. 2. identify the turn.

As to a demo account, getter done.......open one up and start getting familliar with the platform you want to use to trade with, I personally trade at Oanda, but I use VT trader for my studies and signals, so open that demo and start pushing buttons its free and you will soon learn whats happening
Same Whore .... Different Dress
  • #10
  • Jul 1, 2006 9:01am Jul 1, 2006 9:01am
Quoting saltcreep74
As far as the demo account, the only reason I haven't opened one yet is cause I can bearly read a chart. I still don't know what the h#$@ you guys mean when you start talking about MT4's, S1, S2, MACD, or SMA's. Thats why I want to learn more on TA.

Gerald Martinez-
Hey Gerald, there are a bunch of websites to help you there.
Investopedia.com and others.
I like this one too.

http://www.prophet.net/learn/taglossary.jsp?index=M

MT4's refers to indicators and EA's etc written in MetaTrader 4 language.
S1 = First Support ...
the rest... go figure...: Or ask here. It's all about the learning and I agree a Demo will help you there. It's like a Play Along Musical Instrument Tutorial.
  • #11
  • Jul 3, 2006 12:44pm Jul 3, 2006 12:44pm
Thanks to all for your recommendations, it seems like I should open a demo account to begin to familiarize myself with chart interpretation. I must say after reading all your post I feel more confident going into this. I thought I had to a bunch of reading and then open a demo once I finished the reading. It appears not....<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

<o></o>

I think I’m going to open a demo with VT trader on Wednesday. If you guys think I should go with someone else please chime in....<o></o>

<o></o>

I already purchased my 3 books from dial's list. Can't wait to start reading and applying my new found knowledge to the demo.<o></o>

<o></o>

Thanks again to all and happy trading!<o></o>

<o></o>
  • #12
  • Jul 3, 2006 12:51pm Jul 3, 2006 12:51pm
saltcreep74,

Elliott Wave Principle: Key to Market Behavior


I use HotspotFXi but have a few mates that do very well with Oanda.


turbo
  • #13
  • May 30, 2011 10:45am May 30, 2011 10:45am
hello world..this is a nice thread for all of us as a new beginner in forex.

well i used live coaching instead reading books.it sure help me a lot.

im almost profitable coz i understand the structure of forex market.

My advice is to get a coach that works with you.

But make sure he's a trader as well.
  • #14
  • Last Post: May 30, 2011 11:48am May 30, 2011 11:48am
Quoting quantchix
hello world..this is a nice thread for all of us as a new beginner in forex.

well i used live coaching instead reading books.it sure help me a lot.

im almost profitable coz i understand the structure of forex market.

My advice is to get a coach that works with you.

But make sure he's a trader as well.
QuantChix do you mind sharing with me the name of that pro coach.
what style of trading? Also is he a trader as well?
send me an email please.
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