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Getting back into trading

  • #1
  • First Post: Jan 26, 2014 12:52am Jan 26, 2014 12:52am
Hey all,

I used to trade live for a couple months about a year and a half ago, to mostly unsuccessful results. I had stopped to focus on other stuff and now that my life is in order I'm considering getting back into Forex, at least giving it a bit of spare time and small money.

My question is where should I start? I've already been through all the basics and know how to use charts and indicators fairly well, so I'm mostly looking for something in terms of strategy. Fundamental vs technical, indicators to go with, stuff like that.

I'm looking forward to read you.
  • #2
  • Jan 26, 2014 5:15am Jan 26, 2014 5:15am
Hi Charles1, just choose one.

http://www.forexfactory.com/forumdisplay.php?f=71
  • #3
  • Jan 26, 2014 8:59am Jan 26, 2014 8:59am
hi charles, i think the most important step would be to decide how much your willing to give to forex and through how much are u willing to go to get to the results you want - what things are u willing to comprimiwse on and where and when ur willing to reassess as well as, because it is my belief that wht ur looking for is out there. So how much of yourself are u willing to put out needs to be addressed and spending some time doing it and planning out your commitment is essential to your life span in forex, personally i only got there after having tried everything everything, i started paper trading in 1992-4 i cant remmber and started demo trading in 2004 after i had my first live account in 2008 and now im managing some small accounts for friends, the point i want to get to is this if i didint have the forsight to see where i could go with it back in 1992 and consequent years later, i would have not gotten to where i am today. IT could be well to your advantage to ask God for guidnace and be patient enoough to hear a reply, would like to say more but perhaps its better if u ask more questions.
  • #4
  • Jan 26, 2014 9:10am Jan 26, 2014 9:10am
i honestly believe that anything there is to buy in forex is a waste of money - about the only thing i would spend My money on is reputable traders whoare also educators who have an educators liscences and who have forsight in market which cant be produced by techincals - having said that all u need is on forums, perhaps there is no shortcut to making sustained wealth in forex - the best thing i can tell u is to use the same motivations u have for getting to the results u want by putting that enrgy into a little bit of research everyday, learning a few things ervyday a little bit more and a little bit more - i got to the stage where i realised the more i know the less it actually felt i knew and hence the closer iwas getting to having tried everything ever in the world on forex - only after getting to a point where the balance tipped in my favour did i break out to profits and more so - on my own back
  • #5
  • Jan 26, 2014 2:32pm Jan 26, 2014 2:32pm
Quoting bodypip
Hi Charles1, just choose one. http://www.forexfactory.com/forumdisplay.php?f=71
Thank you. Is there any strategy in particular that you like?

Quoting Bybak
i honestly believe that anything there is to buy in forex is a waste of money - about the only thing i would spend My money on is reputable traders whoare also educators who have an educators liscences and who have forsight in market which cant be produced by techincals - having said that all u need is on forums, perhaps there is no shortcut to making sustained wealth in forex - the best thing i can tell u is to use the same motivations u have for getting to the results u want by putting that enrgy into a little bit of research everyday, learning...

Thanks for the advice.
  • #6
  • Jan 27, 2014 9:46pm Jan 27, 2014 9:46pm
I Like Genesis and THV

Good luck in your trading
Failure leads to Success if one learns from mistakes and never give up
  • #7
  • Jan 28, 2014 3:00am Jan 28, 2014 3:00am
Quoting Charles1
Hey all, I used to trade live for a couple months about a year and a half ago, to mostly unsuccessful results. I had stopped to focus on other stuff and now that my life is in order I'm considering getting back into Forex, at least giving it a bit of spare time and small money. My question is where should I start? I've already been through all the basics and know how to use charts and indicators fairly well, so I'm mostly looking for something in terms of strategy. Fundamental vs technical, indicators to go with, stuff like that. I'm looking forward...
Would like to recommend you to learn Price Action. I had similar unsuccessful results with indicators and systems. But PA saved my money and time
  • #8
  • Jan 28, 2014 8:16am Jan 28, 2014 8:16am
I started reading and studying the forex back in 2012 and then I stepped back for a little bit to get some life issues in order. Now I'm looking at getting my feet wet and start Demo trading and within 90 days or so open up a live account. The thing is that everything still seems like a lot for me. Can anyone give me some advice at where to start and/or a little story on how they got started. I understand that this isn't a get rich quick thing I just want to get the basics down and then look for a profit once I master the basics. I only want to start out with $500 and make a couple of dollars here and there. Right at this moment I work crazy hours and the only free time that I have is in the mornings for a few hours like from 8am. to 11am. Please help I'm really driven to make this whole forex investing a part of my everyday life. I'm getting sick and tired of going to work everyday and punching a clock to make someone else rich.
  • #9
  • Jan 28, 2014 11:02am Jan 28, 2014 11:02am
Quoting Charles1
Hey all, I used to trade live for a couple months about a year and a half ago, to mostly unsuccessful results. I had stopped to focus on other stuff and now that my life is in order I'm considering getting back into Forex, at least giving it a bit of spare time and small money. My question is where should I start? I've already been through all the basics and know how to use charts and indicators fairly well, so I'm mostly looking for something in terms of strategy. Fundamental vs technical, indicators to go with, stuff like that. I'm looking forward...
Hi Charles,
You can review some of the old stickies in the forum, on strategy or check online, for chris capre. It sure was an eye opener of sorts..it should provide you with all the tips you need and on strategy, including adv, trading info.
  • #10
  • Jan 29, 2014 1:23pm Jan 29, 2014 1:23pm
Quoting Charles1
Hey all, I used to trade live for a couple months about a year and a half ago, to mostly unsuccessful results. I had stopped to focus on other stuff and now that my life is in order I'm considering getting back into Forex, at least giving it a bit of spare time and small money. My question is where should I start? I've already been through all the basics and know how to use charts and indicators fairly well, so I'm mostly looking for something in terms of strategy. Fundamental vs technical, indicators to go with, stuff like that. I'm looking forward...
Ignore 99.9% of methods you see here on the forums and especially those that rely on indicators. It gets a lot of unwarranted abuse but the James 16 thread is the place to start your successful journey.
  • #11
  • Jan 29, 2014 1:30pm Jan 29, 2014 1:30pm
Quoting Forexnuts
{quote} Hi Charles, You can review some of the old stickies in the forum, on strategy or check online, for chris capre. It sure was an eye opener of sorts..it should provide you with all the tips you need and on strategy, including adv, trading info.
Dont spend a dime on anybody selling you systems, methods or strategies unless they are documenting their profitability with the BS they are trying to sell you.
  • #12
  • Jan 29, 2014 3:00pm Jan 29, 2014 3:00pm
Also, consider that creative money management is a thousand times more important than creative entry and exit strategies. You see everyone focusing on precise entries and exits with high probabilities and mostly failing miserably overall. I'm of the belief that sloppy entries and exits based on very simple criteria coupled with smart MM will win every time.
There's always money in the banana stand.
  • #13
  • Jan 29, 2014 5:32pm Jan 29, 2014 5:32pm
are you serious?

so is your 'sloppy entries/exits' system a loser or a winner by itself? or are you saying, a losing system can make profits by your magical MM?

this is quite shaking a statement.............

Quoting LizardGizzard
Also, consider that creative money management is a thousand times more important than creative entry and exit strategies. You see everyone focusing on precise entries and exits with high probabilities and mostly failing miserably overall. I'm of the belief that sloppy entries and exits based on very simple criteria coupled with smart MM will win every time.
  • #14
  • Jan 29, 2014 5:41pm Jan 29, 2014 5:41pm
I'm saying that money management is more important than entries and exits.
There's always money in the banana stand.
  • #15
  • Jan 29, 2014 11:30pm Jan 29, 2014 11:30pm
Quoting Charles1
Hey all, I used to trade live for a couple months about a year and a half ago, to mostly unsuccessful results. I had stopped to focus on other stuff and now that my life is in order I'm considering getting back into Forex, at least giving it a bit of spare time and small money. My question is where should I start? I've already been through all the basics and know how to use charts and indicators fairly well, so I'm mostly looking for something in terms of strategy. Fundamental vs technical, indicators to go with, stuff like that. I'm looking forward...

Read this and work on developing trading plan.Great book.
You have to ask probing questions to yourself.

1.Are you impulsive,always looking for action? (scalper)
2.Thoughtful,patient,methodical looking for greater returns but requires great patience and at time mighty resolve to wait for trades to profit or trades to place.
(daily,weekly charts)
3.Time.Full time job?If so time and your personality should mold what kind of trading you should do.
Rest is building on experience.There is no short cuts here.
Please read this book.
Attached File(s)
File Type: pdf The Secrets to_ - Unknown.pdf   484 KB | 398 downloads
In trading, you have to be defensive and aggressive at the same time
  • #16
  • Jan 31, 2014 10:22am Jan 31, 2014 10:22am
My biggest advice to you is lose the indicators. They are worthless when it comes to predicting price unless in a trending environment. I know some people who just use them as confirmation rather than trade ideas, but to be honest I don't really see the need to use any indicators. Since you say you've been trading for months, I assume you have a good idea of technical analysis and fundamental analysis. Great! This puts you at just about the same pace as 95% of losing retail traders. Now you need to focus on thinking more in depth about markets. The first step you should take, as suggested by other members is learn price action (support/resistance, pivots, etc.). Price action is a good edge, but one thing you must learn is you can never stop learning when it comes to trading. After you have learned price action and still lose, look into market microstructure. Learn about market participants, types of orders, how liquidity works, what moves price, how dealers operate, etc. This step takes a lot of time, but once you master it you will start being able to read supply and demand on the charts with ease, and not only that, but you can use price action to get a good idea of the strength of bears vs. bulls at key levels. You should also learn reading sentiment. Get a good idea of global macroeconomic concepts because sentiment truly provides the best edge one can get. Once you learn about causes of order flow, it will be much easier to find a consistently winning edge. As great of a forum this place is, it is cluttered with useless crap that continues to keep traders losing. Find the best threads on here that you can, and then stop wasting your time. There are many good trading books out there, but majority are a waste of money. So use common sense and always be cautious. And make sure you PRACTICE. You can learn all you want about trading, but it won't mean a damn thing in the world if you can't put your money where your mouth is and pull off consistent wins.

Btw I know this information is vague, but it is very valuable. The more time you put into learning and practicing, the more it pays off. If you want to be like many people on here and don't put the time into it, it's your loss and you are a sitting duck. But none of this will even matter if you don't have a good idea of risk management and your psychology/emotions in check.
  • #17
  • Feb 2, 2014 10:07am Feb 2, 2014 10:07am
First time poster here...............
What I have learned over the years is that I need to tame impulsive trading - the fear of missing a potential homerun and hanging on to a loser for fear it will turn around and I will have taken a needless loss. The latter rarely happens, only turns into a bigger loss.
What I have done to help my compulsion to "gamble" is to start looking at charts on a monthly, weekly and daily to determine directions. From those same charts I draw my interpretation of support and resistance and then use either a 60 minute or 30 minute to look for a trigger to get in. Before I place the trade I determine the "where I am wrong" if the price action does not go my way, what my profit objective and how I will take profits.

All of this is now in a written business plan (which continues to be a work in progress). I could not bring myself to write it down for years despite all of the analogies akin to "failure to plan is a plan to fail". Also by doing my homework before taking a trade I expend a lot less energy in hopium and have confidence that percentages of success will be in my favor.

Craig
1 years experience 20 times over
  • #18
  • Feb 2, 2014 7:00pm Feb 2, 2014 7:00pm
Thanks for the replies everyone, I didn't expect to receive that much advice.
  • #19
  • Feb 3, 2014 9:25am Feb 3, 2014 9:25am
I've also been out of trading for a while. There's still a few things in regards to trading that I don't understand. Here's a question I'd like for someone to answer:

If a economic release is made concerning the U.S., such as the NFP report or whatever, and that news is positive news for the U.S., then what direction will the eur/usd most likely move? Up or down?

I know this is a rookie type of question, but that is why I posted it here. lol.
"Dream big and dare to fail." - Norman Vaughan
  • #20
  • Feb 5, 2014 11:26am Feb 5, 2014 11:26am
Quoting Charles1
Thanks for the replies everyone, I didn't expect to receive that much advice.
You're welcome and that's one thing no one here is short of, advice on the go..
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