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New To Forex and Need Advice!

  • #1
  • First Post: Aug 28, 2016 11:57am Aug 28, 2016 11:57am
Hello Forex Factory members,
I just started trading Forex about 2 months ago and the past 2 weeks I started trading seriously on a demo account. (Feel free to check out my results) And well I don't know where to start. I love math so I understand risk formulas. My Goals this week are :

  1. Learn how to use/make trend lines
  2. Learn Order blocks/Order Flows
  3. Learn about other people's simple strategies

As of now I trade through a few EMA's and other indicators, It's looking good but I'll share my strategy when I have a little more confidence in it.
If you can assist me a little bit that would be wonderful.
(Links to Forex forums post would be recommended)

Thanks!
Happy Trading

  • #2
  • Aug 28, 2016 1:03pm Aug 28, 2016 1:03pm
Quoting E300
Hello Forex Factory members, I just started trading Forex about 2 months ago and the past 2 weeks I started trading seriously on a demo account. (Feel free to check out my results) And well I don't know where to start. I love math so I understand risk formulas. My Goals this week are : Learn how to use/make trend lines Learn Order blocks/Order Flows Learn about other people's simple strategies As of now I trade through a few EMA's and other indicators, It's looking good but I'll share my strategy when I have a little more confidence in it. If you...
Don't trade without a proper plan. If there are doubts you shouldn't be trading. If you haven't tested it you shouldn't be trading, not even in demo since you will gain bad habits.
Don't take anything you read here at face value. There are some gems but there is a lot of shit too.
If you have a strategy test it on historical data for at least 100 trades per strategy per pair per time frame per time slot (aka the time that you'll be trading at example: during the London session or simply from 3pm to 5pm).
If you want to use someone else their strategy test it for yourself first.
Don't rely too heavy on indicators at first since indicators are useless without knowing how to read price action.
Once you tested a strategy make sure you trade it for a considerable amount of time in a demo account first so you know you can execute it properly and iron out any doubts so you gain confidence.
When you go live don't start with all your money. Start small and add more as a reward for sticking to your plan that you know that works from your testing and demo trading.
Don't take a "risk per trade" aka 1% per trade but look at your maximum drawdown before a new high and calculate the % of maximum risk you want to take according to that.
Don't focus on the money but focus on the process.
Log all your trades.
Master the basics before trying to move on.
Make sure you know the terminology.
Last but not least as long as you don't give up you have a chance of getting there.


There you go
If you have any questions feel free to ask.

Thanks for reading
AntiVi
  • #3
  • Aug 28, 2016 3:09pm Aug 28, 2016 3:09pm
agree with most of the above advice, but easier said than done.
  • #4
  • Aug 28, 2016 4:33pm Aug 28, 2016 4:33pm
4 hrs and longer Time frames

Buy at top and sell at bottom
  • #5
  • Aug 28, 2016 5:56pm Aug 28, 2016 5:56pm
Quoting charron
4 hrs and longer Time frames Buy at top and sell at bottom
More info would be great with some examples

Thanks, Cheers
  • #6
  • Aug 28, 2016 7:42pm Aug 28, 2016 7:42pm
Quoting charron
4 hrs and longer Time frames Buy at top and sell at bottom
Spend 5 years finding method no work... too long timeframe for relevant results.

Cry in potato. Potato only friend.

Potato dies. No friend. No money.

Come back to forex factory with brand new 8hr timeframe system. Many future wins guaranteed... maybe buy new potato.
Congratulations ScalaFX for coming out of the closet!
  • #7
  • Aug 29, 2016 5:34am Aug 29, 2016 5:34am
Learn how to use a stop loss. A badly placed one can lead to losses, but a well-placed stop loss can protect your account.
  • #8
  • Aug 29, 2016 5:47am Aug 29, 2016 5:47am
Quoting mlawson71
Learn how to use a stop loss. A badly placed one can lead to losses, but a well-placed stop loss can protect your account.
But I prefer to do some analysis first in order to get a good trading position with less risks so you can set your SL safely.
  • #9
  • Aug 29, 2016 5:59am Aug 29, 2016 5:59am
Quoting mlawson71
Learn how to use a stop loss. A badly placed one can lead to losses, but a well-placed stop loss can protect your account.
Of course! That is key to How to not blow an account!

Thanks
  • #10
  • Aug 29, 2016 6:00am Aug 29, 2016 6:00am
Quoting AntiVi
{quote} Don't trade without a proper plan. If there are doubts you shouldn't be trading. If you haven't tested it you shouldn't be trading, not even in demo since you will gain bad habits. Don't take anything you read here at face value. There are some gems but there is a lot of shit too. If you have a strategy test it on historical data for at least 100 trades per strategy per pair per time frame per time slot (aka the time that you'll be trading at example: during the London session or simply from 3pm to 5pm). If you want to use someone else their...
Thanks! I knew most of this but I for sure learned something amazing!

Thank you! Cheers!
  • #11
  • Aug 29, 2016 12:52pm Aug 29, 2016 12:52pm
I always do is to check every wave with fibo levels. It helps. Also I would like to agree about plan. You should discipline yourself with the constant habit to make financial plan and trade with it. Otherwise when you'll face little panic on real account and with no strategy and under the pressure I am afraid it will be fail 'cause demo doesn't give you an opportunity to feel real market and its behavior. Also learn to do bids and count stop-losses. It will really help
  • #12
  • Aug 29, 2016 10:04pm Aug 29, 2016 10:04pm
Your pending orders in GBP/JPY are so close on a small account . Why ?

The habit looks the same in EUR/USD.
  • #13
  • Aug 30, 2016 5:02am Aug 30, 2016 5:02am
Quoting gabanda
{quote} But I prefer to do some analysis first in order to get a good trading position with less risks so you can set your SL safely.
Doing an analysis is a given, I think. Without the analysis one can't figure out where to place a safe stop loss.
  • #14
  • Aug 30, 2016 10:31am Aug 30, 2016 10:31am
Quoting mlawson71
{quote} Doing an analysis is a given, I think. Without the analysis one can't figure out where to place a safe stop loss.
Alrighty! Thanks
  • #15
  • Aug 30, 2016 12:25pm Aug 30, 2016 12:25pm
Quoting E300
{quote} Thanks! I knew most of this but I for sure learned something amazing! Thank you! Cheers!
There is one thing I'd like to add. Make sure you have a way of canceling orders in case of a power outage or something like that.
  • #16
  • Aug 30, 2016 2:14pm Aug 30, 2016 2:14pm
What a good important and prior to all it is unusual advice. Felt that the person is a practitioner who is not the first day trader and faced a lot of situations during his career! Actually I would like to add then to ensure the availability of a charged phone that in an emergency you can always call the broker and name the bid or change it
  • #17
  • Aug 31, 2016 4:40am Aug 31, 2016 4:40am
Quoting AntiVi
{quote} There is one thing I'd like to add. Make sure you have a way of canceling orders in case of a power outage or something like that.
That's what the stop loss is for. In the worst case scenario one can call their broker by the phone and ask them to close their position manually.
  • #18
  • Aug 31, 2016 4:59am Aug 31, 2016 4:59am
Quoting mlawson71
{quote} That's what the stop loss is for. In the worst case scenario one can call their broker by the phone and ask them to close their position manually.
Not really. Lets say you have a potential pattern that you trade setting up and you put pending orders on but then your power gets cut and you the potential pattern becomes invalid (which happens a lot) then you have the potential of being in a trade that you shouldn't be in and you could end up getting a loss that would have never happened if you had power.

For order you already have on a stop loss works but for pending orders on potential setups that can still be invalidated it doesn't work that way.
  • #19
  • Aug 31, 2016 7:04am Aug 31, 2016 7:04am
Quoting mlawson71
{quote} That's what the stop loss is for. In the worst case scenario one can call their broker by the phone and ask them to close their position manually.
With huge spikes its hard to put a Short or even big SL, So its risky.

Thanks! Cheers
  • #20
  • Aug 31, 2016 10:07pm Aug 31, 2016 10:07pm
Quoting E300
{quote} With huge spikes its hard to put a Short or even big SL, So its risky. Thanks! Cheers
Bro, if you don't put a hard stop loss, it's even more risky. Remember Jan 15? So many lost money, account went to zero, some even went negative. Maybe put a 500 or 1000 pips SL rather than losing 2000 - 3000 pips in surprise.
The only winner is the one who survive the longest...
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