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New To Forex and Need Advice!

  • #21
  • Sep 1, 2016 3:58am Sep 1, 2016 3:58am
Quoting E300
{quote} With huge spikes its hard to put a Short or even big SL, So its risky. Thanks! Cheers
Huge spikes generally occur only during high impact news events, which one can learn about by taking a look at a Forex calendar. I tend to close my positions hours before such news, so I avoid the spikes altogether.
  • #22
  • Sep 7, 2016 5:00pm Sep 7, 2016 5:00pm
Quoting nubcake
{quote} 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.
Not sure how all of you missed this but...

@ Nubcake: Do you think buying a new potato might help? Mine just died and am considering buying a new one, all though the other one was of no help. Please advise. we seem to think alike. Many thks.

I really need help with my trading!

Patato
  • #23
  • Sep 8, 2016 1:54am Sep 8, 2016 1:54am
Quoting Patato
{quote} Not sure how all of you missed this but... @ Nubcake: Do you think buying a new potato might help? Mine just died and am considering buying a new one, all though the other one was of no help. Please advise. we seem to think alike. Many thks. I really need help with my trading! Patato
You don't choose potato. Potato choose you! #potatolife
Congratulations ScalaFX for coming out of the closet!
  • #24
  • Sep 8, 2016 2:06am Sep 8, 2016 2:06am
Quoting nubcake
{quote} You don't choose potato. Potato choose you! #potatolife
Any wiser potato advices?
  • #25
  • Sep 9, 2016 1:56am Sep 9, 2016 1:56am
Just to share with you my experience. I started 2 months ago, and I already lose 7000. Why?

1. Emotion/Impulse trading
2. Following others without analyzing the chart
3. Over trade (This is the main reason why I lose so much)

My account was 8000, and I opened 1 lot for the trades, and for many trades that went against me I didn't bear to let them go so I hold on to them hopping the trade would go differerent direction, untill the loss was too high and I was forced to close it. 2 months down the road, I lose 7000 dollars. And I'm very lost right now.
  • #26
  • Sep 16, 2016 6:17am Sep 16, 2016 6:17am
The best you could do is Demo Practice, Practice more and you will earn more and more experience and in this way you could be successful in Forex Trading.
  • #27
  • Sep 20, 2016 4:35am Sep 20, 2016 4:35am
The main thing is to use analisys to see when you can start the trade.
Use price action patterns. Higs and lows will give you the whole story. Than look at resistance and support levels.
Determining the strength of a trend doesn’t need to be a complex operation. Something as simple as these techniques are all you need to gauge whether a trend is likely to continue or break down.
  • #28
  • Sep 22, 2016 8:56pm Sep 22, 2016 8:56pm
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...
Stay on forexfactory trading systems section. Over time you will get what works for you.
Other wise, I would say you spend some cash taking course of a mentor.
Having a mentor reduces your earning curve.
You can practice what works for your mentor and stick with it
  • #30
  • Sep 23, 2016 2:32am Sep 23, 2016 2:32am
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.
Make sure to note your trades too
  • #31
  • Oct 5, 2016 7:29am Oct 5, 2016 7:29am
first learn from someone every thing then trade on your account then u will b able to do every thing.
  • #32
  • Oct 5, 2016 2:59pm Oct 5, 2016 2:59pm
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.
  • #33
  • Oct 30, 2016 8:06pm Oct 30, 2016 8:06pm
Quoting E300
{quote} Of course! That is key to How to not blow an account! Thanks
Money management is the key to not blow the account, not SLs.

You can easily mistake your SL by placing it wrongly where the market can easily go against you.
  • #34
  • Oct 30, 2016 10:53pm Oct 30, 2016 10:53pm
I am at the same bifurcation. I am not a big fan of using Demo-Accounts as i feel and have had the experience, that it doesnt give me the feel of beeing serious. I do agree on having a plan and backtesting it though and then STRICLTY sticking to it

@everybody: What does your bankrollmanagment look like? what does your risk-managment say?
Thanks for the feedback
  • #35
  • Oct 31, 2016 5:57am Oct 31, 2016 5:57am
Demo accounts are a good learning tool so a newbie can practise in a safe environment, but they are not nearly enough to actually become a profitable trader. One has to move onto a live account sooner or later.
  • #36
  • Oct 31, 2016 1:27pm Oct 31, 2016 1:27pm
Only trade demo and study everything that seems important until you get three profitable months in a row. That might take years, or, it just might never happen for you. If you get 3 profitable months in a row with no cheating in demo, you can decide if you are ready for real money trading. If you think so, trade at the very minimum size of 0.01 lots per trade until you get three months in a row profitable with real money. That might take more years, or it might not ever happen for you. If it does happen, you'll know what to do from there. Best success. - G
  • #37
  • Oct 31, 2016 1:58pm Oct 31, 2016 1:58pm
I think, trading world turn around few things,

- PA ( price action ) structure
- Discipline, patience ( trading psychology )
- MM ( money management )
- Suitable strategy for yourself


All the best.
Working,to be the best !
  • #38
  • Oct 31, 2016 3:11pm Oct 31, 2016 3:11pm
Quoting Albert.C
Just to share with you my experience. I started 2 months ago, and I already lose 7000. Why? 1. Emotion/Impulse trading 2. Following others without analyzing the chart 3. Over trade (This is the main reason why I lose so much) My account was 8000, and I opened 1 lot for the trades, and for many trades that went against me I didn't bear to let them go so I hold on to them hopping the trade would go differerent direction, untill the loss was too high and I was forced to close it. 2 months down the road, I lose 7000 dollars. And I'm very lost right...
Sorry for your loss Albert,you realizing your mistakes and where you fell short its part of the solution to the mistakes and luckily enough you've done perfectly. Now this is what most traders went through '' Over trade (This is the main reason why I lose so much) My account was 8000, and I opened 1 lot for the trades, and for many trades that went against me I didn't bear to let them go so I hold on to them hopping the trade would go different direction, until the loss was too high and I was forced to close it.'' Our mentality towards bad trades are always of hopeful turnarounds but with time, practice and consistent reading you come to change and stop with it.
  • #39
  • Edited 12:29pm Nov 3, 2016 11:23am | Edited 12:29pm
Just to repeat my advice, there is NO reason to trade real money before you have demonstrated long term success in demo. If you decide to do it anyway, you are throwing your money away. Your odds of winning against the best traders in the world and the biggest bank trading desks are infinitesimally small. You'd be much better off just putting it all on Black 17 or buying lottery tickets with it. Even after you have demonstrated long term success in demo, and odds are that will never happen without cheating, entering your first trades with more than 0.01 lots per trade is equivalent to piling your cash up and burning it. This stuff is about 10,000 times harder than most newbies would ever guess. If I'd put all the time and money I spent learning to be successful in trading toward getting advanced degrees, I'd easily have three doctorates by now. If you enjoy it like I do, by all means do it, IN DEMO. Don't waste your money by jumping in with a cash account and losing it all in a flash to sharks like me. I'll gladly take all your money if you'll throw it out there for me, but you might want to think it over carefully before doing so. Just try to get 4 months in a row profitable trading in Demo as you would with real money. You can only do it if you cheat, and you can't cheat with real money. You can easily overcome the disheartening losses by staying with Demo until you are ready to go pro, but you can't skip the learning phase. That will cost you 5 to 10 years of your life. Is that really what you want to do with your short time on this Earth? If so, hide your cash and plan to trade in demo for 5 to 10 years. Best success. -G
  • #40
  • Nov 3, 2016 6:56pm Nov 3, 2016 6:56pm
Quoting Albert.C
Just to share with you my experience. I started 2 months ago, and I already lose 7000. Why? 1. Emotion/Impulse trading 2. Following others without analyzing the chart 3. Over trade (This is the main reason why I lose so much) My account was 8000, and I opened 1 lot for the trades, and for many trades that went against me I didn't bear to let them go so I hold on to them hopping the trade would go differerent direction, untill the loss was too high and I was forced to close it. 2 months down the road, I lose 7000 dollars. And I'm very lost right...
There is a very easy way to recover when market moves against your position. This method is not for news trading. For example you enter short position and you place your stop loss. And then all of a sudden price reverses against you. Don't panic. Set pending order ( Buy Stop order ) at the same price of your Stop Loss. Then relax. In this way you're hedging using" Pending Order". If the price is so serious to trigger your SL, then as soon as you SL is triggered, Bullish trade takes off from your pending order price. Anyone who doesn't fully understand should let me know. Maybe I come in full detail. The strategy is really rewarding.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
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