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Back After 7 years for a fresh start in Forex trading

  • #1
  • First Post: Jan 8, 2017 11:20am Jan 8, 2017 11:20am
Hi Guys,

I had left forex trading 7 years ago due to the losses i faced. Now want to have a fresh start again.
Need your advice on.

- Current market conditions
- Which Curency pairs are hot.
- When is the right time to trade those currencies.
- Which news events to watch.
- Any new tools that can help me get a good start.

Your valuable advice is appreciated.
Thanks & Regards
  • #2
  • Jan 8, 2017 11:37am Jan 8, 2017 11:37am
Quoting orochimaru
Hi Guys, I had left forex trading 7 years ago due to the losses i faced. Now want to have a fresh start again. Need your advice on. - Current market conditions - Which Curency pairs are hot. - When is the right time to trade those currencies. - Which news events to watch. - Any new tools that can help me get a good start. Your valuable advice is appreciated. Thanks & Regards
 
Welcome back! here is a video I have been learing from.
to my opinion lodon time is the best....
 
Inserted Video

 
 
Trading strategies is like a recipe, right ingredients and you cook great!
  • #3
  • Jan 8, 2017 2:46pm Jan 8, 2017 2:46pm
Welcome back I hope you much luck!

My advice to you is before every trade you ask yourself

- Current market condition
- Which Currency pairs are hot.
- When is the right time to trade those currencies.
- Which news events to watch.
- Any new tools that can help me get a good start.

and you will be just fine.
  • #4
  • Jan 8, 2017 3:34pm Jan 8, 2017 3:34pm
HELLO & WELCOME BACK.........Unless you have develop you own method, or strategy I'd like
to direct you to Trader TOO SLOW's thread at Highest Open / Lowest Open thread.
He is the real deal with nothing to sell, but offering a free trove of info on how he trades.
His method is simple if you discard all the fog in your head about indicators. Check it out
& see for yourself. All of my trading is based on what he & others are sharing on his thread.
Read & clear you mind of the past as you go & you will see the forest beyond the trees.
Best wishes on your return & your future trading results.


"It Is Better To Light A Candle Than To Curse The Darkness"

TooSlow has lit the candle for you.
_________________________________
  • #5
  • Jan 9, 2017 10:11am Jan 9, 2017 10:11am
Start demo first, treat them as real money.
Best Trading times EU and US sessions.
I would start personaly Eur/Usd cheap to trade and good liquidity.(I think if can not trade one instrument there is no point jump around to other pairs)
You will need a lot screen time - to get idea how price bahave (PA)
Not every day market tradable, You must spot quickly range/trend market direction
practice practice and practice and read FF systems and will find ur way of trading

Proove it to yourself you can make money consistantly on few demos before you start trading with real money
  • #6
  • Jan 9, 2017 5:50pm Jan 9, 2017 5:50pm
Don't waste your time,this is a losers game, the only winners are the brokers and system sellers.
  • #7
  • Jan 10, 2017 6:09am Jan 10, 2017 6:09am
Hello and welcome back!
Regarding your questions:
-As far as the current market conditions are concerned you should probably read a more in-depth analysis that people can give you in a forum comment, especially if you’ve been absent from the market for years.
-The same pairs that have always been hot are hot now – EUR/USD, GBP/USD, USD/JPY, USD/CAD, NZD/USD and so on.
-Personally, I would recommend trading them during the relevant trading sessions that concern these currencies – the London for EUR/USD, the American one for USD/CAD and so on.
-Regarding news events – Forexfactory has a good Forex Calendar, I recommend checking what will be the high impact events during the week every Monday before you start trading.
  • #8
  • Jan 10, 2017 6:28am Jan 10, 2017 6:28am
8.15 GMT when big boys start there orders GBP/USD EUR/USD EUR/GBP but be quick in and out or hold good luck
JVM
  • #9
  • Jan 10, 2017 6:37am Jan 10, 2017 6:37am
Quoting orochimaru
Hi Guys, I had left forex trading 7 years ago due to the losses i faced. Now want to have a fresh start again. Need your advice on. - Current market conditions - Which Curency pairs are hot. - When is the right time to trade those currencies. - Which news events to watch. - Any new tools that can help me get a good start. Your valuable advice is appreciated. Thanks & Regards
Did you keep a journal for last time?

Hot currency pairs - you mean high volatility or low spreads?

Right time - you decide there is no right time. your strategy tells you this

news events - this depends whether you're a short term/longer term trader - of course central bank news

tools - why don't you experiment yourself and find out?
  • #10
  • Jan 11, 2017 6:03am Jan 11, 2017 6:03am
Limzy makes a good point about the journal. Even if you didn’t keep one last time it’s a good idea to keep one now.
  • #11
  • Jan 11, 2017 6:11pm Jan 11, 2017 6:11pm
Quoting edge540
the only winners are the brokers and system sellers
Posting the same comments over and over and over again, does not alter their validity -- or lack of.
Nobody's beliefs can change objective reality -- whatever that reality happens to be. Something for all of us to ponder.

So there are no winners except br0kers and vendors? Here is some hard evidence to the contrary.

Having said that, I suspect that this gent might be the world's most consistent retail trader, bar none. Not too many FF members will emulate his performance, I'll give you that.

I guess you'll say that beating odds of greater than a billion to one is mere luck. Well, if his trading results are nothing more than a 'lucky' statistical aberration, then I somehow managed to beat those odds when, 26 months ago, I chose him ahead of all the others. And -- I apologize if this sounds conceited -- but I'll happily continue to reap the systematic rewards that naysayers insist are impossible.

Sorry to interrupt this thread, but hopefully I've offered a glimmer of optimism for some. I'll disappear again now.
  • #12
  • Jan 12, 2017 12:59am Jan 12, 2017 12:59am
Quoting hanover
{quote} Posting the same comments over and over and over again, does not alter their validity -- or lack of. Nobody's beliefs can change objective reality -- whatever that reality happens to be. Something for all of us to ponder. So there are no winners except br0kers and vendors? Here is some hard evidence to the contrary. Having said that, I suspect that this gent might be the world's most consistent retail trader, bar none. Not too many FF members will emulate his performance,...
If one looks at the Forex Retail trading situation objectively (objective reality as you put it) in terms of the performance of all customer funds then the conclusion will be that a consistent and prolonged success is indeed a statistical aberration.
I am not saying it can't happen. I am saying that it must happen at the extremes and the data shows this !
So, yes in the long run only brokers and system vendors make money in Retail Forex.
  • #13
  • Jan 12, 2017 2:43am Jan 12, 2017 2:43am
Get a job, find something useful to do with yourself.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #14
  • Jan 12, 2017 3:40am Jan 12, 2017 3:40am
The problem with retail traders is that they do not have the same tools as the institutions. They have complex models that are used to value instruments whereas Retail traders have to rely on price lagging indicators and technical analysis which will only ever tell part of a story.
They will see price coming up to a top edge, sell it and then get run over because while it might be a top edge it still represents value.

Being able to accurately value something is vital when you are trying to buy something that you intend to sell later for a profit.
Boxing clever since 76.
  • #15
  • Jan 12, 2017 4:09am Jan 12, 2017 4:09am
Dear Orochimaru:

May I ask what driven U to return back to FOREX after 7 years due to traumatic loss in this industry???? Why U think that after 7 years and start on the clean sheet will make you NOT having the previous experience.. If you are coming as a newbie then my suggestion is PLEASE DO NOT WASTE UR TIME to study all over again.. Are you ready to spend years from newbie to become pro on FOREX.. If your answer is YES.. then CONGRATULATION to start your conquest on FOREX Industry.. If your answer is NO, I WANT INSTANT KNOWLEDGE then for sure you will Fail over and over again..

Agree with MINGARY, that the success rate for Retail Forex Trader is VERY LOW.. Some people even said that 95% of Retail Forex Trader are LOOSERS.. I have learned the hard way and fail over and over again.. Yet, I did not give up.. It takes years for me to gain my FOREX skills and I treat FOREX just like other industries.. YOU REALLY HAVE TO UNDERSTAND THE INDUSTRY IF YOU WANT TO MAKE MONEY.. Most of people will give up way before they learn once they encounter multiple losses..

So my question to you... ARE YOU SURE YOU WANT TO COME BACK TO FOREX???? If Not, then just like THE FOOL said "Get a job, find something useful to do with yourself"
  • #16
  • Jan 12, 2017 4:31am Jan 12, 2017 4:31am
Quoting orochimaru
Hi Guys, I had left forex trading 7 years ago due to the losses i faced. Now want to have a fresh start again. Need your advice on. - Current market conditions - Which Curency pairs are hot. - When is the right time to trade those currencies. - Which news events to watch. - Any new tools that can help me get a good start. Your valuable advice is appreciated. Thanks & Regards
Wishing you the best of luck. I have a few threads which might be of interest to you...Trader's Academy..Big Secret etc, take a look, you might find something to help you.
  • #17
  • Jan 12, 2017 7:52pm Jan 12, 2017 7:52pm
[quote=hanover;9429278]

"I deposited £4,994 in November 2014. Twenty six months later, the account balance now stands at £7,045." Whoooopitee doooo,what an incredible investment.You'd be better off working at Maca's and not drinking in the weekends.
  • #18
  • Jan 21, 2017 5:04pm Jan 21, 2017 5:04pm
Quoting edge540
Don't waste your time,this is a losers game, the only winners are the brokers and system sellers.
 
And ignored!!!!!
If you are loser, not everyone is.
 
Brains, experience, discipline, patience will bring you up!!
Beware of robber banks (RB), bad advisors.
  • #19
  • Jan 21, 2017 5:15pm Jan 21, 2017 5:15pm
Quoting orochimaru
Hi Guys, I had left forex trading 7 years ago due to the losses i faced. Now want to have a fresh start again. Need your advice on. - Current market conditions - Which Curency pairs are hot. - When is the right time to trade those currencies. - Which news events to watch. - Any new tools that can help me get a good start. Your valuable advice is appreciated. Thanks & Regards
Welcome Back

I too left the business for awhile to focus on Car Dealer Business and Selling Cars.

London Session is your best bet ( liquidity) and PRICE ACTION with S/R

Lots of good traders here on the thread. read watch ask

Good Luck
Frank Fadi
  • #20
  • Jan 21, 2017 5:45pm Jan 21, 2017 5:45pm
Orochi, do not repeat the mistake almost everyone makes. Do not enter a single trade BEFORE having a good exit plan... Otherwise the seven years old story will simply repeat...

Small help on the exit plan from me: a really good exit plan is NOT complicated, but a SIMPLE plan it is...
Maadik Hugiis. IQ 69.
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