Help needed for Forex newbie | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Newbie asking a newbie interest rate question: 1 reply

I Need Some Broker Help (Newbie) 24 replies

Forex newbie questions - Pls help 18 replies

Newbie help 2 replies

Help needed for Forex newbie

  • #1
  • First Post: Jun 28, 2004 8:21am Jun 28, 2004 8:21am
Hi All,

I am new to forex and I have setup few demo accounts to learn forex. But I am confused about technical anaysis. Can professional forex traders answer following questions ? I think this would help most of the newbies.

1. What are the technical indicators/combinatins and chart types (5min/30min 1Hr etc...) you are using to make buy/sell decitions.

2. As I am currently working in a full time job. I need to adjust my trading hours with working hours. What is the best time frame of the day to trade USD/CHF,EUR/USD,GBP/USD ..... I am living in Sri Lanka +6 hours GMT.

Thanks,
TGLK
  • #2
  • Jun 28, 2004 8:52am Jun 28, 2004 8:52am
Quoting tglk
Hi All,

I am new to forex and I have setup few demo accounts to learn forex. But I am confused about technical anaysis. Can professional forex traders answer following questions ? I think this would help most of the newbies.

1. What are the technical indicators/combinatins and chart types (5min/30min 1Hr etc...) you are using to make buy/sell decitions.

2. As I am currently working in a full time job. I need to adjust my trading hours with working hours. What is the best time frame of the day to trade USD/CHF,EUR/USD,GBP/USD ..... I am living in Sri Lanka +6 hours GMT.

Thanks,
TGLK
For day trading, the market appears to be very active during these times.
USD/CHF 2:00 am est > 11:00 am est
EUR/USD 2:00 am est > 11:00 am est
GBP/USD 3:00 am est > 12:00 Noon est
Steven
  • #3
  • Jun 28, 2004 11:27am Jun 28, 2004 11:27am
The times would be about from noon to 2100 your timeframe for trading the Forex.
Good Trades,]
Greggo
  • #4
  • Jul 5, 2004 7:51am Jul 5, 2004 7:51am
Quoting tglk
Hi All,

I am new to forex and I have setup few demo accounts to learn forex. But I am confused about technical anaysis. Can professional forex traders answer following questions ? I think this would help most of the newbies.

1. What are the technical indicators/combinatins and chart types (5min/30min 1Hr etc...) you are using to make buy/sell decitions.

2. As I am currently working in a full time job. I need to adjust my trading hours with working hours. What is the best time frame of the day to trade USD/CHF,EUR/USD,GBP/USD ..... I am living in Sri Lanka +6 hours GMT.

Thanks,
TGLK
From what I learn from merlin, we must find a trading system that fit with our trading type. You can find a lot of trading system here and other forex forum. Then after that you can try it (on demo account) and get use to one of them. I myself have been try the BG cross. I hope it will work and then I can fine tune the system to fit with me.

As for the time frame to trade, I think it's start from the early europe session to the late US session.

I hope it will help you. Good trading.
  • #5
  • Sep 1, 2006 10:23am Sep 1, 2006 10:23am
i'm in gmt+7 so i usually trade in ny session . But if you're new , you should choose another time because NY session is very hard to definite a pivot . There are many trends in NY session too .
You should choose your own system , there is no one system better than others . if it fit with your trading , you should choose it !
  • #6
  • Sep 2, 2006 5:17pm Sep 2, 2006 5:17pm
Well, what most have said is true. It an individual call to learn what work best for you. I sleep more throungh the day Central Standard Time. My woman friend works late and calls to talk when she off work, around 1-2 a.m. my time. Boot Time and start watching. During the European Session I can watch EUR/USD go up and when the USA session I can see the opposite, NOT ALWAYS!!!!
Now as far as Technical. I feel a person needs to use what they feel work best for them. RSI, try changing Time Periods, instead of a Default of 14 try 20 or 30. Normally I do try keeping everything on the same time period. If, RSI on 20, then SMA/EMA on 20 including Bolinger Bands. One thing I have found, is a person can use too many indicators and O-silly-stuff. Here in America we have a saying; "KISS; 'Keep It Simple Stupid' ". I use most things for an idea of how the Market is moving. I learned to read Candles long ago in the Stock Market and they have become my Friends. I know them all by name. Doji, Morning Star, Hammer etc. But, they alone only tell me what the next candle will do!!!! 3 hours later they can be going opposite of my trade. Many people use Indicators and Oscillators, from this Psycology Perspective we can use them to our advantage to understand what people think, but, only to an extent that the Market will allow. True Economics plays an important role in Technicals (My Opinion). What I use are these; RSI, SMA/EMA, Fibos (Fibonacci). Bolingers are OK too. But, I not like too many lines all over my charts. If, I use Bolinger Bands, I usually remove the Fibos. News coming in through the day usually tell me where a Pair is in reference to the Fibos anyway. Also, when we place the Fibos on our charts we may not always have them where others do. We may use different High/Low, but, I have found in most cases it may be close enough.
I do about three types of trades. One is day trade and Technicals are good here. The other two trades I make take more time. Here I mainly look at past History and Fundamentals.
Just remember; there many ways people do this. You have to learn what work for you. You get too many ideas and it can cause more confusion that help. Just take what you feel you can use to help you and Develop your "System" from there. You can spend years trying different things. Develope a Stratagy and make it work from study and looking at past Charts to see if your idea can work with adjustments.
It like painting a House. Some people paint left to right, others paint up and down, both will work if the person learns to paint!!!
Hope this helps more than confuse!
  • #7
  • Sep 3, 2006 8:18am Sep 3, 2006 8:18am
Hi!

I am also new in Forex.

I suggested you test some simple method from this forum first, such as MA Cross/RSI. Once you understand how that system work, change some number and see what is the effect.

As a newbie, try 1hr/4hr/Daily chart, it is easier to find out the trend. Remember, trend is your friend.

The first thing you should do a try difference method you found in this forum and check which one is suitable for you. There is no one-fit-all system in this world.

Currently I am using MA Cross/Vegas Tunnel/Fibos/RSI.

PS:NEVER,NEVER,NEVER think making big money in the beginning..
  • #8
  • Sep 4, 2006 3:25pm Sep 4, 2006 3:25pm
Well, I hope you got some answers to your questions regarding technical analysis and I hope you understood most of it - the best advice I saw was KISS - keep it simple - Most programs teach a methodology which is simple once you get the hang of it but when you start out it can be a daunting task, learning not only about technicals but just about how the forex works and the different personalities of each currency cross. We have a motto at our school - Trade For Pips Daily. The "T" stands for trend - It is much easier to trade with the herd than trade against it - so find out the trend."F" stands for the Fibs or Fibonacci this is the biggest thing for me because no matter what time frame you look on they help you understand where the market will go and when it will retrace. The "P" stands for previous support and resistance - the market will respect and respond to these levels of support and resistance - very important and lastly the "D" stands for divergence - this is one of the only ways to tell what the market will do since the MACD is a "leading indicator". Also you need to find charts that you can "see" find indicators you can use and easily manipulate. Hope this info gives you something to review and "chew" on.
  • #9
  • Sep 23, 2007 11:31am Sep 23, 2007 11:31am
hi there,

i'm new to forex too... currently i'm only using bolinger band to study the market movement...

do u think i need to use other band like rsi,sma or others to get more accurate result, or use only bolingerband,,,

regard

anand


Quoting ItLikePoker
Well, what most have said is true. It an individual call to learn what work best for you. I sleep more throungh the day Central Standard Time. My woman friend works late and calls to talk when she off work, around 1-2 a.m. my time. Boot Time and start watching. During the European Session I can watch EUR/USD go up and when the USA session I can see the opposite, NOT ALWAYS!!!!
Now as far as Technical. I feel a person needs to use what they feel work best for them. RSI, try changing Time Periods, instead of a Default of 14 try 20 or 30. Normally I do try keeping everything on the same time period. If, RSI on 20, then SMA/EMA on 20 including Bolinger Bands. One thing I have found, is a person can use too many indicators and O-silly-stuff. Here in America we have a saying; "KISS; 'Keep It Simple Stupid' ". I use most things for an idea of how the Market is moving. I learned to read Candles long ago in the Stock Market and they have become my Friends. I know them all by name. Doji, Morning Star, Hammer etc. But, they alone only tell me what the next candle will do!!!! 3 hours later they can be going opposite of my trade. Many people use Indicators and Oscillators, from this Psycology Perspective we can use them to our advantage to understand what people think, but, only to an extent that the Market will allow. True Economics plays an important role in Technicals (My Opinion). What I use are these; RSI, SMA/EMA, Fibos (Fibonacci). Bolingers are OK too. But, I not like too many lines all over my charts. If, I use Bolinger Bands, I usually remove the Fibos. News coming in through the day usually tell me where a Pair is in reference to the Fibos anyway. Also, when we place the Fibos on our charts we may not always have them where others do. We may use different High/Low, but, I have found in most cases it may be close enough.
I do about three types of trades. One is day trade and Technicals are good here. The other two trades I make take more time. Here I mainly look at past History and Fundamentals.
Just remember; there many ways people do this. You have to learn what work for you. You get too many ideas and it can cause more confusion that help. Just take what you feel you can use to help you and Develop your "System" from there. You can spend years trying different things. Develope a Stratagy and make it work from study and looking at past Charts to see if your idea can work with adjustments.
It like painting a House. Some people paint left to right, others paint up and down, both will work if the person learns to paint!!!
Hope this helps more than confuse!
akFX1
  • #10
  • Sep 23, 2007 2:05pm Sep 23, 2007 2:05pm
Quoting anand01
hi there,

i'm new to forex too... currently i'm only using bolinger band to study the market movement...

do u think i need to use other band like rsi,sma or others to get more accurate result, or use only bolingerband,,,

regard

anand
Stick with BB until you understand it inside out. Once you can hit a good % of winning trades with just the one Indicator, I suspect it may be worth trying another. If you have the time, demo with the 2nd indicator until you get at least the same win % and then see which of the two seems easier. Try them together for a while, this might add confirmation to keep you out of some losers.
But the clearer your screen the easier it is to concentrate on price. Study this thread if you haven't spotted it yet, and combine the Price Action with BB first. http://www.forexfactory.com/showthread.php?t=2331
  • #11
  • Sep 23, 2007 3:30pm Sep 23, 2007 3:30pm
Quoting PeterFM
Stick with BB until you understand it inside out....
Sorry Pete, but I think John B himself is probably The Only One that understands BB inside out.
Reason: He figured it out and made it visual.
Only mho.
  • #12
  • Sep 23, 2007 3:53pm Sep 23, 2007 3:53pm
Quoting Bemac
Sorry Pete, but I think John B himself is probably The Only One that understands BB inside out.
Reason: He figured it out and made it visual.
Only mho.
Point taken, but I'm sure you get my drift. Learning to trade using one tool for a start gives him a chance to relate what's happening on-screen with what's happening with the indicator.

Perhaps I should have phrased it differently, but I suspect the same applies to any Indicator. What appears to be happening today may not translate into what happens tomorrow, so getting to know when certain patterns appear, and how to interpret them in the light of current Price Action, is what we are all seeking to achieve. Yes?
  • #13
  • Sep 23, 2007 4:03pm Sep 23, 2007 4:03pm
Quoting PeterFM
Point taken, but I'm sure you get my drift. Learning to trade using one tool for a start gives him a chance to relate what's happening on-screen with what's happening with the indicator.

Perhaps I should have phrased it differently, but I suspect the same applies to any Indicator. What appears to be happening today may not translate into what happens tomorrow, so getting to know when certain patterns appear, and how to interpret them in the light of current Price Action, is what we are all seeking to achieve. Yes?
Yes "I" do, but your explanation was not aimed at me.
btw...
Waaaay better explanation.
I would like to add...
If you do not know the math and particularly the constituants of any particular Indicator, then you should not risk one dull dime on it.
  • #14
  • Sep 23, 2007 4:18pm Sep 23, 2007 4:18pm
Quoting Bemac
Yes "I" do, but your explanation was not aimed at me.
btw...
Waaaay better explanation.
I would like to add...
If you do not know the math and particularly the constituants of any particular Indicator, then you should not risk one dull dime on it.
English I can do, math I can't. Is there NO hope for me?
I remember reading this from you before, (and, I suspect, Twoblink) so did go off and re-think what I was using, and why.
In the end I dumped everything that foxed me the most, and ended up with what foxed me the least.
I wish I had your math brain, but I haven't so have to make the best of it.
  • #15
  • Sep 23, 2007 4:22pm Sep 23, 2007 4:22pm
Quoting PeterFM
English I can do, math I can't. Is there NO hope for me?
I remember reading this from you before, (and, I suspect, Twoblink) so did go off and re-think what I was using, and why.
In the end I dumped everything that foxed me the most, and ended up with what foxed me the least.
I wish I had your math brain, but I haven't so have to make the best of it.
Math is Not About Numbers ! Math is about what You Have OR May Have in Your Basket. Make it Real and the curtain Will Fall.
  • #16
  • Sep 25, 2007 11:46am Sep 25, 2007 11:46am
Quoting PeterFM
Stick with BB until you understand it inside out. Once you can hit a good % of winning trades with just the one Indicator, I suspect it may be worth trying another. If you have the time, demo with the 2nd indicator until you get at least the same win % and then see which of the two seems easier. Try them together for a while, this might add confirmation to keep you out of some losers.
But the clearer your screen the easier it is to concentrate on price. Study this thread if you haven't spotted it yet, and combine the Price Action with BB first. http://www.forexfactory.com/showthread.php?t=2331
hi there

i would like to know whether the bolinger band will operate in same condition for both real account and demo account???

did anyone ask this question b4???

regard

anand
akFX1
  • #17
  • Sep 25, 2007 12:17pm Sep 25, 2007 12:17pm
Quoting anand01
hi there

i would like to know whether the bolinger band will operate in same condition for both real account and demo account???

did anyone ask this question b4???

regard

anand
But your brain won't! Trading with real money bears no relation to demo.
When you do go live, trade with the same method but only use the smallest lot size your broker offers. If it's 0.01, or 0.10, trade only singles for a while, just to get a feel for how your emotions change even if it's pennies you're losing.
  • #18
  • Oct 27, 2007 6:51am Oct 27, 2007 6:51am
Hi man,
I have two options for you. If you want to learn technical analysis, you'd better read some books and do a lot of practice. Some good starting points are stockcharts.com and forexpreparation.com. Those two pages gave me more technical analysis knowldge and trading ideas than most books I have read covering the topic. On forexpreparation.com you even have some free video tutorials. I hope this will help you.
Cheers
  • #19
  • Oct 31, 2007 9:21pm Oct 31, 2007 9:21pm
thanks nasko for info and technical analysis web site

regard anand
akFX1
  • #20
  • Nov 9, 2017 3:08am Nov 9, 2017 3:08am
Typically I do have a go at keeping everything on a similar time period. I utilize most things for a thought of how the Market is moving. I figured out how to peruse Candles long back in the Stock Market and they have turned into my Friends. I know them all by name. Doji, Morning Star, Hammer and so forth. Be that as it may, only they just disclose to me what the following light will do!!!! after 3 hours they can go inverse of my exchange. Many individuals utilize Indicators and Oscillators, from this Psycology Perspective we can utilize them further bolstering our good fortune to comprehend what individuals think, in any case, just to a degree that the Market will permit.
0 traders viewing now