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Main guidelines for beginners

  • #61
  • Mar 28, 2017 5:27am Mar 28, 2017 5:27am
To move onto a live account a trader shouldn't just experiment, they should find a good strategy and then train themselves to use it over a considerable period of time before investing their money in it. Otherwise it's just too risky.
  • #62
  • Mar 29, 2017 2:26am Mar 29, 2017 2:26am
Quoting mlawson71
To move onto a live account a trader shouldn't just experiment, they should find a good strategy and then train themselves to use it over a considerable period of time before investing their money in it. Otherwise it's just too risky.
and should we try to always try before running trading in a real account, by practicing beforehand and struggle very long indeed if you want to succeed in trading, so we need a lot of sacrifice and of his trading mentality to be able to be increased in the running trades his ,
  • #63
  • Apr 6, 2017 11:39am Apr 6, 2017 11:39am
any of you guys use candlestick patterns? like hammer, reverse hammer etc?
  • #64
  • Apr 6, 2017 1:07pm Apr 6, 2017 1:07pm
As a beginner, you are probably going to face all kinds of mistakes along your trading way. However, being educated and realistic is what will sustain you on the path to trading successfully. When you overtrade your account, you'd lose money instead of earning a lot of money.
  • #65
  • Apr 7, 2017 3:26am Apr 7, 2017 3:26am
- best time to trade
We make money when price changes. The best time for you is what you can handle. If the market is moving fast do you freak out and want to close your position or have you sized your position, set your stops, and are able to weather the storm? If the market is moving too slow do you get bored and leave it unattended? Do you open and close trades in minutes (scalping), hours (day trading), days to weeks (swing), or years (investing).
Choosing this will dictate the best time to trade...

- how to make your strategy
A good trading strategy has five components:
1) What markets to trade
2) What size of position to take
3) When to enter
4) When to exit (losses and wins)
5) How to buy or sell

- what to avoid
There are so many pitfalls for a new trader, here are a few:
Avoid overtrading, undercapitalization, or being overly emotional. Avoid being over leveraged, under studied, or over confident. This small list should be enough to avoid for starters.

- what indicators to use at the start
I currently do not use indicators. So I could not recommend any.

- what brokers to trust
I trade with Oanda and have had no issues. I enjoy the benefit of having a demo account that never expires, no minimum deposit, tight spreads, and variable position sizing (no standard lot, mini lot, micro lot).

- investments
Not entirely sure what you mean by this. But a good investment is in your education. Some say time in the market is the only real educator, but that is only true for those who understand. Time playing the piano does not make you an expert. You can't just sit down and stare at the keys and expect to gain some super useful insight. Get a mentor and you won't have to re-invent the wheel. Read all the books, watch all the videos, read all the forums. You will begin to see a pattern in the information, just like you begin to see patterns in the charts. Most of the paths are well trodden. Most people simply regurgitate what others have said a thousand times. So it won't take long to realize what everyone is repeating. Hidden within those vast echo chambers are some nuggets, and some insights you will make yourself. Things will click eventually.
  • #66
  • Apr 7, 2017 9:40am Apr 7, 2017 9:40am
Quoting nummularius
- best time to trade We make money when price changes. The best time for you is what you can handle. If the market is moving fast do you freak out and want to close your position or have you sized your position, set your stops, and are able to weather the storm? If the market is moving too slow do you get bored and leave it unattended? Do you open and close trades in minutes (scalping), hours (day trading), days to weeks (swing), or years (investing). Choosing this will dictate the best time to trade... - how to make your strategy A good trading...

Thank you for the detailed opinion and feedback! Regarding the investments I was thinking about best ones for beginners to start testing brokers, the market and some basic strategies regarding the amounts. A lot of them are falling for the premise that a big trading volume brings high rewards in short time frames and this is a recipe for disaster if you don't know how to handle the trades. I am asking for your feedback in your experience over this, that was my point.
  • #67
  • Apr 12, 2017 7:59am Apr 12, 2017 7:59am
Can anybody advice good resorces with good explanation of the charts theory??
  • #68
  • Apr 13, 2017 12:39am Apr 13, 2017 12:39am
Quoting hasmunfx
Can anybody advice good resorces with good explanation of the charts theory??
Ill send some links by message.
  • #69
  • Apr 13, 2017 3:26am Apr 13, 2017 3:26am
for beginners in running the most important trading for each trader in running practice, forex is a business that has a high risk, so try to always run to maximize the ability of trading so that more can be easily obtained profits
  • #70
  • Apr 25, 2017 11:38am Apr 25, 2017 11:38am
Can anyone link some good resources on the use of trend lines and channels as S/R? :/ I see a lot of people using them and I want to test if my lines are correct.

Thanks
  • #71
  • Apr 25, 2017 2:02pm Apr 25, 2017 2:02pm
Quoting Redpips111
Can anyone link some good resources on the use of trend lines and channels as S/R? :/ I see a lot of people using them and I want to test if my lines are correct. Thanks
You will probably dismiss this piece of advice, but just forget about trend channels, they won't help you. But S/R is legitimate, and I tend to make "zones" out of S/R instead of lines because of the arbitrary nature of just placing a price level line. I place a rectangle that covers the general area of the highs of a resistance zone or the lows of a support zone. It usually is fairly slim, otherwise it's not much of an area to begin with. Here's an example:

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDproDaily.png Size: 53 KB
  • #72
  • Apr 25, 2017 3:34pm Apr 25, 2017 3:34pm
Quoting Kanzler
{quote} You will probably dismiss this piece of advice, but just forget about trend channels, they won't help you. But S/R is legitimate, and I tend to make "zones" out of S/R instead of lines because of the arbitrary nature of just placing a price level line. I place a rectangle that covers the general area of the highs of a resistance zone or the lows of a support zone. It usually is fairly slim, otherwise it's not much of an area to begin with. Here's an example: {image}
How far so you draw yor zones to? From the resistance all the way down to the next support?

Also so how reliable do you think are fibs? If they are reliable, what is the best time frame to apply them to? Also when drawing a fib, do you draw them on upcoming trends or past trends??

thanks so much!
  • #73
  • Apr 25, 2017 3:49pm Apr 25, 2017 3:49pm
Quoting Redpips111
{quote} How far so you draw yor zones to? From the resistance all the way down to the next support? Also so how reliable do you think are fibs? If they are reliable, what is the best time frame to apply them to? Also when drawing a fib, do you draw them on upcoming trends or past trends?? thanks so much!
Fibs are trash. So is every other indicator. Save yourself a few years of confusion and throw all your indicators in the garbage. I draw my support and resistance enough that it covers the relatively close highs and lows that define it. It does not cover the area from resistance all the way to support, that would take up too much space on a chart and there may not be any other obvious zone to match it with.
  • #74
  • Apr 25, 2017 4:37pm Apr 25, 2017 4:37pm
Quoting Kanzler
{quote} Fibs are trash. So is every other indicator. Save yourself a few years of confusion and throw all your indicators in the garbage. I draw my support and resistance enough that it covers the relatively close highs and lows that define it. It does not cover the area from resistance all the way to support, that would take up too much space on a chart and there may not be any other obvious zone to match it with.
haha, youre probably right. With the fibs and all the S/R Ive drawn, the charts seems to get really cluttered with a whole bunch of colors and lines. Back to the OG method of S/R .

Another question, are psych levels ever important? I read that psych levels are crucial to S/R, but for some reason price always pushes right through them no problemo..

thanks! learning a ton!
  • #75
  • Apr 25, 2017 4:44pm Apr 25, 2017 4:44pm
Quoting Redpips111
{quote} haha, youre probably right. With the fibs and all the S/R Ive drawn, the charts seems to get really cluttered with a whole bunch of colors and lines. Back to the OG method of S/R . Another question, are psych levels ever important? I read that psych levels are crucial to S/R, but for some reason price always pushes right through them no problemo.. thanks! learning a ton!
Well, first of all I just want you to know straight up I'm not a profitable trader yet. More or less break even...I guess you can follow my trade explorer over time, it's a new one as I took about a 2 year hiatus as there were some domestic priorities and making no money on a time intensive hobby didn't make sense. I think I have the right course, lots of good entries but working on my exits is something I have to continue to improve. That and picking good setups and not settling for mediocre meh ones.

That said...yes, they can be important, but they're not the end all be all that some people make them out to be. Institutions often target psych levels for stop loss hits, because a lot of traders place stop losses around highs or lows just beyond a big round number. Often price will spike into an area of order imbalance where they immediately reverse. Have a look at the following post for an example I took last night, where 110 on USD/JPY was in play. Price spiked below it in order to scare everyone into liquidating longs or creating new sell orders, which institutional traders then took the other side of to go long. Knowing this was a possibility beforehand, I held onto my position and earned a very precise entry on the following move up. Follow the whole sequence of posts, it will show you how it worked out.

Quoting Kanzler
Taking this long if price can get to it. Everything on the chart screams that there should be orders here. After the break of resistance which was tested in three places, the consolidation should represent the decision to move higher. A little nervous about the round number not being far away enough for institutions to want to push some fakeouts though. M5: {image} M1: {image}
  • #76
  • Apr 25, 2017 10:37pm Apr 25, 2017 10:37pm
For beginners in running the first trading that we try to always run good trading, by learning to do practice to maximize the ability to be better able to forex we run with can bring in the success
  • #77
  • Apr 26, 2017 9:08pm Apr 26, 2017 9:08pm


Quoting Kanzler
Save yourself a few years of confusion and throw all your indicators in the garbage.
SPC * Swollen PocketZ Crew!
  • #78
  • Apr 26, 2017 10:04pm Apr 26, 2017 10:04pm
Beginner in running the trading it will be good we always to run a good trading in the course of trading with practice. Forex business is a high risk business, so business with always run trading with practice on the run as with demo account or contest demo contest instaforex broker
  • #79
  • Apr 27, 2017 5:44am Apr 27, 2017 5:44am
Quoting gabanda
Beginner in running the trading it will be good we always to run a good trading in the course of trading with practice. Forex business is a high risk business, so business with always run trading with practice on the run as with demo account or contest demo contest instaforex broker

Man leave us and this thread alone. instaforex may pay you something for this crap but this is trading in general, not with a certain broker. I am sure your IQ is higher than your shoe size and you understand. Go and make a website for this or promote it on Facebook just like all the other guys like you do, but more civilized.
  • #80
  • Jun 21, 2017 12:39pm Jun 21, 2017 12:39pm
Quoting gabanda
Beginner in running the trading it will be good we always to run a good trading in the course of trading with practice. Forex business is a high risk business, so business with always run trading with practice on the run as with demo account or contest demo contest instaforex broker
For practice Fx trading demo account is more appropriate for the traders who are particularly beginners. But they don’t use this trading place greatly and always exciting about live trading . in order to me , instead of demo account for practicing trading we the beginners can take live account with small balance.
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