New to Forex: Where do I start? - page 2
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1) Forex can be highly profitable if you use COMPOUNDING to your advantage. If you can net 3 pips a day on your account ( about 3% if you have 100:1 leverage), you are on the path to riches. The problem starts when you try to go after the 100 pip gains. It's the tortoise / hair story!!
2) DO NOT CONCERN YOURSELF WITH OTHERS - FOCUS ON YOUR ACCOUNT, YOUR TRADES, YOUR SYSTEM, ETC... What others are doing is only a distraction at best.
You don't need a bunch of indicators to trade. ( I know this sounds funny coming from someone who has programmed hundreds of indicators ). But it's true!! Forget about all those SQUIGGLY LINES!!
All you need is the H1 candle chart and/or D1 candle chart. If the candle is green, trade long. If the candle is red, trade short. It really is THAT SIMPLE!! Just learn to be happy with making 3 - 5 pips. Oh yeah, you'll have to use an ECN type broker rather than a fixed spread broker.
So read through the BabyPips course a few times then start with a demo account so you learn the platform. After you are comfortable with the platform, fund the account and begin trading 1 minilot. When you make enough to buy another minilot, then and only then, should you increase your lot size.
WELCOME TO THE JUNGLE!hmm 3 pips a day at 3% a day.. well that means the stoploss would have to be -3 to keep with MM rules. And that is smaller than most spreads.
I agree 100's of pips are not the only way, but as a trader who takes 30 per day from short term and 1000 + pips per week from longer term, i think there are many ways to trade the markets, but it is simply down to which way suits your trading personallity, style and time requirments..
Also i dont think "TheRumpledOne" made it clear that those were his views only, not THE views. There is more than one way to cook an egg. And things like stochastics etc help. Indicators are not used for no reason. So be sure to check out all possible courses of action, as there are so many. And other pro traders like myself would not dream of simply trading long on a green candle ans short on a red. There are many other factors that can move the market so my advice would be. a) be carefull who you listen to. b) Invest in education before the markets. 95% of people FAIL. That is no matter of opinion, thats a fact.
yeh probably best to not reply, you already look pretty stupid. Advice to new traders, ignor therumpledone. he has no clue.
Hi,
Forex can be profitable only if you've good proven forex system and you keep on running your system consistently...put your stop loss whenever market against you... cut your losses and let your profit run ...
The most important is DISCIPLINE ...this's what I learn from the senior trader.
Do your research continuously ...fill your brain with new data pattern everyday...turn it into your own profitable system..
Very true!
The financial world of forex is very risky.. So better to be very careful on that!
and yeah, be discipline! A method without a discipline doesn't make any sense..
Opps...... person started this thread on 10-17-2006, and he posted only one post. and then left forum.
hi
found this thread again after 2 years !
Where's the man who created this thread ?
long life forex-tsd
LEARNING is one step to enter this jungle
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Forex Indicators Collection
Hi Mike
welcome to wild "FOREX WORLD"
There r no limits to the amount of money you can make in trading forex, but remember 90% (average) of traders who ever trade lose their account and that 10 % actually go bankrupt.
a slight correction to your figures, if you would allow ---- 90% of NEWBS (not traders) do not make it and honestly, Ive never heard of bankruptsy figures !
Common Misconceptions of New Traders
They think they can trade consistently with an 80% accuracy
New traders can rarely make 80% accuracy, but experienced traders can actually achieve 100% over quite a length of time --- Ive produced 302 consecutive winning trades in less than 2 months, although it was a specialized manual system I was using !
The absolute neccessity of ALL traders is EXPERIENCE, and that experience takes a whole lot longer than you can imagine unless youre being mentored by a VERY good trader (one year is considered minimum for very quick learners who are essentially on their own)
As a newb, you dont yet even know what you dont know, and it will take time as each lesson sinks in and leads to questions that are answered on the next thing you learn -- after a while of that, you begin to understand what the questions should be, like ANYTHING else in life !
Learn "trend trading" first (google a lot !) which will give you a good place to start with your demo trading, and then progress --- you will soon find the direction you are moving toward and you will find there are countless ways to trade, from trading the one minute chart to trading the daily, with every timeframe in between, but it will take you a decent amount of time to find your particular niche.
I wish you luck, as there is no simple way but one of study, observation of what the market does and when it does it, what effect news has on the trend, how to determine the trend, and probably a thousand more things.
All of it will come, and hopefully every day you should have an "AHHA" moment ---- after enough "ahha's" you will begin to see how it works.enjoy and trade well
see you in a year
forex trader
hi guys , i wanna to learn more about forex , can anybody tell me the steps to be a forex trader ?
how to start ? and where ? ( without baying money at first untell i will be able to trade as a trader )
thnx
hi guys , i wanna to learn more about forex , can anybody tell me the steps to be a forex trader ?
how to start ? and where ? ( without baying money at first untell i will be able to trade as a trader )
thnxhi
hi guys , i wanna to learn more about forex , can anybody tell me the steps to be a forex trader ?
how to start ? and where ? ( without baying money at first untell i will be able to trade as a trader )
thnxlearn the basic of forex first , what's forex , what's the trend etc the tool you need you can download Meta trader4 platform like IN10TION said .
You can find many free ebook on the net
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Forex Indicators Collection
hi guys , i wanna to learn more about forex , can anybody tell me the steps to be a forex trader ?
how to start ? and where ? ( without baying money at first untell i will be able to trade as a trader )
thnxThe best place to start trading forex is this site:
Forex Trading Online Training: Learn Foreign Exchange Currency Trading
FerruFx