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Hi Guys
As a newbie here I was wondering what advice more seasoned traders would contribute to a FX newbie? From research I've done it'd appear that trading that the tendency is recommended for newcomers and to concentrate on the longer time frames rather than the shorter ones. Is this the way to go?
Any ideas or opinions appreciated.
Thats one way to put it, but it is going to just slow your forex expansion don't you think guys?
Yes I agree with both, notably longer timeframes
Have a go through all of the sticky newcomer information here. Make certain that you learn appropriate MM!
Best of luck on your journey
Mike I agree with Mike. He beat me to it recommending a look at the stickies in this part. In Case You Have not seen it yet (not sure how much a newcomer you are), you might Have a Look at the School section on Babypips.com as well
I concur with Mike also but that does not mean you should not assess the Lower TimeFrames to Time your Entry.
Remember though, that you're Trading the HTF do not allow the LTF swings kick you out without assessing the HTF Chart for affirmation.
Good fortune HTH
Longer time frames help you avoiding overtrading. This is quite beneficial for newbie since avoiding overtrading means preventing to lose a lot of cash.
Longer time frames have another benefit, they greatly decrease the spread cost impact on your trading.
Anyway, having said that, as I see it, there are no other benefits with longer time frames compared to shorter ones. For me personally longer time frames aren't simpler to trade or more predictable compared to shorter ones.
When I was in my beginning I lost both on shorter and longer time period with the same win/loss ratio, no difference at all. The distinction was, on longer time period you have to wait a lot of time simply to get your losses, on shorter time frames you will understand a lot more early if you're right or not. Since you will lose anyway (if you are an average newbie) I believe going with longer time frames will considerably increase the time you'll need to learn. But going on shorter time period will greately raise the money you are going to lose.
The real point is to be able to understand that if you are a newbie you just have to avoid trading reside with real cash at all. I suggest you study and also do a lot of manual backtesting on previous charts until you build a fantastic egy. Doing this will also let you discover on your own if there is a time period which better matches yourself. And in the meantime you avoid to squander cash.
My advice is to trade the identical market during the same hours daily. Forget trying to predict. You must go with the flow. Be patient with the entrances and impatient with the winners. Never allow your biggest loser exeed your biggest winner for the day. Also, know when news is coming out to prevent the increase in spikes and spreads. Before things settle down, just wait a few minutes.
I like EURUSD from 7:30AM - 1:00PM (or when things become too slow) EST..
Also, trade very little until you start winning consistently. You will be losing for a while until you get a feel for this.
It's all been great remarks but only one thing left for you men:
pls can you all state the HTF AND LTF each of you speaking about.Maybe 5M,1HR and 4HRS OR 15M, 1HR and DAILY E.T.C. Hope you guys understand.
Thank you,
Alnames.
Longer time frames often require much less time sitting watching the markets, which to me is quite appealing.
longer time frames frequently need much less time sitting watching the markets, which to me is quite attractive. You Know I have been trading for over 5-Years on 30-Minutes chart . . .You Might be right but here I must say that I found 30-minutes chart best for me... My prediction are based on Weekly, Monthly chart's but transactions have been created on 30-Minutes chart...
more time frames frequently require much less time sitting watching the markets, which to me least is quite appealing. I concur in 100%
Hi Guys
for a newbie here I was wondering what advice more experienced traders could give to an FX newbie? From research I have done it would appear that trading that the tendency is recommended for newcomers and also to concentrate on the time frames as opposed to the shorter ones. Is this the ideal way?
Any ideas or opinions valued.
I would say buy a 9-5 job.
Short or long positions don't affect in losses or gains. You can make or lose money with both. You can do the same like me by trying it in DEMO accounts, particularly I favor the brief ones, it seems that the trader learns faster along with his strikes and wrongs.
Using a demonion, although would suggest the same. .
One thing for sure, to get new comers that the best thing to do is keep trading presentation and keep on studying, I know that it can be annoying as you will not be earning any money doing deo, but thats the first step to avoid falling with at the 95% of traders who failed.
Yes trading that the trend is okay, I also recomend that you try different trading systems, different trading methods, and try them out on demo, slowly you'll have a good picture and you'll have the ability to produce your own trading method/system which suits you. and best of luck.
Hi Guys
As a newbie here I was wondering what advice more experienced traders could contribute to a FX newbie? ... Common Guys get real!
I am amazed that account size hasn't yet been cited as applicable to time frame traded.
From my limited experience, it would appear that blindly trading TFs state 1Hr and above with a minimum account of about $250 will be quite unlikely to hold out against the typical drawdown that would happen.
This leads into the second vital fallacy. . .Demo accounts. Certain egies would be OK on demo, once the plogical part is completely absent. Could be very tough to sustain runs that are similar onto a live account.
So to me it would appear that using minimum lots on a live account will actually focus the mind and speed up the learning.
EP
Hi Guys
As a newbie here I was wondering what advice more seasoned traders could give to an FX newbie? From research I have done it would appear that trading the tendency is suggested for newcomers and to focus on the longer time frames as opposed to the shorter ones. Is this the ideal way?
Any thoughts or opinions valued.
Trading is wasting your time and money...
What do u guys think about my egy?
Subscribe to 10 free signs service. Try them on demo account to get a 2 months.
Following the 2 months. Decide on the top 3 most profitable signal service and utilize them live accounts.
Can somebody tell me exactly what the weakness of the egy?
Due
Yes I agree with the two, especially longer timeframes
Have a go through all of the sticky newcomer information here. Make certain you learn proper MM!
Best of luck on your trip
Mike
I agree with Mike, and continue using your demo for better practice.
Hello Men
As a newbie here I was wondering what information more seasoned traders would give to a FX newbie? From research I have done it would appear that trading the trend is suggested for newcomers and to concentrate on the longer time frames instead of the shorter ones. Is this the way to go?
Any thoughts or opinions valued. Yes I agree with the two, notably longer timeframes
Take a go through all the sticky beginner information here. Make sure that you learn proper MM!
Best of luck on your journey
Mike
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