Forex Newbie asking some advice - Page 2
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Thread: Forex Newbie asking some advice

  1. #11
    As a Currency Market trader my advice for newbies would be do not let greed take over. When bidding begins successfully, traders frequently forget about the above set goals, hoping for the same effective continuation. However, the market is very volatile and trends may quickly end. When the target price is reached, immediately withdraw the profit or raise the stop-price to avoid losses. This tips are little but effective, all you need to try those.

  2. #12
    Focus on risk management(RM), that will provide you 80% of your profits. The system just should work 60 percent of the times.
    Focus on what's important and that's RM. Learn where you can set your stops, together with what lot you'll be able to work, how to move stops, and making 1 per day is enormous, if you make more, good lord that's impressive. 1% a day is like 20 percent/month, envision it using 100k, thats 20k/month! 240k/year!
    You should NEVER lose more than 3% of your acc in a commerce, thats just ridiculous. When I lose my reduction is at max 0,5 - 1,3 percent of it.
    __________________________________________________ __________________________________________________ ___
    If I could return and start again, I'd center on the RM. Trade as simple as you can and backtest manually for 3 hours a day for 3 weeks to find some screen time. Then I'd jump to demo for a month to get the gig of it and when profitable for 60% I'd go live.
    Good luck there!

  3. #13
    My advice to all of expert traders please do not invest your real money for live trading if you aren't sure about your trading ability! Here fortune isn't without experience and trading wisdom! In addition, you have to increase your profit ratio slowly!

  4. #14
    hey guys, im like entirely new to forex and I am learning how to trade using keltner channels. This indior doesn't provide me a slot to switch the EMA to 13 and to 1.6%, please assist.

  5. #15
    Well, trading egy doesn't mean just indior established system! Chart reading is a part of technical analysis! On the other hand, fundamental analysis is very much important here! Without doubt, for being a successful trader we need to use both sort of market analysis!

  6. #16
    For me the key is to loe one simple indior, in the start I charged my charts with all sort of indiors and systems, now I just go with Moving Averages and so are fine! Money management is also a major Key!

  7. #17
    Quote Originally Posted by ;
    For me the key is to find one simple indior, at the start I charged my own charts with all sort of indiors and systems, now I only go with Moving Averages and so are fine! Money management is a major Key!
    Moving average is the most popular indictor for the transactions who are especially newcomers. But I didn't get better outcome for a newcomer by utilizing this approach as like demonion when I have kicked off a live account.

  8. #18
    Quote Originally Posted by ;
    thanks in advance for any help.
    You are welcome. Here's what occurred to me personally. I spent hours/days/weeks working out a system of my own based on macd, rsi and stochastics and it worked , even as a mechanical system. Statistically I am now able to see it was no better or worse than most of the indior based egies outlined here on FF. The problem is draw down. If you don't know what you are doing a mechanical system will take you to the depths of despair before trundling off to profit again.

    So that your paragraph about price action s/r is spot on. Price action is your market. It is the top edge. You want to devote a lot of hours to understand it. I mean a lot. I've, and I have still got a long way to go. Make sure your posture is correct and try changing mouse hands so it is possible to utilize it left handed. When you believe you've got this, the market will trip you up and graze your nose and over again. Get used to it.

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