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Thread: Forex Newbie asking some advice

  1. #1
    After being newly introduced to Forex and starting a demo account, Im looking for some information on how best way to proceed forward.

    Initally I spent alot of time looking for systems based on indiors, nevertheless im thinking this isnt the way to go. These indiors simply appear to tell you everything observable from the chart (albeit at a summarised form).

    Am thinking that the very best egy is to realize the price action from the chart, specifically about support/resistance and candle stick patterns (even tho all these are indiors themselves) and getting to know what these can mean in terms of future price movement.

    Obviously, experience and time getting to know the movements and patterns from the charts, yet Im wondering if there's any tips on best way to go about this. For instance, may using particular progr for viewing previous price action or some other particular literature that peopel find helpful and useful.

    Or anybody successful - in case you had to do it again, how would you approach it?

    thanks in advance for any help.

  2. #2
    I'm sorry mine was thr only answer you've got. Someone needs to fill in the gaps.

    Incidentally, 1 thing I did was attempt to identify the good traders inforexintuitiveand if you click on their names and look at their articles that you get an notion of the ideas by going back in time and looking at the charts. It helps that the articles are dated and timed. You can learn quite a little in this way. Additionally, it helps you find out that the bullshitters.

  3. #3
    Quote Originally Posted by ;
    I am sorry mine was thr only answer you got. Someone ought to fill in the gaps.

    By the way, 1 thing that I did was try to recognize the good traders inforexintuitiveand if you click on their titles and look at their posts that you get an notion of the ideas by going back in time and looking at the charts. It helps that all the posts are dated and timed. You may learn quite a little in this way. It also helps you find out that the bullshitters.
    Smike - I believe you've pretty much covered the fundamentals.
    Lobot seems to have a fairly strong plan in place for someone new to forex up to now what he wants to concentrate in on.

    Looking back in my Newbie adventures I'd change a couple of things:
    - I spent too long looking at designer systems on FF/BP and seeking to form fit them to my own schedule/personality.
    - Not accepting the fact that losses must be considered that the price of doing business
    - maybe not accepting trading seriously enough -- if you want to be successful with this it should come before your wife, your children, your pets, your sleeping, etc. until you are successful. The exclusion is the 'day job' supercedes trading. Consider it a safety Stop Loss to your Life.
    - Totally understand the dual edged sword that is leverage ... not the definition given by Investopedia ... instead - how the leverage really works/doesn't work with your egy and broker in real time.

    That's all that I can think of for now but you guys both pretty much have it covered.

    Great Luck Lobot.

  4. #4
    Thanks for that. Your reply is quite valuable. Seriously enough - yes this is a significant thing and you made some importat points. I hope these responses have been read by Lobo?

  5. #5
    Guys, thanks for the responses.

    I like the thought about reading back on some of the threads of the seasoned traders - Ive started looking through James16 thread (its massive tho) and theres alot of helpful advice there.

    I've obtained some historic price data via Forex Tester therefore hope to spent a good bit of time working through that and attempt to apply some of the ideas from the threads before proceeding more seriously onto demonion initially.

    Im ready to place lots of effort and time into this. No matter comes to you easily in this world with no hard work.

  6. #6
    Just a small advice on reading those GIGANTIC threads. Well, atleast it works nicely for me.

    Once it seems it's impossible to read all those thousands of pages, I just read them till I understand the basics and it starts to repeat itself. Then I move like 10 pages before then end of this and then examine them. It's ussually not so difficult to understand what has changed.

    Thank you,
    Albinas

  7. #7
    Guys I need some guie.
    I m in Forex for about 3 weeks and use MT4. I placed a trade on friday and put Stop loss and proceeded to work. My Stop Reduction triggered but it didn't halt my loss and my balance started moving down and down and I lost significant amount of money due to NFP news on friday. This has never happened to me. The Stop loss block is red in colour and I am not certain why it didn't stop my loss. My broker is closed at this time , you believe he will repay me with all the amount lost. I need to know if that has happened to some one before.
    Please advise

  8. #8
    Quote Originally Posted by ;
    Guys I need some advice.
    I m Forex for approximately 3 weeks and I use MT4. I placed a trade on friday and put Stop loss and went to work. My Stop Reduction triggered but it did not halt my loss and my equilibrium began going down and down and I lost considerable amount of money because of NFP news on friday. This has never occurred to me. The Stop loss block is red in color and I am not sure why it did not stop my loss. My broker is closed right now , you think he will repay me with all the amount lost. I need to know if that has occurred to any one before.
    Please...
    Hello! Firstly few questions:

    1. What broker are you currently using?
    2. Is it's real account?

    It never happend to me earlier, but I recall once I downloaded a DEMO account that has some spread bug and when you open a situation with etc.. EUR/USD it required 30-40 pips (any time).

  9. #9
    If it's possible to get in the zone with the chart you are natural abilities will glow.

  10. #10
    Quote Originally Posted by ;
    Guys I need some guie.
    I'm Forex for about 3 weeks and use MT4. I placed a commerce on friday and put Stop loss and proceeded to work. My Stop Reduction triggered but it did not stop my loss and my equilibrium began moving down and down and I lost significant sum of money because of NFP news on friday. This has never occurred to me. The Stop loss block is reddish in color and I am not certain why it did not stop my loss. My broker is closed at this time , you think he'll repay me with all the sum lost. I want to know if this has occurred to any one before.
    Please...
    Contact them if its a platform mistake then there shouldn't be any issues.

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