complete newbie

[jd1888]

What do I think happened? Nothing. Nothing 'caused' it to happen.

I think someone posted a chart and drew a line after the event and said “This event was foretold”. That’s what I think they want you to think.

Why didn’t hey draw a line where it peaked between the two red circles?

And what about the peak early November 2009? Why no line there?

And why didn’t the price screech to a halt at the line they did draw towards the end of April 2010?

It’s great looking at price action in retrospect. We’re all fuggin King Kong of the Market Muhammad I’m ‘ard Brue Lee Ali.

Imagine now you’re at the right hand edge of the chart, in real-time and you have to make a call…

What is your call?

Hint: It’s not likely to go lower….

Bramble I don't want to get into an argument with you about this but with all due respect I never once said that "I foretold" the event in the chart.

Of course it was in retrospect. There is no other way to teach than in retrospect the guy knows nothing, all I was trying to do was give him a hint towards the things that he should be trying to learn. I could have draw other lines on the chart but I was trying not to confuse the guy with too much at once.

Heyouth, The Bramble is a well respected member of this forum so I am in no way trying to sh*t on what he said. The reason I showed you the chart with the white line was so that you could get a basic idea of support and resistance. Read up on what it is and the causes that should help you understand what moves the market and hopefully give you step in the right direction to the years of learning that you have chosen to embark on.

Best of luck, you'll need it. :clover:

 

[timsk]

I am really interested in learning how to start trading ad have read through the first step stickys and found them extremely useful and a little overwhelming lol.

So my question is really, where do i start in relation to getting started!?! I have opened a demo account with Intertrader MT4 trading forex, started with 10k last night and lost a grand, reason for this, i did not have the slightest clue why i was buying or selling what i was so i suppose im asking what do you base your trades on?

Hi heyouth,
Welcome to T2W.

I'm glad you've read the first steps stickies and found them useful, but I'm a tad surprised by your subsequent comments. In amongst the links in the Stickies and FAQs is one to the Trading Plan Template (also linked in my signature). If you work your way through this, you will cover most of the basic questions that you need to address.

There are many things to consider long before you start to think about your methodology for taking a trade. You need to be clear about why you've opted for Forex instead of other markets such as equities or index futures. Will you trade spot forex or futures? Do you understand the difference between the two and the pros and cons of each? What timeframe will you trade? Are you planning on scalping a tick chart or swing trading over a number of days or weeks? These are just a few of the big questions you need to try to address to start with. Unfortunately, no one else can answer them for you, as what's right for you will be wrong for the next person - and vice versa.

Having said all the above, if you can't resist just wading in there and having a play, be sure to trade using a demo account and not real money. Be aware of the fact that if you win - especially if you win big - this is just luck and will not be replicated using real money!

Tim.

 

[heyouth]

thanks to jd1888 and timsk. thats all i was really looking for, a push in the right direction. I am going to go through the template and then any other first step stickies to give me a better understanding of where to start.

thanks again

 

[Toad79]

Here is my advice for what it is worth.

1.Only trade the simulator until you are killing it.
2. Find areas of interest(sup/res) from the previous days/weeks mark on chart with horizontal line
3. Only trade with the overall trend at these key levels
4. 1:1 risk/reward at least to start with until you have accuracy
5. Ignore indicators study price.
6. Learn about patterns and their failures
7. Follow somebody's journal that is good and has experience
8. Be patient and disciplined

Hope this helps!

My journal
http://www.trade2win.com/boards/first-steps/

 

[heyouth]

Here is my advice for what it is worth.

1.Only trade the simulator until you are killing it.
2. Find areas of interest(sup/res) from the previous days/weeks mark on chart with horizontal line
3. Only trade with the overall trend at these key levels
4. 1:1 risk/reward at least to start with until you have accuracy
5. Ignore indicators study price.
6. Learn about patterns and their failures
7. Follow somebody's journal that is good and has experience
8. Be patient and disciplined

Hope this helps!

My journal
http://www.trade2win.com/boards/first-steps/

thanks toad that`s a great help, i`m still working my way through the template and i have a demo account waiting for me once i have learned the basics.

thanks again