Sticky I'm New To TRADING - Where Do I Start?

[DavidKSawyer]

To make maintained benefits from Forex exchanging, requires inside and out learning of different budgetary instruments, and a great deal of time situated at a PC observing each development in the tremendous worldwide market.

 

[J_C_Anderson]

Other way in such situation is not long-term trading, which looks like investing, but to try so-called swing trades - mid-term trading, when one trade lasts from 2 days to several weeks. Such trades can be based both on technical and fundamental analysis, so you need to find an idea and then only watch the chart. With modern mobile software you can even set an alarm to enter the position and just wait.

Of course you can try to trade intraday after work, but it can be very difficuilt and even exhausting.

 

[NVP]

personally i never hold over weekends ........but i understand when your lifestyle hinders active involvement (as my work did for many years).....others are saying as i say ....trade daily charts as thats all you can monitor...perhaps 4h if you get breaks

 

[MotifSky]

Honestly, something I tell people starting out is to put your trade on and use whatever stop you use for your target and see which gets hit (this helps to determine whether your analysis is good). Work on finetuning analysis and then you can focus on order management. Too many new traders take profits very fast and let losers run which ends up being a bad thing for your account value over time.

 

[NVP]

Happy new week guys.
Please what's the best way to trail a trade strategy on 5mins TF that has 10pips SL and 20pips TP.
Secondly at what point is should be breakeven.
It's has been frustrating so far getting stopped out and watching trade move as anticipated and on the other hand, getting over 12 pips and only getting 1 pip out of it. Please help a newbie.
Thanks and happy trading.

FYI - interesting exit thread here ....I forgot about this one

http://www.trade2win.com/boards/forex/117416-best-exit-strategies-forex-market.html

 

[MotifSky]

Forex is based on making financial operations with foreign currencies. Traders earn money on the difference of exchange rates of them because of that prices for certain foreign currencies are very important. Forex is made only in currency pairs, like for example, USD/EUR, and you need to monitor constantly the market for possible prices changes. Technical analysis is a necessary thing too because it gives an opportunity to understand reasons of the prices changes in past and predict them in future, with such analysis you can catch later a perfect moment for making a really good deal. So you can try trading on weekends but I don't think it'll be enough effective in your case. On the other hand, it's like gambling because it's impossible to predict all changes and sometimes you can earn really good money and sometimes even lose all your capital https://www.investopedia.com/articles/investing/111214/top-5-forex-risks-traders-should-consider.asp
Also an important thing for forex market are brokers https://fx-list.com/ because all your financial operations will be managed by them, as also opening your account. Among them there's a great amount of scam but it's not hard to avoid it if you choose them only from reliable regulatory agencies lists.

 

[Merk Porter]

If a forex trader wants to handle all his funds properly then he will require a strapping back ground of trading skills and comprehension. In order to continue trading journey in a more systematic way in this world market place, a forex trader will need to craft trading plan after understanding his trading needs. Without understanding the trading requirements a trader can’t even select broker that will best for him.

 

[NVP]

If a forex trader wants to handle all his funds properly then he will require a strapping back ground of trading skills and comprehension. In order to continue trading journey in a more systematic way in this world market place, a forex trader will need to craft trading plan after understanding his trading needs. Without understanding the trading requirements a trader can’t even select broker that will best for him.

heres the bottom line guys....

put some money and time aside to learn to trade ........if after 2 years you havnt made it then you need to

1) seriously review and change your approach.....seek out mentors in your chosen market / area to help you.....beg them ......you need help .....to move you forwards

2) just walk away and do something else - no regrets ......

N

 

[Redart_trading]

Thanks Tim. I already got a plan but I miss a lot of my trades out of lack of concentration or fear. Then seeing it 5 to 10 mins later vehemently moving as expected, I try to do catch up which means I don't enter at the precise entry point though the setup is still valid. This messes up my SL position(as I used fixed amount of pips) and break even point. Thus I get frequently spiked out. I think I need a sort of alert system to get me alerted once my setup occurs to ensure early entry. I will sort out the fear issue.
Thanks once again.

Hello Donwealt,

If I can suggest you two books that I found quite useful, and I believe they may be useful for you as well:
- One good trade
- The Playbook

by Mike Bellafiore. They discuss a lot the challenges that a daytrader must overcome to become profitable. :arrowu:

 

[hatemypips]

Hi guys, I am an Experienced Trader and running my own trading company in Dubai.
In the past years I managed different brokerage/trading desks in London and Dubai for almost 15 years.
Recently I start offering a consultancy service on Twitter only for subscribers.

I've been using my trading system for almost 20 years and I made during the years outstanding profits.
If you are a new Trader or Experienced one maybe you could be interested.
If so pls do not hesitate to contact me on [email protected] or using twitter (you find me under 'derivtrades').

Why do you want to make money from teaching of others rather than using your edge in trading and make much more money? Don't you find a bit lacking the sense?

 

[billy77]

Why do you want to make money from teaching of others rather than using your edge in trading and make much more money? Don't you find a bit lacking the sense?

Hi there, I run an investment consultancy firm and I am not teaching any trading system or trading course at the moment. I just enjoy posting my personal trades on twitter and find a challenge and help other traders to make money trading too for a small fee and offer my expertise that's all.

 

[ubeticall]

Hi there, I run an investment consultancy firm and I am not teaching any trading system or trading course at the moment. I just enjoy posting my personal trades on twitter and find a challenge and help other traders to make money trading too for a small fee and offer my expertise that's all.

I guess it also helps if you have a constant income, it takes some of the pressure off

 

[profit838]

If you are new to a forex trading and just started exploring financial markets. You need an experienced teacher who will teach you how to trade profitably, step by step.
You do not need to create a trading system yourself, trust it to those who have been trading profitably in the financial markets for many years.
The teacher will determine your psycho type based on this, he will recommend you a trading type: long-term, medium-term, daily or scalping. For each type of trading, there are already proven forex trading systems that have been operating for more than a dozen years.
You do not need to create the forex system yourself and determine what type of traders you belong to. This will help you avoid mistakes.
An experienced teacher will correct your mistakes. All people make mistakes when they study. This is normal and there is nothing scary about it.

 

[profit838]

Diligence, discipline, and patience will surely give you positive results in forex trading.

 

[NVP]

If you are new to a forex trading and just started exploring financial markets. You need an experienced teacher who will teach you how to trade profitably, step by step.
You do not need to create a trading system yourself, trust it to those who have been trading profitably in the financial markets for many years.
The teacher will determine your psycho type based on this, he will recommend you a trading type: long-term, medium-term, daily or scalping. For each type of trading, there are already proven forex trading systems that have been operating for more than a dozen years.
You do not need to create the forex system yourself and determine what type of traders you belong to. This will help you avoid mistakes.
An experienced teacher will correct your mistakes. All people make mistakes when they study. This is normal and there is nothing scary about it.

sorry couldnt disagree more ...........every successful Active trader has customised a system to work for them ............cloning does not work .....sure you can mirror other traders accounts .....but not the jokers on these scammy mirror sites ...........you need to pay serious money to find good traders to mirror from

N

 

[Jungshin]

hello guys , i am new on this forum , Hopefully more can share trading knowledge than traders who are here . nice can be here

 

[profit838]

sorry couldnt disagree more ...........every successful Active trader has customised a system to work for them ............cloning does not work .....sure you can mirror other traders accounts .....but not the jokers on these scammy mirror sites ...........you need to pay serious money to find good traders to mirror from

N

Only an experienced trader can create a trading system for themselves. Beginners read about the need to create a system for themselves and begin to try to do it, wasting their time.

A trading method that works for one trader can work for millions of other traders.

 

[umoz]

hello guys , i am new on this forum , Hopefully more can share trading knowledge than traders who are here . nice can be here

Hello, man. I am new in trading too. Who can tell with me about FX?

 

[Jungshin]

Hello, man. I am new in trading too. Who can tell with me about FX?

i just know little bit, have try trading in demo 4 month , and real account 2 month

 

[Ovitany]

Welcome you to Forex world.First, you practiced with demo account.
Learn and understand Dow theory, how price movement in support/resistant, price pattern, define price zone. Read and practice it one-by-one until you feel comfortable it.