Newbie needs lots of questions answering

[sharesr4us]

hi guys,

I've spent the last few months learning/studying abt forex markets by reading babypips.com and trying to discipline myself into following the trend rather than jumping in and out without any good reason and getting my fingers burnt in the process.

I've opened a demo a/c with Alpari UK and plan to trade in GBP vs USD only.

Now I've got metatrader 4 and have a EA program loaded called PROFX as i was told this maybe the best for me as a beginner.

My questions are:

1. Which site is the best for the latest news, especially for the currency GBP vs USD, which i'll be trading in?

2. What are your experiences with PROFX and is there any setup you highly recommend?

3. PROFX has an indicator which allows you to set the 2 timezones (see pictures below - blue vertical bands), so am i right in saying the two timezones should be 8am-5pm GMT for UK and 1pm-10pm GMT for USA?

4. PROFX recommend M30 and H4 timeframe charts. Could you please look at the charts below and see if anything needs altering, i.e. do i need to zoom in/out, do i need to change the colours of the candles or add any other indicator?

For now these are the only questions, but i'm sure i'll have a lot more yet ...thanks again!

kind regards

sharesr4us

30 MIN CHART

4 HOURLY CHART

[/B]

 

[sharesr4us]

anyone? pls help!

 

[alan5616]

anyone? pls help!

I can't advise you on whether the EA you're using is effective or not, I've never used it.

Forget about reading all the info you can on £/$; you'll find it very confusing as many so-called experts have differing views. Use the EA on demo account and adhere strictly to the trading rules for it. Make your entries and exits in accordance with those rules and assess it's profitibility after a month or so.

 

[Jason Rogers]

hi guys,

1. Which site is the best for the latest news, especially for the currency GBP vs USD, which i'll be trading in?

If you're trading the gbp/usd and want to know what news events are coming out, I would recommend starting with an economic calendar. Here is the one that I use www.dailyfx.com/calendar

I also watch Bloomberg and the Financial Times for macroeconomic news. Most of the forex brokers will have streaming news when you setup an account.

 

[demeanor]

My questions are:

1. Which site is the best for the latest news, especially for the currency GBP vs USD, which i'll be trading in?

hi there....I think you can refer www.gnutrade.com/market_talk/index.html for GBP vs USD and you can also refer fxstreet. also.

 

[Bint_Crusher]

Good practice, do not trade around the news. Your broker will eat you alive. FX street gives you the news but don't trade it.

 

[tomorton]

I don't trade FX but would point out one enhancement that is available on some candlestick charting packages. Ordinarily there would be two styles of candlestick - e.g. light colour for a period with higher close than the previous close, and dark for a period with lower close than the previous.

Some packages allow this to be doubled, so as to show -
1. higher close than previous and up on the open
2. higher close than previous but down on the open
3. lower close than previous and down on the open
4. lower close than previous but up on the open.

Generalising greatly, 1 and 3 suggest continuation of trend, 2 and 4 suggest interruption of trend. These different characteristics are not enough to trade alone but can give an added clue to price action.