help wanted
- Thread starter SFox
- Start date
- Watchers 5
Welcome to the forum.
My tips......
Don't be tempted to open or use a real money account until you have mastered the trading platform and trading profitably or at least breakeven.
Avoid the trap of thinking there is an EA (Expert Advisor) that will be your financial salvation. There are some brilliant ones "out there" but these are just not available to us "Lemmings".
When you open your first account, make it a "mini" one (1 Lot = 10,000 rather than the standard 100,000). These are also known as "Cents Accounts" where 1 Pip is worth 1 cent. This way your losses will be much smaller and you won't lose sleep - on the other hand there is nothing to stop you doing quite large lotsize comparable with a "Standard" account i.e $1 per Pip.
Read, read and read about trading and use few (only) indicators. You don't need to spend $$$ on indicators - there are many proprietary indicators are clones of other already freely available ones.
Don't be greedy. Look for a profit of between 2~3%. Don't have more than 2 open orders at any one time. If you keep chasing the "big moves" you will find profits disappearing as a retrace claws back your gains and more often than not turns into a loser. Conversely, avoid hoping a losing trade will come back and eventually turn into profit but set a Stop Loss to allow normal price fluctuation. The problem with losing trades is it ties up your capital and inhibits opening new trades.
If you do these things you will:
a) Avoid losing a lot of money and bypass the agony of disappointment after disappointment with all these useless EA's and Indicators
b) Progressively increase your balance.
Good luck!
My tips......
Don't be tempted to open or use a real money account until you have mastered the trading platform and trading profitably or at least breakeven.
Avoid the trap of thinking there is an EA (Expert Advisor) that will be your financial salvation. There are some brilliant ones "out there" but these are just not available to us "Lemmings".
When you open your first account, make it a "mini" one (1 Lot = 10,000 rather than the standard 100,000). These are also known as "Cents Accounts" where 1 Pip is worth 1 cent. This way your losses will be much smaller and you won't lose sleep - on the other hand there is nothing to stop you doing quite large lotsize comparable with a "Standard" account i.e $1 per Pip.
Read, read and read about trading and use few (only) indicators. You don't need to spend $$$ on indicators - there are many proprietary indicators are clones of other already freely available ones.
Don't be greedy. Look for a profit of between 2~3%. Don't have more than 2 open orders at any one time. If you keep chasing the "big moves" you will find profits disappearing as a retrace claws back your gains and more often than not turns into a loser. Conversely, avoid hoping a losing trade will come back and eventually turn into profit but set a Stop Loss to allow normal price fluctuation. The problem with losing trades is it ties up your capital and inhibits opening new trades.
If you do these things you will:
a) Avoid losing a lot of money and bypass the agony of disappointment after disappointment with all these useless EA's and Indicators
b) Progressively increase your balance.
Good luck!
what do you mean how to manage with tools? do you mean how to undertand and use the indicators? every indicator has a special use it's going to be quite difficult to explain all indicator for you but I can try to make you a video or write an article for you if you have twitter: @ForexBabies. Tweet to me.
the demo account like like a real account but with virtual money. apart from that everything is just like a real account.
the demo account like like a real account but with virtual money. apart from that everything is just like a real account.
Welkommen!
You may want to check out some of the free resources online on currency trading. After you have understood the basic concepts, set up a demo and go through all the charts, indicators and understand what each one is used for. After which, you can do the demo, figure out a strategy and move on to live account [small one, pref micro] later on..
Good luck!
You may want to check out some of the free resources online on currency trading. After you have understood the basic concepts, set up a demo and go through all the charts, indicators and understand what each one is used for. After which, you can do the demo, figure out a strategy and move on to live account [small one, pref micro] later on..
Good luck!
Welcome aboard, SFox,
I just started Forex in Feb of this year. Learned all I could/can freely off the net. Something I tell everyone is, "keep it fun and exciting." Never, NEVER focus on the profit! Perfect your own style of trading, work it and the money will follow. Trade "outside the box" occassionaly to keep it interesting. For the next 6 months, lock yourself into learning mode. Nothing else.
Quickly, it should start coming together. Use whatever you deem necessary as you begin. You'll soon begin to cull your indicators as you get familiar with them. Get on 2-3 forums like this one and read everything. This prep's you for the life you're entering.
Many say to have some sort of busness plan. I suggest you set a "goal" and attempt to hit it daily. When you can do it, raise the stakes and repeat. Otherwise, what will you use as a reference marker? Don't let Forex become a J.O.B.!
It's a great, fruitful, harrowing ride. Climb on, have fun and enjoy.
I just started Forex in Feb of this year. Learned all I could/can freely off the net. Something I tell everyone is, "keep it fun and exciting." Never, NEVER focus on the profit! Perfect your own style of trading, work it and the money will follow. Trade "outside the box" occassionaly to keep it interesting. For the next 6 months, lock yourself into learning mode. Nothing else.
Quickly, it should start coming together. Use whatever you deem necessary as you begin. You'll soon begin to cull your indicators as you get familiar with them. Get on 2-3 forums like this one and read everything. This prep's you for the life you're entering.
Many say to have some sort of busness plan. I suggest you set a "goal" and attempt to hit it daily. When you can do it, raise the stakes and repeat. Otherwise, what will you use as a reference marker? Don't let Forex become a J.O.B.!
It's a great, fruitful, harrowing ride. Climb on, have fun and enjoy.
Hi SFox (nice user name
), I would like to answer you question about Demo vs Live account. In many cases, depending on the broker, the demo account is exactly the same as the live account. The only difference is the psychological factors that take control of every trader when they put their hard earned cash up at stake.That being said, I honestly don't think anyone can learn anything on a demo account (other than how to use a platform). You should open a live account with the broker's minimum deposit and open very small positions to get a hang of the emotional hurdles.
I can recommend some sources to you:
babypips.com has amazing education
forexlive.com has the best FX news around
zerohedge.com is another great news source -- focusing on all financial instruments
Also, it's vital to learn trend/support and resistance lines, Fibonacci, the different uses of moving averages, and a few indicators. Most brokers have education that speaks to these things. DM me if you have any questions. I'm going to try to make of habit of visiting this forum daily.
Hold On To These Principles
I realize that this may be too much for someone just starting out, but hold on to these principles. If nothing else, these considerations will show you what you're up against.
1. Environment
Have you assessed the environment in which you plan to trade? Is it volatile? Is it trending? Is it choppy? Is it being driven by scheduled news announcements? What time of day is it? Is it a rollover day? Is it subject to seasonal influences? Is it a popular market? What time frame is most appropriate? Should I use more than one time frame to assess the environment? What does the economic calendar say for today? How do I assess the overall environment? Should I use indicators or some other method?
2. Money Management / Position Size
What is your account size now? How much of your account can you risk on this trade? What position size will maximize the return? Where must your stop be? Will the stop placement jeopardize your risk tolerance? Is the MFE/MAE ratio favorable to your planned position size? Are there correlations in your positions?
3. Entry
At what price should you enter? Should you enter at the market? Should you enter on a breakout at a specific stop price? Should you enter on a pullback with a limit order? At what time of the session should you enter, based on the environment in this market? Do you go all in with one entry, or is it best to scale in? Should you plan to average down? Am I going to use an indicator? What indicator(s) should I use? Why am I entering this trade?
4. Position Management
Should you leave this position on overnight? Are trailing stops appropriate for this trade? Would chandelier stops work better? Should you add to the position, based on market behavior? At what point do you minimize the risk of losing focus with an action or protective order? Have I reached my daily loss limit? Should I hedge my position?
5. Exit
Should I exit at the market? Would a limit order be better? Would a stop order be even better? Should I trail the position now that exit is the strategy? Should I scale out or exit all the position with one order? Has the trade met my target? Did I have a target? Has the environment changed, requiring an exit even though my target hasn’t been hit? Why am I exiting this trade?
6. Post-trade Reflection / Assessment
How much money did you make / lose? What mistakes were made? How can you improve the step(s) in which the mistake(s) were made? What were the metrics for this trade – MFE, MAE, hold time, session traded, position size, trade direction, and others?
I realize that this may be too much for someone just starting out, but hold on to these principles. If nothing else, these considerations will show you what you're up against.
1. Environment
Have you assessed the environment in which you plan to trade? Is it volatile? Is it trending? Is it choppy? Is it being driven by scheduled news announcements? What time of day is it? Is it a rollover day? Is it subject to seasonal influences? Is it a popular market? What time frame is most appropriate? Should I use more than one time frame to assess the environment? What does the economic calendar say for today? How do I assess the overall environment? Should I use indicators or some other method?
2. Money Management / Position Size
What is your account size now? How much of your account can you risk on this trade? What position size will maximize the return? Where must your stop be? Will the stop placement jeopardize your risk tolerance? Is the MFE/MAE ratio favorable to your planned position size? Are there correlations in your positions?
3. Entry
At what price should you enter? Should you enter at the market? Should you enter on a breakout at a specific stop price? Should you enter on a pullback with a limit order? At what time of the session should you enter, based on the environment in this market? Do you go all in with one entry, or is it best to scale in? Should you plan to average down? Am I going to use an indicator? What indicator(s) should I use? Why am I entering this trade?
4. Position Management
Should you leave this position on overnight? Are trailing stops appropriate for this trade? Would chandelier stops work better? Should you add to the position, based on market behavior? At what point do you minimize the risk of losing focus with an action or protective order? Have I reached my daily loss limit? Should I hedge my position?
5. Exit
Should I exit at the market? Would a limit order be better? Would a stop order be even better? Should I trail the position now that exit is the strategy? Should I scale out or exit all the position with one order? Has the trade met my target? Did I have a target? Has the environment changed, requiring an exit even though my target hasn’t been hit? Why am I exiting this trade?
6. Post-trade Reflection / Assessment
How much money did you make / lose? What mistakes were made? How can you improve the step(s) in which the mistake(s) were made? What were the metrics for this trade – MFE, MAE, hold time, session traded, position size, trade direction, and others?
Er..
Now that just made me grin but yes, it would be advisable to check out the cha
rts and come up with a strategy for "trading"..LOL
Now that just made me grin but yes, it would be advisable to check out the cha
rts and come up with a strategy for "trading"..LOL
