Newbie

ernestngsy

Trader
Aug 16, 2011
2
0
12
Hi,

I'm new to forex. How to identify entry chances and how to track whether I'm on the right track? Any suggestion? I did invest in real money couple months ago. And I always fail to enter in right position and been lost a lot. :(
 

balexander26

Trader
Sep 26, 2011
15
0
12
One of the first things is to find and follow a system. This system must have entry and exit rules. Have you checked the trading systems section here at the forum?
 

danwello

Trader
Oct 8, 2011
9
0
17
www.gmsforex.com
1. Learn the fundamentals of how to trade forex before you begin trading with real money.
2. When you start trading with real money, start small.
3. Choose your broker wisely.
 

Providence

Trader
Nov 25, 2011
3
0
12
I am new here and really really want to learn forex trading. What systems out there are available? Technical analysis, etc?
 

devis77

Active Trader
Nov 8, 2011
39
4
34
One quick though on the system. Choose your system wisely, based on reviews, comments and your trading style. Then take the time to really explore it and see it's advantages or disadvantages. Do that with a demo. One thing that I learned, switching to a new system every day is not a good idea at all, you will get only confused.
An as always the golden rule for a new trader goes like: Don't be greedy !!!! :D
 

saudagar

Trader
Jan 12, 2012
6
0
12
You might like to follow these steps:
1. Education Phase 1 - Read up books and websites like babypips.com
2. Demo trading Phase 1 - find out what kind of trader is inside of you
3. Education Phase 2 - Research trading systems specific to your requirements
4. Demo trading Phase 2 - test out various trading systems and different broker platforms
5. Once you have a record of profitable demo trading, go live with 25% of your capital.
6. Increase capital gradually as you gain confidence and regular profits.
 

tommy0921

Trader
Jan 3, 2011
29
1
17
Hi,
I believe that playing demo only is not enough since we don't have the fear of losing money, or are not affected by human's greed. As a result, combining playing demo and great effort in learning is the best. Deeply understand basic knowledge, and receiving advice is two good way. I have some e-books about this. If anyone needs, just leave message to me. (I don't know the reason why i cannot post here, still wait for admin's reply)
 

cjthelegend

Trader
May 3, 2012
15
0
12
Hi,
I believe that playing demo only is not enough since we don't have the fear of losing money, or are not affected by human's greed. As a result, combining playing demo and great effort in learning is the best. Deeply understand basic knowledge, and receiving advice is two good way. I have some e-books about this. If anyone needs, just leave message to me. (I don't know the reason why i cannot post here, still wait for admin's reply)

Agree with the lack of fear element of your statement. Demo is great for trying out strategies and testing trading systems. And also for becoming familiar with the platform, or trialing a new platform or tool. However, demoing does not introduce you to the level of fear or mental effect of trading with real cash.

This comes from trading real money. But when starting, it is best to use a very small amount of money. Get used to the phsychology of trading and learn 'trading' self before attempting to risk any significant cash.

It is not a quick journey as I am finding. And the learning never ends. Good luck and happy trading :)
 

lyn.forex

Trader
Apr 30, 2012
39
0
12
Getting into forex forums is a good start! You get a lot of ideas, fresh from those professional and experienced. When I started, i didn't deal with real money at first. I started with demo accounts to try and test the system. And before anything else, I learned enough knowledge about forex, the basics, etc. Then with the demo, I got a master and slave accounts. By using these demo accounts I get to try different strategies. Learn the advantage and disadvantage of a system you're using. But I suggest sticking to one platform so you won't get confused and in the end, trading is just simple. Good thing about what I have(Trade Copier, which works on all MT4) now is that I get to manage accounts - add, edit, delete.
 
Apr 17, 2012
59
0
0
I am new here and really really want to learn forex trading. What systems out there are available? Technical analysis, etc?

Here are some simple ways to track your forex trades:
Firstly, you have to just focus on just 1 forex trading strategy at 1 time.
You cannot trade different forex trading strategies together at 1 time, at 1 account.
If you do that -
My question to you is:
How do you know which forex trading strategy is working for you? And which is not working?
Therefore, start trading 1 strategy at 1 time.
Be specific on the strategy and do not deviate or change random stuffs.
Eg. changing the way you enter, exit trades etc.
It has to be consistent all the way.
So run this strategy trades for 20 trades.
At the end of the test, what is your account status?
Are you profitable, breakeven or negative?
Then ask yourself, did you change anything along the way, among the different trades?
eg. the lot size is different, or you should not have entered a certain trade, but you entered anyway.
If there is a deviation – a change,
then you have to restart the entire test.
By using this method of tracking, you will be able to clearly see whether the forex trading strategy you are using is working for you.
Forex Trading Strategies – How to be consistently profitable in forex trading

Besides, i will recommend you to take screen shots of the trades you entered.
This way, you can review all the 20 trades you have entered once the test is completed.
And you can clearly see what are the mistakes you have made on some trades and what are the things you did right on certain forex trades.
This method will prevent you from repeating the same mistakes again.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
Nice clip and to the newbie in question, do the demo, review online resources for trading info and apply it - after a few weeks, self-evaluate your trades and see how well you did on the demo.
Repeat the process until you are satisfied you have got all the info you need and then, move to live trades.
 

fahudmah

Trader
Oct 18, 2012
2
0
12
i am also new in forex trading and this is very good thread where a newbie can learn the basic rule thanks for this share
 

piilot

Newbie
Dec 1, 2015
7
0
1
33
In Forex trading I'm interested 4 a long, definitely more than 10 years. Played a little of both, plus, minus. In parallel tried to learn all the details. But can't define the most profitable co. What do u work with?