Simple system for beginners? - page 3
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I am a newbie in Forex and am looking for a simple system to trade part time.
I work during the day 6am to 4pm USA EST.
Any suggestions would be greatly appreciated.
I have aspirations of doing this full time eventually.I'd suggest getting a good 3 years worth of failure under your belt. The sooner the better.
Be smart and do it on a demo, giving your demo account only the amount of money you'll have to trade for real in 3 years. I believe the first years are about survival and experience. If you are going to trade with real money, you'll be doing well not to blow it all.
If you can survive the first 3 years, you'll have a good shot of making a success of trading.
Currency Myths
There is a lot of conflicting advice in the forex market, making it difficult to know what is real and what is a myth. Both novice and veteran traders fall victim to myths, experiencing both frustration and trading losses when they do. This is why it is important for any forex trader to know the most common myths – so that they can avoid them.
Here are a few to get started.
The first one is that forex trading is a way to get rich quickly. It isn’t. A lot of new traders come into the forex market with exactly this mistaken idea. Some of the more unscrupulous players in the market encourage this, trying to get traders to risk everything on a few throws of the dice. However, successful traders are patient, taking the time to identify good opportunities. They also focus on managing risk, typically keeping the risk with any single trade at less than 3% of their total capital.
Second, many people think that forex is all about short-term trading. There are certainly successful short-term traders, and high leverage has made short-term trading even more popular. However, currencies move in the long term because of fundamental factors, even if they are driven by technical ones in the short term. It is perfectly possible to trade these long-term trends and make good money – in fact, staying in positions for longer periods of time avoids the need to pay spreads over and over again.
Third, many people believe that they need to predict market movements to make money. In fact, most inexperienced traders pore over charts for hours and days trying to do this. Unfortunately, the human mind is wonderful at spotting patterns where none exist, and this can often lead to unconscious biases that affect trading behavior. Traders should always look at real market movements when making trades – and if they do try to predict the market, they should wait for a movement to confirm that the prediction is correct.
Finally, complex strategies are not better, no matter what anyone says. Traders often start using a simple strategy, and then become dissatisfied with what they think are small returns. They then think that they can add extra twists to their system to increase their returns. All this does in most cases is make trading more confusing, leading to more mistakes and losses. On the other hand, using a simple approach, such as following trending markets or trading in channels, is easier to master and still can deliver good profits. Remember that forex trading is not about winning every trade – it’s about making more on your winning trades than you lose on your bad ones. Being disciplined and using a simple strategy is more likely to deliver this result.
good evening everyone, this is a good thread for a beginner like me thank you guys!
I want to tell ill beginners that really, devoid of living being professional or proper trading skill, it is very difficult to avoid huge loss. So, I am very fanatical to being a professional from my first day of trading.
I use SR for trading. Since i started trading and until now. I think, it's the most simple trading strategy for beginners. But we also must understand about the characteristic of market. Because it can not be predicted with certainty. We must try to improve trading skills from time to time.
Yes, I'm agree with the previouse message S&R strategy must be the simplest one, so you can try it
As a beginner it is very difficult to keep survive in this volatile trading place. So, I have selected my trading platform where I am doing Forex Beginners course that is providing all basic fundamental information which is very supportive to be a knowledgeable trader. on the other hand, I have known from this lesion, all important and financial indicators that drive the whole market place. so, very rapidly I am becoming a well informed trader. but, generally we the beginners are at all times willing to earn profit without learning.
What exactly is "That is, open your trade from rejection candle of support/ resistant level"?
Would you mind explaining in detail?
Ok following trend support resistance and filter ranging market using moving averages. It helps a lot improving trading result. Suppose if EU looking bullish last 4-5 days and already established a uptrend in hourly also. At first u can draw a up trendline in 15 minutes and once it will come near support or bottom of up trendline u can buy it with 20 pips sl and take profit of 20-40 pips.
It is absentmindedly factual that As a Muslim I faced lots of problem to trade in a regulated platform. But finally I got the platform where I am getting proper facility like a general trade. I opened my account without any restrictions as like normal account. Therefore, this trading platform has no hidden or extra fees so I get profit that I earned. So my trading life becomes more flexible.