New to Forex: Where do I start? - page 12

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A helping Hand

First of all I would agree with many sentiments echoed in this thread.

1. Do not trade with money you can not afford to lose.

2. Trade Objectively

A book I recommend is Trading in the Zone by Mark Douglas

Good Luck

 

I would personally recommend you check out price action trading. It has literally turned my trading around 180 degrees. If you want some good free material about price action, go check out Nial Fuller.

 

MP -- you need another broker, and fast !

in as few words as possible, find another broker

i dont have a clue as to what youre trading with a 15 pip spread but whatever it is, its NOT for you and if the spread starts out much smaller and is expanded as momentum picks up, then you should find yourself a fixed spread broker who allows you to place your order one or no pips away from the market, and there are many of them out there.

this "too close to market" problem was one i warned many about for years, as it can ruin a very nice trade VERY fast, as im sure you have discovered.

enjoy and trade well

mp

TDH52:
Hi,

Im new to live trading. I have been having a few trades with 'Modification denied. Order too close to market'.

I have been looking at my brokers specification, that there is freeze level of a certain number of pips. I was wondering whether lets say the specified freeze level is 2 pips for a 1 pip spread. Does that mean if the spread is dynamic and the spread is 15 pips that the freeze level is 30 pips?

If yes, that would explain when i have a 30 pip trail level i try to close my trade at +60pips i get a 'Modification denied. Order too close to market'. Is this normal?

Thanks
 

hi everyone i'm new here, have been trading in forex for several months and only make very small profit. i've been learning all the indicator stocahstic. macd, MA, CCI, ADX and harmonic pattern trading, but when i put them into one chart it seems they're conflicting each other while the MA is moving up, MACD is well i don't know it will going up or down, and the ADX suggest like +34 but the graph is start to going down and the harmonic pattern i use the ZUP v92, sometimes the box just go up up up (if the trend is going up) and then the pattern disappear, i'm so confused what should i do with this indicator? i trade mostly in 1h and 4h chart, if it helps at any all

ant thanx before cheers:)

 
Viciel:
hi everyone i'm new here, have been trading in forex for several months and only make very small profit. i've been learning all the indicator stocahstic. macd, MA, CCI, ADX and harmonic pattern trading, but when i put them into one chart it seems they're conflicting each other while the MA is moving up, MACD is well i don't know it will going up or down, and the ADX suggest like +34 but the graph is start to going down and the harmonic pattern i use the ZUP v92, sometimes the box just go up up up (if the trend is going up) and then the pattern disappear, i'm so confused what should i do with this indicator? i trade mostly in 1h and 4h chart, if it helps at any all ant thanx before cheers:)

Hi, You really need to see this article: Why Trading With Indicators Inhibits Forex Trading Success | Price Action Forex Trading

 
Viciel:
hi everyone i'm new here, have been trading in forex for several months and only make very small profit. i've been learning all the indicator stocahstic. macd, MA, CCI, ADX and harmonic pattern trading, but when i put them into one chart it seems they're conflicting each other while the MA is moving up, MACD is well i don't know it will going up or down, and the ADX suggest like +34 but the graph is start to going down and the harmonic pattern i use the ZUP v92, sometimes the box just go up up up (if the trend is going up) and then the pattern disappear, i'm so confused what should i do with this indicator? i trade mostly in 1h and 4h chart, if it helps at any all ant thanx before cheers:)

The thing with indicators, is that you need to specialize in one or two. You also can not take signals from these indicators whenever they are given, you need to wait for the market to reach an area or a level where it becomes more predictable. If you take this advice, you will save at least 2 years of learning, but that doesn't change the fact that Forex is best learned through your own mistakes.

 

I agree with the people that say that long term is the best way on the Forex. I have been trading live and with a demo account and that has been the most proven for me as well. I mostly use trendlines but sometimes use simple moving averages.

I started out doing a free Forex school at IntelliTraders. It really helped me learn the basics through their school. I have continued to use them and follow their experts which have proven themselves daily with their strategies.

Overall I think there is lots of money to made in the Forex versus the NYSE because of the lack of volatility. On most days the Forex does not move that much also making it possible for the long term trades.

Let me know if you try the school at Intellitraders, would love to hear if helps you like it helped me. Also, if you can show them promise in a demo account they will sponsor a real money account for you.

 

Go to your favorite search engine and search for electrofx

you will find a free eBook that gets a complete beginner started.

No previous knowledge required

 

Mentors

I would have to say for any new trader, price action is the best way to get started in trading. Once it is learned you can trade any instrument with a naked chart. It's not easy but you need to find a good mentor. I found someone fairly early on who taught me some simple methods and it was like I was taught to fish. lol

My point is you should not waste money on an indicator based system or some holy grail. Find someone that is real and has a proven record. My mentor was Nial Fuller. A real guy that answers emails, teaches what he preaches and watches over your shoulder while you learn the craft.

Good luck!

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