New to Forex: Where do I start? - page 14
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Dailyforex is another good source for forex tutorials.
Source: DailyForex | Forex Basics
Forex trading profit may be vary traders to traders. If traders use some profitable trading strategies then he/she can make big profit as well.
I did not earn big amount still now.
first, don't do day-trading , i.e. force to exit all before end of day
If you're holding positions longer than a day I'd suggest trading stocks and shares because the roll over and interest in forex starts to eat away at your profit very quickly.
Ryan
If you're holding positions longer than a day I'd suggest trading stocks and shares because the roll over and interest in forex starts to eat away at your profit very quickly. Ryan
Not all brokers have swap (roll over), I know brokers, where you can contact with support and ask them to make your account swap free.
first, don't do day-trading , i.e. force to exit all before end of day
then , just probability and net gain
net gain, the way you handle winning > how to stop bleeding in stop-loss
i.e. maybe your broker offer few ways for you to do stop-loss (mine got 3 ways)
so I am used to let the profit run longer
stop loss ---- if you can't figure out an effective way to break even or minimise the loss , then you will become the LOSER group , take all the loss and too excited when you are win little -- this is what majority and newbie belong -- so it is hard
probability, using whatever method (method and template seem to be less important than I first thought , now) , is your method got a higher chance that you will carry Winnings, rather than sustain the Losses, draw triangle -- customised the MT4 menu bar, you will find triangle,
using your whatever method, put some triangle to indicate your intention of direction
then see whether you got higher chance to get it right // or get it wrong -- it is all about probability
----
consider are you position trader -- hold on to a position, no matter what or swing trader, got swing up and down and U-turn thought in your mind --- and find currency pairs that go along with your thinking
-- it is harder than it looks, my current method get me more break-even, then losses, i.e. I could accumulate net gain, that take a while to figure out -- so don't expect to figure out soon if you are just starting
~~~
roll over, i.e. trade more than 1 day
I don't think it is even significant now, when interest rate is so low
some currency, you may earn interest in buy and lost interest in sell when roll over
fxcm platform give a quite clear picture on buy and sell roll over rate
-- aussie could be a high interest currency
I guess MT4 is harder to see the interest rate during roll over
~~ BUT IF you hold more than 1.5 week, then there is some problem , why you hold it so long, few days should be oke, but roll over after friday, there could be GAP, so I usually roll over only for a couple of transaction during upcoming weekend, as fxcm early aussie hour morning give 20 pip spread on the buy rate, so if I already hold buy on friday, it does not affect me, if exit mean SELL
i.e. you must have confidence in your non-exit transaction or you got a good strategy to roll over
exit = all -- i.e. day trade, there is even bad to your mind-set about forex
as the cycle seldom be 1 to 1.5 days thesedays
and day trade lead to frequent trading -- i.e. M5 or M1, that is bad ! and almost guarantee to loss (newbies mistake, I made it once)
one good way to let you start
let's say you are a surgeon in ER
everybody can handle TP (top profit) when they are winnings
how well do you handle SL (stop loss)
a surgeon can either walk away ( exit immediately)
wait to see the wound heal naturally (wait until your position become winning)
see how deep is the wound , then take some measure (this is hedging, the topic searchable could be - financial derivative )
~~~
most people do not handle loss well as 1 USD mean 1 pip -- seem to be fair
but actually, it is very deep - pocketed
and occasional win just mean you got 1 or 2 number right when you buy 10 lotto . lottery ticket ; you ought to get some winning
if you consistent win in forex , just like you come out of a casino and got more money than you go in -- this is what you aim for -- otherwise, forex is just your learning curve for other indexes call / put options trading platform
this should help you to have the mindset to get start in forex
Sure thing Zench79, I will try to do so in simple terms.
Discipline is more universal than money management and it applies to all aspects of trading. Discipline, as you indicated earlier, means that you stick to your rules and not letting fear and greed influence your decision. Furthermore, Discipline plays a rule before you take a trade, during a trade and when exiting a trade.
Money management, on the other hand, is the set of financial rules you follow to stack odds in your favor to live another trading day should you hit a loss. It includes risk:reward ratio, position size, and profit/stoploss targets. Money management helps you grow your account without excessive risk and stress.
Hope this simple explanation helps.
Cheers,
PipMany thanks for the reply. I understand now the difference, because I was putting both discipline and money management under one roof. It's clear to me that without rock solid discipline and adequate money management you will loose big time.
Forex: Where to start
Hello guys, my name is Mike hope to be a regular here
And, a few questions to the reqular traders here if it's okay :P :
1) How profitable can forex be?
2) How much do you earn by trading forex? (I know it's confidential but to anyone who wants to answer it, thanks!)
MichaelHi,
Babypips is a good start, and I suggest you combine this knowledge with at least three months of trading on various demo platforms - this will give you a feel for trading and market realities. Only when you are consistently making money on demos should you transfer to the live platforms and that too with only a quarter of your trading capital. How much you can make depends on good you are as a trader - if that sounds like a motherhood, it is! Have no blinkers here - it can be a while before you develop into a successful trader, so have patience, and of course, capital! Best of luck.
demo account
demo account is the best start for you to develop your strategy and always research about fundamental
and technical strategy.
Begginer in forex
Hey guys , can you recommend a good automated trading platform for a begginer ? I want a platfrom where you can copy signals from other traders. There are many competitors out there so i would want to ask which do you prefer or have tried in the past.
Hey guys , can you recommend a good automated trading platform for a begginer ? I want a platfrom where you can copy signals from other traders. There are many competitors out there so i would want to ask which do you prefer or have tried in the past.
Copying signal from best traders? As far as I know there have eToro and InstaForex offer such features, you can visit their site and check its out. For me, I think manual trading is much better.