New to Forex: Where do I start? - page 6
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Hello everyone,
I am new in this forum. I hope I will find it interesting. Please can you recomend some good expert Advisors for me to trade with?
Thanks
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!)
MichaelThis won't help you since the basics are wrong. Most if not all books will advocate one indicator or another but all indicators are derivatives of price. This means that they lag. They show you, in another way, where the price has been and then attempt to guess where the price will go. This is a fallacy, since the price in and of itself has no memory of where it's been and doesn't care whether your indicator is 'supposed' to be right 70% of the time.
What you need to do is study Order Flow and Price Action. Understanding the concepts of Supply and Demand and Support and Resistance would be a good start.
Also, learn the habits of the "The Herd". This is the 95% of Retail Forex Traders that are not profitable but often make bad decisions in concert (reacting to, wouldn't you know it? Things like support and resistance).
Remember that Forex is a zero sum game. Someone always wins and someone always loses.
Think about who has access to the most information and who is just stabbing in the dark. The key is to learn to differentiate between the two.
Indicators like MACD, Alligator, etc, can earn a profit but only as long as the market 'supports' this by moving in the way that these indicators attempt to exploit. The market is dynamic and may change in such a way as to make any given indicator worthless.
The simplest example of this is the guy who tries to use a trend indicator in a congested market.
unlike a video game more you click, more you lose
lol, have to say that's funny.
back testing
Hi, I am new to this forum. I've read all thru the babypips 'classes' and been trying to learn as much as I can whenever I can about forex. (I spend almost every waking moment studying it when I'm not working, lol). I've learned A LOT, but I know I have a long way to go before going live. I'm excited to have found this forum. I've been demotrading for about 3 months. I've been trying different methods/strategies to see 'how' they work. But it takes days before I can see how things work out. I just wondered about how some of you back test. I don't want to run any EAs. Just wanna test like going live, being able to 'virtual' place orders, stop losses, and takeprofits. I've been pulling my charts up offline and pushing F12 for each ticker, but it's a very slow process. Just wondered if there are any other ideas out there. I've tried to figure out a way to do it in excel, as well, but to no avail.
I think I found one. It's called LFH simulator (LearnAtHome.com). Has anyone tried it? It works in the MT4 expert advisor.
MP -- this is just the beginning -- lots more time coming.
you arent gonna like this post, but it may well be the best thing to hold with you over the next year --- you have entered a new world, with its own laws and rules and sharks and angels, language and intents --- 3 months in and youre still one of the newbs who hasnt an idea of what YOU DONT KNOW !
Forex, once you get to the point of experience and decent historical learning is actually very simple, although certainly not EASY to get to that point !
as time goes by, you will learn more and more and after one year you will begin to start understanding whats going on, but it should take you at least another year before you can explain it well to others ---- after 3 years of still being in the market, you can rest assured that its simply all UP from here.
I teach others how to make 300 - 600 pips a day, and while total pippage definitely depends on the day and the momentum therein, its easily within the ability of anyone wishing to get to that point and willing to FIRST learn how the market works.
backtesting is a concept, but not a great idea as it never takes into account the many things that happen between pushing the entry button and closing the trade.
The greatest thing you can learn is SUPPORT AND RESISTANCE, because that is how the game is played, aside from news hopping on the bandwagon every now and again.
Once again, its just not that hard, but like anything else worthwhile, you HAVE to learn it first, then polish each thing you learn as you work your way into whatever your "niche" in the market will be.
another piece of advice is to NOT trade the longer timeframes so that you can see the results of your ideas faster --- 15 minutes in a non-news driven market is as long as you should wait, and that can take all day long.
Using EA's will NEVER teach you a thing, and most likely reduce you to the land of wiped out traders who used EA's only with NO knowledge of how the market works.
so in my best "dutch uncle" manner, allow me to ask you to stick around and demo constantly till you can pull in at least 9 out of every 10 trades, LEARN what this market is doing when it looks like absolute absurdity to you and PRACTICE what you learn constantly.
enjoy and trade well
mp
Hi, I am new to this forum. I've read all thru the babypips 'classes' and been trying to learn as much as I can whenever I can about forex. (I spend almost every waking moment studying it when I'm not working, lol). I've learned A LOT, but I know I have a long way to go before going live. I'm excited to have found this forum. I've been demotrading for about 3 months. I've been trying different methods/strategies to see 'how' they work. But it takes days before I can see how things work out. I just wondered about how some of you back test. I don't want to run any EAs. Just wanna test like going live, being able to 'virtual' place orders, stop losses, and takeprofits. I've been pulling my charts up offline and pushing F12 for each ticker, but it's a very slow process. Just wondered if there are any other ideas out there. I've tried to figure out a way to do it in excel, as well, but to no avail.
Good advise mp. It took me 6 years to know every thing there is to know about Forex.......and then the markets changed. It's like the joke about knowing all the answers till they change the questions.
mp
Hi mp,
You mention you teach people to learn to trade. It is hard to find good mentors that are not just out to make money (that is con artists who make their money from victims and not from trading). Do you still teach and is the class still open to new students? If this is mentioned previously then I apologise, I spend a lot of time reading threads and can easily miss bits.
i'm stuck and need someone to pull me!!
hello people. i've currently finish roughly the basics of trading. know a bit about MA, MACD, stockhastics, RSI, CCI, bollinger bands, parabolic sar. but i don't really know how to put it to good use. i searched online and found many strategies and courses. but they cost a bomb. and we don't even know if they really work. i relaly don't know where to go now. i don't want buy those costly products. do i really have to? are there anywhere i can learn to create good strategies for free? or is there anyone providing profitable strategies out there for free? i use to practice short timeframes on demo, but i feel that it's not that easy to find the trend and catch it. so i moved on to longer timeframes. anyone suggest i should stay on shorter time? thanks in advance.
MP -- schooling
the present method used is a general "schoolhouse" method of reading the materials i have presented and speaking with other "students" and more senior students --- any questions not able to be handled by the more senior students are replied to by me.
at a point down the road, when all of the absurdity of the market begins to make a small amount of sense, I live trade with students.
Everything is absolutely FREE and I DO NOT WANT to handle your accounts or anything else --- its simply my legacy to the new traders coming up.
PLEASE understand that this is NOT a system but rather a fairly comprehensive LEARNING of what makes the market tick and move the way it does and how, once you are tuned in and using a few tools, you can predict with amazing accuracy where to place a TP point on any timeframe you wish to use ----- it is NOT a quickly learned system though !
But I will not mention the location on another persons website without their permission, so private mail is the only option.
enjoy and trade well
mp
Hi mp, You mention you teach people to learn to trade. It is hard to find good mentors that are not just out to make money (that is con artists who make their money from victims and not from trading). Do you still teach and is the class still open to new students? If this is mentioned previously then I apologise, I spend a lot of time reading threads and can easily miss bits.