New Trader Need Help
look for the Holy Grail indicator...it will solve all your trading problems
gerrycycles
thats there are so many ways to trade the market...its not done with a simple answer...
Be aware that millions try to be trader, less very less, can live from trading... and not really other people can teach you...
youtube is full of strategies and lessons...
You need to know the basics, like support resistance levels, money management and stuff like that and than
find your trading system, which makes sense for you... and than exercise with demo account with a real amount what you also would invest.
Trading systems and indicators, you are already on the right place here at ForexTSD, Mr. mladen and Mr. mrtools are perfect and good persons.
dont jump at too many things... stick to one and read... and also dont follow to much people...
Keep your minds free... learn your system, try to find "falling knifes" and make your system better and better.
Wish you success!
All the best
Nicole
Hi Gerry,
You are surely on the wright place concerning the indicators.... You have repaintable indicators and non-repaintable indicators (here you will find mostly NRP indicators so what you see is what you get). That's a relief you know ): You shouldn't bother with repaintable indicators as you can never evaluate your entries after, only with NRP indicators you can.
I divide trading into four basic things and will explain them very short:
1) The mind: which is often overlooked and is very important:
Why are you trading for? kids, college, pension, cover expenses, as a hobby.
Stress means bad decisions: so determine when will you be trading (Frankfurt session, London or NY session, Asian session)? / On what Timeframe will you be trading (good traders use multi timeframe). I personally prefer the London and NY session and love playing around with the 15MIN TF and 4HR TF. Not much activity on the Asian session.
2) Money management: what amount of money are you willing to loose on each trade.... A golden rule is 1%/trade towards 3%/trade. Therefore you should know your equity (the current account balance) and your Stoploss. The higher the Timeframe you trade, the higher the Stoploss will be so the smaller your lot size will be. The smaller the TF you trade, the lower your Stoploss will be so the higher your lot size will be. I personally don't calculate this but I use a money management Tool like Icefx to do this for me.
3) Strategy: This will be your trading strategy for instance you can use a Simple EMA crossover e.g. EMA3/EMA21 crossover for entries. Additionally you should add additional confirmation indicators like CCI, MACD or OSMA, and other very good indicators you can find here ): You can then switch to more advanced strategies and indicators later...
4) Trading basics and trading management:
Trading basics: You should know how to draw a simple trend line or how to recognize important support and Resistance levels. This is old school stuff but none of the less very important and you will see that marketplace tends to be drawn towards those levels and also be bounced off these levels. Try it out you will see what I mean.
Trading management: A minimum of 1:1 Win/loss ratio should be maintained, preferably a 2:1 Win/Loss ratio. When in profit, how do I stay in profit? Building in a break even and trailing your Stoploss manually or with robot are you secret weapons as a trader.
Much Success....
Forexblasters.
SUPPORT-RESISTANCE ZONES – A MUST KNOW FOR EVERY TRADER
Support-Resistance zones are inevitable part of trading just like Trend Lines (read here the article on Trend Lines which also includes a free trading strategy). So in this post i would like to continue the subject and talk more about the S/R zones.
SUPPORT-RESISTANCE DEFINITION:
These are exact market zones where the price tends to hold above or below. These zones are determined by number of times the price has stopped and reversed.
It is really important to mention that S/R zones are ZONES. Not lines. A range that you can spot and rely on usually on higher time frames. For example a weekly support has bigger chances to make the price bounce up from it. Just keep in mind that If you are looking at M15 chart, these zones may not be as reliable. My advise is to stick to Weekly/Daily/H4 charts mainly.
Hi everyone,
New to trading - looking for some good techniques on when to enter my trades.
Can anybody here point me in a good direction?
Thanks!
Hi Gerry,
You are surely on the wright place concerning the indicators.... You have repaintable indicators and non-repaintable indicators (here you will find mostly NRP indicators so what you see is what you get). That's a relief you know ): You shouldn't bother with repaintable indicators as you can never evaluate your entries after, only with NRP indicators you can.
I divide trading into four basic things and will explain them very short:
1) The mind: which is often overlooked and is very important (in fact the most important one if you want to succeed long term).
Why are you trading for? kids, college, pension, cover expenses, as a hobby.
Feelings like greed, anger towards the brokers (chasing the market) can lead to great losses.
Stress means bad decisions: so determine when will you be trading (Frankfurt session, London or NY session, Asian session)? / On what Timeframe will you be trading (good traders use multi timeframe) and which currency pairs you will be trading (not too many). I personally prefer the London and NY session and love playing around with the 15MIN TF and 4HR TF. Not much activity on the Asian session.
2) Money management: what amount of money are you willing to loose on each trade.... A golden rule is 1%/trade towards 3%/trade. Therefore you should know your equity (the current account balance) and your Stoploss. The higher the Timeframe you trade, the higher the Stoploss will be so the smaller your lot size will be. The smaller the TF you trade, the lower your Stoploss will be so the higher your lot size will be. I personally don't calculate this but I use a money management Tool like Icefx to do this for me.
3) Strategy: This will be your trading strategy for instance you can use a Simple EMA crossover e.g. EMA3/EMA21 crossover for entries. Additionally you should add additional confirmation indicators like CCI, MACD or OSMA, RSI and other very good indicators you can find here ): You can then switch to more advanced strategies and indicators later...
4) Trading basics and trading management:
Trading basics: You should know how to draw a simple trend line or how to recognize important support and Resistance levels (these are horizontale trendines). This is old school stuff but none of the less very important and you will see that marketprice tends to be drawn towards those levels and also be bounced off these levels. Try it out you will see what I mean.....
Also Support levels become Resistance levels and vice versa. The market price always move in a zigzag way and are attracted to these levels...
You can have a trending market (which is ideal), a sideways market (which we all should avoid), and a break out market (which is fun to trade most of the time).
Stay away from high impact news (see forexfactory news calendar), only if you are very experienced you can trade those moments....
Stay away from lower TF's like 1MIN and 5MIN TF when you are an absolute beginner because of the whipsaw effect.
Advanced: learn FIBONACCI principles to determine possible Take profits, Stoplosses and how far possible pullbacks will go.
Trading management: A minimum of 1:1 Win/loss ratio should be maintained, preferably a 2:1 Win/Loss ratio.
Then When in profit, how do I stay in profit? Building in a break even and trailing your Stoploss manually or with robot are you secret weapons as a trader.
Much Success....
Forexblasters.
:-)... thats the right way :-)
Can't agree. 95% of new traders loose and most will never come back. Why? They don't understand what Forex is and that one have to think out of the box. Tipps like 'Stay away from M1 and M5' are for the cat. If you can trade in low tfs, you can trade everwhere and you learn so much here. The mechanics are exactly the same and don't differ at all. Fast and many many opportunities. I also don't see why to avoid sideway markets. Ok, win/loss ratio is maybe only 1:1 or 2:1, in trends you have 3:1 to 5:1. Everyone can trade easy markets, but the goal must be to trade also 'difficult markets'.
My first tipps would be:
- Read good books (the more they are hyped, the worse and useless they are - my experience) and read some forums
- Always be open for new
- Trend lines and Support/Resistance as lines and zones (therefore see one or two timeframes higher)
- Watch M1/M5 timeframes live and see how price and your system develop
- Fibonacchi levels
- Less is more (don't mess up the chart - professional traders have a very clean chart - that's the goal)
- Don't immediately discard a system when there is a loss - loss is part of the game (otherwise it would be boring) but always be openminded for new ideas (many approaches are combinable)
- Learning Forex needs time and much patience
- Don't trade over night - many traders (especially beginners) can't sleep with open positions and that you are awake is very important.
- Always keep in mind that trading is fun and the market is your friend.
Greetings
I wouldn't recommend M1 and M5 to an absolute beginner because of whipsaw effect ... and if I do I would do it between Frankfurt and London Market (nice movements then). The hardest thing is picking the right entries then but at these times you have the best shot (look at the chart at these times and you will see soon why)..... More safe is the 15MIN TF. Multi TF trading is super once mastered but is hard for a beginner.
Finally it's up to trader what he likes to trade (short TF's or longer Tf's). I think it's totally diffierent. One thing is for sure you have more opportunities if you trade shorter TF's.
Success.
If you omit the learning process you are going to miss the most important thing : you
Don't look for systems. Look for learning
100% d'accord
But somehow they always forget it :)
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Hi everyone,
New to trading - looking for some good techniques on when to enter my trades.
Can anybody here point me in a good direction?
Thanks!