Some one help me, I am new and losing money - page 3

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Any good books to recommend?

Seems the more I read about technical analysis the worse I do. If I place trades with a 20 pip stop I consistently lose 5 out of 6 times. Seriously, someone should be paying me a lot of money to look over my shoulder and do the opposite of everything I do.

The past couple weeks I've been focusing on Elliot waves. Tonight I blew up my fourth demo account. I'm beginning to wonder if technicals have any value at all and the Wyckoff or Livermore appoach is better? Going with gut feeling certainly couldn't do any worse.

 

have a look at this thread:


start with the basics and move on from there in combination with good mooneymanagement

 
ry3:
Any good books to recommend? Seems the more I read about technical analysis the worse I do. If I place trades with a 20 pip stop I consistently lose 5 out of 6 times. Seriously, someone should be paying me a lot of money to look over my shoulder and do the opposite of everything I do. The past couple weeks I've been focusing on Elliot waves. Tonight I blew up my fourth demo account. I'm beginning to wonder if technicals have any value at all and the Wyckoff or Livermore appoach is better? Going with gut feeling certainly couldn't do any worse.

Sorry for the late answer. Read any book you want but do not adopt a mechanical approach. Forget about the Elliot wave, I do think (this is very personal) that unless you have a super computer to compute all the data required to build a consistent eliot wave pattern, they will be worthless.

Focus on support, resistance, trendline, fundamentals and the trend. If you feel comfortable with those (this is a matter of week not days) THEN you MAY move to indicators (wich I consider to be a pure indication and never a clear signal to trade).

Also if you are reading a candlestick chart, you may consider learning the most important candlesticks patterns before starting to look a indicators.

Good luck with your trading.

 

there are many ways learning on this market but the most important for me, at the same time my learning way, is trading on a demo platform besides reading about the market. contacting brokers is also helpful but depends on your broker availability

 

Hello buddies!!

I have some time and some money to work with. I’ve been thinking about Forex as a way to be a little bit busy and to get more money… I’m just reading and learning and I want some people to share experiences with

 

The most important thing for you is to learn price Action, and always use trailin stops with ur trade (very important!!!)

 

you should learn about old school theory like how to draw a trend line , and the most important thing is you must know what's the trend use this simple system to enter the market and you'll know the result

 

Thanks Coledamilola for your suggestions! I appreciate them. Hey, I have some questions… I hope you could help me with that: I have been reading about Forex and I’m learning, but I have a couple of questions: How exactly can I use it?, What kind of good options has tradeview FX? I’ve heard that’s a good one, but I want to know what’s the difference between it and the others. Thanks a

 

For me the best way to learn about Forex was practicing on a demo account, that's how I got to learn about candles, sl, tp and trend lines. You can read as much as you want but without proper experience you'll never get to understand. About tradeview I've also heard they offer pretty good features.

 

It is good that you are learning about forex trading through Demo account. This will help to learn more about tools of trading and how its usage. It is very important that you know about all the tools of trading and their use. There are people trading this market but without any knowledge, when they loss money in this market they blame the market and the broker.

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