BabyPips.com Forex Forum - Newbie Island http://forums.babypips.com/ en Wed, 19 Jun 2013 03:51:10 GMT vBulletin 60 http://forums.babypips.com/images/misc/rss.png BabyPips.com Forex Forum - Newbie Island http://forums.babypips.com/ Trading Education: Where Should I Start? http://forums.babypips.com/newbie-island/54973-trading-education-where-should-i-start.html Wed, 19 Jun 2013 02:38:47 GMT Hi All,

I'm a 23 year old product design student and I'm completely new to trading in any aspect. I'm aspiring to trade in Forex to eventually add some extra income to my pockets, however Idk where to start! I've downloaded 'Forex for Dummies' and have been reading up on some tutorials online but I wanted to know if you all have any suggestions as far as reading or courses I could take at a university or community college to help me to learn the Forex market? Please note that I have no experience at all with any sort of trading except for what I've learned so far, which is so super basic.

...if you have any sarcastic or discouraging comments please keep them to yourself...

Thanks! ]]> Newbie Island R Beck http://forums.babypips.com/newbie-island/54973-trading-education-where-should-i-start.html Advise on lot size and leverage http://forums.babypips.com/newbie-island/54967-advise-lot-size-leverage.html Tue, 18 Jun 2013 21:48:38 GMT Hello Forum Members, I am new on this forum and I intend funding my account that I have opened for a long time now with the sum of $1000 and I... Hello Forum Members,

I am new on this forum and I intend funding my account that I have opened for a long time now with the sum of $1000 and I want to be making $100 per week. Please I need your advise on the lot size and the leverage to apply to enable me to realize this.

Thanks for Your answers in advance ]]> Newbie Island jude erameh http://forums.babypips.com/newbie-island/54967-advise-lot-size-leverage.html market commentary from full time traders http://forums.babypips.com/newbie-island/54966-market-commentary-full-time-traders.html Tue, 18 Jun 2013 21:31:25 GMT babypips has been great to learn the basics but im in search for some good advice and commentary from traders. anyone know something good? heres... babypips has been great to learn the basics but im in search for some good advice and commentary from traders. anyone know something good? heres what i been using;

tpifx.com -- news & analysis is really good to read, learned a lot and they give good information for trades
forexfactory.com -- good for the calendar, decent info
fxstreet.com - some good articles but website is too messy ]]> Newbie Island pipforpip http://forums.babypips.com/newbie-island/54966-market-commentary-full-time-traders.html Avoid Overtrading http://forums.babypips.com/newbie-island/54959-avoid-overtrading.html Tue, 18 Jun 2013 17:21:50 GMT This was the biggest adjustment I had to make as a trader and it did not come easily. I felt the need to be “in the market” at all times, and tried... This was the biggest adjustment I had to make as a trader and it did not come easily. I felt the need to be “in the market” at all times, and tried to trade every minor fluctuation on short time frame charts, attempting to make as many trades and as much profit as I thought I could.

I would have a losing trade then feel the immediate need to make back the loss and more, this generally meant that the next trade I would take would be opposite to the first trade I took. ]]> Newbie Island mumuy http://forums.babypips.com/newbie-island/54959-avoid-overtrading.html <![CDATA[Do you have your "Aha" moment in trading]]> http://forums.babypips.com/newbie-island/54958-do-you-have-your-aha-moment-trading.html Tue, 18 Jun 2013 17:18:37 GMT When I first began to trade my own capital, I have this delusion that the journey of trading for myself would be easy or a "get rich quick" scheme. But I soon realize that trading in forex is no easy task to accomplish.

I understood now that it was going to be hard work and take discipline and perseverance. What I did not understand was the psychological impact trading with your own capital has on you as a trader. For me this is my aha moment, because since then I started to earn some profits. ]]> Newbie Island mumuy http://forums.babypips.com/newbie-island/54958-do-you-have-your-aha-moment-trading.html Any explaination about this? http://forums.babypips.com/newbie-island/54952-any-explaination-about.html Tue, 18 Jun 2013 13:26:29 GMT Hi guys, I was looking at USDJPY and saw this: Attachment 47345 (http://forums.babypips.com/attachment.php?attachmentid=47345) For a... Hi guys,

I was looking at USDJPY and saw this:

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For a moment I really though that this is a continuation pattern, but the next daily candle says all the opposite and I don't understand why.

Moreover, since I'm still learning the PA patterns, I'm just curious whether there is any explanation about this surge, as the previous candles all demonstrate serious bearish pressures.

I understand that in Forex there isn't always one. That's why I'm a bit unsure.

Hopefully I put a sold order inside and it never filled up.

Thanks!

Wllen1
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]]> Newbie Island wllen1 http://forums.babypips.com/newbie-island/54952-any-explaination-about.html Sharing forex forum you know ? http://forums.babypips.com/newbie-island/54951-sharing-forex-forum-you-know.html Tue, 18 Jun 2013 12:03:52 GMT I need more forex forum to learn and study about forex trading.. i start first. forexfactory.com italkcash.com forexforums.org I need more forex forum to learn and study about forex trading..

i start first.

forexfactory.com

italkcash.com

forexforums.org

piptrader.com

forexsb.com

einvestorsforum.com

fxd.com

fxchamber.com

trade2win.com ]]> Newbie Island kopeks http://forums.babypips.com/newbie-island/54951-sharing-forex-forum-you-know.html New to Forex http://forums.babypips.com/newbie-island/54946-new-forex.html Tue, 18 Jun 2013 06:56:01 GMT Good day all, I have been looking around but everyone has a different opinion, does anyone know of a good broker to use who does not mess you... Good day all,

I have been looking around but everyone has a different opinion, does anyone know of a good broker to use who does not mess you around and does not have the widest spread on line.?

I am looking to find a good broker, I have been using Hot Forex, but since i been trying to open a live account i am getting told so many reasons why i can not deposit money, and every time they have an excuse for why they dont accpet my deposit etc.

Does anyone use Alpari and are they any good?
Or does nayone use a good rboker which is not too fussy about every little detail etc?

A good broker with a low spread where i could make my profit atleast especially if i am a day trader?

Any help would be appreciated. ]]> Newbie Island Icequebe http://forums.babypips.com/newbie-island/54946-new-forex.html Don’t trade based on hope http://forums.babypips.com/newbie-island/54933-don-t-trade-based-hope.html Mon, 17 Jun 2013 13:53:46 GMT Hope and luck have no room in a trader’s dictionary. Never hold on to a losing trade past your risk management level based on hopes that it may turn... Hope and luck have no room in a trader’s dictionary. Never hold on to a losing trade past your risk management level based on hopes that it may turn around. A lot of new traders make the crucial mistake that they adjust their stop loss or hedge level as the trade unfolds.

For example, they set their stop loss level 50 pips away and now the trade moves against them. Being down 20 pips and everything is fine, down 40 and you see your trade highlighted red in your terminal as you are 10 pips away from your stop loss. You start to panic, check the chart and now think what goes one way for this long has to turn around eventually and 5 pips away from stop loss and safety you adjust it by another 25 pips.

Congratulations, now you have successfully violated your risk management protocol and exposed your portfolio to failure. You are now down 65 pips after a spike and over the rest of the trading day the trade moves in your favor and you head to bed being down 18 pips and feel comfortable with your decision. Overnight events unfold and you wake up with your trade highlighted in red.

You check the charts and news and all looks like this sucker will turn around because it just has to. You adjust your stop loss another 25 pips and 8 minutes later you are being stopped out at twice the amount you were able to afford. Next stop: revenge trading with destination total account failure.

Don’t trade based on hope. ]]> Newbie Island TheLastBear http://forums.babypips.com/newbie-island/54933-don-t-trade-based-hope.html Drop the ‘Get-Rich-Quick’ mentality http://forums.babypips.com/newbie-island/54932-drop-get-rich-quick-mentality.html Mon, 17 Jun 2013 13:52:41 GMT I see so many newbies who approach trading with this get rich quick mentality. This is a sure way to ensure your place in the 98%. Those who wish to... I see so many newbies who approach trading with this get rich quick mentality. This is a sure way to ensure your place in the 98%. Those who wish to succeed need to drop the ‘get-rich-quick’ mentality as I can assure you the only thing you will achieve quick as a trader is a blown account.

You need to achieve consistent results over a pro-longed period of time and you do so step-by-step. This takes time, discipline as well as patience. It may be frustrating at times, but that is part of the trade. Once you have a strategy you prefer, the only thing that changes is the lot size and nothing else. Over time your account will generate the returns you want and so much more, but too many traders simply do not last that long. ]]> Newbie Island TheLastBear http://forums.babypips.com/newbie-island/54932-drop-get-rich-quick-mentality.html Insufficient Trading Capital http://forums.babypips.com/newbie-island/54931-insufficient-trading-capital.html Mon, 17 Jun 2013 13:50:50 GMT Today I just wanted to touch on yet another newbie mistake which is opening and funding a live account with insufficient funds in order to be able to... Today I just wanted to touch on yet another newbie mistake which is opening and funding a live account with insufficient funds in order to be able to manage it properly which will eventually lead to your portfolio showing a big round 0. You will read in plenty of outlets that you can make x-amount of money with a single trade and high leverage. In theory that is true and you can fund your account with $100 and place that one big trade with high leverage.

In reality it does not work like that and you need to implement a risk management policy which suits your trading style and on top of that you also need to execute it. Let’s say you open your account with only $100 and you implement a conservative 2% risk management rule which means you can lose $2 per trade. In case you opened a standard account this means that you need to attempt to time each trade more carefully as $2 in floating trading losses is quickly achieved.

You can’t trade less than 0.01 lots and while that may seem like nothing it is enough to blow your account. In order to remain within your risk management you need to close each position after you lose $2 and that number will start to decrease as your account shrinks. In order to properly manage your account with a 2% risk management and only trading lot sizes of 0.01 you should have at least $1,000 (amounts vary with each trader and I picked a very general number) in your account so you can even begin to manage a portfolio.

With $100 you should stick to a micro-account where you need to be realistic about your earnings expectations and grow your capital over time until you can move to a standard account. In the end it comes down to how much you can keep and not how much you earn and without proper risk management your portfolio is exposed to plenty of risk. Leverage does not matter here as you are not adjusting how much you are risking. ]]> Newbie Island TheLastBear http://forums.babypips.com/newbie-island/54931-insufficient-trading-capital.html Oanda Users, check this out http://forums.babypips.com/newbie-island/54930-oanda-users-check-out.html Mon, 17 Jun 2013 12:38:49 GMT How did my short limit get triggered, when clearly the low didnt even hit my limit? Attachment 47308... How did my short limit get triggered, when clearly the low didnt even hit my limit?

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]]> Newbie Island MoneyNVRSleeps http://forums.babypips.com/newbie-island/54930-oanda-users-check-out.html Usd http://forums.babypips.com/newbie-island/54923-usd.html Mon, 17 Jun 2013 11:00:31 GMT what are your views for USD, do you think ben bernanke will cut the bond buying? what are your views for USD, do you think ben bernanke will cut the bond buying? ]]> Newbie Island krafty http://forums.babypips.com/newbie-island/54923-usd.html How to Find the End of the Trend in the forex market http://forums.babypips.com/newbie-island/54919-how-find-end-trend-forex-market.html Mon, 17 Jun 2013 09:32:44 GMT Tell Me your Views Tell Me your Views ]]> Newbie Island manpreeton http://forums.babypips.com/newbie-island/54919-how-find-end-trend-forex-market.html Trading Strategy Plan Completed. http://forums.babypips.com/newbie-island/54906-trading-strategy-plan-completed.html Sun, 16 Jun 2013 20:15:29 GMT After faffing about for 6 or so weeks trying every combination of indicators and spending countless hours online researching every system that has... After faffing about for 6 or so weeks trying every combination of indicators and spending countless hours online researching every system that has been devised by mankind for trading Forex I have seen the light.
For the last day or so I have formulated a plan of action.

My cunning plan is this:

Tools:
Fibonacci, Pivot Points and Candlestick Entry Signals plus an EMA indicator and not forgetting Support and Resistance plotting.

Method:
Use Daily and 4hr Chart to see trend and plot S&R levels
Trade on 15min chart ensuring I trade with the trend. Try and spot a good entry point using a combo of S&R and Pivot Points with a dash of Fibonacci just in case. Candlesticks for confirmation.

I will not trade until I have confirmed that at least 3 of the indicators give positive signals.

Set my stop loss just below a previous level of Support or Resistance and try and take a profit (if any) at least 2:1.

I will stick to said plan for 50 demo trades and take notes for each and everyone of them. If I see something blindingly wrong with the plan before the end of the 50 trades I will modify strategy. But I will not tinker or modify just for the sake of it. I intend to let the system run its course.

I am also aware that my strategy isn't earth shattering or that inventive. I look on it as all part of my education.

So bring it on........ ]]> Newbie Island Gazzer http://forums.babypips.com/newbie-island/54906-trading-strategy-plan-completed.html