New to Live forex need some help

[john_nash1982]

Hi every one,

I recently opened live forex account i mean mini with XE.com is it good for forex have u guys traded with XE before. I just opend with $500 which i can risk. I follow EMA, MACD and RSI together which proved bit successful with demo account.

But what do u think is the best system some times MACD seems to give fakes..

and what would be the best currency pair for newbie like me. I trialled with AUD/USD for demo.

[Josef Benjamin]

I would bet that you need to slow down a bit and take your time and go through the material here again (if you already have or haven't)...unless, of course,you're just excited about blowing through your first account...which sounds like it's almost guaranteed since it appears you have no plan or strategy to speak of.

You will find all that you are looking for if you just use the search button above

[tymen1]

Have you been through the Baby pips school carefully.

Money management is more important than the system of choice.

A poor system with excellent money management will still survive.

As for indicators, the best of them (MACD) are correct at best, only 50% of the time.

I have abandoned indicators and only use direct price action.


Regards, Tymen Wortel, Perth, Western Australia.

[Tess]

Originally Posted by tymen1

As for indicators, the best of them (MACD) are correct at best, only 50% of the time.

I have abandoned indicators and only use direct price action.

Listen to this advice!!!...

You probably won't, you'll get attracted to a swish, fancy, all singin all dancin system with a whole stack of alluring, squiggly lines & colorful curves slapped all over the screen. So much so, you'll barely be able to see the actual price bars/candles which are driving the indicators in the first place

Studying price action & the relationship of supply-demand (support & resistance) takes time. It takes effort & it aint easy. That's why new traders abandon it in favor of a sexy clutch of indicators...in the hope it'll short circuit the REAL WORK!..they want results & they want em NOW!

Do yourself a massive favor John Nash - resist the "quick fire" temptation to riches & get your head down to some serious study!

It'll take you longer & it'll frustrate the hell out of you at first, but it'll also equip you with a lifetime worth of opportunity!

[BlackPips]

Originally Posted by Tess

Listen to this advice!!!...

You probably won't, you'll get attracted to a swish, fancy, all singin all dancin system with a whole stack of alluring, squiggly lines & colorful curves slapped all over the screen. So much so, you'll barely be able to see the actual price bars/candles which are driving the indicators in the first place

Studying price action & the relationship of supply-demand (support & resistance) takes time. It takes effort & it aint easy. That's why new traders abandon it in favor of a sexy clutch of indicators...in the hope it'll short circuit the REAL WORK!..they want results & they want em NOW!

Do yourself a massive favor John Nash - resist the "quick fire" temptation to riches & get your head down to some serious study!

It'll take you longer & it'll frustrate the hell out of you at first, but it'll also equip you with a lifetime worth of opportunity!

Tymen and Tess....
i have actually seen the limitations of indicators, could you guys or anyone else help explain how to go about anlysing the market from just price actions?

i will really like to get a grasp of this

thanx for your time

[Tess]

Hi BlackPips,

I'm afraid I don't have any direct book recommendations for the subject mentioned, as I've never consulted any (fortunately, I was taught/tutored direct with little need for books & manuals etc). However, one of my sisters came across this poster/site quite a while ago, & I can gladly direct you to this source.

I don't endorse the site at all & I'm not a member of it, but the content by the poster (dbphoenix) is very detailed & of a high quality. It will certainly point you in the direction & encourage further investigation of this type of analysis. Once there, follow his posts around the forum & dig a bit deeper - he really does open up doors regards this subject

S/R and the Mirror of Erised - Trade2Win Boards

You're gonna need to adopt the behaviour traits of a 'ferret'

Get accustomed to rooting & nosing around Forums & sites - try googling "support & resistance" or "supply & demand" etc...see what materializes!

You might also want to visit Martin Prings site. There are some free articles/video's on there explaining a few basic concepts of trend development/supply-demand zones/basic tech analysis observations etc.

Pring Research - Technical Analysis, Educational CDs, Financial Newsletters and Charting Tools

As with any thread/forum, I'm afraid you're gonna have to thrash thru all the crap to get to the nuggets! but the effort will be worth all the drudge

I'm sure Tymen will offer further assistance - & maybe other members will pitch in if they have additional links etc?!

Hopefully, as time permits I'll post up the odd chart or two detailing how I personally look at the canvas - it's not as daunting as you might think! Like anything else, a good deal of it revolves around basic common sense practices.

Anyhow, should be enough there for you to be getting on with!

[gagan]

Hi Blackpips,

I bought a forex course called "pro trader advanced forex course with chris lori"...i bought it from a website for US$89 do some research on google and ull be to find the website.

Now the point i am trying to make is that course really helped me understand support and resistance and supply and demand. It really helped me understand the market. I am also reading the book by john murphy "technical analysis for the financial market"....that books tells you what charts are all about!!

Lastly, i bought some steve nison courses from ebay (pretty cheap there but dunno if its original! they say it is) so you can learn about candles as well...you wouldnt wanna get caught with indicators a lot...if you work on support and resistance u'd be amazed as to how many opportunities you get to make profit...especially when the market is in a trading range...

Anyways that my 2 cents worth

Regards

Gagan