New to Forex, Is this viable?

Hi everyone,

So, I have been reading up on and looking at forex for a month or so now seriously (I know this is not a lot of time in terms of research but stick with me here). At first I found it fairly difficult to find out what I wanted to know as there is such a vast amount of information out there with many conflicting views.

I hope you lovely folks can help with some questions?

I have definitely been over thinking things and feel that I have come up with a viable strategy, but don’t know how to go about it.

The situation is this

Various indicators have flagged up telling you that now is a good time to place a trade. Is it possible (using software or otherwise), to create a way to close the position if it returns to entry price? So say you buy on EUR/USD at X rate and it goes to Y then the market turns against you and falls back to X then declines further, is there a way to exit the trade as this happens? I am talking about not manually doing so as I would plan to have multiple trades open at once on other currencies so giving that level of attention is not possible?

Also in turn is it possible to, if the trade is going in your favour set up a close position every say 5-10 pips or so, this would then ensure that no loss could be made once the currency has risen about a set point and the trade would close if it did so?

I hope this makes sense, if you please be kind :21:

Thanks for your help,

Acco.

Forget it kid. You have a long way to go.

Which is exactly why I am here asking questions… your advice as to where to go from here?

Forget it. Only risk/money magement works, wich means risk little and gain big. Regarding analisys, just invent your own.

Mr. Gone…you are funny!!! (just laughing away here)

Anyway…traderacco…first off, you need to complete the babypips school. You’ll need to learn so much about what’s going on in the market. And how to trade.
But, what you are talking about now is these different types of orders. You have buy limit orders, buy stop orders, trailing stop orders etc… Basically you are able to input any type of stops and buys. Think of the possibilities…buy when it gets to a price, or stop when it reaches a price, even when your in you can input when you want to get out. Many possibilities. So, you just need to research all of the different types of orders. It does take a lot of time to wrap your head around it all. This market is a beast, and no matter what great tools we have available, the market WILL take you out when it wants to. Therefore you must do your homework if you want to survive for any length of time in it.
Hey, if you have the love for the market, you will take as long as it needs to learn what is required.

I love this game, and there is nothing more interesting.

Hang in there buddy.

Mike

PS…that is why Mr. Gone said what he said. Cause he knows the extent of what you need to know.

Now that was very helpful!

Thank you Mike, I know there is a lot to learn… It is very difficult to know where to start, and like I said a lot of conflicting information around.

Babypips school looks good, I’ll definitely be completing that.

Thanks again,

Acco

Traderacco,

Welcome and please don’t pay any attention to anything Mr Gone posts. From time to time he pops up here at babypips and posts a bunch of rude foolish crazy rants. :mad:

Thanks D-pip,

It was my first EVER forum thread anywhere so landing with a bump.
I’ll let him off, he probably has a lot more knowledge than me!

Acco

And here we go again.

SOmethin you will lear is most traders just talk BS. This is for the rugged battle tested otherwise you’ll be eaten alive.

I’ll be sure to keep my whits about me Mr G!

Hi Traderacco I am very new to Forex and would say after completing Pip school as well as reading a few thousand pages about forex and have opened a demo account and have been trading for a couple of weeks I would say I know less than 1% about Forex Trading, the more I learn the more I realise how little I know.

At this stage with my very limited knowledge I could answer all your questions but like Mr G has advised in his very direct approach there is no point as providing you with that information as it could cost you dearly if you tried to use it. I cannot recommend Pip School enough if you can complete that your questions will be fully answered and will understand where the senior members on this forum are coming from.

I wish you the very best of luck for the future.

Hi Racco,

I had Mr G. post on some of my earlier questions too lol. He doesn’t really provide any useful information, offer any guidelines or support. This this forum is his way of channeling his inner child’s constipation :wink: Imagine if this was face to face in a room full of people, he’d be extremely well received…ahem. So don’t mind him.

Forex does take a lot of endurance to be in and master because there is such a psychological factor to it. It activates deep survival instincts which are hardwired into our psyche and to learn to overcome that is, as far as i’m concern, a worthy challenge. To also help overcome that challenge is to have a strategy when it comes to your trading. How and what strategy you use will become clearer when as you discover more about forex trading. My trading coach told me that technique replaces emotion, which I very much agree with.

So no, you don’t need to, or will be, battle harden, or have to be some alpha male on steroids lol. In fact forex trading will bring the best out of you (or not, for some people…ahem again) because if forces you to dig deep and learn how to manage your own mind as your do your trades.

Forex is as much about personal style and preference as much as it is about making money. So please by all means stick around here as much as you like, but also take everything with a grain of salt as only you can know where to tread when it comes to your education. There are a lot of good decent people with great knowledge and you will be able to discern who they are quickly and there are a lot of angry uncles and scammers trying to rip you off with too-good-to-be-true offers.

So good luck my friend, welcome to Babypips.

Complete the babypips course up to around Graduation and then you’ll find a lot of your questions are answered and you’ll find a lot of clarity.