Hello fellow learners and honorable teachers.
This is my first post here which also means im completely new to the subject and im still going through the school section of this site.
I have a couple of questions I want answered.
If you were just starting out in the trading world, what would you want to trade with starting from 2016 ( Forex, Futures, Stocks)? I got the question from reading the forum where Lexys told that he/she is doing better at trading futures than Forex. I tryed to insert a link here but it seems i cant do that if im under five posts.
Chart patterns. Its all about information you can get. Obviously 1 min chart does not contain enough trades to search for any patterns, what timeframe is high enough to search trustworthy patterns (wedges, triangels, pennants, touble tops, head and shoulders…).
question 1 is something you have to try by yourself to see which instruments you prefer to trade…
i personal started with forex market and stick to it …sometimes i trade also gold and silver but not regular.
questin 2 ) you can find patterns and structures in every single timeframe but the small tf are very fast you need to react also very fast…so i would recomment to start with the daily tf ( i still trade it the most )
there are others around here who trade only small tf or booth…and i would recomment a demo account to get familiar with everything…its not the same like trading real money but for the start its excellent…
or you can open a micro account (with for example 50 $ and trade micro lots its even better than demo because you trade real money ( small amount but its real money )
ask everything you want to know here are some very brilliant traders around who can explain and answer nearly verything
wish you best luck in the trading world
Cheers
Trueman23
Spot forex, definitely. (Indices for second choice, futures for third choice and stocks a [I]very[/I] distant fourth, in my opinion.)
The main reasons being that spot forex demo accounts are very widely available, and data-feed is free. It enables you to learn and practice with no monthly costs at all. And when you eventually graduate from demo to a real account, you can typically do so with far less capital for spot forex than for futures. For most people starting out, those are both pretty significant factors.
She is … but spot forex was probably still the right place to [I]start[/I].
That isn’t “obvious”, to me.
Charts are largely fractal. M1 charts contain the same patterns as D1 charts, for most purposes.
In general, the faster the time-frame, the greater the number of signals and the lower the reliability of each.
Don’t assume, from that, that trading on slower/higher time-frames is necessarily safer or more profitable. Sometimes it works that way; sometimes it doesn’t. You earn twice as much money making an average of 10 pips four times a day as you earn making an average of 20 pips once a day.
The answer to this question necessarily depends on your exact definition of “trustworthy”, which in turn depends on what win-rate you’re aiming for. But be aware, in this context, that win-rates alone are not a determinant of outcomes, and that systems with lower win-rates are often more profitable, overall, than systems with higher win-rates (the reasons for this are explained in detail by Van K. Tharp in his excellent book [I]Trade Your Way to Financial Freedom[/I], which I strongly recommend in spite of its ghastly, sensationalised title!)
I too would recommend starting with Forex. In my opinion it’s the easiest to understand and learn by a newbie, and there is plenty of information out there that can help you study and then practise.
Regarding chart patterns, there are good strategies for any time frame, it depends on what works for you. Personally, I prefer the four-hour and daily time frames.
Since you are new you need to figure it out what would you like to trade in future and start educating your self in that direction. I would recommend you to start with forex.
Here is a website where you can find everything you want to know about chart patterns: stockcharts.com
Thankyou for all that already giving useful inforrmation regarding with chart pattern, I am also tryihng to learn many chart pattern but I can’t rememebr all name of pattern, there are certain strategy that called trade with pinbar. in this case as I know trader will looking for long tail of candle as signal confirmation
There are many types of Charts that can give us good trading signals and we have to first look at them and then only decide which one is going to be more profitable in our trades
