Trust you ll be fine. I am new to this forum and so as to Forex. I am running a 5000 demo account and I am losing and losing only. I did make some profit but at the end its the bad trades who won no matter what I do and how cautious I become. Its like the market is spying on me and when I buy a pair it goes down and down and down and when I sell a pair it goes up and up!
I am an IBS surfer so I want to do Forex Trading for a living in the comfort of my home. Can you guys Please suggest me some basic steps I need to do? I mean I dont know when to buy/sell. Most of the time their is up trend but suddenly there is down trend and so on. Please suggest me what steps should determine to buy or sell a pair? Also do things like Expert Advisors, Forex signals work? I used some of the free signals but I lost due to that.
I tried using indicators, Moving averages, These so called pips making indicators but no use. Its hard to find a working trading strategy. I am running in circles and confused. My daily goal is 30 dollars only but its very hard to reach.
Please help me to guide me to right direction. I dont know what to do and where to start. Please suggest me some good indicator or trading strategy!
First of , I would suggest you to go through the school section to get through the basics . Hey, we all have to understand the basics before going advanced .
Like you I also tried many indicators , testing around and cant seem the right one for me as they all have the possibilities to make profit. So I got introduced to price action and started learning it, found it to be the right thing for me. A clear empty chart with candlesticks. Im not really good at it yet but I’ve been practicing joining demo contests and slowly Im getting better and better at it .
Do the School if you don’t have a strong grasp on the basics of forex trading.
After that, jump down to the Free Forex Trading Systems sub-forum and start examining strategies until you find one that fits your time frame choice, personality, and goals. Using an established strategy is a great idea because you can then discuss your successes and failures with other traders that use the same system to help figure out where you went wrong.
Thanks a lot guys for the replies. Yes I better complete school first and then look for strategies. In this way I ll have a better understanding of price action.
Please complete the entire schooling so that you will get the basic idea regarding the forex market and also will be able to perform well when trading live if you have the knowledge.
As someone who has been trading for years, here is how I got my start:
I read the Babypips school articles to get a grasp on trading.
I did the dumb thing that everyone else does and went looking for some sort of indicator system.
There’s a common adage in the forex market that everyone who learns goes through a “let me find that one holy-grail system that works.” Let me save you the trouble and tell you that it doesn’t exist. What I recommend doing after reading Babypips is get a good grasp on the Price Action concepts that the school teaches, and then proceeding from crafting your own strategy from there.
The Forex market does provide a lot of freedom, but it comes at a price - the mindset you take to trading cannot be the same mindset you apply to any other activity in life. You must learn to think from a purely rational perspective. I know I’m making a lot of blanket statements, but writing a single post on trading forex is a possible task. As someone who has been in your shoes, I am here to help! Feel free to PM me if you need advice or have any questions!
Thanks a lot. I tried to learn the price action and purchased a book too but honestly I find it very difficult to understand. I maybe dumb but these price candle patterns and their effect is a little difficult for me to grasp. However I still have to read about it here at babypips.
So is it necessary to understand price action in order to become a good trader?
I know something of IBS, I also know something of fx trading.
The phenomenon you describe wherein it seems that the market does the exact opposite of what you perceive should happen is not so unusual.
Many traders use this very phenomenon to their advantage, indeed some of the earliest trading books describe this very action - some well known current traders and trading sites will look to fade (do the opposite) of what the ‘great unwashed’ public perceive should happen in the short term.
So please do the babypips school, the teachings there are to lay a solid foundation, from that foundation you can and will create a mindset that will succeed.
You have already started in the correct path - you have recognized you are seeing things from the ‘herd’ or ‘crowd’ or ‘retail’ perspective - you have learned from this.
[QUOTE=“ILovePizzaMore;496280”]Just save yourself the time and find another way to make money… Trading isn’t for you.[/QUOTE]
hi , you please find other way for earn money , because 90% traders still losing their money in forex market , and you can learn forex trading like a part time ,if you work hard for learning forex after 2-3 year you will be success full trader ,if I hurt you very sorry about that, but I said the real fact , nobody can become a successful forex trader in a week or a month . Gradually improvement only ,
I agree with lovepizza , you please find other way for earn money , because 90% traders still losing their money in forex market , and you can learn forex trading like a part time ,if you work hard for learning forex after 2-3 year you will be success full trader ,if I hurt you berry sorry, but I said the real fact , nobody can become a successful forex trader in a week or a month . Gradually improvement only ,[/QUOTE]
Thanks a million guys for the encouragement and for guiding me to the right patch. I have already started the school and learning basic things. I hope one day i will be able to trade like you guys I am learning a lot from you guys and I still have to learn a lot from you guys. Please keep your valuable posts coming.
Hmmmm. Bro your status says “Superior Master Contributor and Member” so when you say that trading isn’t for me then there must be some truth in it as you are one of the experts out there. I have been to many forums but nobody said this to me ever that I cant be a trader after viewing my posts. So bro I want to know what made you say that trading is not for me? I double checked my posts to see if I hinted any indication but I failed to notice. I am a very patient and calm character and now a days I am eating, drinking, sleeping Forex only. I daily spend 9 to 10 hours to learn Forex basics. So please please I am desperately waiting for your reply to know that how you assessed that I don’t have the aptitude or personality to be successful in trading? Honestly thats a shocking and very discouraging comment for me. So i would love to hear from you. Thanks.
I agree. Where did I say I want to be a successful trader in a month or two? I know this requires a lot of experience and I also know that not only in forex but in every business gradual income is the way to go. I only asked about my problem here that if I am doing something wrong so I can correct it but it seems that some of you guys don’t like asking such questions. Yes my questions may be stupid and its not because I am a stupid person but its because I don’t know much about Forex trading so please when you think someone is not fit to do Forex trading please remember you were a newbie too once and you are standing now as an expert because of your determination and also help from other experts and that is what I am trying to do. Thanks.
Make sure you are spending those 9-10 hours learning the right thing. Unfortunately a lot of the material on forex you will find for free is not a good use of your time, nor is staring at a chart.
