Absolute Beginer makes the biggest Newbie Mistake ever ..Looking for Assistance

Beginner Questions
#1

:eek::eek::eek:

Hi Everyone

Having been in transition I decided to start to teach myself Forex Trading.
I have been trying to learn via a Binary Options site with a very small investment.
Did well but without understanding the fundamentals and misreading charts I was trading on the momentum of the curve of AUD/JYN. I am Aussie and wife Japanese so thought I could see short term trends.

Anyway, I was Night trading on WTI Crude on the Binary Options site so not sure if the Graph was linked to Riyadh etc or internal. 20:00 GMT a steady Rising curve dived suddenly. Is that possibly the Exchange closing and a bear fall occurring?

Also I am having issues setting up the Meta Trader 4 and Tradeview Graph software effectivly. If anyone knows some options in regard to useful ideas in regard to the best software for fundamental analysis and graphs I would be really appreciative.

Starting the Training on the site and really enjoying passing kindergarten.

Cheers

#2

Do you mean that dip to 84,76 at about 20GMT, roughly an hour before markets closed?
Regarding the rising curve, I assume you viewed it in the m1 or similiar small timeframe? Take a look at some bigger ones, but even the m5 shows a trend down with lower lows and lower highs for nearly the whole day.

At around 19:30, the 84,90 region was tested again and rejected (red arrow), thats probably the dive you mean. In the m1 theres also a really nice shooting star at about 19:35 and some double tops afterwards.
Its often a good idea to take a look to the left, first test was at 16:25 (blue arrow) and resulted in new daily low.
Doesnt look like anything special to me, just price bouncing back from a resistance in an overall somewhat bearish trend.
But then, I am a newbie too so dont take my writings too serious.

chart.jpg700×360 33 KB

Dont worry too much about making mistakes, errors are part of learning. One cant learn trading without learning to loose.
Btw. where did you enter and place Limit/Stop?

If anyone knows some options in regard to useful ideas in regard to the best software for fundamental analysis and graphs I would be really appreciative.

Since most of my trades are intraday Im not that deep into fundamental analysis and havent yet felt the need for software. Not easy for one software suite can handle it all, its such a vast topic. If it exists it for sure is big $$$.

For technical analysis/graphs outside of brokers software, I use Tradingviews web based charting. It works everywhere from computer to cellphone and has a huge lot of features, theres even support for scripting but haven tried that out yet. Do you mean that one by tradeview software?

edit: Time in the chart is not GMT!.

#3

Thanks Again

Yes standard Newbie Error looking at incorrect chart.

I am using the Tradingviews Software now consistently and am going to look at placing very small trades on the long view and back test.

Thanks again.