Academics to Experience

Beginner Questions
1

Hello my fellow pipsters,

I have been reading and studying all about FX trading and TA for about 2 years. Now, I’m diving in, starting small, and trying to become a millionaire!! Well, maybe one day…but I am now trading on MT4 trading super small lots so I’ll be sure to post anything that happens, although I still would want any advice or explanations and look ours if possible.

Thanks!

2

Good luck!

3

>but I am now trading on MT4 trading super small lots

  • Well, it’s good to see you getting off on the right foot.

my advice:

  1. Attitude: Save Money All the Way…
  2. The Kiss Principle
  3. Have or Get Realistic Expectations
  4. Study Your Profession. HARD!
  5. Be Prepared To Fight. HARD!
  6. Identify the Lions, Sharks and Other Predators
  7. Start On Demo
  8. Go Live!
  9. Don’t Go It Alone
  10. Enforce Patience

and just remember:

The Market Will Always Be There Next Week; Just Make Sure You Are!

  • all big subjects, and these are just headings of course…

Erron

4

Remember to trade on your lender’s platform. I "hear’ it is supposedly faster compared to MT4 platforms. Imagine all the those who use MT4. All that traffic would impede data I suppose…

Good luck with your journey! Be persistent and take your failures to learn from.

5

Thanks! So I shorted USDCHF even though I know the G7 summit has all pairs pretty stagnant for swing traders. I got in right around the pivot and I am looking to take profit around .90, so I’ll hold this trade for about a week and live with the consequences.

Using a fib it appears to have retraced about 50% so I’m hoping for it to continue a ABCD harmonic downward. Then putting up stochastic, it seems as though it’s overbought at a relatively low position, so bears will be a,e to continue to push down. UNLESS there is some news I’m not aware of coming up, anyone know anything I should be looking for? Advice? Opinions?

image-119148359.jpg525×700 56.7 KB

6

If you are into harmonics, head to “30 pips a day…” thread by TMoneyBags. Great resource for harmonics and a community who will share the knowledge.
As for what you should look for are retracement levels. What kind of AB=CD do you have? They can vary. This is my opinion of RSI and Stoch = 0. I used to follow this but they do not give you the right direction all the time. They dictate volume, etc…

7

Oh I don’t rely on indicators, I use them for confirmations after I’ve done fundamental (news) and technicals (candlestick patterns, price action) I used fib because I saw how it actually had followed a similar pattern last month. Right now I. Up a little bit but I think .90 is too greedy so I’m going for .91

8

thanks I subscribed to that thread and yours as well!

10

Well I lost on that trade but I did gain on shorting all JPY pairs for about 50 pips!

11

Good luck on your thread

12

I am also. But i would like to suggest you to take calculated risk all the time. Forget to be a millionaire. If you concentrate on learning proper trading methods then you would be more than that.