Fact In Trading

Beginner Questions
1

What are the basics and important things that I need to know while trading Forex as a beginner :thinking:.
Please :pray:

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2

Start here

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3

Start by understanding what a trend looks like. Identify the features you would look for in a chart to confirm that you are looking at a trend.

Then learn to identify from these features, if you are looking at 10 uptrends, which ones are the best to follow and which are the worst.

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4

This topic can help you Program your success

5

:man_facepalming: So which is it, buy an uptrend or buy when RSI is over bought.
‘Trends’ are hindsight. Trade the Right side of the chart, not the Left. Trade entry levels do not matter.

6

I didn’t mention RSI. I have mentioned it elsewhere on the site but only to say I don’t use it.

If you have some guidance for this new member, you’re free to post it here.

7

You should be able to look at a price chart and know the RSI without adding the indicator.

8

I don’t dispute that, but I doubt it’s highly useful for the new member who has come here asking for guidance. If you have any guidance for this new member which at his stage in devleopment he can actually use, you are welcome to post it here.

9

:point_up_2:

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10

I should add that what you say about RSI could be influential amongst more experienced traders. The obvious thing therefore is to say perhaps you should start a separate thread so you can set out your relevant experience in this context.

11

Don’t trade forex, it’s not a beginner friendly market. Learn to trade a beginner friendly market for example USA CME Group Futures Exchange and in particular WTI Crude Oil Futures and ES (S&P500)
These markets are liquid enough to trade and they are open transparent markets with level 2 order book data available.

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13

Possible theories come to mind -

  1. the market didn’t like the statistics, they were expecting better
  2. the market had expected the news exactly as released, but they had already acted on this expectation, so now there is no more good news they might as well move their money to some other better opportunity
  3. the market has discounted this news on account of some other very bearish news (either released or expected)

Maybe you will identify the true reason, maybe you won’t. This is the danger of news trading.

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14

Make sure to test everything on a demo account and start slowly. Use existing strategies, but adapt them to your needs, and test them on a demo account. Also, read a lot

15

A beginner first needs to create his own trading strategy. It is this that will provide clearer and more correct entries into the market, since it is based on certain rules and conditions for this. Without it, trading will be just like a game.

16

This is very clear advice but I think if I was a beginner trader I would want to hear a lot more about how I should go about creating my own strategy.

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17

I created my trading strategy in the following way: I studied and tested other people’s trading strategies, finding useful and workable points in them, which I then combined into my strategy. Yes, it took a lot of time and effort, but in the end I managed to create my own profitable trading strategy and now I make money by trading it.

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