Greetings from a newbie and a few questons *NOOB QUESTIONS*

Beginner Questions
1

Greetings,
Just got into the world of forex a week ago and got hooked, I couldn’t sleep for a couple of days because of trading but yesterday’s huge loss made me sleep a good 12 hours or so.

I have done reasonably well on forex so far for a newbie and wanted advice if I am going on the right path.

I have registered on Etoro, HyMarkets, AvaFX and PLUS500

I have found Etoro’s platform to be very neat but I have already faced some problems with me being disconnected at very crucial times! I am not planning to use Etoro for the long term but what really caught my attention was with the amount of ease we can copy well performing traders, I copied a bunch of fast traders who trade on average about 10 times a day, I allocated 5 traders about $129 and they brought back to me $7.7 by the end of the day. I was wondering If I allocate $1000 to them does this mean I should be expecting $77 a day?

Anyone please share your opinions on this point crucial point. What are the risks of copying traders?

I am planning to use AvaFX and HY for long-term, can you list down Pros and Cons for these?

I have also started the BabyPips school for a while now and I believe I am in Bollinger Bands grade 5, It’s a very well written guide, I have thoroughly enjoyed it and it’s rich in information. What other resources do you recommend me to read other than this?

Until now, I have been seeing the charts before making decisions, I practically think mass-movements occur due to a sudden NEWS breakout and possibly that’s the most auspicious time to trade, could you recommend me some news reading sides and how they operate - How do I exactly know what effects what?

Moreover, I’d also like to know what are the early signs of bank intervention in a currency or a sudden price movement.

Next, I need some information on ‘GOLD’. I have made my most money trading GOLD, is there any website which is up-to-date on GOLD news, I believe GOLD is paired with USD, does this mean when USD is down, GOLD will be up? I have also heard several times that Gold moves with EURO, if true, why?

In addition, I cannot see the GOLD chart in my AAAFX Meta Trader. Can anyone help me with this?

I have subscribed to a signal providing website: take-profit.com, I have seen their signals are decent but when they write down the lost PIPS due to their wrong signals they usually ‘WINDOW-DRESS’ It, can anyone write a review if they have experience with this signal provider?

All-together, I want to ask if these signals are good to follow. If it’s a good idea to follow any signals, if so, which?

To end, I’ll like to appreciate the starters of this forum and those who are contributing here, there is great material readily available here! Thanks,

2

any trader you ask will recommend that all trades you make are based on your own analysis… :o many never take advice from others or if they do they make sure they understand the analysis… idk to each their own.

plus… what’s the fun of copying others?

3

The money? and you get to learn from their trades - If they work actually.

4

Did you go through the Babypip school yet? Lots of good information on how the fundamentals work, I just finished it. Then you will be able to hopefully be able to figure out exactly what you want to know and where to look for the information.

Personally I’ve been putting in a lot of time and effort to learn how to trade myself because I just don’t trust others with my money I think that is what sKratch was getting at. Unless there is something in it for these other traders.

5

I am still in grade-5, I am progressing very slowly, I read and try to understand it properly before stepping up to the next topic. You are right, I wouldn’t trust anybody with money too but if it works, it’s not a problem. Like I see some traders they have 95%+ win ratio, I am not risking much if that’s the case really.

I’ll make sure I complete the school soon and understand the fundamentals too because that’s around what I want to primarily base my trades on.

6

One thing about the news is that often when there’s bad news that sends that market into a tailspin, the market will recover. So wait until it bottoms out, then watch for a retracement back near where it was. However, don’t “bet the farm” that it will recover. 2007 - 2008 showed us how it (the stock market in this case) might not recover for years. I’m just saying that most bad news will cause a knee-jerk reaction, but the market recovers quickly, sometimes in an hour or so, sometimes overnight.

7

Hi eBayer, just checking out here. Which broker are you currently tied up at the moment?

8

Lazarus has risen!

9

There is a lot of that today. lol

10

Hey there, welcome to our forex community and it’s great to see that you’re asking the right questions from the get go. If you’re looking for a preview of news events or central bank announcements, I would suggest you follow Forex Gump’s Piponomics blog (he called the RBNZ and BOC rate cuts recently!) and I’ll make a shameless plug of my own Pipnoculars forex session updates, too.