I NEED ADVICE On FOREX AS A BEGINNER

What indicators do you use or you like?

pips school is good enough , no way to avoid , but despite of pre school level trading can be useless , if there is no regular practice.

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Well; use the demo account until are consistent & confident enough; please don’t be rush!

Generally there’s no point in learning forex theory if you’re not going to practice. :smiley:

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Start with the babypips course. Next sign up for a demo account where you can practice what you’ve learnt. Once you’ve accomplished that you then open a live account

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Not sure if anybody has mentioned it but you should do the babypips school, open demo account, practice, Trade the daily only.

I think that’s it.

KC

Oh yeah…

Check this out…

I am using only rsi for divergence. Sometimes not even that one.

Main technical tool is the trend, the support and resistance line and the price action pattern.

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Maybe not join a forum, create a thread, ask for advice and then not bother to respond?

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Haha…whether he replies or not, there’s good advice here for any new traders.

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Aye Matty, that’s the thing about advice, you can only learn from it if you interact with it, then it becomes good.

Take for example the comment re divergence on rsi - there is a wealth of possibilities in that reply alone, but it requires questioning and comment for the advice to be of use.

You gotta give to receive :slight_smile:

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beginners cant control emotions when trading in practical, when making a losses they try to recover that by over trading , as a result they lost their whole equity.

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@GMoore A must have is volume as you only want to be trading when volume is high and the market is behind the move because then its genuine price action.

I was part of a team that built indicators for hedge funds and believe it or not most of the indicators we created were market reads on sentiment rather then moving average based indicators. In fact during my time we only put one “live indicator” into production.

The most effective algorithm though was one that detected channel patterns(triangles,wedges) on larger time frames like say one month or one week.

I have blabbered for a bit but I would definitely recommend volume, monitoring patterns on longer time frames and from time to time Bolinger bands

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Emphasis on volume is an interesting angle to take on a forex forum.

Is this something you are personally doing right now in your private retail forex trading?

Yeah most definitely and I am sure most retail trading platforms have the ability to see volume flows.

Volume is everything! In fact I am going to release some YouTube videos on the fundamentals of “what moves the market” and explain the importance of Volume"…So let me know if you want to post a link when its ready.

At its most simple form, volume needs to be going up as a trend gets stronger. If it is not going up then the market is not behind the move and they will be a retrace

Well I must be wrong about forex volume, as I thought no retail trading platforms at all showed it.

But perhaps you mean the sentiment indicators for different pairs showing the firm’s clients with open long/short positions on a given pair?

I have used IG in the past and they show volume and so does Interactive Brokers and CMC markets.

I remember someone saying if you think bank manipulate the market’s then what is stopping your broker. As such I would not recommend using a brokers sentiment indicator.

What broker platform are you using ?

I would also recommend just watching some basic simplified economic stuff as markets move following events.

Also the attractiveness of stocks and Forex is all relevant to what the interest rate is;

I use a spreadbetting platform as I’m in the UK. They don’t report either their own clients’ volume data or the markets’ total volume data.

The platform does show a sentiment indicator - as percentages of the firm’s clients who have an open long/short position on each forex pair. The total capital long/short is not declared. If I paid any attention to the sentiment indicator it would be to prefer the opposite direction to the majority of open positions.

Great I am in the UK too when I get some time I will post a video of how I get volume on IG.

So are you looking to trade tomorrow its going to be a low volume day as the US is on holiday ?