Been hitting the Forex education hard this month as a newbie. Started with Forex Signals, learned about buiness, psychology, and a few trade setups. I then bought courses on Udemy about Comprehensive Forex and the ALM strategy. I have also watched too many YouTube vids on trading.
And with all that, I still have no idea how to trade. I may get flamed for this, but Forex is not well suited for beginners. It also seems like very few people actually tell you how to trade, but give you a lot of fluff instead. So I need some guidance before my head goes through a wall.
I have no idea when to trade during the day, what currency pairs to trade, how to find which currencies are hot. I have no idea what type of trader I am supposed to be, or a time frame. I did start with a broker and managed to learn how to buy and sell.
It’s rather confusing at first, lots of new techniques to try and decipher; and all the fluff as you quite rightly added!
Take the advice from @momoisnyc, the school here will get you grounded. It’s light hearted and easy to understand. Hopefully after that you can move on to developing your own ideas, because that’s where and when you definitely will want to put your head through a wall
Just finished Candlestick patterns. And oh boy, I had no idea there were so many. How come I paid for all that other crap and they did not teach me that?
Answered some of my questions already. It appears that when I was trading was at low times. So trading on Sunday , also trading later in the day. Looking at the times, I need to trade mid-week, in the morning and early afternoon. Also need to stick with 1 currency pair for now, perhaps the EUR/USD.
But now I have another question. I have the MT4 thru my broker. In general, I understand that certain currency pairs are volatile, specifically the major ones like USD, GBP, JPY. But how does that translate to an MT4 platform? Visually I mean? How do I see that on my screen other than looking at the charts? Are there any alerts to examine volatility?
I trade demo on Oanda, and their mobile app actually lists out my favorite pairs, their percent change (positive or negative) and the pip change for the day, and ask, spread, bid. Strangely, I don’t see or know how to get this info from the desktop. But a quick glance can tell me that since open, GPBUSD is up 22.1 pips/0.17%. I can compare that 22 pips to the other pairs to see who’s moving and who is flat.
I think the heatmaps I linked above break that down by shorter than a day timeframes.
But like somebody mentioned, if you’re starting out, stick to a single pair, and just watch that for a while. EURUSD is a common choice and my go to. Maybe even a GBP pair if you want to go crazy, since there’s a lot of Brexit action going on. You might get a better feel for what news events do to price. I don’t know. Have a look for yourself.
First off, take a deeeep breath and slow down. This is definitley not the industry for you to be rushing things. You need to learn the basics first (BabyPips School), then go from there. You need to first figure out if you rather be a day trader or a swing trader. Since you’re starting out, I recommend you start out as a day trader.
For me, I focused on learning all about price action and technical analysis. Start with that first and spend as much time analyzing the charts as possible. I also recommend you watching this:
It should get rid of some of the fluff you read. Also, just try to focus on a few pairs at a time (Ex: major pairs or USD pairs). There’s no need to be looking at every single pair,it might confuse you.
Like @Luke_Ronchi said this takes time and shouldn’t be RUSHED. Unless you’re ready to quickly empty your account. This is not a foot race slow & steady is the pace. Every trader suffers losses, what separates a good trader is the ability to manage profitable wins vs terrible losses. Don’t be in a RUSH - the market isn’t going anywhere but your capital can be if you don’t exercise constraint.
To help naive traders like you Babypips forum has different section and it is providing schooling facilities to the beginners so that new comers can effectively perform all of their trading activities in the comfortable way. Try to listen to the advice given by experts.
Thanks for the support all. Currently in Baby Pips: High School. Starting scalping today with my demo account. Was up to $50 then back down a bit. About $40 for a few hours trading mini lots. I am beginning to see trends and the right time to enter and exit. I’m not saying that I totally understand everything that has been presented in my education so far. But the background information has helped a lot. Before this, I had no idea what I was doing.
I have been trading for few months now. At the beginning lost quite a bit of money. Now not loosing money. My advice for you:
Price Actions is the best for technical analysis. For example , Support and resistance levels, channel, trendline along with candle stick patterns.
Always look at the bigger picture. First check daily and weekly time frame and check the trend and only trade on that direction.
You must use stop loss on every position
Please avoid EurUsd at the beginning. This pair is very volatile and moves with news. I lost a lot money trying to trade this pair. Try other pairs Aud, Nzd, Chf, Gold, Canadian dollar etc.
Yea, he’s the truth lol I know someone that took his online course, and said it was helpful,but he doesn’t reveal everythinggg in it. So, pretty much you need to end up taking the online AND his in-person course in the end. It’s a smart business tactic, but other than that, it seems like a legit deal.
, also trading later in the day. Looking at the times, I need to trade mid-week, in the morning and early afternoon. Also need to stick with 1 currency pair for now, perhaps the EUR/USD.