Hi, I’m new on this site and forex in general. I wanted to know if you guys can recommend a site where I can get a general picture of how a currency pair is going to do for a day. Something like big pippin’s daily forecast but for a day that’s coming up rather than getting the forecast a day after.
My proplem is I keep reading blogs and news, and people’s opinions like the technical arena on this forum, but everybody seems to be covering there own 4SS by saying the dollar should do this or the euro should do that basically saying anything can happen, which is true but I’m looking for a person to give there own predictions. Also don’t worry if they’re not a 100% correct because that is asking for too much and I’m just trying to learn right now. I mainly trade demo with the Euro/US but everyday it keep getting worst and I’m not getting a clear answer from anyone. Any suggestions and advice would be appreciated.
PS please don’t say stay away from forex, because I’m not dumb, I want to learn before I start trading with real money. Thanks in advance
Keep learning for yourself. Your own trade calls are far more valuable than anyone else’s.
Your having a problem with the talking heads being wishy washy. This is why they are talking heads and not traders.
There goal is to sell laundry soap and viagra, not give trade advice. Their predictions will always be hedged with another prediction that can be a cushion to a fall.
Learning forex while not having a trade going is still being in forex. The learning curve to this market can not be mastered overnight. It will take time.
You can check out FX Nation Live (google it), he gives free setups (in advance) every day and explains his reasoning.
If you only traded those setups, strictly, you could do well. (Demo account only at first!)
BUT … eventually you have to learn to fish for yourself not depend on others … and I think you understand that, you just want some guidance in the beginning. So do we all.
For long term success you have to learn the why behind the trade setups. Reading the advisors on Babypips every day will help, also any others you find who often make good calls.
Take it slow, one day at a time, and don’t let any nay-sayers talk you out of achieving your goals
If you ever hear or read anyone telling you exactly what’s going to happen with certainly you need to run, not walk, away as fast as you can. No one can know with surety what’s going to happen. It just doesn’t work like that. You just do your analysis and develop a way to maximize the opportunities you think the market will present you.
I like all the counsel you have been given so far.
It looks like you want to trade daily chart time frames. Decide whether that is correct for you first or whether you want to trade a different time frame.
Then I think you need to understand the difference between [U]fundamental [/U]analysis and [U]technical [/U]analysis. If you do not know the difference you need to find out - [U]most important[/U].
If you do know the difference then you will need to know which method you are going to use to trade.
Both have their advantages and disadvantages.
I think probably most people on this forum are technical traders.
You can, of couse, with experience, combine some of both.
thanks for all the great advice, I guess so far I would prefer to be a fundemental trader, looking at which way a currency would go in the long run and then just buying it everytime the price drops so far it’s been working for me. I thought the Euro was that and then this last week my whole demo account is pretty much wiped out. I was making about 150 bucks a day on average and then these last few weeks I was losing about 600 bucks a day.
I wish I could be a technical trader, I looked at the “holy grails” section and it was as if everyone was speaking japanese, I got much more to learn before I go live. Btw anyone know what this freedom rocks method is? Some people say it’s the best thing that ever happened to them, while others say it’s a useless scam, anyone here try it?
I would urge you [B]not [/B]to give up on technical analysis all togther. When I was starting out I had the same attitude regarding technical analysis (I couldnt get myself to learn all the terms, indicators etc). But after going through the babypips school and various forums and asking questions ive come to appreciate the technical stuff more. Think of it as an added weapon in your arsenal of decision making factors before you place your trades. And never hesitate to ask questions - everyone was a noob at some point!!
Being a noob myself, i know what your going thru, when you start looking at all the indicators out there it is very over whelming, but there is no need to try and learn them all, the more experienced traders on here probably only use 2 or 3 at most.
You just have to decide what system/indicators works for you and get good at them.
