Newbie in need of help

Hi All
I was lost in the forex world till i found this website, I have tried lots of indicators and evern bought some and am still no way near making profits. nor breaking even.

babypips.com is definitely a savior for newbies and a good place to kick start the FX knowledge.
I did get a little lost going through the threads here as there are lots of them with different opinions and categories.

Am looking for something simply to kick start my trading with, preferably technical as to be honest my knowledge isn’t that great when it comes to trying to understand the global commerce market.

Could someone “experienced” please point me towards a good method/ indicator/ system to start with

My preference is technical/ charting and with short term strikes.
I simply have some time free on my hands and wouldn’t mind watching the charts for an hour or two a day.

Thank you everyone.

How far have you gotten with babypips school? What is Forex? | What is Forex? | Learn Forex Trading

There is no right or wrong to be honest. There are plenty of strategies based on technical analysis. I think you were on the right track when you tried various indicators. Just don’t give up and keep making mistakes in order to learn. You will find something you like that works for you. I would not recommend that you just follow a strategy someone else uses as it may not be suitable for you. I have done what you did, tried and failed and lost until I found one that worked for me.

Nice to hear that you are following babypips. You are on the right track. Throw your all indicators away and use Price action as your tool. There are a few good threads here on babypips forum. Would like to post the links here for your attention.

http://forums.babypips.com/newbie-island/45414-understanding-price-action-chris-capre-52.html

http://forums.babypips.com/forextown/21934-30-pips-day-keeps-your-money-bay-807.html

http://forums.babypips.com/newbie-island/17223-pipcrawlers-thoughts-setting-newbie-expectations.html

http://forums.babypips.com/forextown/49466-price-action-fibos-pivots-s-r-trading-setups-continue-here-16.html

I would like to second the sentiment to explore Price Action trading. My start in forex was similar to yours in that I tried several indicators and strategies. Nothing really clicked for me until I got into Price Action trading. There’s a lot of great information out there about it both on this site and externally.

One site that helped me a lot was Nial Fuller | Learn To Trade Price Action | Forex Trading Education . The site is a “school/mentor” site but the guy who runs it provides a ton of great information, articles, and videos for free.

When you’re learning forex; it’s a good idea to think of it like a set of encyclopedias. There is a ton of great, helpful information. However; if you’re only looking up “camels” then the rest of the knowledge the encyclopedias are providing serves no real purpose. That’s not to say it’s bad information- it’s just not relevant.

So once you find a strategy you like; learn it, live it, breathe it. Understand every aspect of it. Once you do that, then start exploring other things if you want.

Or as Bruce Lee so eloquently put it; “I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.”

This info is very handy and i have been skimming over it, sounds like it’s worth investigating further.
I actuallt have heard of Nial Fuller and he’s apparently fantastic. His trading style revolves around the 1D charts and so far i seem to be more into the upbeat of the 1H & 4H chartings.
I hope that not all Price action methods are based on the 1d charts?

Appreciate your input so far guys.

Also keep in mind that people who can, do. And people who can’t, sell indicators/ea’s/methods etc they can only make their money that way. Don’t fill the pockets of the latter. Nobody is going to sell you the keys to the bank for cents in the $. Good luck and give those larger tf a chance. Take a top down approach. And as ur new I would not go below 4hr. If u can’t do the bigger tf then the smaller will only empty your account faster!! Slow and steady and I agree with prev post re ditching all those indicators (at least to begin with). Take care

Kia ora
Good to see fellow kiwis on this site.

I would say to keep up practincing your demo

It is best to focus, I agree. I picked two or three indicators and learned to perfect them into my strategy.

Price action trading is the simplest and successful trading method in my opinion. You can add a few technical indicators to get the entry and exit points. Try to study and find the suitable one works fo ya.

The theories behind Price Action can be applied on any time frame. As I’ve come to understand, the lower you in timeframes the less strength candlestick patterns indicate simply due to the amount of volume. It’s going to take much less to form a Pin on a minute chart than it does on a daily chart. A lot of the advice I’ve seen is that the principles are less reliable as you drop below the 4 hour chart. They’re still applicable just not with the same strength.

I don’t know that from experience as I trade off the Daily. I would recommend doing more research. I know there are a few different, extensive Price Action threads on the forums here on Babypips where I’m sure you can get input from the experienced.

Don’t waste your money on buying indicators, and I would go as far to say “Don’t use indicators at all”

Once you progress into learning how to trade you will understand the above comment. Just becuase they are called indiactors it does not mean they indiacte where price will go, this is one of the biggest mistakes a new trader can make; more so because they invest far to much time into finding one that will work and tweeking it to fit a given batch of data. We have all gone through this period of time wasting, so let me save you the effort :wink:

Wow, looks like everyone here is against indicators for newbies.
Based on the feedback i’ve been receiving, i shall remove all indicators off my MT4, for now anyways, till i get a better understanding of their uses.

I can make better decisions with the xStation 3 advanced technical analysis and what’s better than that is the fact it has complete in chart trading, so I don’t even need the platform maximized. Xstation 3 has really nailed up…

I made 3k last month selling my robot on the xStore, the app store of the xStation 3. Not bad at all!

I don’t want to read boring tutorials, and this platform, the xStation 3 provides educational resources with videos straight from the platform. guys just check it out…

It’s not so much that we’re against indicators; it’s just that indicators add additional decision points. Not all indicators work well together. Some indicators will throw contradictory signals. And there are dozens if not hundreds of them. It’s just a ton of moving parts in what should be a relatively simple process. There are people that find great success through trading with indicators; it’s mostly going to boil down to the individual trader. But if you do use them; you want to limit the quantity.

You really don’t need a bunch of you’re using them correctly. But by all means, explore until you find the right fit for you. As has already been mentioned- do not pay for them.

I use indicators. Specifically ATR (Average True Range) to measure volatility, and RSI to check the trend. It all depends on what sort of system or methodology that you’re using. A key advantage of indicators is that they remove subjectivity, bias and human error. I’ve been trading live for 6 months profitably using a combo of price action + indicators, even though some price action “gurus” dogmatically say that indicators are bad. Just don’t over-complicate things, and understand WHY you need to use a particular indicator.