Hi Guys 
I am new to forex trading, it has been 2-3 weeks since I started learning, opened a demo account of $100 and watched a lot of strategies on youtube, forums etc. and 2 days ago I made a profit of $5 (5% of my account) but then today I lost [B]all of it[/B] and more.
I can’t figure out a good strategy, can somebody please recommend me some good places to learn strategies and how to make consistent profits. I don’t wanna blow up my first live account (which I am going to open soon) like everybody else does, I want to be making profits from the beginning.
[B]Note:[/B] I know all the basics of trading, just need some good strategies and advice.
Thanks in advance :57:
Hi faizanabrar,
although many people believe strategy and getting the direction right is the most important, this is a false assumption. The most you have to work on is money management. That is far more important than strategy, even if it sounds odd.
You should ask yourself the question if you have right money managment rules and if you execute your plan the right way.
I hope it could be the right starting point for you.
I don’t want to discourage you in your intention I just want to give you some heads up: There is no single trader on this planet who started trading with profits and didn’t lose money, so you shouldn’t expect that too. The right way for you or anybody else who wants to succeed in trading is going through a long learning process and creating strategy with real money; which means trading, making mistakes, losing money and learning on your mistakes.
1)Yeah? Well. Can you read a chart?
Can you know when a trend is beginning and ending without any indicator no matter the timeframe?
This is the basics. Do you know them?
2)Secondly. Why forex? Do you know that FX market is much more difficult than stocks/futures/cfd market?
I think as newbie they need more practice to test ability to analyze the trend in demo account, maybe many newbie they seeking best or perfect indicator, but this is not available in forex because indicator only help tool, and if we want to making trade being simple, hence maybe learn chart pattern combine with price action is simple analysis.
Knowing the basics of trading is generally only the first step towards becoming a profitable trader. Take the time to study the market, to study both technical and fundamental analysis, to practise what you’ve learned and eventually you’ll find a decent strategy to use. Or you’ll come up with one of your own.
The best strategy for me so far is trading on daily time frames. In this way you can spend very less time on chart yet you can make money, not fast but still you can generate a steady income.
Yes I can read charts and I manage to break even on my demo account everyday. I have some loosing trades at first but then I manage to cover my losses, everyday
How long have you been trading?
You know the basics but don’t have a personal strategy or a written trading plan (50pages+)??
Trust me you don’t know the basics if this is your situation.
Take a step back, don’t rush going live. Write out your rules, trade them on demo for 6months+ and evaluate that period and all those trades.
You can not copy a trading strategy, you have to develop it, because it is directly corrolated wirh your psychology and your ‘style’
Good luck!
This is your opinion, and not even close to being a fact…
Factually I don’t see a lot of traders making more than 10% consistently in Forex. While I see those in stocks and futures.
The most easy strategies are trend based. And I don’t see a lot of trends in FX.
Plus the price wiggling will mostly get you out.
There is a reason why profesionnal traders like Investors Live don’t trade FX.
FX has not always the needed volatility but sometimes it can become extreme.
But yeah it’s my opinion. Trading is basically opinions about the market.
The best strategies to trade in FX are patterns but don’t expect more than a 3:1 R:R.
I have to disagree with you, forex trading is easier the doing stocks etc. there are several reasons ill just put a few.
currencies dont go broke - companies do (stocks)
companies can skyrock or rockbottom - currencies always only circle around one point (like EUR/USD 1-1,5)
forex trading is easier then stocks, as all you need is charts, no fundamental, no economical background (like you need on stocks). al you need to do is read a chart right, thats why all brokers try to get the new people into forex.
On the other hand, trading stocks is much much much more profitable then trading forex - IF you know how to.
Edit: i aswell have to add that the impact of news on currencies is much lower then the impact of news on stocks.
A stock can make -10% in a day or two, a index like the dow can make a -/+ of 10% in one week. A currency pair to move 10% it needs moneths even on the freakiest news (im not talking rouble right now, im talking the big markets)
you just might need the help of the TAC, i can help you trade automatically with TAC software, instead of using manual method of trading. The software can help you trade offline when you are not around and help you make profit, instead of using manual method of trading use TaC software. and i can also help you fund your 24option account. Teaching others to be successful is my greatest joy. If it interest you and would love to use this software contact me here
I also have to disagree.
-You can trade stocks through CFD or Options. I never trade stocks per se.
-What’s the problem with them going broke? Do you always buy and never short sell the FX? With FX if you don’t have a really good SL management you are done.
-Skyrocketting is not really an issue. It doesn’t happen within 5 minutes like it does in FX. And it is almost about low caps and penny stocks.
-You don’t need fundamentals to trade stocks. You need them to invest but not to trade. You trade them like you do for forex.
-And trading stocks is not necessarily much more profitable than trading FX. You just don’t trade them the same way. FX is traded on volatility. Stocks are traded on trend and breakouts.
-Actually the impact on news is much more higher if you compare the volumes.
-Whether the market is moving 40% or 5% is not relevant. What is relevant is your risk and money management.
-Forex has not lows and no highs because it is a relation between two currencies. There is no such this as the absolute value of a dollar or of an euro. Because of that technical analysis is less precise. Support and resistance are not always respected while with stocks it often is retesting an old structure precisely on the dollar.
But you will notice those once you trade them. Again I don’t trade stocks because you need a very big capital to profit from daytrading it. But I do trade stock prices through cfd and through indexes.
Well, lets agree to disagree 
we both came to a good point in another topic yesterday where we both agreed. it is only up to yourself if you win or loose. which market is better easier or harder makes no sense to elaborate much, i started the discussion (and i still think stocks are harder), but i think its in everyones personal point of view whats easier/harder for him her/her. swingers love forex, scalpers and daytraders aswell, long term investors have no use of forex, trend follower also preffer stocks.
in my eyes the real money is in the stocks and not the forex. stocks are created to create and reorder wealth, its their purpose, its the purpose of paying dividents interest etc, thats the reason why there are so many huge multi billion managed funds that operate on stocks and indices, why ther is such a giant industry on it that is (calculated by the money) the biggest and best paid industry of all. forex in first place is creatd to exchange money, the only people who mak money on it are the people who are exchanging it, banks brokers. but thats my personal view.
Thread starter begins trading in 2 weeks…looses his right cheek…plunks another chunk of dough, looses his left cheek…says f this or continues to plunk.
I have been demoing for 10 months and only now, all the info I have transferred to my brain is beginning to sort out.
Allow me to ask you this, did you learn all your abc’s and how to tie your shoes in two weeks?
Na zdrowie,
Tim
trading is like everything else out there, you have to go through the beginner stage to intermediate , advanced and expert
It takes time , there’s 's no short cut unfortunately. Need thousands of hours of screen time .
Trying to make money in the first two weeks is a bit like entering pro surfing comp after a couple of lessons .
Hey MH:
Happy to see another taking their time with this craziness. On my demo last night, watched the Chinese market open and striped the GBP/AUD pair 200pips in seconds. Pheew.
Tim
A good strategy is trading on daily time frame using horizontal levels. No trading against the trend and no trade when there is no signal.