Research?

Beginner Questions
1

Hi i hope this post doesnt go to long, but i have a few questions that i really could do with some help on…

i have been learning/demo trading forex for about 18 months (but not constantly, more on and off) i was helped by a mentor who taught me a little about technical analysis, and trading 1 hour chats…so i do have a “plan” as school section of this website would suggest i need…although it does need refining as i have now lost contact with my mentor so im completely on my own now in a very daunting world!

i then met somebody else who advised me that there is money to be made in news trading…i opened a live account, and soon realised that even with his signals (to buy or sell) that around news time its very hard to get filled and the potential to lose is high, as spreads increase, slippage exisits and brokers platforms tend to freeze up around major news releases…so i stopped trying to trade it and have most of that account still in tact (only lost about $50 before i realised…)

i wasnt sure about this type of trading so i used the internet to do more research, and found the forex peace army, so i have been reading there for the last 2 months or so…felix, crazy cat and sir pipsalot seem to be the main memebers there, but now im hearing they arent so trustworthy as i first thought?!..but how true is that?..im so confused about whether to trust what these people say or not?!..

i know forums always get people “bad mouthing” others, and much of it isnt true, but how do you know who to trust?

babypips was recommended to me by my mentor so im pretty sure this place is safe and on the most part trustworthy in the information you provide…i also read a little on forex factory…how reliable safe is that for research?..

i am now confused whether i should continue with technical analaysis trading, news trading or after spike news trading or a combination of the two?

i just want some direction if possible please? i dont mind readng but i dont want to waste time reading the wrong things or the wrong forums, i feel like i already have been!

any help or suggestions would be most welcome…

p.s i have done all the school section on this site…it was great…so thanks for that!

2

I would honestly say stay away from news trading, especially if you are just starting out, its too unpredictable!

Start by learning proper technical analysis, planning your trades, write down your entry, stop and profit levels before you enter a trade. Do it small and risk no more than 3% of your account on a single trade!

Then keep it up for a year and you will be a pretty good trader.

3

thanks mate, i probably only tried to trade the initial news spike about 3-4 times before i realised somethign wasnt right, and that the platform “etoro” would freeze up or go slow during news time…

thats when i started to research this platform, and found myself on forex peacearmy, i then realised the person who was trying to teach me to news trade more than likely got his information/signals from forex peace army…as they provide them for free everyday…

but how reliable is that site and the people that run it?..they seem to have a few sites on the internet and a few paid membership services also, some are for education and not just signal providers, i was tempted to join as i want to learn not be fed the information…

but now im not sure if they are reliable or a scam?

4

I will leave the advice up to everyone else but just on the filling orders issue during news events - I think slippage is kinda normal but as for your broker freezing etc that’s sounds dodgy to me. I would go with a bigger broker and you may seem some of your problems disappear… :wink:

6

thanks mate

i totally understand why news trading isnt the way forward, as even with a good broker i cant compete with the fast entry of exit from the major players (banks etc) as they use super computers that allow them to enter and exit the market in seconds…while novices like me wait alot longer…

the main reason for my post was to try and find sources of information i can trust…hence my questions about the forex peacearmy. they teach a retracement strategy after the news spike and i like it, i have demo’d it a few times and even went live with it, and it worked…but am i wasting my time learning it? i need to understand it more and this may mean taking up one of the paid services they offer…but this is where im not sure now as some people seem to think they are running a big scam, with lots of websites and forums all pointing to they’re own products and services?

cubanpip2010: i am not looking for a signals provider or a holy grail indicator/EA i would rather make my own decisions on when to enter and exit a market but these always need to be backed up with “knowledge” but whose knowledge do i trust?..there is so much people offering advice and systems/blogs its a minefield and going through them all will take years…and probably be a wate of time!

i have just read “phils basic chart analysis ebook” and found it good, with some techniques that i can try and put into practice…are there anymore i should be looking at?..the “james16group” seems like another good one, although i did look through a little bit and it seemed complex…especially as he uses pin bars to help determine entry/exit points…and i only understand candle sticks…

thanks for all your comments so far they are really appreciated.

7

[QUOTE=gezza10;168771]thanks mate

i totally understand why news trading isnt the way forward, as even with a good broker i cant compete with the fast entry of exit from the major players (banks etc) as they use super computers that allow them to enter and exit the market in seconds…while novices like me wait alot longer…

QUOTE]

I dont know who you are trading with or what order type you are using, but this is laughable. I’m a retail trader, trading a micro account with ibfx and I get in and out instantly, aside from the occational requote. When that happens i just press the ok button and Im out a hair later.

You don’t need a super computer to get filled and get in and out quickly. Just use stop order, take profit and stop loss. And the" major players," aren’t using computers any more super than yours, as if that would make a difference in entry.

Forex peace army= full of it.
News trading = quick way to lose your account as you’ll never be able to be on the right side of news spikes consistently.

8

It probably is laughable, as im just repeating what i have read on FPA and other places. My broker is etoro (i should have researched it first but went with the person who was helping me to news trade)

I quickly realised after a few news reports that no matter, how fast i clicked the buy or sell button i would still get filled many pips later with the mandatory spread increases that many brokers increase around major news releases…all this made it hard to make a profit…

I also just recently found out that we cant place buy or sell orders with etoro (which is a joke!) so i have no chance of doing what you do…until i change broker anyway…

I just thought that bigger banks would use better systems to execute their orders quicker than joe bloggs at home using an ISP and in my case an un-reliable broker?..i guess i was wrong…

I dont want to news trade anyway, well atleast not the initial spike atleast…

i just wanted some info on the FPA and its high post count members to find out if they are running a big ring/circle type con…where they all support each other and dismiss everyone else?..

and if that is the case where can i find reliable un-biased information to help me aquire the knowledge that i need to be a success…

thanks for your replies…

10

thanks

i have just read back some of my posts, and even my original post and i dont think i have been very clear in what im asking…

so sorry for that. i did alot of reading on here last night and i think all the information, resources and help i need is right here…

when i said knowledge i just wanted someone to tell me which threads i should start of reading…

thanks

11

Might I even suggest Neither!!!

http://forums.babypips.com/newbie-island/32208-whats-good-fundamental-analysis-system.html#post168506