Some very novice Forex questions!

[APipBoy]

Hey guys!

I’m really new to trading Forex and i’m going to be practicing paper trading for a few months before jumping in.

So I don’t build any bad habits I would like to ask a few questions that keep popping up in my mind before I start trading:

1. For day-trading Forex, what are some of the best time frames to look at?

2. What are some very useful line indicators to have on your charts when day-trading Forex? (moving average line etc.?)

3. Can you successfully trade just using technical analysis and watching the charts with indicators and strategies?

4. What are some of the best currency pairs to trade? How do you know which pair to look at at what time?

Thanks so much guys this community is really cool and i’m looking forward to my trading journey. I hope everyone is making a profit!

Thanks again

[Johnscott31]

Without trying to burst your bubble I would advise you to avoid starting out day trading.

There are some very accomplished day traders on here but I dont think jumping in at the deep end is the right way to start.

Even after demo trading.

If there is any chance you can say start on daily charts you can avoid some of those bad habits your talking about.

If you are a serious gamer, or can play 12 online poker games at the same time then yes day trading might be your bag.

Othewise dont go for the baptism of fire approach.

Anyway welcome to Babypips.

[tradeforex077]

Hi Apipboy,

I am a day trader and would still wholeheartedly agree with @Johnscott31. You need to start on the longterm timeframes and you’ll be less likely to build any bad habits.

On a second note, all the questions you’re asking could be asked in one, what is your strategy? Unfortunately, I dont know many people who will reveal this to you. There are a lot of people who’ll say it’s easy to find a profitable strategy but not many details. See my thread where I discuss this:

Trading is 80% psychology and 20% strategy: Is this really true?

We frequently hear that trading is 80% psychology and 20% strategy. I’ve also read it in the forum in different threads, inparticular where people talk about the strategy being the least important part of trading and that there are profitable systems available and easy to find. But I don’t agree with this at all. I believe the psychology part is easier than finding a consistently profitable strategy. I read in one post someone talking about trading like driving a car at a traffic light. When th…

Having said this, there a few threads where people are running their strategies and displaying their indicators which you may want to look into here and here and here. Have a read of them, get involved and get testing.

Start your education here, it includes the babypips course. Good luck!

[TomCooper]

newcomers always try to bring profit very rapidly with no learning. as a result they become loser when try it practically.

[GetKnowTrading]

Here are my answers to yours questions:

For day-trading Forex, what are some of the best time frames to look at?

• time frames on the daily trading are from M1-D1. The best one depends on the trading strategy which will define entry signals. Use from H1-H4 for the best trading signals.

What are some very useful line indicators to have on your charts when day-trading Forex? (moving average line etc.?)
I am not using any so I will not recommend any

Can you successfully trade just using technical analysis and watching the charts with indicators and strategies?
-yes, you can. That is enough to be profitable. You need to find chart patterns that gives you good returns. Using the charts with support and resistance line should be the base for any trading strategy.

What are some of the best currency pairs to trade? How do you know which pair to look at at what time
The best trading pairs are the ones which have the most chart patterns signals defined by the trading strategy.
If you are beginner then it is the besto to use slow to moderate pairs with 40-70 pips daily average.

If you want very fast trading pairs then you should use GBP/JPY.
Take a look into the chart below that shows the trading pairs and their average pip movement.

[Tygralanim]

I would also advise you not to take such a risk once you are just getting started, but long-term Forex trading is more promising and will give you a wider range of opportunities. Of course you can try gold for example, you can work with it in this format in my opinion, but overall it is more difficult and risky than you probably imagine, so before you start, you can think about something more accessible and understandable, at least for now.