I’m wondering if there is a trading method that helps a beginner learn the ropes. I know this might sound crazy, but I’m not too bothered about it making pips,(demo account anyway) I’m looking for a system / method that will help me understand the forex world.
I’m really new at this. I’ve opened a demo account and I’ve familarised myself with opening / closing trades and putting lines on charts etc… i’ve also done the school(intend to do it again)
I feel as if it’s information overload in the forum, and I appear to be skimming a lot but not truly understanding whats being discussed.
I’m in the UK and work 8AM to 5PM, so this limits the sesssions I can enter. Can anyone recommend a “beginner” system / method that they used at the start, which helped the trader understand the markets better.
I’ve not seen this type of question being asked in the forum, but apologise in advance if thats not the case.
While there isn’t a beginner method as all methods can be made very complex but what I would recommend is starting with a method that involves a small amount of indicators or none at all that way you’re not overwhelmed.
Look at the first few pages where it outlines the basis of the method and start demoing it adjusting it to make it more comfortable to your personal trading style.
there is no beginner system and every system provides the ability to loose all your money.
To start keep it simple and from then on always keep it simple…if i was you i would follow TREVPICS breakout system - just means you need to get up at about 5.30am and make about 15minutes analysis and place your order - pending order… It is a simple as can be and probably provides the highest win ratio and doesnt require too much screen time.
I’ve been following the London breakout mentioned above. Tell me about your Asian Breakout? What time is the breakout? what pair? I’d like to try that too. I’m beginning to like these breakout stragegies. they are simple and effective
I agree with the ideology that there is no such thing as a beginner or expert trading system. Even the simplest of entries and exits still require the mental discipline and the money management to ensure success.
One could look at a chart I trade and say that’s a beginner chart, or one could glance at a Cyrox Rainbow chart and think that’s an expert chart. Practice and education are the only way to successfully trade either.
My recommendation would be to just start somewhere. Learn as much as you can and you’ll eventually evolve your trading to something that suits you and is profitable.
While anyone can trade, not anyone could be a trader. Stick with it and know that you have a bit of a journey ahead of you.
I teach a martial art and have done for 25 years. I always say to myself “if I knew then what I know now”.
Now by that I mean, if i had been taught these things when I first started I wouldn’t have got injured (blown my account in forex terms). If I had been taught systematically rather than doing 1000’s of repetitions, my learning curve would have been a lot steeper. (but my spirit might not have been as good being spoon fed)
When I teach, I try to get the students to do it slowly so that they understand what they are doing and how they should practise in their own time. (but most want to go full speed, so that they can “feel” strong)
Hence the term “Beginner” method, I was trying to see, if people on forum could live their forex lives over again what would they have done different at the start.
So everyone, thanks for the feedback and i’ll look into the suggestions.
First green day in simulation -
First green week in simulation -
First green month in simulation -
Double sim account capital $10k -
Hit 30/70 success to fail ratio in a week -
3 live money trades, the ice breaker -
Stage 2:
June � July 2008
Switch to live trading -
First green day -
First $100 day -
First green week -
First $500 week -
First green month -
Maintain 30/70 success ratio -
Stage 3:
August � September 2008
First $250 day -
First $1,250 week -
Hit 50/50 success to fail ratio in a week -
1 Month success ratio between 30-50% -
Stage 4:
October 2009 � January 2009
First $500 day -
First $1,000 day -
First $2,500 week -
First $5,000 week -
Total of $25,000 profit -
1 Month success ratio >50% -
Sustain a month gross of >$5,000 -
