Very Newbie

Very new to currency trading and it all seems very overwhelming. Are there any pointers that any of you would suggest. It’s a lot to take in. I don’t expect to make a big fortunate or think it’s a get rich scheme anything of the sort. Any tips and insight you can provide would be greatly appreciated. One question that sticks out is … how do you know which time frame to use with charts? Or what is the advantage of short time frames verses long ones - and vice Versa.


the best advice I have seen anywhere is to keep demo trading until you have at least 3 months in a row that are profitable. As for time frames. The short time frames are for “scalpers” and the longer time frames are for the “day” or long term traders. the 1 and 5 minute charts have alot of “noise” in them so they cannot be trusted too much unless you want to sit in front of your monitor until you exit your trade. As far as what time frame to use. That is up to you. Remember everybody is different and you have to be careful of people that tell you this is the only way to do it. Two more pieces of advice, never trade without stop limits and find what works for you.

Thanks for the response. I will take that into consideration. If you don’t mind me asking how long have you been trading currency?

Hi there,

Welcome to the forex world … I am also new to forex, only have been looking into forex around six months and only started trading live 1 week ago

I would suggest the following :

  1. Get a demo account to get yourself familar with the chart and indicator.
  2. Take a look at the post Between 40-100 pips per Day - By James ( under Free Forex Trading System ) , The system is in Page 6. and a summary is provided in Page 51 Post #502. I do recommend to read through the whole thread. ( it took me six hours :eek: ) but is worth it … :slight_smile:
  3. Take a look at the post Five Levels by PipGod - it is a good post :slight_smile:

Since I am new too, I would not be able to provide much experience pointer … I am still not making money yet … hehe

Anyway, Wish you all the best … :smiley:

Happy Trading

Pipster, after nearly 2 years of working and studying on all this Forex “stuff”, by far the BEST help I’ve ever found was reading the book “Trading in the Zone” by Mark Douglas. Fantastic book!

You can study trading strategies, types of indicators to use, time frames, currency pairs, money management, well, the list goes on! But, until your mind is really set straight, it’ll all be, not a waste of time but, energy spent in a non-directional sense. Your Head has to be in the game. And this book I’ve mentioned is one of the best I’ve had the pleasure of reading. I wish someone would have told me about this when I first started!

Wishing you the best of success in your trading!

Are there any pointers that any of you would suggest. It’s a lot to take in.

Welcome aboard! Have you tried the babypips school? It’s a good overview.

My two pips:

[U]TF[/U]: Start your research on daily and weekly charts (if you look at charts at all). Do not start out as a day trader.

[U]Systems[/U]: Do not buy someone else’s system. You may want to “look over someone’s shoulder” and follow along with another traders method. Ultimately, you will need to create a method that you understand and that fits your personal mentality.

[U]Books[/U]: Talk about overwhelming! Decide what approach you wish to explore and then chose a book or two that falls in that category. (Feel free to ask around here.)

[U]Psychology[/U]: I like Mark Douglas. I also have great respect for the work done by Brett Steenbarger.

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anyway hope those informations are helpful for you. best regard.

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