What should newbies stop doing in order to succeed in forex? [We now have our forum giveaway winners!] šŸŽ‰

What is counter-trend? We donā€™t know until the market has finished. I donā€™t predict direction.
Iā€™m a day trader.
1.Get to the S/R level.
2.Price Action.
3.A signal appears.
4.Entry
5.stoploss
6.Move S/L
It is simple.Keep simple!

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its when you go trade against the trend, Iā€™m a day trader as well

I was informed by a poster here that my posts are too long and just full of empty wind so i obliged then by deleting it.

Good luck with your trading.

thanks, same to you

Sorry to hear that, please dont let it put you off in future.
If someone else hasnā€™t got the intelligence or attention span to read and appreciate what you posted, thatā€™s their problem.
Too many people on the Internet are only interested in their own opinions and quick to ridicule or berate anyone who doesnā€™t fall into line with them

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Thank you for the encouragement @eddieb :smiley:

It is hard work being a dinosaur in todayā€™s social media style of one-line comment! :joy:

But the real question is: is it even worth it! I see a lot of hyper-excitement and motivation from absolute Newbies and a fair amount of macho comment from those craving personal hero worship as big swingers - but I donā€™t see the sytematic, progressive grass-roots study here at all much any more.

I remember when some of the older veterans here described the life as a trader as being boring and that most of the time as a trader is spent without any trades open. I still fully agree with that description! But I get the impression that the modern approach is to treat trading more like a PS4 game.

So there is a growing gulf between my conception of trading as an oldie and that of the modern Newcomer, and a resultant mismatch in our communication as a result - but, interestingly, it seems to me that the failure rate for Newbies is as high as its always been - is there perhaps something to be learnt there? Maybe, maybe not! Either way, I have learnt to try and keep my mouth shut here on BP! :laughing:

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hiya @HyperScalper

Is the '8 major pairs diagram is an indicator that you have, what platform? MT4? whats the name of the indicator that calculates this?

Tnx

This is ā€œfully customā€ with inputs from several data feeds, but the
core logic is a modified ā€œCurrency Strengthā€ algorithm. Other more
sophisticated information includes Order Flow Analysis and
Currency Cluster Analysis, which is all done on a dedicated server
using proprietary algorithms, and this server also runs an Apache
webserver component which provides graphical ā€œsnapshotā€ image
data on a site via a normal web browser. So there isnā€™t a simple
"indicator" in the traditional sense.

hyperscalper

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hiya @HyperScalper

thanks. Do you get the data feeds from MT4? API? What programming languages do you used and for what part of this system do you use them? I was thinking of using AI in forex, so Iā€™m happy if you share some of your ideas, if you want to tell me?

tnx

Dukascopy standalone Java API is used with Analysis of the
Market Depth feed. U.S. persons cannot have a Dukascopy Live
account, but I have associates in Europeā€¦

If you are non-U.S. then you are lucky !

hyperscalper

thanks :blush:

extremely exacting principles directly there, yet Iā€™m certain itā€™s powerful. So you essentially pursue the pattern, you donā€™t do counter pattern exchanges?

Donā€™t fall for high leverage! Start with 1:1 real leverage! For example, trade micro lots if you have a $1000 account. Only ever touch a standard lot (100k units) when your account reaches $100000! Be flexible with stop losses.

If a probability of a certain pair to appreciate/depreciate is 50%, what order is more likely to get triggered? A stop-loss of 15 pips or a take-profit of 5 pips?

If you ask me, the 5 pips take-profit is more likely. Find a trend on a higher time frame, follow it, and trade that bias on a lower time frame. In creating your bias, itā€™s also good to check fundamentals too (i.e banksā€™ view on the interest rate)

If you opt for a flexible stop-loss/no stop-loss, then also try to have a positive swap on that trade (i.e carry-trade)

Humble profits + good bias and you should be fine. Remember: 1:1 leverage!

EDIT: Ohā€¦ the winners are already there. Damn, all I wanted was an XL T-shirt! :slight_smile:

Kindly explain what you mean by been too familiar with indicators.

Hi Giannigeez
Do you have any suggestions i am busy study the demo account, where to next

Hi Mike
Do you have any suggestions i am busy study the demo account, where to next

Hi Johnny
Do you have any suggestions i am busy study the demo account, where to next

Hi Macilme
Do you have any suggestions i am busy study the demo account, where to next

I mean just keep at it on demo, and study price action,choose one or two pairs only to focus on