I agree with the advice to try a cross-over system at first. They do work, but you have to fashion this tool to fit your own requirements before it will make a masterpiece.
At the very least, if you run this system with the same simple but comprehensive set of rules for 100 trades, at the end of it you will know what worked and why and what failed and why and after that you will know what you have to do to be profitable.
When you place orders with a forex broker, it is extremely important that you know how to place them appropriately. Before placing your trade, you should already have an idea of where you want to take profits should the trade go your way.
I advice you to spend a lot of time learning. babypips a forex training for beginners, the book on the subject is also a good way to learn your knowledge on the subject, and use the demo account that will allow you to trade in the currency market without risk your money.
Did you complete already BabyPips School? I’m asking because here you’ll get a complete Forex education! By the way, for entry and exist point, try to work on support/resistance levels.
its a nice suggestion , only pips school cannot learn you more. spent a lot of time besides this on others , Forex.com also can supports you to learn more. and then trade a demo . but not at random.
Where to enter trade is only a key question if you’re trading very short time-frames. If you’re planning to hold multi-day positions its more important to identify the right targets and the best places to get out, not in.
In my opinion the Babypips school here is one of the best sources as many other people would agree. I recommend you to check it if you haven’t done that already. There are a lot of free video tutorials and books in the web as well. And of course the forum, you could find a lot of threads which could help you with your question. Here are some examples:
You suggested so many sectors for learning. It’s okay. I appreciate. But I think if newcomer goes through preschool level completely, of course they are ready to move live account. But practically I have seen they just finished preschool level very shortly and move demo or live trading. Minimum 2 – 3 times is needed to finish pips school. It would be better.
True fact. In order to me, beginners have to pass minimum for 1 year to learn real market principle which can make them profitable in live. But they passed a very short time in demo or preschool level. As a result they don’t get the result they expected.
1 year is more appropriate. But the reality is they are not able to keep patience within a long time. When I was a newbie I have passed just 3 month in demo and school level then has started a micro account. Actually we the newcomers first of all go through our learning approach minimum for 2-3 times. Time is not a big deal in here.
Also new here, and learning about forex. And now reading all replies on this topic. Hoping to learn more from here. I found that we can’t lead our lives without struggling. From beginning to end hah.
Yes, there is no way to struggle at any sector even Forex market. I appreciate greatly your learning attitude. You can move on other communities that can increase your knowledge leveler very rapidly.
The easy way to find right entry is practice it can be on demo or micro accounts. I prefer micro accounts where you learn to manage your own amount. Then your emotional and trading psychology also is like a real trader. . right entry in market wants a big struggle , It seems good when one enter according to his analysis.
Micro account sometimes works really for acquiring live trading experience, but the problem is micro account can make beginner greedy , because they are not able to control their emotions level due to lack of experience. And the demo is always great but we practically don’t believe the importance of this trading place at all.