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Newbie Guide to Forex Trading

Archangel · 832 · 191323

Archangel

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on: Jul 10, 2008, 03:16 PM
 :welcome:

To all those newbie forex trader's out there!

Let's use this thread to discuss trading and help each other to become better traders in the future. Much like a trading group.

Just like everything else, there's always a beginning.

Where do we begin?

« Last Edit: Jul 10, 2008, 03:22 PM by Archangel »


benz666

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Reply #1 on: Jul 10, 2008, 05:48 PM
hmmm.. I suggest the following for starters.

have this to get the ball rolling.
1.Money that you can actually afford to throw it away.
2.Patience
3.learn learn and learn.


SirYuri90

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Reply #2 on: Jul 10, 2008, 08:17 PM
while reading some post I've seen some people using automated systems instead of manual, w/c do you guys think is more preferable? I'm leaning towards trying automated because, it could run on its own like a no-brainer bot? that just puts money in your pocket? I'm not sure if  what I'm saying is right? But I think it will be a great thing to have something like that. The big question is... where can we get something like an automated system that is reliable and proven that it has minimal lost, so that newbies like me could benefit from it without the hassles or complications of graphs and chart. :D


Lightwind_99

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Reply #3 on: Jul 10, 2008, 09:10 PM
to begin, one must take the first step of understanding how the forex market moves. i suggest you have to trade manually at start. A bot is automated, it will only give out positions when the requirements/conditions are in place, it may sound so convenient but bots will only act as directed but what if the market goes zigzag, bouncing off the walls erratically? I'm sure the bot would have opened positions in a zigzag manner and ultimately gave a bad result.

So far there is no bot that is near perfection, every bot has it's own flaws and risks to take. however if you decide things to flow with your own study and instincts, you may avoid those wrong moves upon trading.

Forex is an art to master, you have to see and feel how she dances with those price fluctuations.
you have to develop the skill not to tame her but to anticipate her movements. Patience, perseverance, keen observation and decisiveness is most prime here to be part of the 5% out of the 95% winners in forex trading.
Sooner or later you will find out that trading is not about prices themselves but it's you against yourself.......that's what my good mentor taught me most....it's not about indicators or fundamentals it's about your decision.

You'll understand that concept once you finally understood the proper norms of successful trading.

If you really want to succeed then get hungry to learn.  :hello:


Corinthian

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Reply #4 on: Jul 10, 2008, 11:56 PM


SirYuri90

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Reply #5 on: Jul 11, 2008, 01:44 AM
thanks for the reply Corinthian... very informative... and the thing is if there could be a bot that could minimize the losses that will be of great help... I mean i may sound like looking for an "easy" way to trade (who doesn't?) I'm just saying maybe someone or somewhere it is already being done? we just have to look for it...:D
« Last Edit: Jul 11, 2008, 01:48 AM by SirYuri90 »


Archangel

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Reply #6 on: Jul 11, 2008, 02:46 PM
A trading robot or system which is profitable may exist. But it will surely cost you money. If you want to look at some robots/systems. Visit this site: http://www.collective2.com.

Robots might have weaknessess. If you will buy one, or if you make one, you should understand and continually search for its weakness. For instance, many will turn off their robots during high impact economic news.
Posted on: Jul 11, 2008, 02:29 PM
I guess, I'll be the one to ask the next question:

Most of you guys who are successful in trading or just getting there, must be following a path. You may have been in more than one.

What possible paths can you take to become a successful trader?


Jollighe

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Reply #7 on: Jul 11, 2008, 10:38 PM
« Last Edit: Jul 11, 2008, 10:42 PM by Jollighe »


Archangel

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Reply #8 on: Jul 12, 2008, 09:40 AM
Hi Jollighe!

I have heard of eToro but I'm not familiar with it.

My advice is, you should have a criteria to filter good brokers from the not so good ones. I recommend that you visit this page: http://www.fxstreet.com/brokers/criteria/. It is a good resource website. It's independent so their reviews are unbiased. That is the criteria that they use to compare brokers.

Here is the link to their broker comparison table: http://www.fxstreet.com/brokers/forex-brokers/.

For me I filtered them to 3 firms: Interbank (IBFx), FXCM, and CMS based on additional filters. I looked for the lowest spread, no commision, years in business, regulating agencies, equity (which you can get here: http://www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0208-xls.xls), their customer svc (IBFx seems to be one of the best), ECN type firm (no dealing desk),  and of course I sampled their demo accounts.

I'm not saying that they are the best, but you should filter out the brokers based on your criteria. And even if you found what suits you, they will also have some bits of shortcomings here and there.

I finally decided to stick with IBFx. Specially since their using the Metatrader platform (although FXCM started to use it now too). I prefer this platform coz it is widely used, there are many resources available to it, and I have a chance to program/modify indicators, scripts, and EAs (since I'm humbly a bit familiar with C type languages). Although, as with many software, there are still bugs on it. But their company releases regular updates to address these things.
« Last Edit: Jul 12, 2008, 09:45 AM by Archangel »


WannaBe

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Reply #9 on: Jul 12, 2008, 12:46 PM
Mam Jollighe,

Try to read po sa babypips.com, dun lang ako nagsimula and also with the help of the angel :grin1: here in PMT nakapag live forex ako..


Sir Archangel,

Currently i'm on my 2nd month trading forex live although my broker is the infamous marketiva i find the interface very user friendly but i'm also eyeing at the MT4 platform that marketiva doesn't have. I also know programming PHP, VB6 and a little of C#, that's why i want to explore the possibilities of having an AI EA that i can create based on the strategy that i'm doing in manual trading. Sir are you currently using your own created EA system? Or you're still on the learning stage? Mas ok din siguro sir kung you can share few scripts here and what does that script do para other EA authors here can also share their thoughts.. I will try to open a demo account on those brokers that you've mentioned above and first familiarize myself on the interface of the MT4 then after that will look on the MT4 EA potentials.. Happy trading to all, may the PRO share their knowledge to the Newbie's and Wannabe's like us.. Thanks in advance...
Posted on: Jul 12, 2008, 12:38 PM
Naku mukhang based sa mga PRO's it's not yet advisable for me to go on Automated Trading, siguro nga i need to lessen my flaws first on Manual Trading before i put touch the world of automation, thanks sir Lightwind_99 sa inspiring and guiding words...

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Archangel

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Reply #10 on: Jul 12, 2008, 01:12 PM
WannaBe,

You were given a great advice!

I'm also new to currency trading. I have been studying for more than a month and I have opened my demo account for a month now.

With regards to programming EAs and indicators, I've made a few but I'm just tryin use them for studying purposes. With regards to scripts, I use it to modify my order like change the SL to breakeven. I just use it to speed up the process.


WannaBe

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Reply #11 on: Jul 12, 2008, 01:22 PM
Archangel,

Actually i only read the post of Sir Lightwind_99 above and realized that this is an advised ala "Veteran move" that's why AI EA on Demo and Manual Trading on Live..

Ah ok, so you still don't have a live account? That's good ako kasi hinde nakatiis after a month yata doing the demo and launched my LIVE account right away nung nakita ko na akala ko i'm good with trading :D...

Maybe after i open a demo account using MT4 based platform brokers we can share ideas on building an automated system, if its okay with you..


Archangel

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Reply #12 on: Jul 12, 2008, 01:28 PM
WannaBe,

Hindi pa ako nag-open ng live account. Gusto ko munang makasigura na kakayanin ko na. Na magkakaroon ako ng trading model na magkakaroon ng profit, consistently. Plan ko is to at least double my demo account, at least once before going live. I know it will take time.  :D.. But, im not in a hurry right now.

That would be a great idea for us to share ideas on building EAs and trading in general.


WannaBe

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Reply #13 on: Jul 12, 2008, 01:35 PM
Archangel,

That's a good attitude, siguro talagang pinanganak akong pasaway and walang disiplina and i hope FOREX will teach me that in a bad way(losing) :)

Ayus to.. sana yung mga ibang PMT na gumagawa ng EA maguide din nila tayo, para we don't spend or wasting time doing guess work.

Nga pala, target mo din ba na in 2 months ma double mo yung Demo Account Funds mo? Like what sir Santi is doing on his LEA system?


Archangel

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Reply #14 on: Jul 12, 2008, 01:45 PM
WannaBe,

Since bagohan palang ako, di ko pa alam kong gano katagal bago maattain ko ang target kong madouble ang account ko. Pero, even if it takes longer like 3-4 months. Ok lang. Sympre, mas maganda kong hindi ganon katagal. Mini account lang ang inopen ko sa IBFx.

Ano ang concept ng trading style mo?
Posted on: Jul 12, 2008, 01:43 PM
WannaBe,

Isa pa, matagal bago mabuild-up ang confidence ko. Kaya ok lang din kung matagalan bago ko madouble ang demo ko.


 


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