Beginners Guide to Forex Trading

[forexplayer77]

Hi,

im pretty new to forex trading. having spent plenty of time researching and working around indicators i've looked at some live rooms. most are pretty rubbish. prvoding nothing more then vague ideas yet showing they making plenty of profit. currently im using a room which seems to fit my ways, its a forex live room. ie they provide exact orders of their trades. performance so far has been decent, nothing explosive but from what i see they are not looking for so many pips. their money management seems key. importantly the fact that they provide exact trade orders has been good. good education as well.

i believe for newbies this would be good as you get to ignore alot of the rubbish that is not required.

regards

Rahul S.

 

[Tavnaz]

DesiFxtrader,

No Wrong Intents, But I found your stratergies pretty much uesless and senseless. Trendlines , S/R's & Pivots can never determine trends up to an accurate extent. Please don't give calls, People lose cash taking your signals. I havent been a victim of your signals, But .. I have crossed some and many have failed miserably. I advise you to shift to an alternate strategy. Moreover, If you are pretty confident about your calls, Could you please give me your Live Account or Demo Account Statement for the past one month?! ..

Harsh124

My dear Harsh you are completely disregarding role of price action,
Well you wanted to say something about trend and S/R well i can predict trend strength with S/R to 80-90 percent accuracy.
As per Desifx trader i have Read his articles and very well know he know a lot about forex.
You may be using another system may be Moving Average crossover or Fundamentals or other technicals but,you should have a complete reserve for other peoples strategy.
Tell me one person who looses money, and still has time and money to pay for internet to reply on traderji,if desifx trader was that big a looser he would be out of business and he would have own problems rather then help us on traderji.:rofl:
And Desifx trader your Inside bar strategy is awesome and trend collapse,you nailed it brother.:thumb:
And please harsh don't reply if you are angry with my post i can stand criticism but i can't stand insult.
Edward ji please elaborate your views on orderflows.

Warm Regards
Tavnaz

 

[Tavnaz]

Hello Harsh,
Why are you getting so sentimental,no one hates you here not even me,but you should not fight on the thread.
As per desifx trader's call you may be true, that his calls were losers but you said you never took them.
And i know that inside bars were made by jim on forex factory but i got to know it here from desifx trader so he is the teacher of that thing here.
Please i don't want an active participant/good trader going out of TJ because of me,so cool down man.
But hey you should define your strategy more clearly,before calling someone else's crap/useless.
Forgive me for any offence and get back to friendly business.
Regards:thumb:
Tavnaz

 

[Edward]

chill guys............

Harsh is a guy with lot of potential and creative thinking....... give him space and he will be a big contributor in the coming days..........

Tavnaz you are a puritan........ so both of you guys are important for the new generation of forex traders........... so dudes........ justtttttttt chilllllllllllll and enjoy. .............

 

[pranav10]

Hello All,

Currently i am using GCI Meta trader demo account to experience forex trading. the GCI is offering lowest spreads compared to other brokers.
But reviews are not good on GCI when it comes to live trading account.

Please suggest if any one are using their (GCI) live trading account.
I am planning to do scalping, Please suggest any low spread brokers.

Thanks,
Pranav.

 

[Tavnaz]

Hello Pranav,
Are you really a master at scalping,because it really takes some nerves to do that,and with forex you are playing with fire.
You should try out Oanda.com for minimum spreads thats minimum i've seen.
Elaborate on this thread whether you have a definite plan for trading or not.
I am risking being naive because sometimes people you give advice to are masters,be happy and if you are new to trading don't scalp,because brokers hate it,then you have slippage, requotes etc.
Regards
Tavnaz

 

[pranav10]

Hi Tavnaz/Harsh,

Thanks for your suggestion.
I don't want to be full time scraper, but i will be satisfied with 10-15pips per trade. So, i am looking for broker with better spreads.

I think Oanda is not offering MetaTrader platform, so i may not prefer to use Oanda account.

Is ther any issue with GCI Financials interms of trading and fund transfer?

Thanks,
Pranav.

 

[Tavnaz]

Hello Pranav and Harsh,
Good to see you back Harsh.
Now as you said oanda does not offer metatrader 4 platform but as always you could use Metatrader 4 of some other broker with the same GMT datafeed.
Noteatafeed difference don't change price action.
Use Metatrader 4 as planning tool and oanda as executioner.
If you don't like oanda do as harsh says he will tell you.
And in Scalping you enter with momentum,so you definitely can't bag successfully some 5-6 pips without that.
So in scalping you don't have any sense of market flow the best you can get is some 5-6 pips only with momentum,you just concentrate on next few pips.
It definitely is risk to wait for a full 15 pips.
You want 2-4 Pips with Standard lot that is 20-40 $ a trade, go for scalping.
But if you sit in market for more then 30 minutes you are risking yourself while scalping,especially with a currency like USD/JPY a slow mover.

Scalping 3000 $ account so you can use Standard lot.
Leverage 100 :1 or 50 :1
otherwise you only get 2-3 $ a trade.
Book 2-4 Pips get out.
Don't loose more then 2-3 pips in a trade

Otherwise
Use other strategy like Price action
Book whole moves 40-50 Pips open an account with 1000-1500 $.
With Risk/Reward a low as 1:50
Choice is yours, because when i started forex with scalping, i lost 100 $ the first day.
Use lazy boy if you don't have any strategy but don't risk your money in 15 pips because that is not scalping.

Regards,:thumb:
Tavnaz

 

[findsukesh]

Hi Everyone,

I am a derivative trader. I usually trade on index options with a target of 4-5% returns per month.

I am looking to explore my options in forex trading. First and foremost I would like to understand forex trading in detail. Can you guys suggest me reference material. I am trying to go through Edward's other posts as well.

Thanks,
Sukesh.

 

[Edward]

check out babypips.com
the first step to understanding forex certainly starts there...
Good luck and God bless

Hi Everyone,

I am a derivative trader. I usually trade on index options with a target of 4-5% returns per month.

I am looking to explore my options in forex trading. First and foremost I would like to understand forex trading in detail. Can you guys suggest me reference material. I am trying to go through Edward's other posts as well.

Thanks,
Sukesh.