New to forex

[gravity8]

HI all i have not totally new to forex but however like most things in forex i have learned the hard way. As i write this i am thinking that forex this time will work i now have learned a lot from this forum and in some regards people on here actually care. I have traded with alpari, avafx and have run my accounts into the red due to lack of expeience and patience i was 18 then now i am 24 and will succeed this time, a few questions i would like to ask:

1) I am from Northern Ireland anybody else from here.
(2) I work 8 hours during the day 4 days a week, i carry An android phone during the day, any advice how i should approach my forex.
(3) I have no idea about brokers and trading platforms, i currently have a demo with fxcm, should i start micro or standard.
(4) I have attended a webiner earlier in the month a few people signed onto to it i did'nt as i am a little skeptical, anyone now trading for a few years recommend starting with a mentor or going alone?
.

 

[Pharaoh]

1. I'm from Western Ireland. For some reason, many of the locals call it the USA.

2. My suggestion would be to avoid trying to juggle your day job and forex trading on your phone. Aim for a system that works off of daily charts (or longer) and place your trades either before or after work. Make sure to set SL and TP on all orders. Then use the phone to occasionally check on things during breaks if you feel the need.

3. Open some more demos and try them out. Don't open a live account of any size until you have both a platform and a trading system that you are comfortable with.

4. Always start with free stuff first, like Forex Military School here at the FPA. That will give you an idea of what (if anything) you want to spend money on later.

 

[Triantus Shango]

west ireland? killarney? galway? connemara? you lucky sod! i love ireland, especially the western side. never seen country so beautiful and full of magic. i'll always remember my first trip there as that was when i was reading the 'lord of the rings' for the first time. no better location to do so.

anyhow, i was gonna spew forth another torrent of recommendation but that would add nothing to the elegant simplicity of pharaoh's response. he's got it right. i would only add 'try to understand the structure of this market as much possible.' by structure i mean how the whole SPOT OTC system works, who is dealing with whom, the whole food chain... banks, hedge funds, corporates, ECNs, MTFs, prime brokers, prime of prime, retail brokers, and retail traders, and the respective cost structures. where do any of these players fit? and so on. it helped me make sense of what the retail brokers were telling me and not telling me, as well as why the screens of retail apps looks so much more simplistic than the screens of the apps the pros use and the advantages of the latter.

godspeed!

 

[perryfx]

HI all i have not totally new to forex but however like most things in forex i have learned the hard way. As i write this i am thinking that forex this time will work i now have learned a lot from this forum and in some regards people on here actually care. I have traded with alpari, avafx and have run my accounts into the red due to lack of expeience and patience i was 18 then now i am 24 and will succeed this time, a few questions i would like to ask:

1) I am from Northern Ireland anybody else from here.
(2) I work 8 hours during the day 4 days a week, i carry An android phone during the day, any advice how i should approach my forex.
(3) I have no idea about brokers and trading platforms, i currently have a demo with fxcm, should i start micro or standard.
(4) I have attended a webiner earlier in the month a few people signed onto to it i did'nt as i am a little skeptical, anyone now trading for a few years recommend starting with a mentor or going alone?
.

Welcome to FPA mate. I would like to answer your questions according to my knowledge and experience

* No I am not from there
* I am also doing a job and use a Galaxy phone to trade Fx during working hours. I trade beyond 04 hours TF and nearly spend 02 hours with my personal computer for analyzing the markets & identify the levels. With a phone it is hard to do the analyzing part. I use the phone only to execute trades and monitor levels. This is a good approach according to my experience.
* Always minimize the risk. Go with a micro account if you are good at demo trading
* Well that's depend. Not recommend you pay anything for mentors. To Finding a correct mentor is really hard. According to my experience Chris Capre is one of the best mentors for Price Action. Do your own analysis before going with any courses. There is a separate FPA section for forex courses reviews/ ratings. Hopefully you can find more info there if you prefer to go with a mentor.

Good Luck

 

[Forexismyworld]

welcome

1) I am from Northern Ireland anybody else from here.
(2) I work 8 hours during the day 4 days a week, i carry An android phone during the day, any advice how i should approach my forex.
(3) I have no idea about brokers and trading platforms, i currently have a demo with fxcm, should i start micro or standard.
(4) I have attended a webiner earlier in the month a few people signed onto to it i did'nt as i am a little skeptical, anyone now trading for a few years recommend starting with a mentor or going alone?
.

First of welcome to the forex world, give your self a pat in the back because you came back.. i did the same i was 18 back then i use to think what pile of yep you know what i want to say... now i am 23.... came back 2 months a go and now do live trading... started with 500 and going pretty smoothly why because i used a demo account for strategy.. i havent blown my account yet because i dont trade blindly i did once i lost 200 dollars then i thought why it happened and after that it hasnt happend yet... why patience patience and analyzing believe me patience can do wonders.... go to eToro register use a demo account you can copy other users to see what they trade u can follow me although not best of trader but plenty of other good traders and now while writing this i sold yen made 40 dollars why because of a simple strategy..... its called analyzing and patience..... i have spend hours and hours looking at a screen when my trade was in loss i use to think man why did i trade aaaaaah i am loosing bla bla bla.... i dont do that anymore when i trade i just let the system flow and do my other stuff such as programming and simply have a stop to take profit... not need to look at the screen all day long... as a new trader i experienced what you are experiencing now... but don't worry i will be there to help you

 

[ukelelefx]

1. No, I'm not from Northern Ireland.

2. Even if you have a smart phone, it would still be better to analyse the market and execute trades on a computer as you can see the market from a bigger view and use the complete range of the trading platform tools that may not be accessible on a mobile platform. You can check the market from time-to-time and modify your trades from your smart phone. With a day job in hand, it is suggested to trade on higher time-frames, i.e. H4 chart and above, as minimum monitoring required.

You can trade before you go to work, after, or during your free time.

3. There shouldn't be any differentiation between the accounts since it depends on the lot size that you enter. For example, if you enter 1, that's a standard lot. If you enter 0.1, that's mini lot. If you enter 0.01, that's micro lot.

4. If you feel that for the past 6 years of you trading alone has not improved you as a trader, this may be the time to get a mentor to guide you along the learning of forex trading.

 

[gravity8]

HI thanks for the info, i have trawled through this great forum and taken a lot on board, i have evaluated and looked at all options possible for a newb like myself, so here goes.
Basically i have come across a great book to help with my forex and intend to buy curency trading for dummies. an fxcm demo has been opened with 50k balance however i will prob change to a 10k demo as it feels more real to me. I am familiarising myself with the metatrader4 platform and practised with trades on the forum. To me at this stage i am lacking direction and structure, so i am going to try and evaluate and write a plan.

Mon fri work
sat off
sun off

location UK

heres a basic breakdown of my intentions stage 1 present , stage 5 august

Stage 1- books curency trading for dummies, read once maybe twice.
stage 2 -open demo- learn platform, understand , terms and youtube videos.
stage 3- Trading strategies and indicators, my understanding is basic so will turn to the forum for this one.
Stage 4 psychology- understand of trading maybe anyone read any good books on this related to trading?
Stage 5 repeat again

This is extremely basic i will post a detailed one, shortly.

 

[Pharaoh]

Sounds like a good beginning of a plan.

I also suggest Forex Military School here at the FPA.

 

[perryfx]

HI thanks for the info, i have trawled through this great forum and taken a lot on board, i have evaluated and looked at all options possible for a newb like myself, so here goes.
Basically i have come across a great book to help with my forex and intend to buy curency trading for dummies. an fxcm demo has been opened with 50k balance however i will prob change to a 10k demo as it feels more real to me. I am familiarising myself with the metatrader4 platform and practised with trades on the forum. To me at this stage i am lacking direction and structure, so i am going to try and evaluate and write a plan.

Mon fri work
sat off
sun off

location UK

heres a basic breakdown of my intentions stage 1 present , stage 5 august

Stage 1- books curency trading for dummies, read once maybe twice.
stage 2 -open demo- learn platform, understand , terms and youtube videos.
stage 3- Trading strategies and indicators, my understanding is basic so will turn to the forum for this one.
Stage 4 psychology- understand of trading maybe anyone read any good books on this related to trading?
Stage 5 repeat again

This is extremely basic i will post a detailed one, shortly.

Always better to have a plan before start things. Wish you all the best.

 

[Triantus Shango]

as regards books, make sure you read Joe DiNapoli's 'Trading with DiNapoli Levels' and Larry Pesavento's 'Trade what you see' and additionally there's a couple more on harmonic/gartley patterns (can't remember the exact titles right now, but you'll come across them in your search as they are quite popular).

and you might want to browse through this thread of the forum as well: https://www.forexpeacearmy.com/fore...ers-refresher-intermediate-level-traders.html