New to forex

[navyseal]

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?
.

There were some helps but I would like to help you with my experience.

2) You shouldn't use phone for trading, you need a PC or laptop.
3) fxcm is a good broker, if you're a newbie, please start with a micro-account instead of standard. Cent account is good.
4) Have mentor is better than going alone. However, it's not easy to have a true mentor taught you everything about forex. So you can go by yourself, forex is complicated but it's not unbeatable. Belive in yourself.

 

[Triantus Shango]

also, visit this site and download their free report. contains very good advice: FxBriefs » timely information for foreign exchange traders

 

[FringFX]

some suggestions would be to devote as much time as you can on learning... and
try not to spend too much time on learning about tons of indicators out there. most indicators are modified versions of basic indicators.

 

[FringFX]

3) fxcm is a good broker, if you're a newbie, please start with a micro-account instead of standard. Cent account is good.

it's one of the biggest brokers, but it is not necessarily good, particularly in terms of spread, execution, slippage.
be sure shop around and compare.

 

[Triantus Shango]

yes people, please listen to FringFX. and go shop around in Europe where you have more broker choice than in the USA. but if for some reason it is a problem for US citizens to open an account in Europe, then work with a US Prime Broker or a Futures Broker. at least with the latter, you will be able to forgo the tricks a retail broker will pull on you, since what happens on the futures exchange must be true from the perspective of all market participants on that exchange. if you do not understand the latter statement, then you must study more and not use real money yet.

finally, the only SPOT Forex exchange in existence today is LMAX in London (UK), and unfortunately for US citizens, they do not accept US customers. probably something to do with the repressive and fascist financial regulations in effect in the USA at the moment and which seem to benefit only the insiders, not the little guy. so far, i do not see the meek inherit the earth, if you catch my drift.

 

[itkraze]

some suggestions would be to devote as much time as you can on learning... and
try not to spend too much time on learning about tons of indicators out there. most indicators are modified versions of basic indicators.

Yeah, indicators will just confuse you and nothing more. I will suggest to learn the price action and patterns instead of wasting time in indicators. they are really of no use at all.

 

[Rambo35]

Yeah, indicators will just confuse you and nothing more. I will suggest to learn the price action and patterns instead of wasting time in indicators. they are really of no use at all.

I am not sure I can agree with that. I would not trade based on indicators alone, but to say that they are of no use at all is a very general statement and wrong. They may be of no use to you, others find them useful. Just saying.

 

[willforex]

it's one of the biggest brokers, but it is not necessarily good, particularly in terms of spread, execution, slippage.
be sure shop around and compare.

Yeah Agree, I recently moved to new broker and currently have 03 accounts with 03 brokers. Normally I don't like to trade with one broker.

 

[Pharaoh]

I am not sure I can agree with that. I would not trade based on indicators alone, but to say that they are of no use at all is a very general statement and wrong. They may be of no use to you, others find them useful. Just saying.

Well said. Each person needs a system that tey are comfortable with. A few won't need any indicators. Some will only use indicators. Many will combine indicators with other methods.

If you have a profitable system that doesn't leave you facing potential margin calls, don't let anyone tell you it's wrong. On the other hand, do at least take a look at any advice that might make your system better.

 

[Triantus Shango]

just to add my 2 cents... i cannot agree with your statements. BUT everyone's experience is different. so i can only speak for myself when i say that in my experience it was quite the opposite. not to mean i trade only based on indicators, but i wouldn't be able to do what i do without some basic indicators.

let me put it a different way. what are indicators? usually, all basic indicators (Stoch, MACD, RSI, Ichimoku, and so on) are based on some reprocessing of some price average. the price chart has all this info embedded in it, but if you just look at candles, it might not be readily visible. so an indicator is a filter that lets you highlight different statistical relationships between price points, making data relationships that are buried clearly visible. that's all.

Yeah, indicators will just confuse you and nothing more. I will suggest to learn the price action and patterns instead of wasting time in indicators. they are really of no use at all.