Startup in Forex Trading Need Guidance

[BigT1]

A few more good resources:
The Inner Voice of Trading: Eliminate the Noise,and Profit from the Strategies That Are Right for You: Michael Martin: 9780132616256: Amazon.com: Books
Trade Your Way to Financial Freedom: Van Tharp: 9780071478717: Amazon.com: Books
Outliers: The Story of Success: Malcolm Gladwell: 9780316017923: Amazon.com: Books
Market Mind Games: A Radical Psychology of Investing,Trading and Risk: Denise Shull: 9780071756228: Amazon.com: Books
.
AI

 

[Pharaoh]

The only time i've ever moved my SL is when i've moved it to my Break Even when i'm a couple of pips from my TP, just because if it does retrace from there i'd rather not lose anything at all.

Wise words. One other "good" way to move SL is with a trailing stop.

Are you planning to write Aesop's Forex Fables? If so, I want an autographed copy.

 

[Aesop02]

Wise words. One other "good" way to move SL is with a trailing stop.

Are you planning to write Aesop's Forex Fables? If so, I want an autographed copy.

You know what, I reckon you've just given me my name for my new book (which i'm now writing) you'll get a first edition signed copy

Yeah trailing stops i've never actually used but they do seem pretty useful, i'll check that out.

 

[FringFX]

The only time i've ever moved my SL is when i've moved it to my Break Even when i'm a couple of pips from my TP, just because if it does retrace from there i'd rather not lose anything at all.

that's a fine way to move stops and eliminate risk on your trades.

 

[FringFX]

A few more good resources:
The Inner Voice of Trading: Eliminate the Noise,and Profit from the Strategies That Are Right for You: Michael Martin: 9780132616256: Amazon.com: Books
Trade Your Way to Financial Freedom: Van Tharp: 9780071478717: Amazon.com: Books
Outliers: The Story of Success: Malcolm Gladwell: 9780316017923: Amazon.com: Books
Market Mind Games: A Radical Psychology of Investing,Trading and Risk: Denise Shull: 9780071756228: Amazon.com: Books
.
AI

Hey BigT1, thanks for sharing.
have read them all? the first and last books were unfamiliar to me. thanks

 

[Aesop02]

that's a fine way to move stops and eliminate risk on your trades.

Tbh at first i wasn't sure if it was sensible or not, just because it could retrace again... and if that happened on a few trades, then I'd be missing out on them. But i did a few and each time it seemed to work out for the best, now i generally use that rule and i've only missed out on a couple which is ok as at least i didn't lose on them

 

[Pharaoh]

Not losing money trading is a big first step towards making money trading.

 

[Aesop02]

Not losing money trading is a big first step towards making money trading.

True, and I guess the main thing is I still enter the trade, and not coming out early, i'm simply moving the SL incase it decided to retrace and screw me over, which seemed sensible, and is clearly obviously if it'd already bounced off a pip or 2 below my BE a few times previously then i'd be more inclined to set the SL a bit below just to give it some breathing room.

 

[Black Bird]

Another thing I would suggest is to follow some good traders on twitter. Of all the traders I followed the best is Joel Kruger: My Blog*|*JKonFX. He used to work for Dailyfx but now he is trading for himself and I can ensure you he is doing very well. I've learnt a lot of things from him and I've made a bit of money following his trades but then again I only picked the winning ones. His trades are swings so you'll need a large sl. If you are not experience enough and your account is small I wouldn't take any of his trades on a live account. The only thing which, I don't like about him is that he seldom answers my tweets; he may be a bit arrogant.

Another trader you could follow and learn a lot, especially on fundamentals, is John Kicklighter:Forex: S&P 500 Breaks Critical Support, EURUSD Aims for 1.2800 | DailyFX. I never took any of his trades though as I never happened to agree. He always answers my tweets though in spite his large number of followers.

Good luck and please bear in mind that what works for one trader it may not work for another.

 

[Mr. Euro]

Hello Everyone,

I need to know few things before I invest and start trading.

Which platform is the best for online Trading (virtual) (scam free, good in payouts, loss management etc)?

Where I can learn all the concepts and best trading tips to get started?

What to look for in trading platform?

How much time should I spent in learning before investing?

Is it going to be good side-income (if I am lucky and do it right)?

Thanks

Wali

Hi Wali,

Brokers have different platforms used for traders. It depends upon wht you prefer in many aspects. The best is ECN not MM who have low slippage and direct services with accurate rates. they must be Low spread with no re-quotes, helpful for new traders even their signals are accurate. Before investing lot of trading expertise required over demo which helps to get the accurate picture of the system where you invest. If you learn well from demo and from other stuff then you can earn well too.