Startup in Forex Trading Need Guidance

 
I will add on another book here: 17 Proven Currency Trading Strategies: How to Profit in the Forex Market (Wiley Publishing) by Mario Singh, Director of Training and Education of FXPRIMUS who will be launching the book this month.
 
Black Bird said:
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:D. 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:p.

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:p.
Click to expand...

I take back what I said about Joel Kruger. He is not arrogant at all. He does not reply to twits as he does not want to interrupt the stream. He did answer all my emails and he is very nice and helpful but most of all he is a trader genius! Two days ago he recommended buying the Eur/Nzd around 1.5500. At this time of typing the price is 1.5902! He also said, some time ago, that buying Eur/Aud around 1.2200 can be very profitable but he stressed that this is a macro trade. The price right now is 1.2669! I did not take either of them though as I was scared of the carry trade; however, I've learnt something. The best I had was the Usd/Jpy. He advised to buy around 78.50 and aim for 84.20. I took this one but closed my trade @ 82.20. Price now is 84.52!

I hope you find his videos, analysis, comments and twits helpful as well but please keep in mind his today's comment:

"As far as short-term price action is concerned, it will be very hard to get me involved in the markets over the course of the next few weeks. I am never a fan of trading in thin and highly unpredictable market conditions, unless of course markets are screaming to take action."
 
Trading platforms wise MetaTrader4 has a very simple language (MQL4) to develope your own scripts (indicators, experts, ...). But I think MetaTrader5 (with language MQL5) is more flexible and scalable, although a bit harder to code!
 
Couple of extras (books) I like and recommend:

Face the Trader Within, by Chris Lori
Warrior Trading, by Clifford Bennett
The Secret of Candlestick Charting, by Louise Bedford
Encyclopedia of Chart Patterns (Wiley Trading) by Thomas N. Bulkowski

cheers,

Erron
 
EL DIABLO said:
I will add on another book here: 17 Proven Currency Trading Strategies: How to Profit in the Forex Market (Wiley Publishing) by Mario Singh, Director of Training and Education of FXPRIMUS who will be launching the book this month.
Click to expand...

It's already on the Amazon site. Too bad the 50% discount promo by the publisher just ended end of January.
 
You may like to add this book:"Trading for a Living by Dr Alexander Elder" to your Forex arsenal. There are a lot of useful things about individual and mass psychology together with all the technical analysis as Dr Elder, apart from a trader, he is also a psychiatrist. This is the best book I ever read on Forex. I recommend it especially to those who, just like myself before reading, may think that psychology is not that important in trading.

I suggest you do a Google search before going to amazon as you may find the book a lot cheaper; I did anyway.

Happy reading and learning.:p
 
You must log in or register to reply here.

Similar threads

F
Services Offered Before You Risk Real Money in Forex Trading, Read This First
Replies
0
Views
66
focus tarde
F
J
"lot" in Forex trading
2
Replies
11
Views
311
Paulina_wagner
Paulina_wagner
PIPruit
  • Solved
What is a pip in forex trading?
2 3 4
Replies
32
Views
9K
TreeGun
TreeGun
IvanGlobalPrime
Educational Tutorials: Up Your Game in Forex
Replies
0
Views
898
IvanGlobalPrime
IvanGlobalPrime
alayoua
The Mathematics of Money Management in Forex Trading
Replies
1
Views
3K
RahmanSL
RahmanSL

Share this page

Back
Top