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HI.....
hello everyone. am a newbie forex trader. am still confused about which to use, whether to use the technical analysis or to go with the news. also with the majority of indicators out there, its really confusing which to use when looking for the trend using the technical analysis. please i would like someone to help me with a simple but effective trading strategy that i can use and to please clarify all this noise surrounding technical or fundamental analysis.
Thanks
Thanks
Replies to This Discussion
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Permalink Reply by Anne on -
Look i know it is really confusing but you got to understand both the analysis both have important in there own stance. So it would not be fruitful to just ignore one and follow another. I am very much sure that you have read lots of things. Prevent "analysis paralysis". Now it time for some serious practice if you want you can open a practice account here http://www.avafx.com/demoreg/ they has a great platform for forex trading. You gonna love it just try it once...............
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Permalink Reply by princess Todd on -
Hi Slyde,
Pleased to meet you.
In general terms the forex trading system you use should be very simple - simple systems work best! The reason for this is they are very robust in the brutal ever changing world of Forex. Complicated systems break easily and there is no correlation between complexity and success whatsoever. Putting together a Forex trading strategy based upon the above is easy - execution of the strategy is the hard part.
You can take help of online tutorials or some reputed brokers like finexo.com who can guide you in every step and can help you to be a market player of this field.
Therefore please specify the the trading constraints you have like how much money you wanna invest, which type of trading your prefer like day or long term, which indicators you are strong enough etc and then plan your strategies.
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Permalink Reply by Ron ODaniels on -
Regarding the News: You can guess what the effect on the currency pair is going to be based on what the experts are saying the effect of the data will be. But many times it dips the other way first or doesn't do as expected because of OTHER factors. So watch out for the news. Know when it is coming so you are prepared for a big move one way or the other. Also on fundamentals. This gives you a good idea of the BIG overall trend. This is really of little use to you as you trade a one or five minute chart and grab pips. If you are itraday position trading be sure that the action isn't going to hit your stop and then reverse and everyone made money but you. So, if the trade move could swing to big for you to play with the lot size you are using dont do it. Look for smaller moves. Risk no more than 2 percent on a trade. yeah you have heard this before. DO NOT fall for anyone telling you they have a system or ROBOT or anything that is going to make you 100 pips a day and take all or MOST of the risk out of this. Its a lie. So trade small start small. Make sure YOU mark all your charts in all time frame including al suport and resistance. I have some technical set ups on my websites. But dont take my word for anything cuz the only one who can make you money is YOU!!!!
Ron
www.forexpipaddict.blogspot.com
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Permalink Reply by Richard on -
as relativly new to fx myself afer a 1 -1/2 year never demo although i use alot of demo for charting what im trying to say here is learning the hard way i found that less tools when plotting a chart is best for me maybe even some people in the field scoff @ my methods My 1st expeirences being with Dr.Allan Hall Andrews ie: pitchfork use bars or candles i prefer candles “The median line technique enables you
to be one of the few investors who always
know in advance the probable place where
a reversal of the trend will come
The exact date of birth of the median line technique isn't
given in his course material, although Dr. Andrews did mention it
followed as a result of his friendship established with Roger
Babson.
Many traders regard the median line as Andrews' most
important contribution. Indeed, it's the basis for what is
commonly referred to as “Andrews Pitchfork,” a trading
indicator found on many popular software charting programs.
To draw the median line configuration by hand on a price
chart, three pivot points are selected. The pivot
points you select can be in either a high-low-high, or a low-highlow if you would like to know more you i will be more than happy to send a pdf book on this method i found that a good workig study of one or two tools works best for me Fibonacci Retracement is my second most used tools in other words DO YOUR HOMEWORK
(mml)>>>>>>>>------splithand----->
0good luck splithand - Attachments:
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Trading with The Pitchfork.pdf, 1.1 MB
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Permalink Reply by Marina Bracken on -
Forex or foreign exchange trading refers to the buying and selling of currencies all over the world and forex robots are a forward step in this work. They can help you to trade easily but you can’t be guaranteed. The profit or a loss depends on how smart they are or their robots.Forex robots are the software especially designed to perform trade in the forex market. They are set with the necessary parameters to make the necessary decisions in trading. It performs by trading signals incorporated in them that determine when to trade or when to hold on to the money
Forex Robots
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Permalink Reply by apogee on -
Hi Richard,
The attachment requests a password to open. Can you confirm what it is? Thanks.
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Permalink Reply by Forex Secrets on -
Maybe a combination of both technical and fundamental strategies is required to achieve success in this business. However, statistics show that over 90% of traders are losing money, despite the advances in technology, speed of news, and forecasting capabilities. This clearly indicates that the Forex Secrets for successful trading do not rely on technology, or automated robots. Before anything else one needs to develop the right mindset!
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Permalink Reply by princess Todd on
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I completely agree to that Forex Secrets!
Having the prefect mindset of a trader is very essential for any trader. Trading with Discipline is required when you expect to make profits while trading. Before thinking about making huge profits you should always think about restricting your losses. Diversification of your trades should be done accurately so that you don't get a major setback with only one trade going wrong! Various forex online trading platforms provide tools that can help you restrict your losses, but using them to the optimum level is completely in your hands!
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Permalink Reply by celine on -
I think in my case I will use both, I mean just for comparison purposes only. Yeah so many indicators but I guess the best way of knowing if an indicator is working is to see it being used to trade live .Makemoneycurrencytrading dot co dot uk is a good resource as they run a live portfolio based on their indicators. So you can actually see if it is making money.
Likewise Blogs/forums like this one are usually good resources too. Best of Luck!
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Permalink Reply by Bluss on -
Honestly, forex trading is not a easy thing. It is quite rare for new traders to use indicators very good, when they are trading on the Forex market. Your problems are common things.
When I was a beginner, we had two weeks of lectures. Lectures were on basic things: trends, useful indicators, fundamental analysis. The most important thing that we learned was that trend is your friend. And that there is not any ideal indicator that is 100% correct in all cases. So you need time to study those indicators, make fundamental analysis and so on.
If you want to some materials to clarify those surrounding technical and fundamental analysis, i recommend you to have a visit to this link: Education. In the part education, i think you can find the material what you want.
And in this broker, they will hold forex contest. If you are interesting to participate, i think it is also a good chance for you to gain experince.
PS: This forex contest is totally free, the link is here.
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Permalink Reply by Ashen on -
Yes, forex is not an easy as it seems sometimes. The phsycologilac factor is the main to my mind. The one thing is when you trade on demo, and almost another feeling when you trade on real. I think there is no need to explain that. But it is wise to use demo in order to make your own strategy that will satisfy your goals
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Permalink Reply by daryandeward on -
Hello, I´m not an expert, in fact I consider I´m still new in Forex, all I can recommend you it to get involved in this by studying as much information as possible, there are good books for that, Profiforex is a good one, check the education in there, the information is easy to understand and is very complete. Then you can open a demo account in Profiforex for practicing with the real market, it is free to download it. Wish you trade better!
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