What's your advice for a Forex beginner?

Saturday, February 8, 2014 , Posted by Ryanita at 10:00 AM




aaron_3719


I've been reading on this stuff and I wanna know more, I know there's a lot more to know than bid and ask, I've set up a demo account and been doing pretty bad haha, I just wanna know what advice can you give me for me to get a better understanding of how all this works? what's your method of doing things? you don't have to give me your secrets haha just tips on how to better my chances
how do you become a pro without first being a amature?



Answer
My advice is to read books on trading, forex is just another market. It trades like a commodity. You'll be surprised at the number of books at your local library, or through the interlibrary loan system.

"Which Is Better, Buy-and-Hold or Market Timing?"

"Do You Have What It Takes to Be a Market Timer

The Beginner's Bible in Technical Analysis is:
Edwards & McGee"Tech. Anal. Of Stock Trends"

Droke, ClifTechnical Analysis Simplified

Kahn, Michael N.Tech. Anal. Plain & Simple

Kamich, Bruce M.How Technical Analysis Works

Lefevre, EdwinReminiscences of a Stock Operator

Lofton, ToddGetting Started in Futures

Lowenstein, RogerBuffet (Warren)-The Making of a Capitalist

Rotella, Robert P.Elements of Successful Trading, The

Wasendorf, RussellAll About Futures

Slutsky, Scot and Darrell JobmanComplete Guide to Electronic Futures Trading, The

Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay

The Intelligent Investor, by Benjamin Graham



http://money.howstuffworks.com/...

http://www.investopedia.com/

There is no one indicator, there is no get rich quick scheme, there is no pot at the end of the rainbow.

Like any vocation, it takes hard work, lots of study, and the testing of your theories, learning what makes you tick, learning your own particular time and stress levels, and fighting the emotions of fear, greed, and loss of hope.

Most traders spend their entire time looking for the Holy Grail of indicators, and that's why 85% of all traders fail.

Your success or failure lies within you, not some indicator.

Get a mentor or trading coach.

Develop a Trading Plan.
Entry Price, Price Target, the max Iâm willing to lose, the time frame, the size of the position, and the date of any reports on the news.

Create a written plan. A plan is composed of two primary parts:
1.The blueprint is a preliminary action plan developed before trading begins. Review the plan every few weeks. It is a living document that evolves over time. I always revise my plan for the summer trading season since summertime market conditions call for different strategies.

2.The Journal is a day-to-day microadjustment of the blueprint. This is the document that requires you to adhere to your plan. Emotional aspects of trading on a daily basis are written in here. Questions such as: Did I follow my blueprint today?

Have 3 things absolutely clear in your head before doing a trade:

1.Why are you making the trade.
2.Where are you going to get out on the profit side?
3.Where are you going to get out on the loss side?

Develop conviction.
The market has little room for arrogance or ego.
Avoid holding positions over weekends.
Scared money never wins.
Size the trade.
Avoid chaotic stocks, like penny stocks
Do the research.
Forget about chat rooms.
No clarity, no trade.
Day trade the ranges and swing trade the trends.
Donât make it rocket science, âcause it ainât.
Know thyself.
Inspect what you expect.
Update and review weekly.
Donât lie to your spouse or significant other.
Be humble and admit mistakes.
Never let emotions control you.
Avoid stock tips.
Never take home a loser.
Learn to lose.
Make trading a habit.
Never let your attitude suffer.
The market is always right.
Average winners, not losers
Never let a winner turn into a loser.
Take profits often.
Never mix disciplines. If you open a day trade, close a day trade.
Never try to trade back a loser. Donât fight the tape.

Forex Killer from Forex-Killer.com by Andreas Kirchberger?




LemmeKnow


Forex Killer requires no trading experience and seems to offer forex signal generator software that they have designed.

See

http://Click-on.to/Forex-Killer

Has anyone traded forex using this software and what were the results like?



Answer
i have not traded using the software you mentioned but one thing is for sure, without experience you are bound to loose your money.

i suggest instead you check your options in this site. they do not provide auto signals or tippers, instead, they will provide a REAL, LIVE PERSON called Account Service Manager who is actually an expert in the field of forex trading to be your mentor, adviser, friend and trading partner.

the volatility of the market is so high that no amount of computerized maneuver can really predict the outcome of currency pairs but your Account Service manager can give expert advises, tricks and strategies to become successful in your trading activities based on actual, real experiences and years of trading. He/she will even trade with you until you become familiar with the system and you can then trade on your own. And you can always interact with other expert forex traders in their chat room.

Start by registering and downloading a Free Ebook. If you are a newbie in this field, you need to read a lot to learn the trade.




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