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  1. #1
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    Building a collection advices for newbies in Forex Trading

    Hi all,
    I've just started to learn to invest in Forex field for 2 weeks. This is a good way to earn money if we well understand about trading, tools, and strategies in Forex. As a newbie, I follow people instructions and create a demo at fxdialogue because it is said that the best way to learn Forex is open a demo account. I agree. A demo account helps me understand Forex better. Alike any other newbies, I still have not much experiences. Therefore, I create this thread to put advices and experiences in. Obviously sometime advices cannot be correct for 100 situation, but it helps us gain experiences. I really appreciate your advices, and experiences. Post them in, so we can make this thread become collection advices for beginners.


    I start first, and if there is something wrong, please notice

    1. As I said above: "Never start Trading without FIRST using a*DEMO Account"*.A Demo Account allows you to become familiar with trading procedures, such as placing Market, Stop and Limit orders without any risk. All dollar losses or gains in a Demo Account are imaginary but the

    2. Start with basic trading knowledge. There are some people invest without knowing what they are doing. It's the worst thing human have ever made. We don’t need to have MA degree, 'cause even MA will lose sometimes, but we've better knew deeply about what we will do.

    3. No one cares about your money as you do. Take 100% responsibility and never wait for brokers to take your responsibility.

    4. 20 ways to stop losing money (I just want to put them in one thread, so people will see what they need without spend too much time to search)
    http://indo-investasi.com/showthread.php/9224-20-Ways-To-Stop-Losing-Money

    5. 5 Ways To Identify Fake Forex Broker Reviews
    http://indo-investasi.com/showthread.php/5952-5-Ways-To-Identify-Fake-Forex-Broker-Reviews

    6. The most important of all success principles
    If you do what other successful do, you will eventually get the same results that they do. And if you don't, you won't! (For your information, see below)

    7. Types of Trading Strategies (see below)

    8. Demo vs. Live Account (Please help)

    9. Don't confuse execution with opportunity.*Expensive software won't help you trade like a hedge fund. Pretty colors and flashing lights make you a more nervous trader, not a better one.

    10. Don't project your personal life onto your trading.*Trading gives you the perfect opportunity to find out just how messed up your life really is. Get your own house in order before you play the financial markets.

    11. Don't think that trading is fun.*The trading game should be boring the vast majority of the time, just like the real-life job you have right now.

    12. 32 rules traders should follow

    13. Different Types of Brokers (see below)

    14. 20 Ways To Stop Losing Money
    Last edited by tommy0921; 01-16-2011 at 02:10 PM.

  2. #2
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    The most important of all success principles
    If you do what other successful do, you will eventually get the same results that they do. And if you don't, you won't!
    "Nature is neutral. Nature does not favor one person over another. The Bible says, "God makes the rain fall on the just and the unjust." When you do the things that other successful people do, over and over again, you achieve the same results that they do. It's not a matter of luck, or chance, or accident. It is a matter of law" (from Millionaire Dollar Habits book)

    Some people say that the most valuable pieces of advice they have ever learned is to focus in on people who have already achieved what you're trying to achieve, and ignore all the rest. It's easier said then done, but it's good advice.
    However…
    They do not ignore all the rest. They learn from failures of all the rest. Warren Buffett learned from Benjamin Graham. Benjamin Graham failed to realize the potential of stocks in long-run.

    Your situation will not 100% the same as successful situation in a particular period. You apply the way they do, you get 80% + experiences from failures of the others. You achieve 100% growth rate.

  3. #3
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    Types of Trading Strategies
    Each of the primary trading styles has been briefly introduced below. They have been placed in order according to the time frame that the trader operates in when employing that strategy, from the shortest to the longest time period that the trader typically holds a position.

    * Scalping*– a very short term strategy used mostly by market makers and speculators to attempt to capture the bid/offer spread.

    * Day Trading*– a short-term trading strategy in which a trader liquidates all positions before the end of the trading day.

    * Range Trading*– a short to mid-term strategy based on first identifying and then trading within a range. Involves selling at the top of the range and buying at the low end of the range.

    * Swing Trading*– basically, buying low and selling high, often using technical analysis to determine swing points where the market is oversold or overbought.

    * Trend Trading*– the most long-term of the trading strategies, trend trading involves identifying and trading the overall direction of the market, often until a reversal occurs. Trailing stops will often be used to protect profits.

  4. #4
    Platinum Member Array freddy's Avatar
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    Welcome Tommy,
    I wish you success.


    The most important thing, BEFORE looking for a trading strategy is to understand Money Management (MM).

    MM helps you stay "alive", meaning that even if you loose one trade, a second and sometimes few trades in a row, the next one you are still able to place a trade.

    Don't learn how to win money, learn how to minimise your losses.

    Also, you are right, indeed, it is good to trade on demo but just the time to know how to use your platform of trading or for a new strategy you want to test.

    It is better to use real money to feel the real deal! but don't be fool.

    Don't put all your money in a real account.

    Nowadays, you have microlots and can open cents account, (1 pip= 1 cent).
    Just take it as seriously as if it was a $1000/pip account.

    Even with that knownledge, you will blow your first(s) account(s), so it is better to put max $100 to $250.

    If you cannot be profitable with micro accounts, of course, you won't be able to manage a bigger account.

    Also, take your time, I repeat, TAKE YOUR TIME, forex market will be there tomorrow, so don't worry about rushing.

    Learn, learn, learn. Indo-Investasi is one of the best place for that, you have wonderful people sharing everything.

    Last thing, don't expect to be zillionnaire tomorrow morning, dream big but at a slow pace and you will get the moon.

    Have a nice w.e.
    freddy

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  6. #5
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    Types of trading

    * Technical*- Technical trading involves technical analysis, using trend lines and other tools, including indicators to predict where the market will move.

    * Fundamental*- Fundamental trading involves evaluating the economy of the countries currency and determining whether it is strong or weak. This includes analysing economic growth, GDP, interest rates, inflation and unemployment statistics.

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  8. #6
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    Thanks all you, guys
    I really appreciate your advices and helps. I really need them

  9. #7
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    Quote Originally Posted by tommy0921 View Post
    Hi all,
    I follow instructions and create a demo at fxdialogue ... it is said that the best way to learn Forex is open a demo account...I
    Hi,
    I need your help! Currently, I have been playing demo at fxdialogue for nearly a month. I know that the road ahead has many impediments. I don't know how long does it take us (normally) to learn Forex by demo? 3 or 4 months?
    There is an ideas that demo account does not help us in control emotion. Does it correct?

  10. #8
    Platinum Member Array freddy's Avatar
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    Tommy, read my post again, I have answered that issue, although keep in mind this is only "my" opinion!

  11. #9
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    At moment, I'm satisfied at what I'm doing. Take into account of your viewpoint, take me as an example, instead of prolong the time to play demo, I should start to go to live account at fxdialogue. Don't risk but lose some money will be better, I will use my head better because of the fear of losing money. Right?

  12. #10
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    32 RULES EVERY TRADER SHOULD FOLLOW
    1. Never risk more than 2 - 5% of your current (not initial) trading capital.

    2. Always use protective stops in each and every trade you execute.

    3. Never average a loss as this can lead to disastrous outcomes.

    4. Preferably you should always trade in the direction of the daily trend, holding a position against the daily trend should be done with caution.

    5. Never enter or exit a trade without a good reason, you should have a well outlined trading plan and cross each signal out as it unfolds.

    6. Never get in or out of the market just because you have run out of patience.

    7. You should always see the market from a neutral perspective, be willing to sell as you are willing to buy. Don’t force your opinions on the market.

    8. Don’t just sell because you feel the price of a commodity is too high or buy because the price of a commodity is too low.

    9. Never cancel or move your stop from its initial position, the only exception is when trailing profits being captured.

    10. Specialise in one currency pair at first, and when you get really good at it you can expand your portfolio.

    11. As a new trader you should stay away from trading at news time because this can be very risky as the market tends to act in unexpected ways at this time.

    12. Always look for signals on higher time frame charts as they provide more reliable signals with more room for errors.

    13. Make your analysis with a top down approach, after confirming a signal on a higher time frame chart you should look for confirmation on lower time frames.

    14. Never place a trade just because of a single indicator/ signal, always look for at least three to four events occurring at the same time to tell a story.

    (to be continued...these information is collected from other sources)
    As I said
    Quote Originally Posted by tommy0921 View Post
    Hi all,As a newbie, I follow people instructions and create a demo at fxdialogue because ... I create this thread to put advices and experiences in. I really appreciate your advices, and experiences. Post them in, so we can make this thread become collection advices for beginners.
    Please discuss

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