Donna Forex Forum

Systems (EA's and manual), and Managed Accounts => Manual Systems, Trade Journals, Indicators, Manual Trade Help => Topic started by: iceman02 on January 27, 2010, 08:27:32 AM

Title: How do i get started?
Post by: iceman02 on January 27, 2010, 08:27:32 AM
Right now i use robot to trade. Iam very interested in learning. How do i start? First step, the ins and out.

Thanks...
Title: Re: How do i get started?
Post by: Trade It Easy on February 10, 2010, 11:53:41 PM
Right now i use robot to trade. Iam very interested in learning. How do i start? First step, the ins and out.

Thanks...

Hi Iceman,
A great place to start is to visit: http://www.babypips.com Its a free, funny, and easy-to-understand guide for teaching beginners how to trade the forex foreign currency market.
Then I suggest you start going through the pro fx thread in the indicators topic. Starting with easy to use indicators like that helps so much and you gain so much knowledge and experience from trading over time with pro fx and other similar indicators.
Regards
Autotrader
Title: Re: How do i get started?
Post by: plamar on April 12, 2010, 11:02:06 AM
Right now i use robot to trade. Iam very interested in learning. How do i start? First step, the ins and out.

Thanks...

firstly you should learn the basic terms of forex. Than you should learn several simple indicators and strategies. Than you should ask a lot of questions at this forum (and other forum related forums). And than you`ll have enough knowledge to decide what to do
Title: Re: How do i get started?
Post by: OneFX on May 20, 2010, 02:42:16 AM
If you really want to be sucessful in forex, this is my advise.

1. Get a mentor, any mentor worth there salt is going to charge high . I know a few good ones.

2. Dont take advise on forums. Forums consist of the 98% of the people who do not make money. Any good mentor will tell you to just stay away from them! So I dont blame you for disregarding this post  ;)

3. "Get a strategy, any strategy. Trade that Strategy!" -Bollinger.

 Stick to the rules! "Hard to do when your reading all this wonderful advise on these forums".

Now if you want a cheap start creating your personal system, read bollinger bands by bollinger. Thats a mentor! You get his advise for the price of a book! But its just a stepping stone in your trading system.

I fully agree with Autotrader in reading babypips.com tutorial if you have no idea whats going on. I also suggest you subscribe to the free newsletters at fx360.com. Kathy Lien does an excellent job at explaining why things are happening in the market place.
Title: Re: How do i get started?
Post by: Vega on May 25, 2010, 05:14:33 PM
Iceman, how have you done using robots? This seems to be the way to get into Forex without having to work hard or learn much about Forex. Of course, that also sounds like there is a lot of risk.
Title: Re: How do i get started?
Post by: DaveL on May 25, 2010, 08:28:02 PM
hi Vega

go careful as there's no free lunch, the EA marketplace is a minefield with a lot of garbage EA's being pushed. Most of the emails you'll receive from affiliate marketeers will tell you this one is the best thing since sliced bread, promises of millions while you sleep, blah blah. These affiliates never even test them before they push mails out to you, almost every one is a dud, not surprisingly; like they care ::)

Best is to learn manual trading if you can and if the main UK/US market hours suit your work/sleep hours, as these are the best ones to trade. If you want to go the EA route, read over the various active threads, carefully and decide what type of trading/EA suits your persona best. Some trade frequently, others less often.

But, before you go buying anything, do the basic learning (google babypips for trining info) so that you have some understanding of the market and terminology, and when you do decide to start, do it slowly and with minimal lot sizes (0.01) so that while you will make small wins, you'll preserve equity when you hit the inevitable stop losses. Also be prepared to lose for some time before you start to turn things around consistently :o

Dave
Title: Re: How do i get started?
Post by: mwscofield on June 16, 2010, 01:41:22 AM
Definitely trade on a demo account before going live.  Very important to learn the basics first.
Title: Re: How do i get started?
Post by: jaxter on July 16, 2010, 05:39:37 AM
Definitely trade on a demo account before going live.  Very important to learn the basics first.

This is probably the best way to learn practically, I also started the same way by opening a demo account, the demo account will possibly give you all the knowledge but I also suggest you to start reading some good books. One of the good book that I can suggest you is Currency Trading For Dummies by Mark Galant & Brian Dolan.
Title: Re: How do i get started?
Post by: david718 on August 01, 2010, 01:59:48 PM
I've heard of using robots but I've never done it myself. I have considered that before but that's a lot to risk. Robots usually cost quite a bit of money upfront too. If there's a really good way to make money that doesn't involve any work - let me know. :)
Title: Re: How do i get started?
Post by: styla786 on August 29, 2010, 04:30:23 PM
It's really not that hard to get started in trading Forex . The key factor is to keep going - keep learning and focus on your training, with education and practice through a demo account. I m telling you some  steps for you to follow on getting started with Forex trading.

   1. Learn, learn, learn, and learn.
   2. Paper trade Forex in demo account.
   3. Maximize your FX trading tools and systems.
   4. Selecting a Forex broker.
   5. Avoid Forex trader's common mistakes.
   6. Keep investing in your trading education.
Title: Re: How do i get started?
Post by: chk56 on October 04, 2010, 04:59:02 PM
I'm a die-hard EA trader, because unless you are a forex freak, prepared to spend your whole life in front of a computer screen, EAs are the only way to make trading compatible with your private life.

And then, there are strategies, that simply are not possible to be executed by humans, because they require 24 hours of monitoring the market and making lightning fast decisions.

But it is absolutely necessary that you completely understand what your EA does, and why it does it. Keep away from black boxes. No Fapturbos or Megadroids. It will make you sleep better.
Title: Re: How do i get started?
Post by: SteveCot on November 03, 2010, 09:58:11 AM
I'm a die-hard EA trader, because unless you are a forex freak, prepared to spend your whole life in front of a computer screen, EAs are the only way to make trading compatible with your private life.

And then, there are strategies, that simply are not possible to be executed by humans, because they require 24 hours of monitoring the market and making lightning fast decisions.

But it is absolutely necessary that you completely understand what your EA does, and why it does it. Keep away from black boxes. No Fapturbos or Megadroids. It will make you sleep better.
OK, what forex system you can advise for newbie?
Title: Re: How do i get started?
Post by: MastaerFX on November 03, 2010, 01:03:39 PM
Try to trade manual :)
Title: Re: How do i get started?
Post by: tom_tom on November 04, 2010, 01:06:33 PM
In this case you should training for a long time. Your manual trading can be profitable after a year on forex.
Title: Re: How do i get started?
Post by: chk56 on November 06, 2010, 04:51:52 PM
I'm a die-hard EA trader, because unless you are a forex freak, prepared to spend your whole life in front of a computer screen, EAs are the only way to make trading compatible with your private life.

And then, there are strategies, that simply are not possible to be executed by humans, because they require 24 hours of monitoring the market and making lightning fast decisions.

But it is absolutely necessary that you completely understand what your EA does, and why it does it. Keep away from black boxes. No Fapturbos or Megadroids. It will make you sleep better.
OK, what forex system you can advise for newbie?

Everybody has their own preferences, but I'm very fond of Forex-Goldmine products, especially their last one. You may like them or not, but they explain exactly how their EAs work, and this is what makes me sleep better. And they ARE profitable.

If you want more insight, visit their home page (google for it) or drop me a PM...

P.D. Despite of what EA sellers might advertise, you MUST understand the rules of Forex, before attempting to trade even with the most "auto-piloted" EA. You must know what lotsizes are and how they relate to real money, and you must understand what leverage is, and how it can help you, or how it can devastate your account. The best and easiest way to learn, like stated elsewhere in this thread, is babypips.com
Title: Re: How do i get started?
Post by: JohnT on November 09, 2010, 10:54:37 AM
Can you advise other forums?
Title: Re: How do i get started?
Post by: dreambig on November 09, 2010, 05:36:50 PM
In this case you should training for a long time. Your manual trading can be profitable after a year on forex.

100% totally agree. Manual trading takes a lot of time to learn and a lot of patience  if you want to be profitable in it. Don't be greedy (money management essential) and don't let your emotions take control of your trading. Easier said than done :) Trade on a demo account at a minimum of 6 months. Finding a strategy that gives you profitable trades overall is a must (duh.) Finding a profitable strategy does not happen over night. And what strategy may work for you, may not work for others. Your 1 profitable strategy that you do discover may work in 1 market trend, but if the trend changes (which it will), it may not work that trend. Which is why 6 months of demo is essential to tweak your strategy to be profitable whichever way it turns. When you find that 1 strategy that fits your trading, stick to it. Don't change strategies just because you had a day of losses. A losing trade day is inevitable, even the best of traders have them.  I do agree www.babypips.com (http://www.babypips.com) is a wonderful way to start. They lay out things pretty simple for the most part and I recommend going through their school at least twice to get a real grasp of things. I find manual trading to be very enjoyable and frustrating. Don't let the frustration take over the enjoyment and you will do fine.
Title: Re: How do i get started?
Post by: FXDave on November 12, 2010, 10:03:30 PM
unless you are a forex freak, prepared to spend your whole life in front of a computer screen, EAs are the only way to make trading compatible with your private life.


This is an inaccurate and biased statement. Nothing could be farther from the truth concerning certain trading methods but that's another story....

Be honest with the new people.... not biased. ;)

Peace...

FXDave
Title: Re: How do i get started?
Post by: chk56 on November 13, 2010, 12:41:12 AM
unless you are a forex freak, prepared to spend your whole life in front of a computer screen, EAs are the only way to make trading compatible with your private life.


This is an inaccurate and biased statement. Nothing could be farther from the truth concerning certain trading methods but that's another story....

Be honest with the new people.... not biased. ;)

Peace...

FXDave


Perhaps I should have added "IMO..." to my statement, because I was talking from my own experience (I wasn't quoting anybody). So I think, I am not being dishonest, and, well, if explaining my experiences/preferences sounds biased, then be it biased. :)

Almost anything can be seen as biased:

Evolution is biased because it's influenced by a scientist called Darwin.
Creationism is biased because it's influenced by religion.

So, where's the truth? - We could start an endless philosophical discussion here...

I have no doubt that there are many profitable manual strategies, I tried a few of them, but I prefer EAs, because I don't like analyzing the markets and waiting for trade setups. I'm too impatient. I'm too lazy. I don't know much about economy, I tried to learn more, but it bored me to death, and I couldn't control my emotions while trading. I had to find it out the painful (expensive) way, if you know what I mean.

But I do like computers, programming, and making money with just a few mouseclicks, so... EAs are my best friends. And though I have to work my way through tons of crap, there are some jewels out there that work, and searching for more of them is exciting. At least for me. I even gave a hint to where I was pointing to. I'm trying to help new people on this forum, just as others on this forum helped me, when I started about 2 years ago.

Honestly :)
Title: Re: How do i get started?
Post by: Kristofer on July 16, 2015, 10:27:59 PM
The most important thing for beginners is to find a reliable broker. I often read questions at the forums about broker for beginners. My answer is Freshforex. First of all, it provides a lot of useful information for beginners. Also it offers no deposit bonus. It's great for trading and practise.
Title: Re: How do i get started?
Post by: 999cjb on July 16, 2015, 10:48:42 PM
Quote from: Kristofer link=msg=343527 date=1437082079

The most important thing for beginners is to find a reliable broker. I often read questions at the forums about broker for beginners. My answer is Freshforex. First of all, it provides a lot of useful information for beginners. Also it offers no deposit bonus. It's great for trading and practise.


I have to disagree with you. Even if you have the best broker in the world you won't make money unless you have a winning method.

This could be a manual trading strategy as long as you have the patience to run with it and know what you are doing.

Or it could be an EA as long as you have tested it thoroughly and seen proof of long term backtests and a number of months of live running. At least a year is desirable.

Once you know you can make money you can experiment with different brokers to see which are best for you.

I know many manual traders are more excited about "beating the system" than making actual money and there is nothing wrong with that. But personally I enjoy getting up in the morning and seeing how much money our EAs have made me overnight.
Title: Re: How do i get started?
Post by: hybrid on August 12, 2015, 08:19:38 AM
Reliable broker , Basic trading knowledge and practice are important to start forex trading . You can get start with well known brokers where your amount is safe . . After some demo trading your concepts will clear all about forex business. Slowly you will easily make profits from trading.
Title: Re: How do i get started?
Post by: Forexrider on August 13, 2015, 04:41:33 AM

For one to get started in the forex trading business it is very much essential that they should gather as much knowledge as possible regarding the market. We also need to develop account management skills which will help us to survive in the forex market.
Title: Re: How do i get started?
Post by: plamar on October 19, 2015, 02:13:55 PM
Quote from: Kristofer link=msg=343527 date=1437082079

The most important thing for beginners is to find a reliable broker. I often read questions at the forums about broker for beginners. My answer is Freshforex. First of all, it provides a lot of useful information for beginners. Also it offers no deposit bonus. It's great for trading and practise.


I'd say that the most important thing for the traders is a knowledge.
And the ability to ride your greed. Don't let the greed ride you. ;D
Title: Re: How do i get started?
Post by: bruce_knee on October 20, 2015, 01:59:49 PM
I recommend Forex course first - most brokers offer tutoring, there are many private companies that mentor too. Then learning from youtube videos like Al Brooks and Linda Raschke. I do not recommend books- visuals are better
Title: Re: How do i get started?
Post by: erik.shaban on November 02, 2015, 02:06:07 AM
Use a demo to watch currency trends for a few months before trading.  I pretend like my demo is real money.  Work hard to develop a strategy or find an EA. 

When you make the transition to a live account, use your strategy with small trades.  As I take my account to new heights, I increase my trade size by very small amounts. 
Title: Re: How do i get started?
Post by: jakesgarland on November 21, 2015, 07:06:01 AM
If you are planning to enter the trading world you must get yourself well acquainted with the pros and cons of the market and how it functions. Unless you take time to understand how the market works you will lose money very fast and very easy. Some of the steps that should be followed are Watch the market, Study material, Plan for the long term and Don't believe everything you hear.

binary options trading (http://www.tbinaryoptions.com/)
Title: Re: How do i get started?
Post by: Profitable Trading on November 22, 2015, 07:59:37 AM
Learning and practice. That whats masters great traders.Become successful trader, as difficult as being successful any other job,
Title: Re: How do i get started?
Post by: dftrader on November 23, 2015, 06:20:40 PM
Find a basis Forex course to learn and don't forget to catch all forex terms, here is a link for you to check A-Z terms:
https://goo.gl/Bq63SV
Title: Re: How do i get started?
Post by: plamar on December 10, 2015, 10:43:21 AM
Quote from: erik.shaban link=msg=348876 date=1446429967

Use a demo to watch currency trends for a few months before trading.  I pretend like my demo is real money.  Work hard to develop a strategy or find an EA. 

When you make the transition to a live account, use your strategy with small trades.  As I take my account to new heights, I increase my trade size by very small amounts. 

Demo is much different the a real account.
You may see a price movement, but all the rest will differ a lot.
And first of all - emotions. If you think you ready after watching demo a few months, you wrong. It's like to drive a real racing car after training at the children's carts.
Title: Re: How do i get started?
Post by: Earleone on December 10, 2015, 10:52:40 AM
Quote from: plamar link=msg=350278 date=1449744201

Quote from: erik.shaban link=msg=348876 date=1446429967

Use a demo to watch currency trends for a few months before trading.  I pretend like my demo is real money.  Work hard to develop a strategy or find an EA. 

When you make the transition to a live account, use your strategy with small trades.  As I take my account to new heights, I increase my trade size by very small amounts. 

Demo is much different the a real account.
You may see a price movement, but all the rest will differ a lot.
And first of all - emotions. If you think you ready after watching demo a few months, you wrong. It's like to drive a real racing car after training at the children's carts.


I agree for scalping . But if your trading strategy is like f.ex the Sleep well strategy that is in trading journals here on site or trading on higher tf then 1H demo account will give you qte similar results. But on real account  there is other psychological factor for the trader then on demo so if you let feelings control your trades ( not following a strict trading plan) you will get big differences. So dont ignore the psychological factor difference demo / real account . 
Title: Re: How do i get started?
Post by: hybrid on March 08, 2016, 01:32:51 PM
In real trading we feel much stress than demo we try to control every aspect of trading . When you start trading see your needs and plan trading accordingly. your emotion should be less involved in it . Must see what is market doing this time turn yourself as it says.
Title: Re: How do i get started?
Post by: growing_mark on April 11, 2016, 12:31:41 PM
I'm a newbie too, I'm learning at babypips and brokerarena and trading demo at the same time
Title: Re: How do i get started?
Post by: equityfx on May 16, 2016, 05:06:19 PM
New traders can avail many opportunities for learning .As different forums , videos and lectures are on internet  for their help . They have to do much practice on demo to learn trading actually. This practice is important to go to live trading.
Title: Re: How do i get started?
Post by: diamond on November 08, 2016, 05:13:12 PM

There is much material on internet to learn all about trading . Brokers also provide basic forex education . Along with this forums are also a good source of getting knowledge after it you should trade in demo to have a practical start .
Title: Re: How do i get started?
Post by: Haffizz on January 30, 2017, 02:56:04 PM
If you really want to be sucessful in forex, this is my advise.

1. Get a mentor, any mentor worth there salt is going to charge high . I know a few good ones.

2. Dont take advise on forums. Forums consist of the 98% of the people who do not make money. Any good mentor will tell you to just stay away from them! So I dont blame you for disregarding this post  ;)

3. "Get a strategy, any strategy. Trade that Strategy!" -Bollinger.

 Stick to the rules! "Hard to do when your reading all this wonderful advise on these forums".

Now if you want a cheap start creating your personal system, read bollinger bands by bollinger. Thats a mentor! You get his advise for the price of a book! But its just a stepping stone in your trading system.

I fully agree with Autotrader in reading babypips.com tutorial if you have no idea whats going on. I also suggest you subscribe to the free newsletters at fx360.com. Kathy Lien does an excellent job at explaining why things are happening in the market place.

You know, I saw people on forums that post good signals (for free) and trading ideas, and mentors who want only the money from newbies. They take money, but give beginners the information that can be found anywhere in the internet for free.
As a trader I am always ready to help newcomers to make their way here, as I know how hard it can be sometimes to find a mistake that causes total losses.
Dear newbie traders, if you have some situations with orders or technical questions, feel free to comment after this post and I'll try to help you for free.
Moreover, I can show you screenshots from my trading ECN account to prove that I really work as a trader.
And I won't give you any advice about companies to work with. I can share my experience and highlight pros and cons but I'll never insist on working with them or copying my signals on some pairs I trade.
As every beginner should do it by himself.

I wish you all profitable trading!
Title: Re: How do i get started?
Post by: diyforexskills on May 05, 2018, 06:26:52 AM
Need a bit of help?

Manual trading is a good way to start trading since you learn about what makes for profitable setups as you go. As opposed to buying an EA and just hoping for the best.

But most of us are time poor and spending long times at the computer is not healthy - for neck and shoulders and back as i have learned!

I came across this free offer for an EA which partly automates the placement and management of the trade, based on having some understanding of Support and Resistance and trendlines.

Even though I have and market my own trading tools and EAs, this product looks fun to use and I think could be helpful for those who want to be in charge of their trading but need some auto assistance with execution.

You can check it out here. Watch the video http://www.perfecttrendsystem.com/edge-zone-ea

PS I have no association with this vendor. This is just something I thought worth sharing and it seems to be from someone who is knowledgeable and honest.
Title: Re: How do i get started?
Post by: Paul.Trafford on May 23, 2018, 11:34:56 AM
It looks interesting diyforexskills, however I rather trade manually with just simple indicators helping me on the chart
Title: Re: How do i get started?
Post by: dvid on May 28, 2018, 12:11:09 PM
First you should learn the basics of forex. After that try to find an learn a trading strategy and start testing it on a demo account. After trading for minimum of 3 months successfully, then you can try your trading strategy on a live trading account.
Title: Re: How do i get started?
Post by: Weumin on December 12, 2018, 05:52:06 AM
Be a very smart buddy and take couple of months for learning and training. Forex market is not a joke and you cannot learn its basis overnight. I also recommend first practicing on any Demo account before you go live. However, the choice is only yours.
Title: Re: How do i get started?
Post by: Nuadagas on March 27, 2019, 12:37:52 PM
I don't know how trading with a robot has been working for you, but I know it's different from real trading. In order to succeed in forex trading, there are some steps that you must consider passing through. You must first learn all you can about trading basics. Then select a broker to work with and sign up for a demo account. Find a trading strategy that works for you and test it on demo. When you feel content with the results, go into live trading. Make sure you go through the threads on risk management if you don't want to meet disappointments
Title: Re: How do i get started?
Post by: stevegonzo on March 28, 2019, 03:17:39 PM
Cheers! Tons and tons of information is available online - try using forums, youtube etc., so you can get full picture of the things that happening.
In order to start you need to be devoted and spend a lot of time figuring out how does the Market works. Once you got it - it will be a piece of cake for you!
Have a nice day!
Title: Re: How do i get started?
Post by: scottynorman on March 28, 2019, 04:26:19 PM
Yeah, staring at the screen 24/7 is going to kill you tbh. But it's the only one way to succeed. So what should you do?
Use EA.
I mean before that do your homework and figure out how does market work.
After that learn more about robots.
And then just pick one.
You will have personal life AND money. You gotta be careful tho - there are a lot of "high-profitable robots" around. Be aware of scam.
I spent couple thousands dollars before I've discovered perfect robot for me.
Don't be discouraged by lose! Be happy that you are still in the game!
Title: Re: How do i get started?
Post by: laracroft on May 01, 2019, 03:25:33 PM
Has anyone used an autochartist, a software provided by many brokers, as a basis for manual trading and with what result?
For example ICMARKETS offers alerts every day before the European session, indicating for all the main pairs the identified patterns, the profit targets, the time period in which they will be reached and the support or resistance levels to be used as stop loss