Forex Learner Here!
I have been googling about Forex since last week. I got recently laid off and now I want to jump inot the ocean of the Forex trading. I have come across many websites and forums. Some are really good like this one. I want to know if any body has tried fxdialogue.com. If yes please let me know with your experience especially, if you are new in this field, I will like to know how it has treated you?.
Thanks a lot in advance.
Thanks a lot in advance.
Replies to This Discussion
-
Permalink Reply by SANGRAM DAS on -
hi..i am also new but dear friend in this forex world we need to loose a lot n learn to win......u r most welcome
-
Permalink Reply by William Sim on -
People out there surely someone can share a safe trading strategy with us newbies. I have heard of pair trading in stocks where you take both long and short positions, calculate the medium price and square the trades simmultaneously to take a slight profit. This I believe can be done with currency trading by taking opposite directions, the question i ask is what is the formula. Those who know please comment. Thabk you.
-
Permalink Reply by Lisa on -
Welcome to the world of FOREX trading !I’m a female trader too, which is pretty much the minority, still, in trading.I suggest you view your entry into trading like you would view going back to collage.Trading takes a long time to master, similar to what you’d expect of any high paying profession.When I say high paying - keep in mind, it’s how much you risk in the market ...and how well a trader manages there winning positions that results in profitable returns.I gave this example once …many trading educators advocate risking just 2% on any one position ...well ~ someone had asked if it was possible to earn $100,000.00 per year trading.I thought of, as a crude example ...image that your capital is $2,000,000.00 and you risked 2% of your capital on one position.That would be $40,000.00.If it was a winning trade and the trader managed to get a 3:1 return, ...they would have made $120.000.00.My point was, keep in mind how much capital you need ...and how much needs to be risked or exposed to the market - to make the kind of return your expecting.All of that comes in after you’ve also found a profitable trading strategy, that you enjoy trading(that you’ve also, 1st, made profitable on your simulation account)Can you see how long that process, alone, can take ?Once a person finds a strategy that they enjoy trading(and have decided that they actually enjoy the trading process ...making never ending decisions on predicating human behavior in the market ...through price points on a graph / chart or through Fundamental analysis)and have made the strategy profitable on a demo, ...next comes risking their own money in the market and delving into trading psychology (!)All traders lose and it’s the losing that wreaks havoc on a traders mental state of mind.(winning streaks can too - leading to a state of euphoria, where a trader makes poor risk decisions etc.)Anyhow, many a trader loses faith in there trading method / strategy after a drawdown occurs.Here’s when many make a myriad of poor decisions from ditching their method and switching to a new one ...to not implementing their original strategy properly due to overwhelming, uncontrollable mental fear.This all has to be managed through trading psychology coaching.If these few elementary trading facts seem as challenges that an individual is willing to explore on conquer, ...trading can be the most fun and rewarding profession that *one* can’t wait to engage in everyday.I believe the traders that love the analysis more than the money make the best traders.Hope this was helpful
Good Fortune & Rich Blessings,Lisa
-
Permalink Reply by pulsation on -
there's 85% chance you will leave forex having lost money and 10% chance you will even declare bankruptcy. if you really have been reading up on things and it's making you want to risk serious money, either you've been fed some misinformation or you're already blinded by greed and possessed by sirens. i sincerely hope that being laid off is not a motivation for trading. you will get more emotional and that increases your chances of failure.
of course, all sorts of things happen in trading. few even get extremely lucky but that's not much different than hitting a lotto jackpot. if you think you can be that lucky, playing lotto's a lot cheaper and less stressful.
if you put in the work, you might join the 15%. but do expect to put in a lot of work.
if you do decide to risk money, do yourself a favor and start very small. if possible, find a broker that offers microlot-sized (in US that's $1,000 per lot. not sure about UK) accounts and do not ever leverage more than 10:1.
-
Permalink Reply by FXstreet on -
Hello Jennifer
You can work with our Education Section at FXstreet. There we have one of the best FREE resources to learn all about forex from scratch : Forex Learning Center
Next January there will be news about learning with a social view, stay tunned.
-
Permalink Reply by William Sim on
-
I am also new in this area. What i did to my losing positions is i place order in reverse direction and key in Stop Loss & Take Profit vice versally meaning the rate mentioned in loss of one position will be the profit of the other. I am still waiting for the outcome. I am very poor in mathematics and cannot logically figure out the would be consequence so i experiment it in real trade. I think at least i can minimise the loss in this fashion.
-
Permalink Reply by twiga on
-
you,ve rightly termed it as an ocean but be patient determined and be ready to loose cash before soaring with wings. it may take you a few months but keep on moving one day you will understand how this market behave
-
Permalink Reply by Charlotte on
-
Hi, hands up i'm female and into forex as well, i would say i was intermediate stage. I dont think you ever stop learning. I have had some nice big gains (maybe got lucky - used and still use a trader in the City sometimes but mostly i use an online platform which you can control yourself) have had some losses as well and believe me - you will lose money, it is addictive. I advise you adopt a startegy, study charts, flows and read the news. Its amazing what can affect the markets. Sometimes there is no rhyme or reason for how the markets react and will react against what you think, have been told or read. I would get onto forums, watch, study and listen to market analysts; they are NOT always righ and they are NOT there to tell you wht to do, after a while, of your own accord you start seeing patterns and pictures emerging. I am also going on a course in the new year to learn more about different strategies. Lisa (blog) was right, winning and losing can affect your mental judgment...!! I absolutely love forex trading and hope you will too, its a bumpy ground to begin with, happy trading and hope you succeed in getting out what you want from it. Dont be fooled by people telling you that yu can do this in an hour a day and make money, if you go out and you have trades going take your laptop and dongle with you - nothing worse than being stressed out and not knowing the scores on the doors!!! Advise strongly on having key fundamentals in place. Charlotte
-
Permalink Reply by Marry Suna on
-
Hello Jennifer,
This is mary here. I'm also a relatively new trader and have some
suggestions which can help. I started off with a good book which gave me
a good overview of the market by cornelius luca called 'trading in the global
currency markets' or something like that. It was a good base to
start. I've also been checking out this forum and forexstreet and they
have a lot of webinars you may want to check out. Two of the speakers I
really liked were chris capri and andrei knight although Chris's site seems to have a lot of free articles and videos you can
check out. Andrei's site has some videos which were helpful and he also teaches
a good class. But for chris's site, I found videos on virtually
everything so it was a great place for me to build my base of knowledge. Something you may want to check out to get you started.
If I find anything new, I'll pass it along.
Best of luck
Mary
-
Permalink Reply by Ho Vinh on
-
Hi,
These guys www.fxdialogue.com have bin advertising heavily in Vietnam so I decided to try. Opened the account 3 weeks ago and so far they are ok. I am still learning so perhaps I do not have much experience. But I wanted to let everyone know becouse they offer an excel addon for MetaTrader, but will not develop the new features I want unless more people ask for them. So, try them out and ask them to implement more graphic design in their excel addon.
© 2013 Created by FXstreet.
