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  1. #1
    fxFailure is offline Junior Member
    Join Date
    Oct 2008

    Unhappy Newbie looking for advice

    Hey -

    This looks like a forum full of people up to speed, but I'm a n00b with some questions. I don't wanna bug people who have better things to do, everyone posting here appears to have a good handle on this market - so if you guys would rather me go learn somewhere else and return when I have something to contribute, I'm cool with that.

    I'll leave some of my fundamental questions here though, and if anyone has time to give me some pointers I would much appreciate it.

    Carry trades - I understand the concept of leveraging interest rates of different currencies against each other, but I do not understand where this interest gets realized - how it is paid out in other words. I read on fxstreet that the interest is paid daily, however - I don't believe I've held a position open long enough on my demo account to ever see if this interest magically appears in my account at the open or closing of business - or - if the demo account considers carry trades at all.

    Which leads me to my second major issue:

    I'm losing on ~9 out of 10 trades. I'm finding that I'm correctly assuming the overall direction that a currency is going to go in about 7 out of 9 of those losers, but that my trailing stops are closing out positions before the position makes it to profitabilty. So I tripled the size of my trailing stop, to account for the volatility, but then I've run into the currency not moving enough to make any respectable money before volatility ultimately closes out the position again. In other words, I set my trailing stop at 10 pips, the position changes in a favorable direction by 5 pips, then goes unfavorable by 10, and I lose to the tune of 5 pips - and then the currency moves favorably by 40 pips before I can get another order in... but I'm sure most of you guys are familiar with this sort of thing. I thought trailing stops were a great idea, but they don't seem to be worthwhile in this market.

    I have read Ed Ponsi's book "Patterns and Probabilities" on interpreting chart data, and planning a trading strategy based on trend indicators among other factors, and would like to place a couple longer term trades to ride some trends and see if my predictive abilites really work, or if I'm just experiencing coincidences. Or maybe someone with more experience could tell me if this market is experiencing more fluctuations due to the global situation, or if it's always like this? I can definitely see the potential in this market (I've had 2 winners of $1300), but would like to be reasonably sure that my attempts to trade in it have a realistic chance of success - to date, I think my successes have been 100% attributable to luck, and not any correct assessment of how the market works.

    I also read "The complete idiots guide to forex", but that's only a good book if you want to know what forex is. It is zero help when it comes to developing a trade strategy.

    Thanks for any assistance, and good luck with your trading.

  2. #2
    helen is offline Junior Member
    Join Date
    Oct 2008


    Hello! Certainely I understand very well your doubts because when I started to trade I also was very surprised of strange situation, conditions and feature of this kind of market. But then I understood that I have to learn more, I must to practise more with demo-account also having a trade journal etc. And now I'm quiet successful in my trading and with my broker liteforex because I did a lot of steps to reach this level.and also I have to say big THANKS my service for super works without any problem
    good luck

  3. #3
    notset is offline Junior Member
    Join Date
    Oct 2008


    my advice is that u practise with demo-accounts and read some forex ebooks that are being shared/sold at the internet, you have questions that u can answer quickly by reading 1 single forex ebook.

  4. #4
    ManageMyForex is offline Junior Member
    Join Date
    Oct 2008

    Default Managed Accounts as an option

    I would look at a good managed Forex account sercive

    I manage accounts and start with a small investment of only 3k risk is about 15% loss if we have a bad month.

    Profits are about 8-12% per month please see my site if you need more info

    hope this helps new traders see profits in FX

  5. #5
    forexNZ is offline Junior Member
    Join Date
    Nov 2008
    London Based New Zealander


    Quote Originally Posted by notset View Post
    my advice is that u practise with demo-accounts and read some forex ebooks that are being shared/sold at the internet, you have questions that u can answer quickly by reading 1 single forex ebook.
    i agree ... there's also many good sites that can give good education on forex and set you in the right direction
    [URL=""]Forex Tips & Tricks[/URL] - [URL=""]Pipzu Safer Forex[/URL] - [URL=""]Funnel Your Forex[/URL] - [URL=""]Forex Tracer[/URL] - [URL=""]Forex Brotherhood[/URL] - [URL=""]PipZu Review 4 U[/URL]

  6. #6
    proseed is offline Junior Member
    Join Date
    Dec 2008


    I am newbie too. Now my chart is kind a 'empty'. I am slowly making it crowded. Maybe I will put pivot lines in it first. Then the supports and resistance line. And the last is trend line. Then what to do huh ???
    [URL=""]Free 5 Day Forex Video Course[/URL]

  7. #7
    4X-Trader is offline Junior Member
    Join Date
    Dec 2008


    You've got to learn before you can earn. Read books on Forex, practice with demo accounts, create strategies, test them, etc. These are the methods that work. After mastering them, you can go on to robots and other people's systems. Practice makes perfect.

  8. #8
    forexexpert is offline Junior Member
    Join Date
    Dec 2008

    Default I agree

    Be careful of everyone pointing you to a specific product, they might have a hidden agenda.

    I wouldn't jump right into automatic solutions, first get familiar with some strategies using a forex book or course. Read reviews on any products before you buy them is always a recommendation.

    Once you're more familiar with trading you can move onto software.

    Hope this helps
    Unbiased [URL=""]Forex Reviews[/URL] by actual Forex experts

  9. #9
    fxtrendline is offline Member
    Join Date
    Jun 2008

    Default learn

    learn first or read many ebooks regarding forex business then open your first demo account and find your proftable forex system , then open your live account use your forex system to trade
    [URL=""][COLOR="Blue"][B]Forex Trading System Collection[/B][/COLOR][/URL]

  10. #10
    daniellefr is offline Senior Member
    Join Date
    Aug 2008

    Lightbulb keep track

    I suggest keeping journal of your trading activities. This way you can analyze the trading mistakes made so far and hopefully figure out the flow in your strategy. Good luck.

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