Help needed for Forex newbie
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Thread: Help needed for Forex newbie

  1. #1
    Hi All,

    I'm new to FX and now I have setup few demo accounts to find out FX. However, I'm confused about technical anaysis. Can professional FX traders answer questions? I believe this would help the majority of the newbies.

    1. Which are the technical indiors/combinatins and chart types (5min/30min 1Hr etc.. .) You are using to make buy/sell decitions.

    2. Since I am currently working at a complete time occupation. I want to adjust my trading hours with operating hours. What is the best time frame of the afternoon to exchange USD/CHF,EUR/USD,GBP/USD.... I'm living in Sri Lanka 6 hours GMT.

    Thanks,
    TGLK

  2. #2
    Jesy
    Guest
    Quote Originally Posted by ;
    Hi All,

    I am new to forex and now I've setup few demo accounts to find out forex. However, I am confused about technological anaysis. Can professional forex traders answer questions? I think this would help most of the newbies.

    1. What are the technical indiors/combinatins and chart types (5min/30min 1Hr etc.. .) You're using to create buy/sell decitions.

    2. Since I am currently working in a full time occupation. I need to correct my trading hours with working hours. What's the best time period of the day to trade USD/CHF,EUR/USD,GBP/USD.... I am living in Sri Lanka 6 hours GMT.

    Thanks,
    TGLK
    From what I understand from , we must find a trading system that fit together with our trading type. You may discover a lot of trading platform here along with other forex forum. Then you can try it (on demo account) and get use to among them. I myself have been try the BG cross. I expect it will work and I can fine tune the machine to fit with me.

    As for the time period to trade, I think it's start from the early europe session to the late US session.

    I expect it will help you. Fantastic trading.

  3. #3
    ResiSTawor1977
    Guest
    The times would be about from noon to 2100 your time for trading the Forex.
    Good Trades,]
    Greggo

  4. #4
    HaCor
    Guest
    I'm in gmt 7 so I usually trade in ny session. But if you're new, you should select another time because NY session is quite difficult to certain a pivot. There are numerous trends in NY session too.
    You should select your own system, there's absolutely no one system better than many others. If it match with your trading, then you should choose it!

  5. #5
    AxruuuTiruuu28
    Guest
    Well, what many have said is accurate. It a single call to find out what work best for you. I sleep throungh daily Central Standard Time. My woman friend works late and calls to talk when she off work, around 1-2 a.m. my time. Boot Time and begin watching. During the European Session I can observe EUR/USD go up and when the USA session I can see the contrary, NOT ALWAYS!!!!
    Now up to Technical. I believe a individual must use the things that they feel work best for them. RSI, try changing Time Periods, instead of a Default of 14 attempt 20 or even 30. Normally I really do try keeping everything on the exact same period of time. If, RSI on 20, then SMA/EMA on 20 including Bolinger Bands. 1 thing I've discovered, is that a individual can use too many indiors and O-silly-stuff. Here in America we have a saying; KISS;'Keep It Simple Stupid'. I utilize most things for an idea of how the Market is moving. I learned to see Candles long past in the Stock Market and they've become my Friends. I know all of them by name. Doji, Morning Star, Hammer etc.. However, they alone only tell me what the next candle will do!!!! 3 hours later they can be moving opposite of my trade. A lot of people utilize Indiors and Oscillators, from that Psycology Perspective we can utilize them to our advantage to comprehend what people believe, however, simply to an extent that the Market will allow. True Economics has an important part in Technicals (My Opinion). What I utilize are these; RSI, SMA/EMA, Fibos (Fibonacci). Bolingers are OK too. However, I not enjoy too many traces all over my charts. If, I utilize Bolinger Bands, I usually remove the Fibos. News coming from the day usually tell me in which a Pair is in reference to the Fibos anyway. Also, when we put the Fibos on our charts we may not necessarily have them where the others do. We may use distinct High/Low, however, I have discovered in most cases it could be near enough.
    I do about three sorts of trades. One is day trade and Technicals are good here. The other two trades I take more time. Here I mainly look at past History and Fundamentals.
    Just remember; there many ways people do this. You have to understand what work for you. You get too many thoughts and it can cause more confusion that help. Just take what you believe you can utilize to help you and Develop your System from that point. You can spend years trying different things. Develope a Stratagy and make it work from study and looking at past Charts to see if your idea can work with adjustments.
    It enjoy painting a House. Some people today paint left to right, others paint down and up, both will operate if the individual learns to paint!!!
    Hope that this helps more than confuse!

  6. #6
    sesCcrizesa
    Guest
    Hi!

    I'm also new in Forex.

    I proposed you check some simple method from this forum first, such as MA Cross/RSI. When you understand how that system work, alter some number and determine what is the result.

    As a newbie, try 1hr/4hr/Daily chart, it's simpler to discover the trend. Remember, fashion is your friend.

    The first thing you should perform a try gap method you discovered in this forum and assess which one is suitable for you. There is absolutely no system within this world.

    Currently I'm using MA Cross/Vegas Tunnel/Fibos/RSI.

    PS:NEVER,NEVER,NEVER think making big money in the beginning. .

  7. #7
    Cuq_wes
    Guest
    Well, I hope you have some answers to some questions regarding technical analysis and I hope you understood a lot of it - the best advice I saw was KISS - keep it simple - Most progr teach a methodology which is simple when you get the hang of it but when you start out it is sometimes an intimidating task, learning not only about technicals but only about how the forex works and the different personalities of each currency cross. We have a motto in our school - Trade For Pips Daily. The T stands for trend - It is far easier to trade with the herd than transaction contrary to it - so find out the trend.F stands for the Fibs or even Fibonacci this is the biggest thing for me because no matter what time period you look on they help you understand where the market will proceed and if it will retrace. The P stands for previous support and resistance - the market will respect and respond to such levels of support and resistance - really important and lastly the D stands for divergence - this is one of the only ways to tell what the market will do because the MACD is a leading indior. Moreover, you have to find charts which you can see find indiors you can use and easily manipulate. Hope this information gives you something to assess and chew on.

  8. #8
    Hi there,

    I am new to Foreign Exchange too... currently I am only using bolinger ring to study the market movement...

    do u think I need to use other group like rsi,sma or other people to acquire more accurate outcome, or use only bolingerband,,,

    respect

    anand


    Quote Originally Posted by ;
    Well, what most have stated is accurate. It a single call to learn what work best for you. I sleep more throungh daily Central Standard Time. My girl friend works and calls to speak when she off work, around 1-2 a.m. my time. Boot Time and start watching. Throughout the European Session I will observe EUR/USD go up and when the USA session I will see the contrary, NOT ALWAYS!!!!
    Now as far as Technical. I believe a individual must use the things that they feel work best for them. RSI, try altering Time Periods, rather than a Default of 14 attempt 20 or 30. I really do try everything on the exact same time period. If, RSI on 20, then SMA/EMA on 20 including Bolinger Bands. One thing I have found, is a individual could use too many indiors and O-silly-stuff. Here in America we have a saying; KISS;'Keep It Simple Stupid'. I use most things to get an notion of how the Market is moving. I learned to see Candles long past in the Stock Market and they've become my Friends. I know all of them by name. Doji, Morning Star, Hammer etc.. However, they only tell me what another candle will do!!!! 3 hours later they can be going opposite of my trade. Many people use Indiors and Oscillators, from this Psycology Perspective we could use them to our advantage to comprehend what folks believe, but, only to an extent that the Market will allow. True Economics plays a significant part in Technicals (My Opinion). What I use are these; RSI, SMA/EMA, Fibos (Fibonacci). Bolingers are OK too. However, I not like too many lines all over my charts. If, I use Bolinger Bands, I usually remove the Fibos. News coming from the afternoon usually tell me in which a Pair is in reference to the Fibos anyway. Also, when we put the Fibos on our charts we may not necessarily have them where others do. We may use different High/Low, but, I have found in most cases it may be near enough.
    I do around three types of trades. One is day trade and Technicals are great here. The other two trades I take more time. Here I mostly look at History and Fundamentals.
    Just remember; there many ways people do this. You need to learn what work for you. You get too many thoughts and it can cause more confusion that help. Only take what you believe you can use to help you and Develop your Method from that point. You can spend years trying different items. Develope a Stratagy and make it work from research and looking at past Charts to find out whether your idea can work with adjustments.
    It like painting a House. Some people today paint left to right, others paint up and down, both will work whether the individual learns to paint!!!
    Hope this helps more than simply confuse!

  9. #9
    Quote Originally Posted by ;
    hi there,

    I'm new to Currency Market also... currently I'm only using bolinger band to study the market motion...

    do u think I need to utilize other band such as rsi,sma or others to get more accurate result, or utilize just bolingerband,,,

    regard

    anand
    Stick with BB till you know it inside out. Once it's possible to hit a fantastic % of winning trades with only the one Indior, I suspect it can be worth trying another. If you've got the time, demo together with the 2nd indior till you get at least the same win % and then see which of the two seems simpler. Try them together for a little while, this might add verifiion to keep you from some losers.
    However, the clearer your screen the easier it is to concentrate on price. Examine this thread if you haven't seen it yet, and blend the Price Action together with BB first. https://www.forexforum.co.za/general...framework.html

  10. #10
    Quote Originally Posted by ;
    Stick with BB till you understand it inside out....
    Sorry Pete, but I believe John B himself is most likely the Only One that knows BB inside out.
    Rationale: He figured it out and left it visual.
    Only mho.

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