What's the first things I should learn

This is a discussion on What's the first things I should learn within the First Steps forums, part of the Reception category; Originally Posted by Heyhi I've been watching Urban Forex on YouTube and it seems like the first things I should ...

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Old May 14, 2018, 9:58am   #16
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Originally Posted by Heyhi View Post
I've been watching Urban Forex on YouTube and it seems like the first things I should focus on are support resistance ,trend lines ,and Candlestick patterns but someone suggested to me that I should learn a trend what makes the trend move up, what makes it stay and what makes it go down. What do you guys suggest I look at to learn these things? I don't know who to trust on YouTube.
aside from all the other comments here I would focus on these fundamentals

Support / Resistance
Trends

and related Entry strategies from this patterns ......

most things follow on or are next level subjects derived from these guys

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Old May 14, 2018, 10:00am   #17
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Originally Posted by Brumby View Post
Another suggestion is Lance Beggs which you can find him on :
http://yourtradingcoach.com/

Begg's approach is much more easier to understand but would require that you have some foundational knowledge.


Technical analysis and price action is concern with "what" and not "why". Candlesticks do not tell you "why" as they are merely representation of buying and selling pressures i.e. "what' is happening. If you are into "why" then the pathway is via fundamentals and is a completely different approach.
agreed - Lance is a great guy and a great trader.....
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Old May 14, 2018, 2:27pm   #18
 
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Originally Posted by Heyhi View Post
After reading these posts I could tell you I am not promoting anything I am into Trading because I'm very interested in it's for many reasons. I grew up playing poker my whole life and I'm very well aware of risk management and using money I can or cannot afford. I know I can lose everything and I know I could win a lot. I like the fact that it takes strategy and I'm willing to learn. Applied last 2 months of my life learning as much as I can but the problem is I don't know who to learn from. I'm not sure in what order I should start learning to get the best start. I'm prepared to do a year of learning before I even attempt a trade even a demo trade. It's just something about trading that intrigues me and just holds my intention this is all I think about all day everyday. I understand what you guys are saying about not paying for anything but I was very close to trying a course from Urban Forex and I am not promoting anyone. If you guys can give me some suggestions of where to start and I'd rather it be YouTube and when I say where to start I mean where do I start studying as far as trend lines support resistance etc etc. I really want to learn what starts a Trend and learning how it works , so everytime I look up the trend it just shows me a trend line and how to draw a line. I just need you guys to steer me
Assuming you're still here, you needn't buy anything and you needn't trust anybody. What you need is available for free and the only thing you need to trust is the chart.

Start here: Trading Price. This will introduce you to the Law of Supply and Demand, which is what prompts traders to buy or sell, which in turn is what makes price go up or down.

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Originally Posted by Heyhi View Post
To the question of in my foolish enough to pay for contents. The answer is no I have no interest in paying for any kind of indicators. I want to learn the fundamentals what moves a chart. I understand that candlesticks are just people buying and selling in a certain time frames. Now I want to know what causes these people to buy what causes them to sell when is the trend reversing and why it's reversing I need to learn a good way to look at the charts
One of the first decisions you have to make, if not the first, is whether you want to trade price or bars (or candles). If the former, you'll save yourself a lot of headaches stemming from indicators, "time frames", books, blogs, trading rooms, courses, "patterns" etc etc. This is so much simpler than most people think it is and, no, it doesn't take years unless you waste most of those years stumbling down blind alleys.

Study charts, preferably "live", either actually live or via replay. They will tell you all you need to know, if you know what to look for. If you don't know what to look for see The Wyckoff Method. If you hate all of it, at least you're not out any money and you don't have to write any essays.
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Old May 14, 2018, 3:39pm   #19
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Quote:
Originally Posted by Heyhi View Post
I've been watching Urban Forex on YouTube and it seems like the first things I should focus on are support resistance ,trend lines ,and Candlestick patterns but someone suggested to me that I should learn a trend what makes the trend move up, what makes it stay and what makes it go down. What do you guys suggest I look at to learn these things? I don't know who to trust on YouTube.
If you're looking at forex then don't assume you can learn to reap profit from technical analysis alone. Other markets might be more tuned towards this approach but when it comes to forex the moves are driven by fundamental factors first and foremost and referring to technical analysis only for defining entry, stops, targets and trade management. People will tell you technical analysis is all you need and that it contains fundamental information. This is a delusion and you only need to take similar fundamental historical releases overlapped with charts to see technical analysis is very different on each occurrence. Now this might be obvious but it highlights an important point and that is whatever technical analysis you are using it doesn't represent the consistency needed to define a successful trade. What is consistent is the fundamentals overlapped with market correlation, market sentiment, and the fundamental horizon. You will be wasting your time trying to carve out success in forex using only technical analysis. Very few people can make it work and those that do won't compete with their fundamental trader counterparts.

I expect some will argue against what I have said but ask yourself this. If it was not profitable, then why does Bloomberg, Reuters, and other market news agencies sell billions worth of news terminals to traders? If the charts provide you everything you need then they surely wouldn't be in the business of selling news terminals. It's these terminals along with fundamental analysis that provides them with the trading opportunities.

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Old May 24, 2018, 3:37pm   #20
 
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Originally Posted by timsk View Post
Hi Heydi,
I suggest you start by taking a step back and ask yourself some fundamental questions before getting stuck into such things like support and resistance. In no particular order . . .

Why do you want to be a trader?
If your answer is 'to make money' - then you've got it wrong. There are any number of ways of making money in this world and the vast majority of them are a whole lot easier than trading. If you're thinking that trading offers a short cut to silly money - then think again!

If you do decide to trade and end up losing all your trading capital, would that be a disaster for you?
If the answer is yes - then don't trade.

What are your objectives and are they rooted in reality?
It's not uncommon to read debut posts on T2W in which the novice trader claims they don't want to earn mega bucks, but just want to supplement their monthly income with a little more than they would receive in interest from a building society. On the face of it, this sounds reasonable enough. In reality, the time and effort it will take just to achieve this modest goal will be immense. If this is all you really want, I suggest pulling pints at your local; the rewards will come faster for less effort.

Are you mentally tough? Do you cope with the slings and arrows of life well, or do you rely on a mix of anti-depressants, fags ‘n booze to get you through the day?
If you’re getting into trading with the hope that it will help to solve your problems, be they financial or psychological (or both), then trading is not for you.

Are you prepared to pay the price of learning to trade?
Make no mistake - there's a hefty price to pay. As a wannabe trader, wherever you are, whatever you’re doing, you’ll find your mind wandering off and thinking about it. You’ll want to bury yourself in books, charts and articles on the net. Pleas from your children to play with them and from your partner to help cook the evening meal will go unheeded. The emotional highs you’ll experience when you have a winning day will be completely engulfed by the lows you’ll feel when you have a losing one. Unless you are single, with no friends and no other interests in life, you can expect this obsession (for that’s what it could become) to have a significant impact on your relationships with family and friends. Needless to say, probably not in a good way. And all this assumes you don't spend - or lose - a single dime on trading itself!

Will trading be a business or a hobby?
If it's a hobby, then you can treat it like most other hobbies which means you can expect to consistently lose money month on month, year on year. For example, I'm an angler and I don't dare add up what I spend on new kit each year, travelling expenses and car parking tickets etc. in pursuit of my hobby. But it's fine because I love doing it. In your case, if you want to consistently make money month on month, year on year, then you're gonna have to treat trading as a business. A proper, real business. This will require a major commitment on your part - are you prepared to make it?

How long will you give it?
By this I mean, how long will you devote to trading without making anything at all (and probably losing money) before knocking it on the head? There's a massive opportunity cost to consider here because, lets suppose your answer is three years. Sounds reasonable enough to most people. However, at the end of that three years, after which you have nothing to show for your efforts, will you not think that your time and effort would have been better spent getting a degree or a vocational qualification that will stand you in good stead in the future? Think long and hard about this one because the reality is that most traders give up wishing they'd invested their time and money in something that offered them something in return. There are no such guarantees with trading, absolutely none at all.

So, think about why you want to be a trader (as opposed to doing something else that might make you money) and consider carefully whether or not you're cut out for it. If you decide to go for it, thereafter, I suggest you read the links provided in the welcome e-mail you received when you registered with T2W.
Tim.
why do you trade then???? so you can write this, then all the profits you make give to it charities
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Old May 24, 2018, 4:25pm   #21
 
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Originally Posted by Heyhi View Post
I've been watching Urban Forex on YouTube and it seems like the first things I should focus on are support resistance ,trend lines ,and Candlestick patterns but someone suggested to me that I should learn a trend what makes the trend move up, what makes it stay and what makes it go down. What do you guys suggest I look at to learn these things? I don't know who to trust on YouTube.
The first thing to learn is how to blag insightful knowledge on T2W....oooor you can literally give a blow by blow account of what is happening as price unfolds & vajazzle everybody every day, hour by hour, minute by minute with how brilliant you are .... it's mostly what you'll read or watch on any forum or youtube vids.

Nobody is going to teach you how to do it, it comes with time, a ton of effort & you will have to get very used to letting go !
I found this forum when I first started & have to say I feel lucky as the guys back then had a certain style I identified with, I've met a few & am still in close contact with a couple more who I found to be really decent trustworthy guys.

Neil nails it, it's a game of probabilities, as you are a seasoned poker player I reckon you're half way there.
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