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This is a discussion on training within the First Steps forums, part of the Reception category; hello all. i am new to the forums. i am doing alot of reading both on the forums and bookwise ...

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Old Feb 3, 2009, 12:19pm   #1
 
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hello all. i am new to the forums. i am doing alot of reading both on the forums and bookwise as well. i have been in the markets for 6 months and lost around £3000 pounds so i have made it my ultimate goal to obtain knowledge before i enter again.
I would like to know if there is any trianing out there that is worthwhile.
i am really keen to know what i need to know inorder to be a competant trader specifically in forex.
Thanks for all ur help
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Old Feb 3, 2009, 1:30pm   #2
 
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Quote:
Originally Posted by nd713 View Post
hello all. i am new to the forums. i am doing alot of reading both on the forums and bookwise as well. i have been in the markets for 6 months and lost around £3000 pounds so i have made it my ultimate goal to obtain knowledge before i enter again.

I would like to know if there is any trianing out there that is worthwhile.
i am really keen to know what i need to know inorder to be a competant trader specifically in forex.
Thanks for all ur help
Decide what ype of analysis you prefer as a way of determining your trading decsions, fundamental or technical.

Even if fundamental it would be useful to have some technical awareness/skills in order to find a suitable entry to your chosen market/instument (s.)

Decide too on your chosen market/instrument (s.)

Re technical analysis;.


1. Choose a time frame you feel comfortable trading, then designate a lower time frame as your potential trigger, and a longer t/f as your trend t/f . (use factors of ./. & x4-6 to determine your trigger and trend t/f's.)

2. Understand when a t/f is trending or ranging via overall price action-classic peak/trough analysis

3. Understand where the potential support/resistance lies in the market, previos price pivots, fibs, and t/lines will be your most useful tools here.


4. Understand individual price action (candlesticks) as your trigger for market entry.

5. You may also want to looks at infdicator based techniques such as oscillator divergence/extreme readings and band/channel deviation in order to further fuine tune your market entry. (particularly useful on the lower time frames.)

--------------------------------------------------

A very simple technical technique for eg is to look for pullbacks in a trend to previous price pivots and looking for any confluence that exists around such previous price pivots, fine tuning your entry on the trigger t/f in direction of the trend t/f.

You may find some of the documents on this thread useful, page 10, post 74.
http://www.trade2win.com/boards/fore...dology-10.html

So many useful resources on this and other boards/forums, here Trader_Dante's thread is another very useful starting place for eg: http://www.trade2win.com/boards/firs...y-trading.html

The confluence (coming together) of technical factors is where the highest probability trading opportunities reside.

G/L
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Old Feb 3, 2009, 4:29pm   #3
 
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nd713 started this thread bbmac, thanks a million for the information you just supplied me with. ive got some light to follow now and will be looking through everything you listed.
thanks again. so much appreciated
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Old Feb 3, 2009, 6:56pm   #4
Joined Jun 2008
DON'T over-trade....
don't day trade...
end of story!
tame your emotions as well...
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Old Feb 3, 2009, 10:04pm   #5
 
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nd713 started this thread
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Originally Posted by Mr.J-Arthur View Post
DON'T over-trade....
don't day trade...
end of story!
tame your emotions as well...
all the dont's mentioned seem to be major ingredients in the way i traded which caused my heavy losess. I only ever day traded and i over-traded a hell of alot. i remember one day from £40 i made £600 in a couple days getting alot of trades right but overtrading and poor position sizing led to me loosing it all in around half an hour. i think my emotions had alot to do with the losses as well.

before i enter the markets again i will be sure to have my emotions in check and will not be over-trading. Day trading does exite me but im in it to win it not to get excited so i will be planning on taking trades that are to last slightly longer.
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Old Feb 28, 2009, 1:15pm   #6
Joined Feb 2009
Buy this book, do the test at the front, keep the results, read the book, then do the test again. You will be surprised at the contents and the results. the book: Trading in the Zone by Mark Douglas. Just my humble if somewhat biased opinion.
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