What are some of your best Forex trading tips?

I'm new to Forex trading. What are some of your Forex trading strategies or tips?

NewTrader1978 said:

I'm new to Forex trading. What are some of your Forex trading strategies or tips?

Click to expand...

My best advise from my experience and what i have seen so far is ,
Make FIBONACCI your best friend ,, learn it,, study it ,, practice it ,,do as much homework as u can on it ,,, on every time frame ,, using the bottom/ top of a run,, and i promise you ,, it will amaze you .
I have found in the forex market that ,, there are tools and there is FIBONACCI .
IF i may add,, and that is to my complete satisfaction ,,, every tool is a man made tool ,, FIBONACCI is a naturally occuring phenomenon ,,, it is NOT a tool ,, IT IS NATURE working at its best IF u can learn how to use it and how the market will run to it 100% perfectly ,, you will find the ULTIMATE SUCCESS .
Why do we need to turn a man made light on in a room when we can use the sunlight ,, FIBONACCI is the real sunlight of this business.(IN MY HUMBLE OPPENION ,,,as much as some will call me many things,,, i respect everyones view)
Once u have mastered it,, and can see clearly how it can pick almost EVERY top and bottom ,, then put it to practical application to the charts (daily ,, 4 hour ,,, 15 mnts ,, 5 mnts ,, any time u wish ) as then you will need to build the experience using it in a LIVE RUNNING market ,,, as in hindsight is very easy to see it work , BUT when it comes to the moment as the bars are developing it will be a completely different feel UNTILL u will get used to it working .
and the best way to get the most success i feel is to start with ur daily market direction and then work down to the lower time frames ,, ( i find 15 mnts is the best low time frame to use , as anything lower is too much noise for me ,, and back it up with the 4 hour chart which to me is the feel of the daily feel BUT in closer detail .
finally i will leave u with my favourite words i have come up with from my long time business experience and it is as follows ,
KNOWLEDGE + PRACTICE = EXPERIENCE
EXPERIENCE + KNOWLEDGE = SUCCESS .
and one of my very favourite words i have ever heard ,
I AM AN ORDINARY PERSON ,
I DO ORDINARY THINGS , BUT
I DO THEM EXTRA ORDINARILY WELL
BY PAYING ATTENTION TO DETAIL.
IF you can keep these 2 points in mind,, i am sure you will have 100% success ,, as it is the so small amount of spice (which would NOT represent more than 1% in portion) that is added to a meal that makes all the difference in the final taste test.
i hope it was NOT too long of a reply BUT i just wanted to get my point across cearly and easily to understand ,, after all we all lean on one another in this life.
Enjoy ,, and wish u all the best.
Cheers,
George

thanks George for the thoughts, it made me think of studying FIBONACCI hopefully it helps my fx trading as well

1) Find a / think of / create a strategy that matches your personality, emotional control and financial requirements.

2) Stick to the exact rules of the strategy.

3) Adopt a sound money management principle that reflects your personality, emotional control and financial requirements.

4) Keep COMPLETE logs and statistics of that strategy.

5) Never deviate from that strategy until it PROVES to be bad.

6) For a strategy to prove it is bad you need AT LEAST trading logs with hundreds of trades ( if it is less than 100 then you cant even make an accurate win / loss calculation). The logs have to be accurate, no undisciplined trades, no missed trades, no mistakes.

7) If the strategy proves to be bad, then go back to step 1

8) If the strategy makes a profit, even the smallest of profits then all you have to do is tweak step 3. Never step 1.

9) Remember the next 2 points.

10) A bank will give you 3-5% return PER YEAR.

11) If you can make even 1% a month, consistently, you will be a very wealthy person for the rest of your life.

Agree with all of the above, good post.
To help formulate a plan, a way of trading, learn to identify a trend, and look for an opportunity to jump aboard.
If the Market is moving higher, look to buy it, if it's moving lower, look to sell it.
A trend is in place if a Market is making a series of higher highs and higher lows, or lower lows etc if it's trending downwards.
I would recommend starting out trading off a 4 hour chart, anything lower makes you panic into your decisions.
First thing I would do is find a Market you think is trending on the daily chart, then drop down to the four hour chart. If they are both trending in the same direction, wait for a pull back and pull the trigger. What you are Trying to do is join the prevailing trend, but at a point where a new low, or high if you are heading down, has formed.
Look for trends, and follow them.
Recognise a trend and you'll start to make progress

Good luck!

You can become a good trade -follow guideline always use stop loss and target price check news daily because probably currency value depend on news and there are three important aspects to enter into ur trade

1) don't trade in sideway market
2) always check major trend before enter into your trade
3) and if u r trading in 5 min charts plz be careful dnt sell in up trend direction and dnt buy in downtrend direction

The best Forex trading tips are use simple trading tips and follow experienced traders suggestion.

Support. Resistance. Pivot Points. Confluence of.

Price action (momentum ===> heads & tails wrt OC) around these levels.

Trading TF trend. Underlying (longer-term) trend.

Trade & master the higher time frames (D1, 4H )before you venture lower (1H, 15min, 5min)

the fibs are very good follow them wisely learn and understand the pivots within it

Fibs number are naturally occurring phenomenon, however when applied to trading, its still just self fulfilling. Price don't just go to these levels naturally.

Don't spill coffee on the keypad

George A said:

My best advise from my experience and what i have seen so far is ,
Make FIBONACCI your best friend ,, learn it,, study it ,, practice it ,,do as much homework as u can on it ,,, on every time frame ,, using the bottom/ top of a run,, and i promise you ,, it will amaze you .
I have found in the forex market that ,, there are tools and there is FIBONACCI .
IF i may add,, and that is to my complete satisfaction ,,, every tool is a man made tool ,, FIBONACCI is a naturally occuring phenomenon ,,, it is NOT a tool ,, IT IS NATURE working at its best IF u can learn how to use it and how the market will run to it 100% perfectly ,, you will find the ULTIMATE SUCCESS .
Why do we need to turn a man made light on in a room when we can use the sunlight ,, FIBONACCI is the real sunlight of this business.(IN MY HUMBLE OPPENION ,,,as much as some will call me many things,,, i respect everyones view)
Once u have mastered it,, and can see clearly how it can pick almost EVERY top and bottom ,, then put it to practical application to the charts (daily ,, 4 hour ,,, 15 mnts ,, 5 mnts ,, any time u wish ) as then you will need to build the experience using it in a LIVE RUNNING market ,,, as in hindsight is very easy to see it work , BUT when it comes to the moment as the bars are developing it will be a completely different feel UNTILL u will get used to it working .
and the best way to get the most success i feel is to start with ur daily market direction and then work down to the lower time frames ,, ( i find 15 mnts is the best low time frame to use , as anything lower is too much noise for me ,, and back it up with the 4 hour chart which to me is the feel of the daily feel BUT in closer detail .
finally i will leave u with my favourite words i have come up with from my long time business experience and it is as follows ,
KNOWLEDGE + PRACTICE = EXPERIENCE
EXPERIENCE + KNOWLEDGE = SUCCESS .
and one of my very favourite words i have ever heard ,
I AM AN ORDINARY PERSON ,
I DO ORDINARY THINGS , BUT
I DO THEM EXTRA ORDINARILY WELL
BY PAYING ATTENTION TO DETAIL.
IF you can keep these 2 points in mind,, i am sure you will have 100% success ,, as it is the so small amount of spice (which would NOT represent more than 1% in portion) that is added to a meal that makes all the difference in the final taste test.
i hope it was NOT too long of a reply BUT i just wanted to get my point across cearly and easily to understand ,, after all we all lean on one another in this life.
Enjoy ,, and wish u all the best.
Cheers,
George

Click to expand...

Stick to your S/L and establish those levels before you enter a trade. Be aware that trading is emotionless, the faster you master that aspect the faster you will enjoy trading.

Don't eat yellow snow

Forex trading depends on many factors. Lot of factors dominate the shift in prices if you could find a pattern of changes you can make most of it. Safest time to trade is week days.

Survive............