forex trading

[ronald blake]

I would like to find out the best way to learn how to do the forex trading.

starting out with paper trading, while I'm learning how the system works.

an going on from that point.

ron blake

 

[Tenapenny]

Try starting here Forex Trading Online Training: Learn Foreign Exchange Currency Trading

 

[Magos]

I would like to find out the best way to learn how to do the forex trading.

starting out with paper trading, while I'm learning how the system works.

an going on from that point.

ron blake

thats a good way to do it another way is being in the middle of market flow :whistling

 

[Red Fish]

Price action is key

Ronald, I'm going to tell you something that it took me years to learn, when I started out I was taken all round the houses on special software, indicators, systems, and eventually I found the simplest way to learn to trade is reading candlestick charts, and looking at price movement ONLY. Choose one pair - I trade the GBP/JPY, it's a very good pair for price action trading, and choose one time frame, I trade the 30 minutes. Then get used to how it moves in waves. Draw support and resistance barriers where you see price bouncing off several times. Watch what it does at those barriers. Watch for higher highs and higher lows to see if we are in an uptrend. Watch for lower highs and lower lows to see if we are in a downtrend. Take trades with the trend.

Check out my blog T2W Day Trading & Forex Forums - Price Action on GBP/JPY it will give you some idea of how to trade this pair.

Yes, use a practice account, until you have a clear method that tells you the conditions for entry and exit and where to place your stops and you are making consistent profit, don't trade with any live money.


And of course, keep tuning into your feelings while you are trading...do you lose focus on what price is telling you and get into 'wishing and hoping' price will go up because you are in a buy trade? Do you feel anxious because price might go down and take all your profits? In the early stages you are not only mastering a trading method, but also mastering your clarity of mind, so you can keep focussed on the market structure. It's a process, so it will take time, but if you keep at it and write down every day what's important, you'll do well.

Also check out Mark Douglas's first book: The Disciplined Trader. I think it's far better than his later book Trading in the Zone, which is also a very good book. In his first book he goes into details about traders, what happens to make price move etc etc as well as how to rewrite the feelings that take you out of concentrating on the market structure.

 

[Magos]

Ronald, I'm going to tell you something that it took me years to learn, when I started out I was taken all round the houses on special software, indicators, systems, and eventually I found the simplest way to learn to trade is reading candlestick charts, and looking at price movement ONLY. Choose one pair - I trade the GBP/JPY, it's a very good pair for price action trading, and choose one time frame, I trade the 30 minutes. Then get used to how it moves in waves. Draw support and resistance barriers where you see price bouncing off several times. Watch what it does at those barriers. Watch for higher highs and higher lows to see if we are in an uptrend. Watch for lower highs and lower lows to see if we are in a downtrend. Take trades with the trend.

Check out my blog T2W Day Trading & Forex Forums - Price Action on GBP/JPY it will give you some idea of how to trade this pair.

Yes, use a practice account, until you have a clear method that tells you the conditions for entry and exit and where to place your stops and you are making consistent profit, don't trade with any live money.


And of course, keep tuning into your feelings while you are trading...do you lose focus on what price is telling you and get into 'wishing and hoping' price will go up because you are in a buy trade? Do you feel anxious because price might go down and take all your profits? In the early stages you are not only mastering a trading method, but also mastering your clarity of mind, so you can keep focussed on the market structure. It's a process, so it will take time, but if you keep at it and write down every day what's important, you'll do well.

Also check out Mark Douglas's first book: The Disciplined Trader. I think it's far better than his later book Trading in the Zone, which is also a very good book. In his first book he goes into details about traders, what happens to make price move etc etc as well as how to rewrite the feelings that take you out of concentrating on the market structure.

The Disciplined Trader, is a really good book I will give you this.. but GBP/JPY not ideal for a new trader sorry

The other thing I will mention to any traders out there. Is do your own research.. don’t depend on others not even GS,MS….