How to start learning forex trading

[lee.belisar]

Yeah makes a lot of sense, join an open forum with the intention of not participating openly to the forum.

I'm a big believer in charity. Of course I refuse to give money to a charity unless they private message me here. More peaceful that way, and nicer to my wallet

We have sort of a heated intellectual discussion and I like it. It did make sense. Perhaps I need to sharpen up my brain cells. Anyway, thank you guys for sharing your ideas. We are at the same boat. Yes, I agree, it would be better if we share what we know to the general public. Sharing is giving. Cheers.

 

[Shakone]

We have sort of a heated intellectual discussion and I like it. It did make sense. Perhaps I need to sharpen up my brain cells. Anyway, thank you guys for sharing your ideas. We are at the same boat. Yes, I agree, it would be better if we share what we know to the general public. Sharing is giving. Cheers.

Ok, I don't know how much you already know...but anyway this is not directed just at you, so I'll direct to complete beginner.

First lesson is don't even think about trading for real until you have some understanding of price movement, a good understanding of risk management, drawdown, risk of ruin etc. and have demonstrated on demo that your understanding (or plan) is profitable. I guess you've probably already been directed to some risk management threads. There's also no reason why you need to only look at a Forex pair, it's not necessarily the easiest instrument to trade and understand.

If you want to understand price, watch it. Look at how it behaves, but don't worry about entries and exits just yet. No trading, not even demo trading, not necessary until you have at least formed some hypotheses and a plan. No indicators to distract you. Just price, and volume if you have it. Just watch.

Start a journal, on forum or in private. Note down thoughts you have about price movement, noting anything that stands out or that you see occurring again and again. If you think you've seen something, a behaviour or tendency, test it. This may take some time.

If this seems too unstructured and you need some guide, then a first question to ask yourself while you're watching is: which way is price going? Is it going up, down or sideways? Find a way to determine this. Not which way will price go, but which way is price moving (or if you prefer - has been moving).

If you find you're getting nowhere, lost or you've actually got a trading plan that's not working, then you'll have to start a public journal to get specific help. There are people here that can help you and people here that will try to take advantage of you, and people here that will mislead you. Welcome to trading

If you think it's a waste of time to just watch, and you want to get involved and make money quickly, or you're looking for a shortcut, don't want to test things, don't want to demo because you already know your plan is a money-maker, or risk management is boring, or you're too embarrassed to open a public journal, then I have no more advice for you.

 

[lee.belisar]

Ok, I don't know how much you already know...but anyway this is not directed just at you, so I'll direct to complete beginner.

First lesson is don't even think about trading for real until you have some understanding of price movement, a good understanding of risk management, drawdown, risk of ruin etc. and have demonstrated on demo that your understanding (or plan) is profitable. I guess you've probably already been directed to some risk management threads. There's also no reason why you need to only look at a Forex pair, it's not necessarily the easiest instrument to trade and understand.

If you want to understand price, watch it. Look at how it behaves, but don't worry about entries and exits just yet. No trading, not even demo trading, not necessary until you have at least formed some hypotheses and a plan. No indicators to distract you. Just price, and volume if you have it. Just watch.

Start a journal, on forum or in private. Note down thoughts you have about price movement, noting anything that stands out or that you see occurring again and again. If you think you've seen something, a behaviour or tendency, test it. This may take some time.

If this seems too unstructured and you need some guide, then a first question to ask yourself while you're watching is: which way is price going? Is it going up, down or sideways? Find a way to determine this. Not which way will price go, but which way is price moving (or if you prefer - has been moving).

If you find you're getting nowhere, lost or you've actually got a trading plan that's not working, then you'll have to start a public journal to get specific help. There are people here that can help you and people here that will try to take advantage of you, and people here that will mislead you. Welcome to trading

If you think it's a waste of time to just watch, and you want to get involved and make money quickly, or you're looking for a shortcut, don't want to test things, don't want to demo because you already know your plan is a money-maker, or risk management is boring, or you're too embarrassed to open a public journal, then I have no more advice for you.

Thanks for all your words Shakone. I learned a lot. Its noted with big thanks. Cheers. Hope to hear more from you.

 

[MIKE FARRELL]

Hi Mike,
The only reason George would take offense at either of my posts to this thread is if he's up to no good. Assuming that he isn't and, personally, I'm more than happy to accept yours and George's own protestations that he's as honest as the day is long - then he has no reason to take any offense at all. On that basis, no apology is required. Moreover, he would understand completely the points I've made and respond accordingly by doing one or other of the following . . .
1. Providing the detail that I asked for regarding the 'correct' way to 'draw swings' - and/or link to a YouTube video explaining same etc, etc.
2. If he's not willing to do that for whatever reason, then he should at least understand that it looks very suspect to only provide such information to those who PM him privately.

Just in case any subscribers to the thread aren't crystal clear about the issue here, I'll go over it once more. Anyone who posts their ideas on public threads should aim to provide clear explanations and do their best to provide comprehensive answers to any subsequent questions posed by fellow members. Now, I understand completely that not everyone is prepared to do that - and that's absolutely fine. However, if that's the case, they should keep their ideas to themselves and not post at all. To post and imply that they are in possession of 'correct' knowledge about how to do something and then not share it on the public boards is, at best, being a tease. To post and imply that they have such knowledge and will only share it privately via PM is unacceptable because it is precisely what scammers do. Please note that I'm not accusing George of being a scammer - I'm merely saying that this is their standard modus operandi.

This is a very basic point and the only people - without exception - who would have any issue with it at all would be scammers, ne-er-do-wells and other such rogues intent on separating the gullible and naïve from their money. Honest people who genuinely want to help their fellow members won't have any problems with it at all. None whatsoever. After all, that's the whole point of a free, open access community forum - which is exactly what T2W is.

Tim.

Many thanks for your detailed reply Tim and sorry I have not replied sooner.

My original response was based upon my own deep rooted feelings that a person is innocent until proven guilty and I felt that George was being branded as some sort of scammer when all he was trying to do was help someone out.

I can't see anything wrong with one member asking another member to PM them. If this is so why is the facility there then?). Surely we are all adults on the Forum and would quite quickly work out if someone was trying to take us for a ride!

I can well understand why George would not want to post details of his methods on the Forum. All this would do is create a deluge of people trying to find out from him what he does and how he does it. I know how complex and involved the workings of his theories are and it will take me many many months to get any where near to his advanced level of competence.

As also mentioned his prime concern is gaining mastery in the Forex business. He could not possibly achieve this by trying to teach the world and its wife his thorough knowledge of Forex, he would then have very little time to achieve his own goal.

If the rules of the Forum dictate that no one should make make comments without going into great detail and that kind people are not allowed to help out other people then so be it.

All I can say is that the only people to miss out will be those who you have stopped him from helping.

I know that my trading will improve dramatically with George's help and he has friends who have known him for a long time who have told me that they are better traders having had the benefit of George's help.

Regards,

Mike

 

[Shakone]

Thanks for all your words Shakone. I learned a lot. Its noted with big thanks. Cheers. Hope to hear more from you.

Won't be hearing much more from me Lee, unless you make a sincere effort to put in some work, which almost nobody does. Best of luck.


For Mike Farrell, I disagree on innocent until proven guilty. It applies in a court of law, in a situation where authorities will attempt to assign guilt to an individual, and possibly take away his freedom. It is such a serious and unbalanced situation that innocent until proven guilty makes sense. It doesn't apply in everyday life, so I don't buy your indignation. If you're on a night out, and you notice someone who appears violent and looking for a fight, you don't worry about proving that he has a history of violence, you don't try to convince a jury of 12 random people, you don't wait until he's punched you in the face to consider him trouble, you just avoid.

I already know what George is. I know what you are, and i've seen enough. No proof required. I will avoid.


P.S. Interesting to see so many real sounding full names in this thread. Almost makes me think they are all unique genuine people.

 

[George A]

For Mike Farrell, .

I already know what George is. I know what you are, and i've seen enough. No proof required. I will avoid.


P.S. Interesting to see so many real sounding full names in this thread. Almost makes me think they are all unique genuine people.

Are u prepared to elaborate on the above so i do NOT need to make my own judgement on ur meaning ????? as t first hand it does NOT sound good .
Cheers
George

 

[George A]

All I can say is that the only people to miss out will be those who you have stopped him from helping.

I know that my trading will improve dramatically with George's help and he has friends who have known him for a long time who have told me that they are better traders having had the benefit of George's help.

Regards,

Mike

This is NOT a challenge for anyone ,,, BUT merely standing for righteousness .
Thank you for ur Genuine words and input Mike .
You know how strong i am about my beliefs .
You know first hand what is involved in my theories , and how deep and detailed they are , and what difference it does make when things are shared LIVE through TEAM VIEWER in a pro active manner one on one , like we do all the time , and most importantly what it would take for me to try to explain in in a written form , the way it is demanded of me , which is almost next to impossible , well , atleast it is for MY simple mind , as i am not as smart as these professionals .
If this is NOT enough justification for my reasons to ONLY do this in a private environment ,, then i have NO comment on of this situation and their way of thinking .
In the meantime ,, i will NOT give up my passion in life, just because someone tries to subdued that in me , BUT will be done ONLY at my standards and in MY way and NOT someone else's , and WILL continue to do so.
Cheers,
George

 

[lee.belisar]

Won't be hearing much more from me Lee, unless you make a sincere effort to put in some work, which almost nobody does. Best of luck.


For Mike Farrell, I disagree on innocent until proven guilty. It applies in a court of law, in a situation where authorities will attempt to assign guilt to an individual, and possibly take away his freedom. It is such a serious and unbalanced situation that innocent until proven guilty makes sense. It doesn't apply in everyday life, so I don't buy your indignation. If you're on a night out, and you notice someone who appears violent and looking for a fight, you don't worry about proving that he has a history of violence, you don't try to convince a jury of 12 random people, you don't wait until he's punched you in the face to consider him trouble, you just avoid.

I already know what George is. I know what you are, and i've seen enough. No proof required. I will avoid.


P.S. Interesting to see so many real sounding full names in this thread. Almost makes me think they are all unique genuine people.

That is OK. Well, you know I'm putting considerable amount of effort to learn more about Forex and Forex trading. Just want to share this one, the School of Forex. It help me a lot. Thanks to a co-trader here who shared this to me.

 

[Dick Lexic]

This is NOT a challenge for anyone ,,, BUT merely standing for righteousness .
Thank you for ur Genuine words and input Mike .
You know how strong i am about my beliefs .
You know first hand what is involved in my theories , and how deep and detailed they are , and what difference it does make when things are shared LIVE through TEAM VIEWER in a pro active manner one on one , like we do all the time , and most importantly what it would take for me to try to explain in in a written form , the way it is demanded of me , which is almost next to impossible , well , atleast it is for MY simple mind , as i am not as smart as these professionals .
If this is NOT enough justification for my reasons to ONLY do this in a private environment ,, then i have NO comment on of this situation and their way of thinking .
In the meantime ,, i will NOT give up my passion in life, just because someone tries to subdued that in me , BUT will be done ONLY at my standards and in MY way and NOT someone else's , and WILL continue to do so.
Cheers,
George

Well georgie boy looks like everyone wants to burst your bubble ...i hope you keep going and find your holy grail …..but I doubt you will mate.... cause i've got it

 

[timsk]

Hi Mike & George,
I must apologize to you both. I've tried very hard to explain as clearly as I can in as much detail as I can what the issue is and, based on the last two posts by each of you respectively - I have failed dismally. So, I shall make one final attempt before giving up. I shall spell out each point, numbering them as I go . . .

1. No member is obliged to explain any aspect of their trading methodology. There is no way T2W could enforce this even if it wanted to - which it doesn't. Each member is at complete liberty to say as much or as little about their trading practice as they are comfortable with. George / Mike - is that clear?

2. The PM facility is there for members to communicate privately. That's what it is there for and it is fine for them to use it for that purpose. However, it can be abused - and has been abused in the past - and T2W has a duty of care towards its members to try and prevent further abuse in the future. George / Mike - is that clear?

3. Members can post anything they like both on the public forums and privately to specific individuals via PMs and e-mails - so long as they do not breach the T2W site guidelines as laid out in the Community Constitution. George / Mike - is that clear?

4. If a member posts and uses words such 'right' or 'correct' in their posts - this strongly implies to anyone reading their posts that they have knowledge and experience and know what they are doing. George / Mike - is that clear? This is an important point, so if you don't agree with this logic - please say so.

5. Having sowed the seed in the minds of anyone subscribed to the thread that they are an experienced and knowledgable trader, it's reasonable to assume that their readers will then be interested in their market views, trading techniques and methodology etc. and, furthermore, will naturally want to know what the 'right' or 'correct' way to do something is (such as drawing swings for example). George / Mike - is that clear?

6. Now, we arrive at the crux of the whole issue. This may not apply to other forums, but this is the way we do things here on T2W - which is a completely free and open access public forum. If a member says there is a 'right' or 'correct' way to do something, it is reasonable that they should then explain publicly what that right or correct way is. Conversely, it is considered to be unreasonable and unacceptable to imply that they have certain knowledge that might be of great benefit or interest to members and then refuse to share it with them openly. George / Mike - is that clear?

7. Following on from the above, to then invite members to PM them to find out what the right or correct way is - is viewed as being an abuse of the PM facility. Why? Because this is the modus operandi of scammers and ne'er-do-wells. Please note: I am NOT accusing George or anyone else of being a scammer, merely that this is typical of their behaviour. George / Mike - is that clear?

8. Because PMs are private and can not be seen by anyone including Moderators, those intent of making money from naïve and gullible newbies can - via the PM facility - promise to disclose the right or correct way of doing something in return for payment. As previously stated, T2W has a duty of care to do its utmost to prevent the PM facility being abused in this way. George / Mike - is that clear?

9. Even if the person is honest as the day is long and has no intention of asking for payment and wants to help fellow members for purely altruistic reasons (and I'm sure this applies to George) they will still need to provide a written explanation to anyone who enquires as to what the right or correct way is. Given that they will have to take the same time and trouble to reply via PM as they would to post to the public forum, there is no advantage in using the PM facility. In fact, there is a disadvantage, as charts can not be attached to PMs - which might be an issue for someone wanting to show how to draw swings for example. On the other hand, there is a big advantage in posting publicly, namely, that many more members will benefit from their wisdom, expertise and desire to help others. George / Mike - is that clear?

10. Finally, if a member is not willing to explain in public what is the right or correct way to do something (draw swings for example), then they should not imply that they know how to do it in the first place. They should just keep stumm. To imply that they know something and then refuse to explain what they mean for the benefit of everyone is completely contrary to the whole purpose and ethos of the site. To conclude, only imply that you know how to do something if you're prepared to follow through and explain to everyone how to do it via a post(s) to a public forum. George / Mike - is that clear?

I have explained this in as clear and as logical way as I possibly can. George / Mike, please tell me that you at least understand the 10 points - even if you don't agree with all of them.
Tim.

 

[George A]

Well georgie boy looks like everyone wants to burst your bubble ...i hope you keep going and find your holy grail …..but I doubt you will mate.... cause i've got it

Now wait a minute Mr D ,,, is that a challenge OR a threat
It does not matter which one of us finds it ,, BECAUSE at the end of the day we use the same foundation , so we will carry on like 2 blind people , one will follow the other and we will both fall into the same hole hahahahahahaha
Have a great day Mr D ,,, as my bed is starting to hint for me hahahahaha.
Cheers

 

[Dick Lexic]

Now wait a minute Mr D ,,, is that a challenge OR a threat
It does not matter which one of us finds it ,, BECAUSE at the end of the day we use the same foundation , so we will carry on like 2 blind people , one will follow the other and we will both fall into the same hole hahahahahahaha
Have a great day Mr D ,,, as my bed is starting to hint for me hahahahaha.
Cheers

ha ha ...not a challenge george just a bit of fun ...seems to be scarce around here

 

[George A]

Tim ,
A very good evening to u .
That sure was a detailed list .
Was it a clear list ,, it sure was .
Does it make any logic ???( dont mean on ur behalf , but on a forum rules level ) , and do i accept it ??? My answer is this ,,
I refer u to my post of today i think it was , addressed to Mike referring the reason why i need to extend my knowledge and help on a one on one basis , and the importance of using Team Viewer , and if that does NOT make logic ,,, then what u have posted does NOT make logic also to ME , ad i personally do NOT accept it as being a fair thing , based on common sense .
I have NO further comment , and please u do NOT need to go through that kind of trouble again , as im sure ur time is also valuable like any of us .
this does NOT need to keep going back and forth , as it is starting to become a total waste of time ,, as it does NOT look like we will come to an agreement on common sense ground ( and i dont mean on ur behalf) ,and whats best for members ,,, as i feel my justification is NOT good enough although IT IS the ONLY way I can do it , and that would be most effective .
I saying all of the above ,, Nothing against you Tim , I can see where u r coming from .
Cheers ,
George

 

[George A]

ha ha ...not a challenge george just a bit of fun ...seems to be scarce around here

That was MY intent Mr D ,, i thought u would catch on
But i am used to ur kind of challenges and threats , u know i was a good boy and caught on very quickly in the lessons ,, hahahahaha
Yes u r 100% correct about the fun part , u can put a red star next to ur name in the book :clap:

Cheers

 

[Shakone]

That is OK. Well, you know I'm putting considerable amount of effort to learn more about Forex and Forex trading. Just want to share this one, the School of Forex. It help me a lot. Thanks to a co-trader here who shared this to me.

That looks like a link to a brokerage. Are you now advertising a broker as if it is some sort of educational site (school)? Who was the trader who shared this with you? :whistling

 

[George A]

ha ha ...not a challenge george just a bit of fun ...seems to be scarce around here

By the way ,,,
What a magical run and behavior ur friends did yesterday on ur favorite pair ?????????
They kept building it from one base to the next base , evolving these Fibs like crazy , perfect clockwork all the way up ,,, ALL on major stations ,, finishing ALMOST at exact Fib level , at the very last bar of the day at 163.878 when their target was 163.880 ,, that was Awesome on ur boys behalf Mr D
When u get a chance call me up and i will show it to u , its going to be interesting to see how this fitted with ur theory as i have NOT checked it , which im sure it would have been perfect also
not to mention today was clock work from the top to the low of the day so far ,, Classic 3 swings stopping exactly at the station , 163.511 bottom against 510 target ,, repeating the same process on the way up 164.062 against 058 target . Well behaved Mr D
I need to congratulate u for the way u have them behave the way they do
My boys were naughty tonight Uncle d ,,,,
On the euro aussie they over run my first station by 1.2 pips and MISS my second station so far by 2.4 pips .
And on the euro yen missed my first station by a lousy 1 pip exactly
Great night in total and well behaved .
Anyway My bed is calling me Sir ,,, so wishing u a great day !!!!!!!!!!!!!!!!!!!!!!!
Cheers

 

[timsk]

. . . it does NOT look like we will come to an agreement on common sense ground ( and i dont mean on ur behalf) ,and whats best for members ,,, as i feel my justification is NOT good enough although IT IS the ONLY way I can do it , and that would be most effective.

George,
Given what you've said, if you're not prepared to accept our house rules - that is of course your prerogative. Equally, do not be surprised if - having gone to great lengths to explain them to you (and Mike) in clear and simple terms - we elect not to host any more of your posts. I've reported your post to DickLexic to the Mods, as it is clearly taking the pi$$ and blatantly negates the basic principles outlined in my post #72. If you want to use fancy jargon that only those in your private clique will understand - do it on your own blog - not here.

The bottom line is this: if you don't want to play by our rules - that's fine - kindly go somewhere else.
Tim.

 

[Dick Lexic]

blimey why am i getting hauled into this ? I just tried to lighten the mood up!!

 

[lee.belisar]

Hi Mike & George,
I must apologize to you both. I've tried very hard to explain as clearly as I can in as much detail as I can what the issue is and, based on the last two posts by each of you respectively - I have failed dismally. So, I shall make one final attempt before giving up. I shall spell out each point, numbering them as I go . . .

1. No member is obliged to explain any aspect of their trading methodology. There is no way T2W could enforce this even if it wanted to - which it doesn't. Each member is at complete liberty to say as much or as little about their trading practice as they are comfortable with. George / Mike - is that clear?

2. The PM facility is there for members to communicate privately. That's what it is there for and it is fine for them to use it for that purpose. However, it can be abused - and has been abused in the past - and T2W has a duty of care towards its members to try and prevent further abuse in the future. George / Mike - is that clear?

3. Members can post anything they like both on the public forums and privately to specific individuals via PMs and e-mails - so long as they do not breach the T2W site guidelines as laid out in the Community Constitution. George / Mike - is that clear?

4. If a member posts and uses words such 'right' or 'correct' in their posts - this strongly implies to anyone reading their posts that they have knowledge and experience and know what they are doing. George / Mike - is that clear? This is an important point, so if you don't agree with this logic - please say so.

5. Having sowed the seed in the minds of anyone subscribed to the thread that they are an experienced and knowledgable trader, it's reasonable to assume that their readers will then be interested in their market views, trading techniques and methodology etc. and, furthermore, will naturally want to know what the 'right' or 'correct' way to do something is (such as drawing swings for example). George / Mike - is that clear?

6. Now, we arrive at the crux of the whole issue. This may not apply to other forums, but this is the way we do things here on T2W - which is a completely free and open access public forum. If a member says there is a 'right' or 'correct' way to do something, it is reasonable that they should then explain publicly what that right or correct way is. Conversely, it is considered to be unreasonable and unacceptable to imply that they have certain knowledge that might be of great benefit or interest to members and then refuse to share it with them openly. George / Mike - is that clear?

7. Following on from the above, to then invite members to PM them to find out what the right or correct way is - is viewed as being an abuse of the PM facility. Why? Because this is the modus operandi of scammers and ne'er-do-wells. Please note: I am NOT accusing George or anyone else of being a scammer, merely that this is typical of their behaviour. George / Mike - is that clear?

8. Because PMs are private and can not be seen by anyone including Moderators, those intent of making money from naïve and gullible newbies can - via the PM facility - promise to disclose the right or correct way of doing something in return for payment. As previously stated, T2W has a duty of care to do its utmost to prevent the PM facility being abused in this way. George / Mike - is that clear?

9. Even if the person is honest as the day is long and has no intention of asking for payment and wants to help fellow members for purely altruistic reasons (and I'm sure this applies to George) they will still need to provide a written explanation to anyone who enquires as to what the right or correct way is. Given that they will have to take the same time and trouble to reply via PM as they would to post to the public forum, there is no advantage in using the PM facility. In fact, there is a disadvantage, as charts can not be attached to PMs - which might be an issue for someone wanting to show how to draw swings for example. On the other hand, there is a big advantage in posting publicly, namely, that many more members will benefit from their wisdom, expertise and desire to help others. George / Mike - is that clear?

10. Finally, if a member is not willing to explain in public what is the right or correct way to do something (draw swings for example), then they should not imply that they know how to do it in the first place. They should just keep stumm. To imply that they know something and then refuse to explain what they mean for the benefit of everyone is completely contrary to the whole purpose and ethos of the site. To conclude, only imply that you know how to do something if you're prepared to follow through and explain to everyone how to do it via a post(s) to a public forum. George / Mike - is that clear?

I have explained this in as clear and as logical way as I possibly can. George / Mike, please tell me that you at least understand the 10 points - even if you don't agree with all of them.
Tim.

I've been keeping an eye to this thread for past few days and until now. I must say that I am a bit entertained by the exchanged of messages between two parties concern but at the some time I do learned something. Thanks Tim for giving light to this intellectual discussion. Hope that this case may now rest at peace. Cheers.

 

[lee.belisar]

That looks like a link to a brokerage. Are you now advertising a broker as if it is some sort of educational site (school)? Who was the trader who shared this with you? :whistling

Hi Shakone. Thanks for asking. It is actually called Hermes Academy if I'm not mistaken. This is aimed for new traders. Sort like an introduction about Forex trading and the like. It was shared by a trader too whom I met via Babypips. Perhaps you knew this site too. I just thought its worth to be shared to other newbies here. I have no intention to advertise or promote a broker or what so ever. I just want to share what I learned from other member too who shared me the Web site. Thanks.