How to start learning forex trading

[lee.belisar]

At what point in this thread do we actually start learning forex trading?

Peter

I supposed to raise this question too. I'm a newbie trader and one of my reasons why I am here is to learn more from other members in the community. Going back to the recent discussions, I do not see the point re: starting learning Forex trading. But the exchange of ideas and a sort of intellectual discussions between senior members are more than enough to learn more about Forex trading. Cheers.

 

[George A]

Hi George. It was a great experience indeed. I am seeing it as an intellectual debate, not so ever negative thing. You know I always see the positive side of the discussion. And I am learning a lot from the exchange of views and ideas.

Hello Lee ,
That is great ,, and i have been reading ur replies , and you have been an absolute gentleman also .
My aim WAS to keep it that way , and thats why i was always thoughtful of my words , so some new traders will learn something out of it .
I am a man that WILL stand for righteousness and common sense , because myself and the people i associate with , like Mike Farrell , are honorable people and we genuinely are trying to help people out there .
I do NOT knock anyone or their strategies or their systems , and i do that out of the respect i hold for everyone ,and most importantly ,, i am NOT here to challenge anyone ,,,, because i do NOT like limiting myself , by trying to be better than them, by comparing myself to them , as i always do things in life with what we ALL have ,, UNLIMITED abilities ,, free spirited , which is what i adopt in life .
If there is anything u need help with ,, please do NOT hesitate to ask me Lee , as it would be my pleasure to extend it !!!!!!
Cheers,
George

 

[lee.belisar]

I have looked on youtube, and SADLY there is nothing i was able to find that can explain the above .
I have here a chart of the EURO/YEN 15 mnts. , which i have prepared for your benefit to demonstrate something visually about what i am saying above in the notes .
http://i975.photobucket.com/albums/ae240/george_a1/uuroyen_zpsc6129f86.jpg
This is the level one should get to , and YOU WILL get there , i promise u :clap: :clap: !!!!! BUT it is ALL up to you and how passionate you are .
DO NOT compare yourself to anyone , as competition will ONLY limit ur abilities and hence your outcome by ONLY limiting yourself , to be better than the person you are comparing yourself to ,,, instead of the UN limited potential and power and outcome you will achieve when you are free spirited . innovative and original NOT imitator
firstly ,
This is how I personally see the chart when i look at it . as i do NOT see bars or candles , i see it the way it is drawn , ONLY SWINGS , BUT with the finer details, which i did NOT draw on there , as at this stage this is zoomed in enough as a visual and example .
I call it ,,, ATTENTION WITHOUT INTENTION ( UN CONSCIENCE COMPETENCE ) very achievable IF u put the time in .
Now ,, this is the stage u will come to with time and thats where you should strive for ,,
I have put some questions on the chart for this reason ,,,,
1 . u see the chart as swings
2 . you will be asking urself , WHY that top at that price ,,, WHY that retracement at that price , WHY these small swings within the larger swings . WHY 3 in one area and 2 only in another area ,, everywhere u see the WHY and WHAT are the areas you will be asking yourself .
The greatest reward is , with time ,,, YOU WILL KNOW WHY :clap: , and it is very simple to master that , as every point i have marked on the chart IS a Fib level :-0 :-0 , and ALL these levels are related , and they form a complete story for the day ,, from the lowest swing to the very top of the day ,, its that simple .
This market is mathematically calculated and harmonically balanced to the highest level .
Mastery is NOT a matter of IF ,,,,, IT IS YOUR CHOICE :smart: !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Cheers,
George
I will see what else i can put together that will help you , as i truly love doing this , driven by the passion i have for this business , which has started about 14 years ago for me ,,,, With alot of stories i love sharing !!!!!!!!

I've seen the chart/graph. If my memory is correct, I think I used before like this one in the stock trading. But I discontinue because I have to pay for it. I do not know with regards to Forex trading. I am thinking that I can do it manually.

 

[lee.belisar]

Hello Lee ,
That is great ,, and i have been reading ur replies , and you have been an absolute gentleman also .
My aim WAS to keep it that way , and thats why i was always thoughtful of my words , so some new traders will learn something out of it .
I am a man that WILL stand for righteousness and common sense , because myself and the people i associate with , like Mike Farrell , are honorable people and we genuinely are trying to help people out there .
I do NOT knock anyone or their strategies or their systems , and i do that out of the respect i hold for everyone ,and most importantly ,, i am NOT here to challenge anyone ,,,, because i do NOT like limiting myself , by trying to be better than them, by comparing myself to them , as i always do things in life with what we ALL have ,, UNLIMITED abilities ,, free spirited , which is what i adopt in life .
If there is anything u need help with ,, please do NOT hesitate to ask me Lee , as it would be my pleasure to extend it !!!!!!
Cheers,
George

Thanks George. I'll definitely let you know. But I think soon. For now to much information to decode today, sort of information overload today. Really appreciated your recent last two posts. Cheers.

 

[George A]

I've seen the chart/graph. If my memory is correct, I think I used before like this one in the stock trading. But I discontinue because I have to pay for it. I do not know with regards to Forex trading. I am thinking that I can do it manually.

Hello Lee,
I can relate to the over load bit , been there after some heavy days , and i have had them Lee, 10 to 14 hour days studying charts , BUT i have to admit , some days i used to wish there was another 10 hours in the day , thats how much fun i was having ,,, and still is
The chart you saw IS hand drawn by me , i did it to show swings .
In my opinion , it is extremely important for every trader to be able to draw that before they learn anything else in this business .
Every trading strategy and system IS built on swings ( tops and bottoms ) , SO this information needs to be perfected BEFORE any strategy or system .
Cheers
George

 

[lee.belisar]

Hello Lee,
I can relate to the over load bit , been there after some heavy days , and i have had them Lee, 10 to 14 hour days studying charts , BUT i have to admit , some days i used to wish there was another 10 hours in the day , thats how much fun i was having ,,, and still is
The chart you saw IS hand drawn by me , i did it to show swings .
In my opinion , it is extremely important for every trader to be able to draw that before they learn anything else in this business .
Every trading strategy and system IS built on swings ( tops and bottoms ) , SO this information needs to be perfected BEFORE any strategy or system .
Cheers
George

Yes George, information overload. You know my brain cells are urging me to rest for a while. I remembered doing the same method but that's for stock trading. Regarding Forex, I have not tried yet. But it looks like it just easy to do except that it would require much time online to monitor the market.

 

[MIKE FARRELL]

George and Mike, you'll have to PM me if you want a response beyond this. I refuse to reply in an open forum to sensible posters or stupid idiots, and especially not vendors. So that includes you two.

Why is it that you always say something that demands a response in relation to one's integrity?

My view own cynical view on vendors or sellers of systems and methods is that they are failed traders who are too scared to trade and seek to generate income by letting someone else take all the risks whilst they sit back and collect their dosh without any fear of personal loss (Newbies please note).

Do not ever lump me in with being a system seller. As long as I live and breathe I will not try to promote or sell anything to do with FX or anything else that has a gambling element attached to it. That's me Shakeone.

There are mountains of FREE information out there for new traders to make a good start and I would actively encourage any one to take advantage of this.

The problem is that many people are out working all day and are lured into thinking that a fortune can be made by implementing some sort of magic system that only requires very little of their time each day.

It is not their fault. I was tricked into believing that I could make pots of money by using such a system to make money (and all before breakfast) if I remember rightly.

George is right when he says that the only way is to learn Forex is to put hours of study into it to gain experience. There is no quick Fix. Also, when one has put all the hours in and thinks that he/she is on to a winner and wants to start trading proper they will encounter another very different experience.

The psychological and mental experience of placing money on the table trading with all the emotion that goes with it is completely different to either paper trading or using 10p or 10cents stakes. I am not suggesting that anyone try this but let's say that someone has built up a paper trading method and is confident that they can achieve say 100 pips NET profit per week, which to me is a fortune maker when you compound profits. The big day comes and they have put some capital aside say £10,000.00. They say to themselves that if their method works with 10p stake it should still work with £10 stakes, Right? Wrong. Once this person starts to see their trade go into a negative position they will definitely behave differently to their paper trading or 10p trades. It is one thing to see a trade going into deficit of £1 using 10p stakes and quite another to see it go past £100 using £10 stakes! One has to build up to increased stake trading, that is my advice to newbies.

I don't know if you were once scammed by somebody via PM's and that has made you bitter but all the same you have no right to judge or accuse other people of being up to no good when you have no foundation or basis whatsoever in doing so.

Please do not make or leave any more insulting comments about myself or George on this thread.

 

[barjon]

...................Every trading strategy and system IS built on swings ( tops and bottoms ) ............................

I think that is one of the most misleading statements I have ever read. it's simply not true and leads newcomers and the inexperienced straight into the "picking tops and bottoms" arena which is not something that occupies the minds of professional traders to any significant degree.

SB clients (the companies have shown the stats) have been trying to pick the top in the DOW and shorting it for months now. They've had the odd bit of temporary success, but mostly they've lost bucketloads.

You have been suggesting that you can pick these tops and bottoms unerringly - that is the stuff of dreams.

 

[lee.belisar]

I think that is one of the most misleading statements I have ever read. it's simply not true and leads newcomers and the inexperienced straight into the "picking tops and bottoms" arena which is not something that occupies the minds of professional traders to any significant degree.

SB clients (the companies have shown the stats) have been trying to pick the top in the DOW and shorting it for months now. They've had the odd bit of temporary success, but mostly they've lost bucketloads.

You have been suggesting that you can pick these tops and bottoms unerringly - that is the stuff of dreams.

So it might not really work in the long run?

 

[Forexmospherian]

I think that is one of the most misleading statements I have ever read. it's simply not true and leads newcomers and the inexperienced straight into the "picking tops and bottoms" arena which is not something that occupies the minds of professional traders to any significant degree.

SB clients (the companies have shown the stats) have been trying to pick the top in the DOW and shorting it for months now. They've had the odd bit of temporary success, but mostly they've lost bucketloads.

You have been suggesting that you can pick these tops and bottoms unerringly - that is the stuff of dreams.

Hi Barjon

I very much appreciate that there is no "holy grail" in forex trading and with you being a member here for approx 10 years you will be fully aware.

However - I am a professional "retail" intraday trader - and have been for over 6 years with the previous 4-5 yrs spent part time learning the craft etc etc.

I work on trading interim tops and bottoms every day - and are successful in doing it - purely due to the 10k+ live trading hours I have spent learning my skills -at the "coalface".

That is the key - time - study - and basically not listening to all the commercial world or - guru's etc on how to trade.

I basically break every so called "rule" in the book - but I am successful and make money every day - yes every day - simply because I have done my time getting there and really reaped the rewards over the last 3 yrs after hitting my own financial "wall" at approx 22 lots per compounding.

I could not hack it trading my own money and seeing wins of $10 -12k some days but then losses of $3-7k - so went back to under approx £100 per pip and now am in my "comfort zone " again

Yes - I am an expert scalper - well I should be after now taking over 13000 live trades - which include many thousands of losses. It is then possible to be doing the "stuff of dreams" - as mentioned ;-)

It really is a skill and just cannot be learned in a few months or years - it takes years of study, dedication, persistence and strong mindset - and really probably 50% + of all new traders who want to trade forex should seriously think - is it for them ? - can they meet the requirements you need - as trading to make money is not easy - nor for me simple

I don't have much time for the financial commercial world - nor its traders - retail trading and commercial trading are chalk and cheese - its a different ball game etc

I also don't sell anything connected with Forex trading - no books , dvd's, courses etc etc - but just say to all new traders - don't believe the commercial world and their methods etc - do you own work and find out what works and what does not work etc - and be prepared to spend years getting their - if you are serious ;-)

PS - please don't try trading like I do - at least until you have taken thousands of live intraday trades - and can understand PA at the "coalface"- and "game play" - and most importantly advanced money management.

Good luck to all guys on the learning journey. Even after all these years - i still discover and learn more at least every few months - as the market is dynamic and ever evolving etc etc.

I do have a Intraday short term trading blog/ thread under another Forum section, if you want to see what I get up to - but have agreed with the T2W guys that i will not be doing any PM's and also not accepting any - so I cannot be accused of being another fraudster or false guru etc etc

Regards

Forexmospherian

 

[barjon]

So it might not really work in the long run?

The only thing that "works" in the long run is you.

When it comes to tops and bottoms, where do you think you might have the best chance of guessing the direction of next few miles of travel for a car? When it's speeding along a straight road, or when it's approaching a roundabout.

 

[lee.belisar]

The only thing that "works" in the long run is you.

When it comes to tops and bottoms, where do you think you might have the best chance of guessing the direction of next few miles of travel for a car? When it's speeding along a straight road, or when it's approaching a roundabout.

I got your point Barjon. Then again, I think its just a matter of luck and good timing. But knowledge about the market and constant monitoring is helpful and very crucial too as this will give you good decision making in doing the trade. Thanks for your input. Really appreciated it.

 

[lee.belisar]

Hi Barjon

I very much appreciate that there is no "holy grail" in forex trading and with you being a member here for approx 10 years you will be fully aware.

However - I am a professional "retail" intraday trader - and have been for over 6 years with the previous 4-5 yrs spent part time learning the craft etc etc.

I work on trading interim tops and bottoms every day - and are successful in doing it - purely due to the 10k+ live trading hours I have spent learning my skills -at the "coalface".

That is the key - time - study - and basically not listening to all the commercial world or - guru's etc on how to trade.

I basically break every so called "rule" in the book - but I am successful and make money every day - yes every day - simply because I have done my time getting there and really reaped the rewards over the last 3 yrs after hitting my own financial "wall" at approx 22 lots per compounding.

I could not hack it trading my own money and seeing wins of $10 -12k some days but then losses of $3-7k - so went back to under approx £100 per pip and now am in my "comfort zone " again

Yes - I am an expert scalper - well I should be after now taking over 13000 live trades - which include many thousands of losses. It is then possible to be doing the "stuff of dreams" - as mentioned ;-)

It really is a skill and just cannot be learned in a few months or years - it takes years of study, dedication, persistence and strong mindset - and really probably 50% + of all new traders who want to trade forex should seriously think - is it for them ? - can they meet the requirements you need - as trading to make money is not easy - nor for me simple

I don't have much time for the financial commercial world - nor its traders - retail trading and commercial trading are chalk and cheese - its a different ball game etc

I also don't sell anything connected with Forex trading - no books , dvd's, courses etc etc - but just say to all new traders - don't believe the commercial world and their methods etc - do you own work and find out what works and what does not work etc - and be prepared to spend years getting their - if you are serious ;-)

PS - please don't try trading like I do - at least until you have taken thousands of live intraday trades - and can understand PA at the "coalface"- and "game play" - and most importantly advanced money management.

Good luck to all guys on the learning journey. Even after all these years - i still discover and learn more at least every few months - as the market is dynamic and ever evolving etc etc.

I do have a Intraday short term trading blog/ thread under another Forum section, if you want to see what I get up to - but have agreed with the T2W guys that i will not be doing any PM's and also not accepting any - so I cannot be accused of being another fraudster or false guru etc etc

Regards

Forexmospherian

Thanks for sharing those words. I find it one of the perfect tips for new traders like me. But what I'll keep in mind most is this to quote you, "It really is a skill and just cannot be learned in a few months or years - it takes years of study, dedication, persistence and strong mindset - and really probably 50% + of all new traders who want to trade forex should seriously think - is it for them ? - can they meet the requirements you need - as trading to make money is not easy - nor for me simple." Forex trading is indeed a process and requires good patience and discipline. :clap:

 

[barjon]

...................I work on trading interim tops and bottoms every day - and are successful in doing it - purely due to the 10k+ live trading hours I have spent learning my skills -at the "coalface".............

Nothing amiss with using those as levels of interest, but I'd hazard a guess that you scalp both ways when you're there

 

[George A]

Hi Barjon

I very much appreciate that there is no "holy grail" in forex trading.

However - I am a professional "retail" intraday trader
I work on trading interim tops and bottoms every day - and are successful in doing it

That is the key - time - study - and basically not listening to all the commercial world or - guru's etc on how to trade.

Yes - I am an expert scalper - It is then possible to be doing the "stuff of dreams" - as mentioned ;-)

It really is a skill and just cannot be learned in a few months or years - it takes years of study, dedication, persistence and strong mindset - and really probably 50% + of all new traders who want to trade forex should seriously think - is it for them ? - can they meet the requirements you need - as trading to make money is not easy - nor for me simple

I don't have much time for the financial commercial world - nor its traders - retail trading and commercial trading are chalk and cheese - its a different ball game etc

Regards

Forexmospherian

A great post ,,,,,,,,
YOU TOOK THE WORDS OUT OF MY MOUTH !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Your post IS an INSPIRATION to ME first ,, every new trader out there and i THANK YOU for your input ,, we NEED more people like YOU , with this kind of positive and constructive mindset and comments , which demonstrates to new traders that anything can be achieved ,,, and it is ALL up to the INDIVIDUAL , and what limitations they self impose .
It is one of the saddest realities in human nature , when one does NOT agree , OR understand ,, OR has NOT experienced what someone else has done ,, we tend to knock what other say or share .
I am like you ,, i do NOT sell anything ,, also refuse to take any money for sharing what was given to me FREE ,,, and will ONLY share what I KNOW is correct , after testing and having the FULL ABILITY of doing myself first , before recommending it to anyone else .
What i have shared here is MY personal experience , and i made it very clear , just like u just did.
It is refreshing to see that ,,, there are people out there who ARE proof of reality !!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Cheers,
George

 

[George A]

Nothing amiss with using those as levels of interest, but I'd hazard a guess that you scalp both ways when you're there

With the right knowledge of how market structure is constructed and why ,, it is extremely possible to trade every top and bottom , and i am also speaking from first hand experience , and MY chart link posted on the 2nd part of my explanations , HAS turning points drawn by ME manually ,, BECAUSE they ARE key level where i EXPECT the market to turn , and they are based on a very DEEP and comprehensive Fibonacci study of over 2 years ,,, with ,, like he mentioned , hundreds and hundreds of hours .
I can TOTALLY see and agree with what he is saying , BECAUSE i have done it ,, and still doing it myself .
IF you are UN able to do something , it does NOT mean it can NOT be done by someone else , and i say this with all due respect .
We all have our own stories and experiences , and i am NO different from any out there , things like calling market crash 11 weeks in advance and nominating the EXACT date of the low , and succeeded ,,,, using long term market cycles ( based on 18 years of history on the Share price index Australia , the birth date of that contract ) ,, based on W.D.GANN theories , which i studied reasonably deep .
Also at the time( 2001) , we had the TECH bubble in the US , In response to a request about a turning point on the NASDAQ , i nominated 2 very high probability turning points , and said IF one does NOT hold , then next level SHOULD , and IT WAS the exact price to the point ...... that was NOT guessing , it is attention without intention.
We need to be careful limiting new traders mindset to what WE personally are able to do or NOT , and that WAS the tone i was using in my post .
Cheers,
George

 

[George A]

So it might not really work in the long run?

Lee ,, Please ,, Please ,, Please ,,,,,,,,,,
DO NOT listen to anyone and especially ME first of all ,,,,,,,,,
YOU go and do the work and testing for yourself .. and that is WHO YOU listen to !!!!!!!!!!!!!!!!!!!!!!
Your mind is being thrown around the room from what i am sensing,,, so my advise is this ,,,,,,
Take a step back after reading all of is here since my long post , dwell on everything slowly , then take your charts , and especially the 15 mnt chart , and go back as far as ur platform allows u to see ( back to January 2013 for me ) , make sure you have your period (day) separator on,,, and start day by day , pretending you are dealing with a live market ,, start analyzing EVERY swing , and have a look how the market evolves over a 24 hour cycle , and see how each days high and low forms , and with time , you will find the answers , as they do NOT happen by chance OR just in the middle of nowhere , and the same goes for swings .
I know the answers ,, BUT that is NOT important ,,,BECAUSE ,, UNTIL ,, YOU know it ,, it is useless to YOU !!!!!!!!!!!!!!!!!!
I could NOT put it any simpler for you , and ALL i can do is what i already offered , any questions YOU have ,, do NOT hesitate to ask .
Cheers,
george

 

[barjon]

That is A GREAT COMMENT barjon , and i thank you !!!!!!!!!!!!!
So now ,, are YOU going to get ur backside into shape and teach THE RIGHT THING ??????????????????????????????????
BE CONSTRUCTIVE ,, OR ,, MOVE ON
Cheers

No,you were the one setting out to do the teaching, not me. I was just picking on a statement you made that was patently untrue and warning people about being led up the garden path.

Just post your "key levels where you expect the market to turn" on the live trading thread and the trades you take in real time. Then everyone can test whether words are cheap or not.

 

[George A]

No,you were the one setting out to do the teaching, not me. I was just picking on a statement you made that was patently untrue and warning people about being led up the garden path.

Just post your "key levels where you expect the market to turn" on the live trading thread and the trades you take in real time. Then everyone can test whether words are cheap or not.

NO comment.
Cheers
george

 

[George A]

Why is it that you always say something that demands a response in relation to one's integrity?

Please do not make or leave any more insulting comments about myself or George on this thread.

Thank you Mike for your genuine concern , and standing for what is true and right .
I have NO more to add to ur words , as they summed it up very well .
Cheers,
George