Please Help Newbie Focus!

[bertie123]

Hi all,

I am a newbie to the FX and am doing some demo trading, however suffering from lack of focus/information overload as a result of FX courses, books, articles, websites, blogs, tipsters, gurus etc - how do I separate the wheat from the chaff and concentrate on what's important/fundamental? Seems like there are lots of scam artists out there only too willing to part you fro your cash!! Any advice greatly appreciated!

 

[options]

Easy one this.

After about 15 years of paying attention to everything and everyone you should then be able to filter out the stuff which is duff and be left with surprisingly very little.

The alternative is to study a daily chart and listen to yourself and make your own mind up.

You have a 33.333333333 etc chance of being right. Up, Down or Sideways.

Have fun.

 

[fibonelli]

Bertie123,

A few pointers from a fellow newbie.

1. Don't pay for any courses, just attend the free ones! If you focus more on learning about Technical Analysis rather than everyone's trading strategies, you should be ok.
2. Remember all the other traders have their own strategies which work for their own personality. You need to find one or more strategies which work for your personality.
3. Decide on a timeframe you're comfortable with and the FX crosses you're comfortable with.
4. Decide whether you want to trade news announcements or want to avoid them like the plague.
5. Try to formulate a trading strategy on price action only.
6. Try to formulate a trading strategy based on, one or two indicators but confirming to price action.

Good luck

Fibonelli

 

[bertie123]

Fibonelli, thanks for your reply. Sensible advice. On point 6, could you please explain what you mean by 'confirming to price action'? many thanks.

 

[fibonelli]

Fibonelli, thanks for your reply. Sensible advice. On point 6, could you please explain what you mean by 'confirming to price action'? many thanks.

You may have a scenario where your indicator says buy, but, price has declined below a support level.

The indicator says buy because price is (momentarily?) now testing the underside of the new resistance (which could fail leading to the decline continuing?).

Would you buy just below resistance even if your indicator gave a buy signal?

 

[pips_lady]

Bertie123,

A few pointers from a fellow newbie.

1. Don't pay for any courses, just attend the free ones! If you focus more on learning about Technical Analysis rather than everyone's trading strategies, you should be ok.
2. Remember all the other traders have their own strategies which work for their own personality. You need to find one or more strategies which work for your personality.
3. Decide on a timeframe you're comfortable with and the FX crosses you're comfortable with.
4. Decide whether you want to trade news announcements or want to avoid them like the plague.
5. Try to formulate a trading strategy on price action only.
6. Try to formulate a trading strategy based on, one or two indicators but confirming to price action.

Good luck

Fibonelli

Good pointers.. Thanks for posting.. That would be a good guidelines to follow..

Thanks!