MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » Beginners Forum

[Dunzy]

Hello,
I'm new to forex and I would like to learn how to trade forex like, Good money management, times for trading, what currencies are good to trade on, and are some decent indicators, and anything else someone can help me out on I would
aprisheate it.
Thanks.

[TommyT32]

Originally Posted by Dunzy

Hello,
I'm new to forex and I would like to learn how to trade forex like, Good money management, times for trading, what currencies are good to trade on, and are some decent indicators, and anything else someone can help me out on I would
aprisheate it.
Thanks.

Dunzy
Each trader after trial and error finds a system that works for them. It is best to open a demo account and watch different indicators. Stay with the top currencies EUR/USD USD/JPY USD/CHF. Times that is hard because I look at all time frames but one of the best is the London open.
TommyT

[Nonpiker]

There are books written on the questions you are asking, so one could not really answer them from one post. Here are a few simple answers...

1. From a money management perspective, look at setups that you think offer you at least a 2 for 1 setup. I would suggest swing trading initially. This type of scenario would have you looking for 30-50 pips on your entries.

2. Prime time trading wise will be from like 2:00 am est to 11-12 am est. You may get some additional movement into the IMM close.

3. Like Tommyt indicated, eur/usd, usd/jpy, and usd/chf...I would highly recommend aud/usd and nzd/usd, since they tend to less volatile. They are both really nice for starting.

4. In terms of indicators, I would first learn basic chart patters like support resistance, flags, descending/ascending triangles, etc...and learn what tends to happen with those setups. I would then look at your basic indicators: ma's, bollinger bands, macd, stochastics, adx, and fib extensions/retracement etc...be careful not to overlap. Like using duplicate momentum indicators like stochastics and rsi. Try and find someting that suits you that is not overly complicated.

5. Demo trade for a long time.

[homish]

If you are looking to learn or advance your existing knowledge then e-mail me at myhope@sent.com and I will give you details of a fantastic course coming up in September in Birmingham. This guy is seriously good and he trades live with real money in front of you whilst he teaches. I have learnt so much from.