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  1. #1

    Please Help A Newbie!

    Hi All,

    Trust you ll be fine. I am new to this forum and so as to Forex. I am running a 10,000 demo account and already lost 300 (0.10 Leverage) in about 5 days. I did make some profit but at the end its the bad trades who won no matter what I do and how cautious I become. Its like they are spying on me lol that when I buy a pair it goes down and down and down and when I sell a pair it goes up and up!

    I am an IBS surfer so I want to do Forex Trading for a living in the comfort of my home. Can you guys please suggest me some basic steps I need to do? I mean I dont know when to buy/sell. Most of the time their is up trend but suddenly there is down trend and so on. Please suggest me what steps should determine to buy or sell a pair? Also do things like Expert Advisors, Forex signals work? I used some of the free signals but I lost due to that.

    If there is some paid service which can help me to guide me to right direction I ll be happy to pay for that but I dont know what to do and where to start.

    Please help a brother out.
    Thanks!

  2. #2
    try not to rush. find some strategy which suits you. Forex can earn big and can lost big. So just becareful.

  3. #3
    Thanks a lot guys for the suggestions.

  4. #4
    There are some good signals providers at myfxbook - you can search the database and get good performance history and details of number of followers and make an informed decision about which (if any) you want to follow. The signals provider gets a portion of the spread as commission (regardless of whther the trade is a winner or loser and your trading platform is automatically updated with open/modify/close. It's better than these "so called" guru's who take your money each month regardless of whether you win or lose. If you change your mind or find a better signals provider it's easy to add an extra one or change provider. These guys are motivated to perform because the more followers they get, the more money they make. It's as cxlose to a win/win I know of.

  5. #5
    Quote Originally Posted by ForexNewbie51 View Post
    There are some good signals providers at myfxbook - you can search the database and get good performance history and details of number of followers and make an informed decision about which (if any) you want to follow. The signals provider gets a portion of the spread as commission (regardless of whther the trade is a winner or loser and your trading platform is automatically updated with open/modify/close. It's better than these "so called" guru's who take your money each month regardless of whether you win or lose. If you change your mind or find a better signals provider it's easy to add an extra one or change provider. These guys are motivated to perform because the more followers they get, the more money they make. It's as cxlose to a win/win I know of.
    Thanks a lot for the reply. So can you please recommend any providers which are good? I dont know how to search on that site for signal providers and one thing I dont get is that how my trading platform will automatically updated with open/modify/close etc? Do I need to install something? I mean their script etc? Can I use that on Demo account too?

    Please Help,
    Thanks.

  6. #6
    What I do? Trade during the start of London Session to New York Session. I use 1 Hour time frame and 4 hour time frame. If my 1 hour time frame indicates a BUY, I check the 4 Hour time frame. If the 4 Hour time frame is in up trend then I proceed with a Buy, and vice versa for sell.

    I only aim for 20 Pips profit per day, then I am done for the day. You can of course make more than 20 pips, but I rather keep my 20 pips then risk loosing it. I used the system given by Eelfranz at Forexfactory.com called Trading made simple. His system is for 4 Hours time frame, but I am using it for one hour time frame and 4 hours for confirmation of the trend. One more thing avoid trading during the news announcement, indicated with the red square at forexfactory.com. I am successful with this method taking 20 pips profit, but I am quite bad for not using any stop loss. Usually I am done trading within 4 hours max. I hide my TP from the broker using an EA.

    Good luck

  7. #7
    Quote Originally Posted by kashif View Post
    Hi All,

    Trust you ll be fine. I am new to this forum and so as to Forex. I am running a 10,000 demo account and already lost 300 (0.10 Leverage) in about 5 days. I did make some profit but at the end its the bad trades who won no matter what I do and how cautious I become. Its like they are spying on me lol that when I buy a pair it goes down and down and down and when I sell a pair it goes up and up!

    I am an IBS surfer so I want to do Forex Trading for a living in the comfort of my home. Can you guys please suggest me some basic steps I need to do? I mean I dont know when to buy/sell. Most of the time their is up trend but suddenly there is down trend and so on. Please suggest me what steps should determine to buy or sell a pair? Also do things like Expert Advisors, Forex signals work? I used some of the free signals but I lost due to that.

    If there is some paid service which can help me to guide me to right direction I ll be happy to pay for that but I dont know what to do and where to start.

    Please help a brother out.
    Thanks!
    I think that not matter what results you will achieve in your demo account that it is 100% worthless as you are not trading at all. You did not lose any money, you have not earned any money.

    I skipped demo trading and did not waste my time as I believe you can't learn real life applications in a fake environment.

  8. #8
    Quote Originally Posted by Dina777 View Post
    What I do? Trade during the start of London Session to New York Session. I use 1 Hour time frame and 4 hour time frame. If my 1 hour time frame indicates a BUY, I check the 4 Hour time frame. If the 4 Hour time frame is in up trend then I proceed with a Buy, and vice versa for sell.

    I only aim for 20 Pips profit per day, then I am done for the day. You can of course make more than 20 pips, but I rather keep my 20 pips then risk loosing it. I used the system given by Eelfranz at Forexfactory.com called Trading made simple. His system is for 4 Hours time frame, but I am using it for one hour time frame and 4 hours for confirmation of the trend. One more thing avoid trading during the news announcement, indicated with the red square at forexfactory.com. I am successful with this method taking 20 pips profit, but I am quite bad for not using any stop loss. Usually I am done trading within 4 hours max. I hide my TP from the broker using an EA.

    Good luck
    Thanks for the help bro. I searched for Trading made simple indicator but all I found some posts but no indicator. Can you please please tell me from where to download this Indicator and also how to use it? I am very serious bro!

    Please Help.
    Thanks.

  9. #9
    Quote Originally Posted by kashif View Post
    Thanks for the help bro. I searched for Trading made simple indicator but all I found some posts but no indicator. Can you please please tell me from where to download this Indicator and also how to use it? I am very serious bro!

    Please Help.
    Thanks.
    [Only registered and activated users can see links. ], see post #156 for indicators and template. I'll explain later my method, or you can read the forum thread on how he used this system, different from me, but I think it is a good system, just not my style.

  10. #10
    Thanks for the reply and for the link. That thread has way too many posts. Can you please explain your method on how to use that indicator please?
    Thanks.

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