Jump to content

New to forex trading, looking for some tips


Recommended Posts

 

Hi All,

I am a new to forex trading & have just setup a spread betting account. I would be most grateful for any useful tips to get me on my feet. I'd like to research the market, learn about currency pairs such as AUD/JPN, NZD/CHN as I trade in the evenings. I want to research the economy of those countries, GDP, inflation etc... all the things that affect the price of currency however I don't know where to start, any suggestions?

 

 

Link to comment
Guest PhilD

Tread carefully. I read somewhere that you should use real money, a little, but enough to make it real to you. Otherwise its a game and you don't take it seriously and so don't learn. However don't go too far the other way and bust your whole financial future. Theres a whole section on money management and risk / reward.  

Link to comment
Guest three dimensional approach

the book "A three dimensional Approach to forex trading" is quite comprehensive (Anna Coulling). Gives you a general idea about the different markets and the interconnections between them. 

Link to comment
  • 1 month later...

If you are new start with demo account first and it will be great for you later. Trading with demo account is virtually the same like real forex trading and that is why it is helpful to have that experience. I recommend to start trading with FxOpen because they are great with beginner traders. I have been trading with that broker since the start of my trading and I had no problems. They have helped me grow and make good deals. There is a lot of information on that broker on https://tradersunion.com/brokers/forex/view/fxopen/ , you can check it out and see for yourself.

Link to comment

In addition to all the great education sites already pointed out (definitely do those free courses, you don't have to pay for a course, lie the one on babypips.com), have a look at these:

https://www.fxstreet.com/ - great for economic calendar and historic price ranges based on previous data news releases and variation of data released from market expectations... this is the real money maker in FX. The market generally only moves in a predictable direction if it has a reason to.

https://tradingeconomics.com/ - great for a comparison of all economic indicators across countries

https://www.dailyfx.com/ - great for finding out where all the other IG traders have placed their bets. It takes contrary positions to the majority of IG traders on the basis that most people lose, so bet the other way to the majority.

https://www.tradingview.com/ - great for making sure that you are getting a price, comparable with other providers  

Link to comment
1 hour ago, Forexgpd20 said:

 

Oftentimes, most beginners are not patient enough for Forex education. Most want quick return of investment while skipping the learning part which is by far the most important part. With the right knowledge and patience Forex trading is sure profitable.

 

 

You've got a 75 - 95% chance of ending up tired, frustrated, suffering from a disastrous loss of self-confidence and being much poorer.

Don't like them odds.

Link to comment
1 hour ago, dmedin said:

 

You've got a 75 - 95% chance of ending up tired, frustrated, suffering from a disastrous loss of self-confidence and being much poorer.

Don't like them odds.

which came first, the forum name or the website name? more signals for you to check out.

Link to comment
On 29/04/2020 at 21:28, Stoosh said:

 

Hi All,

I am a new to forex trading & have just setup a spread betting account. I would be most grateful for any useful tips to get me on my feet. I'd like to research the market, learn about currency pairs such as AUD/JPN, NZD/CHN as I trade in the evenings. I want to research the economy of those countries, GDP, inflation etc... all the things that affect the price of currency however I don't know where to start, any suggestions?

 

 

Dailyfx recently updated their education section, could be worth a look;

https://www.dailyfx.com/education

Link to comment
  • 1 month later...
Guest forexgdps

Well i'm sharing some tips for Forex trading here if you are interested in to trading. Forex signals are the live indication of Buy or Sell trading opportunities in the currency pair with entry price, take profit and stop-loss price. Live Forex trading signals from well-experienced traders will help you to increase your trading profits successfully.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • META Elliott Wave Analysis Trading Lounge Meta Platforms Inc., (META) Daily Chart META Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Intermediate wave (5) DIRECTION: Upside in 5 of (5). DETAILS: We have been looking at a post triangle thrust within wave 5. It’s possible we are actually completing wave 1 of (5) instead of 5 of (5). Nevertheless, we are still missing one more leg higher, ideally to reach 650$. Meta Platforms Inc., (META) 1H Chart META Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave {iv} of 5. DIRECTION: Upside in wave {v}. DETAILS: Looking for upside into wave {v}. We seem to be missing one leg higher in what could either be a top in wave {v} of 5, or else a top in wave (v) of {i}, which would be the preferred scenario, considering the target at MediumLevel 650$. This Elliott Wave analysis for Meta Platforms Inc., (META) examines both the daily and 1-hour charts to assess its current market trend, utilizing Elliott Wave Theory to anticipate potential future movements. * META Elliott Wave Technical Analysis – Daily Chart* The daily chart for Meta Platforms suggests we are in the final stages of wave (5) of an impulsive move. While the initial analysis points to the completion of wave 5 of (5), it’s possible we are instead completing wave 1 of (5). Regardless, one more leg higher is expected, ideally pushing the price towards the 650$ target. This scenario aligns with a post-triangle thrust, indicating bullish momentum is likely to continue in the short term. * META Elliott Wave Technical Analysis – 1H Chart* The 1-hour chart indicates that Meta is in the process of completing wave {iv} and is preparing for an upward move in wave {v}. The missing leg higher in wave {v} suggests we are nearing the completion of either wave 5 of (5) or wave (v) of {i}, with the latter being the preferred scenario. This would indicate further bullish continuation, particularly towards the MediumLevel of 650$, which serves as a potential resistance level. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!  
    • ADANI PORTS and SEZ – ADANIPORTS (1D Chart) Elliott Wave Technical Analysis Function: Larger Degree Trend Higher (Intermediate degree, orange) Mode: Motive Structure: Impulse Position: Minor Wave 5 Grey. Details: Minor Wave 5 Grey is progressing higher within Intermediate Wave (5) Orange against 1160. Alternatively, Minor Wave 5 Grey already terminated around 1630 (truncation) and the stock has turned lower. Invalidation point: 1160 ADANI PORTS & SEZ Daily Chart Technical Analysis and potential Elliott Wave Counts: ADANI PORTS & SEZ daily chart is indicating a progressive rally, which is into Minor Wave 5 of Intermediate Wave (5) Orange, and targeting above 1600 high going forward. Bottom line for bulls to remain in control is 1160 low; Minor Wave 4 termination. The stock earlier terminated Intermediate Wave (4) Orange around 395 mark in February 2023. Since then, the rally could be clearly sub divided into five waves. Minor Waves 1 through 4; and Wave 5 is now underway. Minor Wave 3 was extended, which is ideally the case. If the above holds well, prices should turn higher from here (1360), and continue pushing through 1600 high going forward. Alternatively, a drop below 1160 would indicate a potential trend reversal ahead. ADANI PORTS and SEZ – ADANIPORTS (4H Chart) Elliott Wave Technical Analysis Function: Larger Degree Trend Higher (Intermediate degree, orange) Mode: Motive Structure: Impulse Position: Minor Wave 5 Grey. Details: Minor Wave 5 Grey is progressing higher within Intermediate Wave (5) Orange against 1160. Minute Waves ((i)) and ((ii)) might be complete around 1600 and 1300 levels respectively. If correct, Minute Wave ((iii)) should be underway soon. Alternatively, Minor Wave 5 Grey already terminated around 1630 (truncation) and the stock has turned lower. Invalidation point: 1160 ADANI PORT & SEZ 4H Chart Technical Analysis and potential Elliott Wave Counts: ADANI PORT & SEZ 4H chart highlights the sub waves after Minor Wave 4 completed around 1160 mark on June 06, 2024. Minute Waves ((i)) and ((ii)) also within Minor Wave 6 look complete 1600 and 1300 respectively. If correct, prices should stay above 1160 as Minute Wave ((iii)) gets underway. Conclusion: ADANI PORT & SEZ is progressing higher within Minor Wave 5 of Intermediate Wave (5) against 1160, targeting above 1600 high. Elliott Wave Analyst: Harsh Japee Source : Tradinglounge.com get trial here!  
    • RUSSELL 2000 Elliott Wave Analysis Trading Lounge Day Chart RUSSELL 2000 Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Gray Wave 3 Position: Orange Wave 3 Direction Next Lower Degrees: Gray Wave 4 Details: Gray wave 2 appears complete, with gray wave 3 currently active. Wave Cancelation Invalid Level: 217.61 The Russell 2000 Day Chart, analyzed using the Elliott Wave technique, indicates a bullish trend in an impulsive mode. This trend is structured within gray wave 3, suggesting continued upward momentum. The current position, identified as orange wave 3 within the larger gray wave sequence, reinforces expectations of further gains in line with this bullish movement. The completion of gray wave 2 sets the stage for gray wave 3, which is now in progress. This configuration aligns with the Elliott Wave principle, which typically features impulsive waves driving trends forward through structured cycles. The next anticipated phase is gray wave 4, a corrective phase expected to follow the completion of gray wave 3. Until then, the upward trajectory of the trend is expected to persist. Key Level: The wave invalidation level for this analysis is 217.61. A decline below this level would invalidate the current wave structure and necessitate a reevaluation of the trend's direction. Remaining above 217.61, however, supports the validity of the current bullish interpretation and suggests continued upward movement. Conclusion: The Russell 2000 Day Chart, based on Elliott Wave analysis, reflects a bullish outlook characterized by an active gray wave 3 in an impulsive mode. The wave sequence suggests further gains, with 217.61 serving as a critical invalidation level for the current structure. As long as the index stays above this level, the primary expectation is for sustained upward momentum within the Elliott Wave framework.   RUSSELL 2000 Elliott Wave Analysis Trading Lounge Weekly Chart RUSSELL 2000 Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Orange Wave 3 Position: Navy Blue Wave 3 Direction Next Lower Degrees: Orange Wave 4 Details: Orange wave 2 seems complete, with orange wave 3 currently active. Wave Cancelation Invalid Level: 217.61 The Russell 2000 Weekly Chart, interpreted through Elliott Wave analysis, highlights a bullish trend progressing in an impulsive mode. This wave structure focuses on orange wave 3, reflecting strong continuation within the current trend cycle. With orange wave 2 likely completed, orange wave 3 is now in play, suggesting further upward movement in line with the bullish outlook. The chart’s current position aligns with navy blue wave 3, which drives the broader orange wave 3 structure. According to Elliott Wave principles, the third wave in a five-wave impulsive sequence is often the most powerful, signifying robust upward momentum and strength in the prevailing trend. The next anticipated phase in the wave sequence is orange wave 4, which represents a potential corrective movement following the completion of orange wave 3. Until orange wave 3 concludes, the market is expected to maintain its bullish trajectory. Key Level: A wave invalidation level is set at 217.61. A decline below this threshold would invalidate the current wave count and necessitate a reassessment of the trend. Conversely, staying above 217.61 supports the bullish wave configuration and further upward movement. Conclusion: The Russell 2000 Weekly Chart reflects a bullish trend led by orange wave 3 within an impulsive mode, with navy blue wave 3 driving the structure. The analysis anticipates continued strength in the index, with 217.61 serving as the critical invalidation level for the current wave count. This setup points to ongoing bullish momentum, with future analysis contingent upon the completion of orange wave 3 before transitioning to the corrective orange wave 4 phase. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!  
×
×
  • Create New...
us