I need help in forex trading

Dear All,

I'm very new to this market. As an working person i would appreciate if anybody helps me with the best tips in trading. I dont get much time to analyse the market but i want to make some profits through it. I'm registered with iforex and want to trade between 10 am to 5 pm indian time. Your help is really appritiated.

Thanks,
adkhopdi

Adkhopdi, the only thing I trade is forex. I do give analysis on other markets. Visit my thread on this forum at http://www.traderji.com/forex/48152-some-my-forecasts.html.
Ask questions, and make comments, and we'll see what we can do about winging your way up in the forex world.

My friend,

If you think you are an expert in stock and you can trade forex easily then you are wrong. No offense. Take your time. I suggest 6 months just to analyse what does forex really means. When you start looking at the forex charts and the way it behaves, you will understand how difficult it is. Get an online broker who provides a demo account first. In demo account you will be given virtual money which you can use to trade in real time environment. When you take this demo account, you will practically understand how different it is from stock trading. I would recommend FXpro which provides a demo account which can be used for 30 days. There are lots of difference between stocks and forex. Remember the forex market is highly volatile and even the slightest change in the currency value will make a big difference to your investment.

Right... One needs to really train well in demo before entering the real market. Also lets build up a network of forex traders here as it will be great to form a group and interact. I am Sanjivam from Mumbai. My email id is [email protected] and alernatively [email protected].
Could I request all to post their contact numbers and email ids and the city that they hail from. This could be a good move to come together and learn and win...thanks ..Sanjivam

Johnalex,IMO, the forex markets, like all markets, have a rhythm and flow to it. It is my opinion that a fully developed methodology will work in all markets. I know that followers of my blog request me to look at, review, and forecast other markets like commodities and the stock market. Basically, you have trends, corrections within the trends, which are smaller trends going in reverse of the main trend. You also have supports and resistances where price will bounce off those points, are go through them and accelerate. It is up to the proper methodology to discern those points and objectively make those trading decisions.

Forex moves faster than stocks, which it implies the obvious. You can make money much faster in forex. You can also lose money just as fast. Without a proper methodology, you will lose all your capital in forex. It will also be the same in stocks, except you will just take longer to lose it all.

This is kind of a funny side note. I've talked to people before who wanted to enter the trading arena without establishing a plan to trade by. I told them unless you open a demo and establish yourself first, you might as well get into forex, because you will lose all your money faster. Why prolong the agony?

Thanks 4xpipcounter,

I surely agree with you that a methodology work same as to all markets. Only you should know how to use it, and I dont have any methodology. thats what i am requesting for.

I've seen ur threads, blogs and are very impressive.:clap:
I'm not at all master in trading, so its a request to a master to explain a methodology in simple language.

Thanks & regards,

AD Khopdi

The development of a methodology is something that is personal. The usage of the right indicators, or the combination thereof, and the entire approach to the market is personal. This is why my methodology is perfect for me, but could be a disaster for you.
I have found in its development to stay open to ideas that will abet the developmental process. Also, study, study, study. Understand how indicators, candle patters, etc work. There will come a time you will develop such a strong foundation of your overall knowledge base that no one can sway you from it. Also, experiment with different indicators.
One example is the oscillator I use is the stochastics. I learned there were certain attributes I liked about it much more than the others such as MACD, Williams, etc.
It took 3 years for my methodology to come together, and now it is 3 more years later. Those 1st 3 years were very well worth the time and effort and the price I paid. What I'm saying is, be patient. If it takes 10 years, you will still have the rest of your life to reap its rewards.

Dear 4xpipcounter,

Can you please explain how to read bar and candle charts.
what do the green and red lines indicate in the following link
http://www.forexrate.co.uk/charts/gbpusd.php

Please explain


Thanks,
AD Khopdi

In the case of your attached chart, the green lines are the bull candles, and the red are the bear candles.
Bull candle--Close is higher than the open.
Bear candle-Close is lower than the open.

In the case of candles, 98% of the time, they will have a wick. The wick at the bottom of the candle shows the low for that time frame. The wick at the top of the candle shows the high for that time frame.
If there is no wick at the bottom, then the close is the low on a bear candle, or the open on a bull candle.
If there is no wick at the top, then the close is the high on a bull candle, or the open on a bear candle.

Dear 4xpipcounter,

Thanks for the explanation. Please see the below link. its gbp/usd current chart.u see a stiff growth, how to analyse it. I'm just trying to study the graphs
Dear 4xpipcounter,

Can you please explain how to read bar and candle charts.
what do the green and red lines indicate in the following link
http://www.forexrate.co.uk/charts/gbpusd.php

Please explain


Thanks,
AD Khopdi

Please explain


Thanks,
AD Khopdi