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Pipsville

You Were Here Too Once

By Pipsville, in Beginners Forum

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Zed    10

Zed
Posted
Hi I’m Darius,

 

Very much new to Forex after being in I.T. for many years, but I am hungry to learn and I hope you guys can help me along the way.

 

Thanks!

 

Hi and welcome. There's plenty here to help you out and you'll end up learning a lot about yourself as well as the market. Be-ware the salesmen there seems to be a lot here, you've probably already had pm's, the pro's who've helped me, trade for a living not teach and never charged me a cent.

A few tips from me to get going

 

1. Trade with stops, protect your account and learn to recognize quickly when your wrong, get out.(trading with expectation helps this)

2. Trading is about being disciplined with your strategy, learn a few strategies for varying market conditions because the market goes through different phase.Don't just trade because you think the market is going to go up or down

3. Understand price action and volume, your trading the price of an instrument so it makes sense to understand whats going on (easier said than done though, most don't or don't try)

good luck!

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MightyMouse    12

MightyMouse
Posted
Hi and welcome. There's plenty here to help you out and you'll end up learning a lot about yourself as well as the market. Be-ware the salesmen there seems to be a lot here, you've probably already had pm's, the pro's who've helped me, trade for a living not teach and never charged me a cent.

A few tips from me to get going

 

1. Trade with stops, protect your account and learn to recognize quickly when your wrong, get out.(trading with expectation helps this)

2. Trading is about being disciplined with your strategy, learn a few strategies for varying market conditions because the market goes through different phase.Don't just trade because you think the market is going to go up or down

3. Understand price action and volume, your trading the price of an instrument so it makes sense to understand whats going on (easier said than done though, most don't or don't try)

good luck!

 

Your first rule is a very good rule for trading the markets. Your second and third are superfluous.

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Zed    10

Zed
Posted
Your first rule is a very good rule for trading the markets. Your second and third are superfluous.

 

I was going to say keep things simple, is that what you meant or care to elaborate?

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MightyMouse    12

MightyMouse
Posted
I was going to say keep things simple, is that what you meant or care to elaborate?

 

You are trading with (against) other traders. So what is the strategy for taking money from the other traders? It is a rhetorical question so you do not need to answer it. A strategy to trade price leads to other traders taking money from you.

 

Price Action is?

 

I really do not know what it means to trade price action. It's an overused and ambiguous term.

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jpennybags    11

jpennybags
Posted (edited)
You are trading with (against) other traders. So what is the strategy for taking money from the other traders? It is a rhetorical question so you do not need to answer it. A strategy to trade price leads to other traders taking money from you.

 

Price Action is?

 

I really do not know what it means to trade price action. It's an overused and ambiguous term.

 

For anyone who is interested, there is a very good definition of "trading price action" available on Wikipedia. Key search string: "trading price action definition"

 

MM is correct though, the term is overused and abused. The reason that the phrase "price action" is so ambiguous is that someone who trades time based bars is going to have a different perspective than someone trading volume or tick charts. Likewise, your definition of the concept is going to be slightly different depending on what timeframe you have chosen to trade.

 

Probably the biggest factor that leads to the ambiguous nature of trading price action is that no two traders are going to derive the same answers from the same data. We trade the concept formed in our mind, not the market as it is presented.

 

Edit: There was some mention of "keeping it simple" in one the of posts from above. It's not a bad concept for what it's worth, but trading price action is not simple (in this traders definition of trading price action anyway). It requires focus, and a constant assessment in context of what is occurring now with what just happened. Throw in: pace of trading; trending or non-trending; volatility; support / resistance (in all it's various forms); price build into a breakout... and on.

Edited by jpennybags

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