New to FOREX Trading and Looking for Tools to Help

[markoda 10]

I recently started trading in the forex market and was wondering if there is any type of signaling (i think it's called signaling) software that could help me as I learn this market. Any help or suggestions would be great.

 

Thanks

[sadscorpion 10]

I dont know any signaling software ... but as start i recommend you babypips school for forex.

you can learn more and get signal from my signals also.

There are lot of other starting Forex threads in this forum you can also read them as starting.

If you need any other help just send me message i will happy to help you starting forex business.

[ichimogul 10]

I recently started trading in the forex market and was wondering if there is any type of signaling (i think it's called signaling) software that could help me as I learn this market. Any help or suggestions would be great.

 

Thanks

 

I suggest you learn whatever there is to learn about forex first, like what sadscorpion recommended, or many of the good sites for forex education that you can search from internet. After all, signals comes from your strategies, if you have a good one.

[TaylorFX 10]

If you are just starting out on your forex journey add these to your bag of essentials: Read "The Complete Turtle Trader" by Michael Covel. Learn some forex trading strategies in a place like Everestforex. (You can even receive a $100 free bonus to trade if you pass their simulator). For the forex basics, check out ForexTrendFollowing. Hope you find it helpful. Happy trading!

[Alpine_Analyst 10]

Ahh yes, the endless journey of market education begins! Good for you! :-)

 

I don't watch much spot forex anymore, but I used to use, and still do from time to time, Aspen Charts. The first page you come to isn't that helpful, but if you register its a pretty neat product for charting and quotes (for free too!).

 

There is a book called "Technical Analysis" by Kirkpatrick, I found this to be a great place to start as the author begins with the history of the markets and develops concepts further from there. It's easy to follow, and well written.

 

:helloooo:

[YertleTurtle 10]

Everybody has a different path to take to become a successful trader. For me a big part of "getting it" was to turn off indicators. Almost all indicators are lagging and (for me at least) caused me to be less engaged in what was actually happening in the market. I was waiting for %K crossing %D or MA crosses or whatever. Now I pay attention to market structure, support and resistance areas and price action.

 

If I was just starting out in forex I would watch 3 pairs (choose 3 of Euro, Yen, Aussie, Canada or Swiss) and watch them on one time frame.

 

As a beginner the keys to learning and not blowing up an account is understand risk/reward ratios. If you only took trades where your risk/reward ratio was 4 to 1 or better you would only need to hit more than 20% to make money. I cannot stress this enough. This means when entering a trade you need a clearly defined protective stop and price target. If you can do just this one thing you can make a little bit of money while learning.

[petermatt 10]

I recently started trading in the forex market and was wondering if there is any type of signaling (i think it's called signaling) software that could help me as I learn this market. Any help or suggestions would be great.

 

Thanks

 

I came across the website in my signature that may be worth trying as a start.

[henryduncan12 10]

There are some forex signaling software just go to Google and search with relevant keywords. I did not use any such software so not recommending for anyone.

[Obsidian 10]

there are so many fake comments on the internet. you don't know which comment is real which one is in deed written by the vendor...so be very careful

[Mysticforex 13]

Looks like markoda has fallen by the wayside.

[futurescalper 10]

Hi,

 

I'm sort of a vendor But this is not to sell you anything.

 

But anyway, my advice is to choose:

 

1) an ECN brokerage, I'd strongly suggest MB Trading, where

2) you don't get ripped off, and

3) you can trade 1/100th Forex standard lot sizes with no penalties

4) and fair, proportional commissions

5) with small $400 minimum starting funding requirements

6) live interbank pricing and fast market data

 

That way, you can start inexpensively, and by keeping your commitments low, survive long enough to make it through your learning curve.

 

Biggest issue is being overcommitted in a position, and having to stop out excessively.

 

Plan for the fact that a market will move against you, and spread out your entries in anticipation that this will happen frequently.

 

Ideally you should formulate a strategy which minimizes or eliminates the need for stops, through acquiring your position over a wide range of pricing. To keep it simple, don't buy everything at one price. Buy at staggered prices, portions of your desired position, and sell at staggered profit takes, etc. Takes a bit of keeping track of your trades, but learn a little about cost basis averaging, and how staggering your entries and exits can work to your advantage.

 

Hope this helps !!

[Vinayak 10]

Strategy: Trading Off the Daily Chart

 

Before digging deeper, I'd like to share where I got this strategy from: "Trading Off the Daily Chart" strategy can be found on Forex Strategies Revealed website. I've used it in the complicated world of Forex trading and its been pretty effective. The author makes it look like a simple strategy to follow, but it does make use of advanced trading techniques.

It is actually, all about riding the trend. 15 minute charts and shorter time frame ones are nice to have, but they don't tell the whole story. A lot of Forex traders myself included are high frequency traders and the near term works best especially when you have a day job to go to.

This is where analyzing a daily chart and placing a few well placed trades here and there will be better than looking to chase pips.

This is one of the strategies I use to achieve my goal of making money consistently in different time frames. I have been able to make money in short bursts and also in positions that expire in an hour. In Forex, this is not such an easy task to accomplish.

How it works

It is all about identifying the primary trend or the long term trend at the start. This takes time and some education (which can be found on Trader's Laboratory). You'll then have to determine continuation signals I usually do this with a tool that pinpoints supports/resistance. Additionally, Moving Average Convergence Divergence (MACD) indicators come in handy.

The good thing about this strategy is that it offers reliable long term signals while providing Forex traders with entry points.