An advice for new comers
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  1. #1
    Trader jamey's Avatar
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    An advice for new comers

    When I was new trader, just came in forex market. I thought that, indicator can bring profit for me. I search many kind of indicators and use them but no indicator gave me profit. I just waste my two years for find a better indicator but finally I realize that indicator is nothing. Then I start learn price action from many websites and trade in a naked chart. I advice all new comer trader, don't waste your time for finding colorful indicators. Learn price action from first.

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  2. #2
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    I am also learning with price action and yeah its really good to do trade with it. But I don't want to blame indicators for people earning, the most important thing is a right trading system, if your trading style and attitude is wrong the how indicators will hel you to make a good analysis buddy, For example if your trading strategy is bad, or your management and psychology is weak the no indicator can save you from losses. Personally I also love price action better than a lot of indicator's use but I still believe that the main causes of losses are our bad management, psychology, etc than indicator's use.

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  3. #3
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    Quote Originally Posted by Earnperfect View Post
    I am also learning with price action and yeah its really good to do trade with it. But I don't want to blame indicators for people earning, the most important thing is a right trading system.
    You are very correct sir, nothing is bad with the use of indicators, it depends on how the trading knows the use of the indicators and the way the traders are making good trading management with their trade. And with my own trading experience, the use of the indicators are still working for me more than the use of the price action system.

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    Trader techboy's Avatar
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    Quote Originally Posted by cozard007 View Post
    You are very correct sir, nothing is bad with the use of indicators, it depends on how the trading knows the use of the indicators and the way the traders are making good trading management with their trade. And with my own trading experience, the use of the indicators are still working for me more than the use of the price action system.
    Indicators will only help traders to be a consistent and discipline in their actions, but it must also be tweak so that it will perform at its best and give at least more good trading signal, but again price move in random and it cannot be predicted accurately, its about how we designed a good risk reward ratio and risk management approach that will make us profitable traders.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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    Quote Originally Posted by techboy View Post
    Indicators will only help traders to be a consistent and discipline in their actions, but it must also be tweak so that it will perform at its best and give at least more good trading signal, but again price move in random and it cannot be predicted accurately, its about how we designed a good risk reward ratio and risk management approach that will make us profitable traders.
    That is very correct. Indicators are here only to help us to trade. And that doesn't say that indicators are here to make the judgement to trade as well. At least, it will help us to know what kind of trend is going on in the market and somehow we will understand at least what the market is thinking with the indicators. While it can't be perfect, we can make risk management depending on that as well.

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    Registered user mohabbat's Avatar
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    Do not be hurry to make earning and do not even try to get rich so quickly by doing forex. Stay with patience. Patience brings success in forex. So always be patience. Do not try to acquire or earning money so quickly from this business. Being hurry or fast making money from here won't be so easy. Slow and steady wins the race. So handle this business so carefully.
    Best of Luck.

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    Don't loss you hope.

  7. #7
    Trader Goldenstein's Avatar
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    Quote Originally Posted by techboy View Post
    Indicators will only help traders to be a consistent and discipline in their actions, but it must also be tweak so that it will perform at its best and give at least more good trading signal, but again price move in random and it cannot be predicted accurately, its about how we designed a good risk reward ratio and risk management approach that will make us profitable traders.
    according from what i read, indicators are just trading tools to help traders identify market patterns and take them as trading entries to make profit, no less and no more. so indicators won't help us to maintain our psychology remain stable and good because we're the only person who able to do that, not indicators. bear in mind that everything takes time as process will never comes instantly.

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  8. #8
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    The newcomers should keep one thing very much well in mind that the market is not going anywhere and you do not need to think that this is the last day and make as much profit as you can. In fact the market is consistent and reliable and it is going to be right here tomorrow where it is today so you do not need to bother about anything you just need to be consistent and the market will keep on giving you new opportunities everyday.

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  9. #9
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    My advice would be that the newcomers have to consider more knowledge and learning as their ambition rather than making quick money. Because we have been in the market for quite a lot time and when we started in it we also thought that we are going to make a hell of money within a week but all of these things go down the drain when we face 1 FOMC meeting minutes.

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  10. #10
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    I think the newcomers should never be aggressive and they should consider the fact that the forex market is going to give them any opportunities everyday and they should never think that the market is today here and they will not get any chance to make money tomorrow in fact they have to be patient and they have to wait for their time and prolonged their trading experience through small lot size and considerable discipline.

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