New to Forex Trading

Discussion in 'Forex' started by zeenath, Nov 2, 2020.

  1. zeenath


    I have just registered here and have a few burning questions please. I am very new to the trading world. I am currently educating myself on chart patterns and strategies. However I would like to know your opinion on the best timeframes to trade and how often a viable pattern may show up. Also, how many forex pairs should I watch/trade everyday. Any and all info would be much appreciated from anybody. Thanks
    Last edited by a moderator: Nov 2, 2020
  2. Oghmaron


    The most important thing for you is not to rush and not take on a large volume of currency pairs for trading, start with a minimum amount.
    tradenet likes this.
  3. ctheo1


    Unfortunately your question is too generic and open making it almost impossible to answer. For what it's worth, start with one pair only and practice your methodology on it. With regards to "best timeframe", again there is no such thing. This will entirely depend on your trading style and also lifestyle. So if you plan to glue yourself to the screen (not advisable), you'll inevitably need intra-day time intervals. If you plan to look at closing prices only, then daily/weekly should suffice. Good luck
    Bentrader1 likes this.
  4. Ayn Rand

    Ayn Rand

    You are going to have to figure this out for yourself. Go out there and lose > $20,000 and you will have a better idea of the best time to trade. For you I am guessing not to often.
  5. i think for newcomers its more appropriate to start with pips school including trading in a demo account , perfect combination for beginners level.
  6. tomorton


    Start on the daily charts and demo some simple strategies. Move down to 4hours if you need to in order to find enough set-ups. There are plenty of approaches that only require you to review the situation on your target forex pairs when the bar closes, so you will not be continuously screen-watching (which is often a negative tendency anyway).

    If you can't make money in these time-frames, do not go lower.
  7. Form a bias from a bigger timeframe (D,W,4H). Look for entry from a smaller timeframe (1H,30M,15M). As a newbie, you should trade 1-3 pairs every day.
  8. As a newbie you must take start with a demo account and do practice for at least three months and after it start real trading but still consider to invest small capital.
  9. demo is important but i thing i know that the experience we take from demo account , this not works in a real account when trading in practical.
    #10     Dec 14, 2020