[shichibukai]

hi. i am new to this forum and have 4 mth experience on forex. Learned quite a few inidcators like MACD,elliot wave, fibo and pivot. Traded live but for the past few mth, i have either made a loss or a breakeven, there was no single mth where i profited,amounting to a total loss of US 2000 dollars. Therefore currently feeling quite lost in forex, hope that i can find new directions through this forum....Thinking of trying to create a system that trades only on either new low or high that occur at 8am to 12pm EST the time interval when new york market and london market trading time clashes. Hope to get your advices and improve....

[stanley1]

Dear New and lost,
You can’t expect to make a million overnight, you have to be patient or bet yourself a really good broker, that way you will learn how he does it or get a teacher. But be patient.

[Santos]

I really have to agree with Stanley can´t make a million dollars overnight unless you win the lottery, but the Forex market is pretty good once you get the hang of trading.

[amibur]

I agree with Santos and Stanlye1 but how much time I have to wait to get a good increase?

[kataley]

Good increase depends of you ability to trade, maybe you can have a little luck but keep trading in your software.

[amamil]

As another beginner I think that the increase comes gradually with time, I have practiced with short TP and SL and this has helped me understand the market and overcome the risk factor. So don’t rush is my advice.

[Santos]

Yes a trader has to wait until he feels ready to begin to increase his pip margin and set his SL/ TP. This is done with time as you become a better analytical trader than you widen your spread and not before.

[Internal]

Originally Posted by shichibukai

hi. i am new to this forum and have 4 mth experience on forex. Learned quite a few inidcators like MACD,elliot wave, fibo and pivot. Traded live but for the past few mth, i have either made a loss or a breakeven, there was no single mth where i profited,amounting to a total loss of US 2000 dollars. Therefore currently feeling quite lost in forex, hope that i can find new directions through this forum....Thinking of trying to create a system that trades only on either new low or high that occur at 8am to 12pm EST the time interval when new york market and london market trading time clashes. Hope to get your advices and improve....

We must realize that anyone can accurately predict what the market will do in the next ten seconds: We have to build just one simple and easy system that you mould to your own way of trading. We must define our risk threshold. When we get to that point we will understand that trading is about one thing: discipline to stick to your system no matter what.

[stefy]

[FONT='Arial','sans-serif']Hello looks like I am in the wrong place I was looking for other real beginners but this thread is a little bit advance for me. So hi and thanks.[/FONT]

[scorpion]

Originally Posted by shichibukai

hi. i am new to this forum and have 4 mth experience on forex. Learned quite a few inidcators like MACD,elliot wave, fibo and pivot. Traded live but for the past few mth, i have either made a loss or a breakeven, there was no single mth where i profited,amounting to a total loss of US 2000 dollars. Therefore currently feeling quite lost in forex, hope that i can find new directions through this forum....Thinking of trying to create a system that trades only on either new low or high that occur at 8am to 12pm EST the time interval when new york market and london market trading time clashes. Hope to get your advices and improve....

Personally I consider Elliot wave, fibo and pivot as useless. I spent months studying these stuff and came up with a conclusion that these things are just giving random signals. You get 50% chance of winning/50% chance of losing. But since you pay for spreads and swaps, you will likely lose $2,000 before the 30th trade.

What I'm saying is not advice but about my experience. If I were you, I would go around the forums, find a portfolio of good systems (both free and paid) to back test and forward test, and run them LIVE. I recommend some readings:

Modern Portfolio Theory: An Overview
Sharpe ratio - Wikipedia, the free encyclopedia

Wish you all the best,