Noob with Qs

[Apexmaster37]

hi total noob here . I have been watching and reading about forex, and nasdaq Trading. I have become more interested in Forex, however the more YT videos I see I noticed more people have moved away from Forex. But there is some who make a lot of profit. I have so many Q's .

1: which broker to use? I have only $2500 USD and willing to loose all. lol

i have signed up with Trading.com but am not sure if I still need a broker and cash account.

Another important question to me is for how long do I watch the candlesticks or patterns before i get in a trade? I have been learning about patterns Bulls/Bears. also MACd indicator and Bollinger Bandsv

 

[BMK]

What country are you trying to open an account in?

There are a lot scams out there in Forex. I can't recommend a specific broker unless I know what country you are in. But you need make sure you are opening an account with a legitimate broker, and trading on a regulated exchange.

 

[zghorner]

start with a paper trading account until you have the mechanics down then go live trading 1 share or 1 micro contract at a time...I've never heard a single good thing about forex from a retail trader...so IMO...trade equities or futures.

most indicators are ass.

Go HERE click on "training" at the top and do both of his free courses in your spare time...the "art and science of trading" is pure gold. do not pay for the options training course.

also watch the video below.

PS: Dont let anyone talk you out of getting started, trading is well worth the pain just for the self discovery. But with that said...trading is much much much harder than you think it is. You might think you have an idea, but you dont. It's work...lots and lots of grinding ass tedious ass work. And its not fun. Its not fun at all trying to keep your head up while losing your ass time and time again. It takes most traders years, even a decade or more before they are consistently profitable. There are many more reliable ways to make money than trading, please consider this well before you start.

 

[GoldDigger]

All those questions you are asking about are
things that are learned over time, by reading
books, watching videos, learning by doing,
and making mistakes.

They aren't things that can be answered by
posting to a forum. It may take years to
master all those skills, depending on how
much time you devote to learning.

You have to research and decide which broker
to use. I recommend you go with reputable
companies, not things you never heard of.

Also, Forex and Nasdaq are two very different
markets, but once you know how to trade in
one market, it shouldn't take long to get into
the other.

Good luck!

 

[murray t turtle]

All those questions you are asking about are
things that are learned over time, by reading
books, watching videos, learning by doing,
and making mistakes.

They aren't things that can be answered by
posting to a forum. It may take years to
master all those skills, depending on how
much time you devote to learning.

You have to research and decide which broker
to use. I recommend you go with reputable
companies, not things you never heard of.
Good ........!

%%
THAT;
+ watch50, 200 day moving average\ 50 month average.

 

[alistera]

hi total noob here . I have been watching and reading about forex, and nasdaq Trading. I have become more interested in Forex, however the more YT videos I see I noticed more people have moved away from Forex. But there is some who make a lot of profit. I have so many Q's .

1: which broker to use? I have only $2500 USD and willing to loose all. lol

i have signed up with Trading.com but am not sure if I still need a broker and cash account.

Another important question to me is for how long do I watch the candlesticks or patterns before i get in a trade? I have been learning about patterns Bulls/Bears. also MACd indicator and Bollinger Bandsv

Paper trading doesn't work, you have to feel the pain of loss, Bulkowski will provide you the pattern probability but today you need a minimum 7-10 indicator combination to filter out the noise, the more leverage you use the more pain you will experience hastening the learning curve, but equally blow your account at the speed of light, Oanda usually works to start out with.

The most effective pattern is Elliott Wave to about 80% probability, you will still lose money because the markets have perfected it much more, they will integrate it in to the web terminal I use but it's not quite ready yet, and the simplest advice of them all, you plan the trade and trade the plan, make the trade come to you, if you chase the trade it's a very simple equation, you lose, the only question then is, how much.

 

[murray t turtle]

Paper trading doesn't work, you have to feel the pain of loss, Bulkowski will provide you the pattern probability but today you need a minimum 7-10 indicator combination to filter out the noise, the more leverage you use the more pain you will experience hastening the learning curve, but equally blow your account at the speed of light, Oanda usually works to start out with.

The most effective pattern is Elliott Wave to about 80% probability, you will still lose money because the markets have perfected it much more, they will integrate it in to the web terminal I use but it's not quite ready yet, and the simplest advice of them all, you plan the trade and trade the plan, make the trade come to you, if you chase the trade it's a very simple equation, you lose, the only question then is, how much.

%%
IF paper trading was 88% useless;
may still want to do it sometimes. WHY??
Because Stock Traders Almanac JAN forecaster has worked about 88%.
Even though it may fail big time;
JAN Up 1987\ mostly up /except for super bear 4th quarter
JAN 2009 down, good 1st quarter bear ;but good up move 2009. So both big forecast failures even with 88% hit rate.
IF this makes no sense, then it'$ maybe for some else.

 

[Bad_Badness]

Paper trading is for testing and learning the interface's limitations, brokers interactions, and exchange interactions. Making sure you can execute the orders as you want, as fast as you want, when you want, as complicated as you want. So you don't make unforced errors with a "I did not know how it worked". There will be limitations to paper system, but learn and know the differences with a live system. If you do not know the differences, then you are not ready to trade live.

Learn to be proficient at the tools you are using. People play games and are proficient, why not trading software. You do not enter a competitive game without knowing how use the controls.

There are no "do overs" live nor are there guarantees like retail purchasing at say an Apple store. This is trading and it is a different type of transaction.

 

[alistera]

There are no "do overs" live nor are there guarantees like retail purchasing at say an Apple store. This is trading and it is a different type of transaction.

Only if you are trading whole lots instead of fractional, which would be beyond stupid with someone new, but sometimes the obvious needs to be stated, no "do overs" is why it works, faster learning curve, but as with everything in life everyone has an interpretation which is rarely transferable to anyone else, the world says paper trade but 95%+ fail in trading

 

[murray t turtle]

Only if you are trading whole lots instead of fractional, which would be beyond stupid with someone new, but sometimes the obvious needs to be stated, no "do overs" is why it works, faster learning curve, but as with everything in life everyone has an interpretation which is rarely transferable to anyone else, the world says paper trade but 95%+ fail in trading

Given have made +80% shorting the living senses out of the Dow trade, and more again on the rebound, absolutely not the person to listen to!

%%
I was looking @ old AMZN price in IBKR ad $3,000+ per share.
Good news + bad news on fractional shares.
IBKR has [delayed] fraction shares based on $279 TSLA share price, not real time or stock tip for sure; but good idea priced @ $25.
I track on paper, on purpose,TQQQ / SQQQ+ PSQ...... all of those move related to QQQ.......;
PSQ is like a fractional share short of QQQ; PSQ started @ $10.83 , end of Christmas week 2021.
I cant dis paper trade to much since i use real Fed Reserve notes;
even though ones guts knows real money from paper trades