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Thread: Beginners forex trading lecture

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    Arrow Beginners forex trading lecture

    Hello,

    This thread is created to help beginners assimilate and learnhow to trade forex.

    We are not going to be using very hard to understand indicators we will only be using simple ones you can actually read and apply to achieve a profitable trades.
    Just me toothy9

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    We will be starting by first knowing what forex is, i know you would have learnt a lot about what forex is...

    but this is just a reminder for those wh are not that versed in it.

    What's Forex

    FOREX (Foreign Exchange Market) - The global currency market of an exchange of certain currency of one country to currency of another country at the coordinated rate for the certain date. FOREX does not have any certain location of trade. It is a huge network where the currency dealers connected among themselves by the means of telecommunications concentrated on all World Financial Centers are working round the clock as a uniform mechanism. The basic participants of the currency market are: commercial banks, currency stock exchanges, the central banks, the firms which are carrying out the foreign trade operations, investment funds, the broker companies, private persons.
    Just me toothy9

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    Next thing go to www.fxopen.com

    Download the trading terminal.

    http://www.fxopen.com/Download/fx4setup.exe
    Last edited by mdsocks; 01-15-2008 at 07:40 AM.
    Just me toothy9

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    after installation........

    open a demo account.
    Just me toothy9

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    set your time and choose a chart you want to work with...


    afetr that ...go to Insert menu and click on indcator----Trend----moving average....

    We are going to be setting the moving average indicator now...

    Change the period to 5, shift 0 ,style change the coloru to yellow.


    this is how the chart will look like

    Last edited by mdsocks; 01-15-2008 at 08:09 AM.
    Just me toothy9

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    go through the same method but this time you change the

    Change the period to 10, shift 0 ,style change the coloru to blue.

    We are going to be using three indicator. namely the Moving Average,MACD,Parabolic Sar


    This is how the image will look like

    Last edited by mdsocks; 01-15-2008 at 08:10 AM.
    Just me toothy9

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    go through the same method but this time you change the

    Change the period to 15, shift 0 ,style change the coloru to red.

    This is how the image will look like


    Last edited by mdsocks; 01-15-2008 at 08:11 AM.
    Just me toothy9

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    After setting this.......

    The moving average is used for determining when to enter a trade whether buy or sell....

    When the yellow line crosses bothe blue and red line downward it means sell, while if it crosses it up ward its a buy.
    Just me toothy9

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    Then we move to the next indicator...

    The Parabolic SAR...................
    Just me toothy9

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    go to Insert menu and click on indcator----Trend----Parabolic SAR.

    On the settings....

    The step should be 0.02 while the maximum should be 0.2

    you can choose white as the colour depending on your preference
    Just me toothy9

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    the image will now be like this


    Just me toothy9

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    The usage of the parabolic sar is just to cross check what the moving average is saying....

    if it is above the candelstick bar it means a sell ,while when it is below it shows a buy.

    The combination of the two indicators will gaurantee that you don't fall into the trap of buying or selling without heading any warning.
    Just me toothy9

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    The we move to the next indicator which is the MACD.
    Just me toothy9

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    The we move to the next indicator which is the MACD.


    go to Insert menu and click on indcator----oscillators------------MACD

    ON THE PARAMETERS TAB....


    CHANGE THE FAST EMA TO 5, slow EMA 26 ,macd sma 1.

    click ok
    Just me toothy9

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    The final image we will then have is this .......
    Just me toothy9

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