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  • Something About 'me'

    I am a "NEWBIE", to FOREX. I just started doing DEMO accounts in Feb. '17. Well, I still haven't been comfortable enough to DEPOSIT any real $$$$ yet, because there are some things about this trading 'thing' that still remain a mystery to me. One in particular is creating a "SETUP". What is a SETUP? I know that the technical analyzes of charts is really important, but I just can't seem to get an answer to that above question.
    The other thing is, setting the following things: SL, Entry Point, Profit Points, etc. And, how do you "get" PIPs?????
    I think that all those are NEWBIE questions, right??? Well, that's me.ll

  • #2
    Originally posted by willdeb View Post
    I am a "NEWBIE", to FOREX. I just started doing DEMO accounts in Feb. '17. Well, I still haven't been comfortable enough to DEPOSIT any real $$$$ yet, because there are some things about this trading 'thing' that still remain a mystery to me. One in particular is creating a "SETUP". What is a SETUP? I know that the technical analyzes of charts is really important, but I just can't seem to get an answer to that above question.
    The other thing is, setting the following things: SL, Entry Point, Profit Points, etc. And, how do you "get" PIPs?????
    I think that all those are NEWBIE questions, right??? Well, that's me.ll
    Hey Willdeb, welcome to the site

    Good questions, because many of us assume that people have a higher level of knowledge than they do. I'll do my best to answer.

    SETUP = A trading set up. That means the conditions for entry are right for you to open a trade depending on your strategy.
    SL = Stop Loss. The level you set that will close out the trade if hit, resulting in you taking a loss. Think of this as the floor on your trade and how much risk you're willing to take on each position.
    Entry Point = This is the price that you open the trade.
    Profit Points = The same as pips (what's a pip?!)
    Pip = It's a unit of measurement. A 1 cent move in a currency is equivalent to 100 pips. Traders often use this to discuss price movement. If you made 20 pips, it means you correctly predicted that price would move 0.20 cents in your intended direction.

    The aim of the game is to predict which way price is heading, so open a trade, set your TP (take profit, or profit target) and Stop Loss, then wait and see which one is hit first.

    It's good to hear you're experimenting on a demo account, because it sounds like you're still a fair way off being in a position to risk real money.

    When you do fund an account, please consider the vetted brokers on this page: https://www.forexsignals.com/trusted-brokers
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