Beginner need help

Guys, I�m new to FX trading, as in, that new I haven�t actually traded any money yet… I have a demo account setup and have been playing with some dummy trades.
I have been reading a number of books and materials, trying to get a grasp of it.
Just wondering if you guys could possibly make some suggestions on materials to read, that can easily explain and help me understand concepts on reading fundamental analysis, trading systems etc.
I would appreciate any help that you guys can offer…

The pip school here presents the easiest method for grasping the Forex that I know of. I have also read “Forex Made Easy”, which is all right, but not comprehensive. It tells you a little about a lot of things.

Oh no, you feel you into that 4x made easy trap 2!!! ha ha just kidding! I wouldn’t recommend that book because you can get the sources inside it off the internet. PLus the info inside is pretty basic. However if you want some books they have some that babypips recommends.

http://www.babypips.com/forexpedia/index.php/Listing_and_Description

If you have limewire you can download
Trading in the Zone by Mark douglas, Trade your way to Financial Freedom (van K. tharp),Alexander Elder’s books, and Reminiscences of a Stock operator.
An excellent read too is a great money management website I posted it before but I think it was only lesson three. Better than any book I’ve ever read on the subject. just go down to the bottom and click on money management on the site, it has other info too.

::: B.R.A.I.N.-Trading Stocks and Futures with Mechanical Trading Systems :::

Oh beleive me I am such a freebee rat!! I am excellent at finding key free things especially when it comes to trading!!
OH and a Psychology site is:

Trading Psychology - Managing The Psychological Side Of Trading

Stay Cool Take it Easy! Hope you get as much as you can out of it!

FXCM.com offers a training package on for $19.99. It’s 8 days long and quite intensive. I took the course, and found it worth the money, plus you get access to instructors for a full year. I found that along with Babypips and some research on your own should send you flying. I’ve been on a demo for 8 months now, and have about a 90% success rate. I’ll go back to my live account when I can limit that 10% negative rate better. Good luck, fellow student!

Hi there,

For a beginner like yourself, its probably a good idea to go over the free stuff like the pip guide which is a great one, or this website, which is also free and can get you into an initial decent trading shape

Aside from what the ohters are saying you can always choose the “Search” button at the top of this page and just search for “books”. There have been many topics on good book to read. You can even click on the “Forexpedia” link above to see babypips book recomendations.

Topgun

I would also try www. bestwaytoinvest.com

I wouldn’t say that working on a dummy account is completely useless. I learned a lot on how to set up a trade and just got more familiar with the system that i use (i use metatrader)…

start with micro lots but on REAL account !!!
trading on demo for long time is really on good thing - You must learn Yourself how to deal with risk and emotions !
on demo You will never get that … never !
so start SMALL and SLOWLY but REAL :slight_smile:

Yes, that is very true. I give the same advice to all newbies myself.

There is now easy way of succeeding in forex trading which means it requires lot of time (at least two years of education), in between trading on a small life account, making mistakes and hopefully learning from them.

I don’t recommend any live account whether its small or mini. Because that will divert the attention from learning to earning and when this happens its very difficult to concentrate purely in practicing.

I agree, newbies should avoid trading with live accounts at least for a while until they receive some basic education and gain some experience.

As for what to read, I would recommend reading up Japanese candlesticks, I found that particular topic very helpful when I was a newbie myself.

Stop wasting time on demo trading and start life trading with some small amount and develop your own trading strategy.

Disagree with Rambo
I have been on demo for 10 months and getting better. What stood out the most was how price moves in spurts. The second was…you never have a clue when this will take place…most likely when you sleep or at work as I am.
WORK on a strategy that is as close to current price movement if you want this for an income. If for long term investment, you might be entertained with all the systems and indicators offered.
I could Never imagine myself with a live account right off the bat…NEVER…but that’s me.

Na zdrowie,
Tim

Do both. At the same time.

You can open an account at Oanda for $5… If your not willing to part with $5, then this business isnt for you.

There definitely is the psychological aspect of it, and the sooner you get over that, the better.

Demo is to test strategy, and familiarize yourself with the platform.

Make your initial trade on the demo, and within 10 seconds you feel you made the right assumption on demo, then do the same on the real account.

How many times you change your mind soon after you click the button? DOH

Actually, I make Limit or stop orders now, usually never Market orders.

Start small, and if your right, you’ll be in the positive, and if your wrong, you wont.

Ummmm - there is a 5 year gap between posts- - maybe , just maybe, the person asking, doesn’t care anymore??

It might help other newbies who care now,… Babypips school will help you to start from initial stage of Forex trading and by following within a year after proper practice you can generate reasonable profit from risky Forex market.