Hello everyone! New ForexEEE!

Beginner Questions
1

Heya guys!

I’d just like to introduce myself, my name is Eric, 24 years old! and I think this website and forum aboslutely rock!

First and foremost, I’d like to thank the people that put together the EXCELLENT, and i mean EXCELLENT Forex school program… I seriously applaud you! Not only did you make it easy, but you made it FUN! I have been up for the past 3 night studying, and reading things over.

Its funny how I found out about Forex, I own a small car operation - specializing in import/sport compacts, etc. I did alot of buying in the United States, so I was always ontop of the exchange rate. It does fairly well, and my profit margins are usually within the 6-10,000$ /mnth. But I have ALOT of free time! Enough to drive my wife mad …

I remember reading bullish, bearish, support and resistances and thinking to myself “what the hell are these guys talking about for christsake…” Even downloaded a trading program and I’d just click buttons :stuck_out_tongue: -Never really took any interest in it!

BUT, I LOVE a challenge! and learning new things, and obviously, I’d like to be anywhere in the world and have FINANCIAL FREEDOM! I’m having ALOT of fun with the demo program, especially today when I started into the market @ approx 4PM EST and made over $550 with short-term /scalping trades…

I use indicators, but I prefer going with trends and use zig zag motions to determine the swings. As you can see below, some of these are real short 2 min trades, and even some 30 min ones that netted decent gains! (at least in my eyes they are! )

Its too bad I didn’t stick out with the USD/CDN, (the 117$ profit) It would have been $632 if I waited another bit, the US sank. All my other trades, I pulled out a bit to early in the eur/jpy and usd/cdn again. Rather be safe then sorry for now! Still a n000000bie and learning.

I’m having ALOT of fun with this, the past 5 days, i have been eating, sleeping, and even dreaming of graphs and fibs and numbers. I realize its a long road ahead, LOTS of learning to do - but I’d like this to be a full-time job for me one day. Guess I gotta start with a dream, don’t I ? :slight_smile:

USD/CAD 100 1.21395 1.21280 11.5 $94.82 0.00 12/28/2008 19:50 12/28/2008 20:18

USD/JPY 100 S 90.636 90.599 3.7 $40.84 0.00 12/28/2008 18:46 12/28/2008 18:47

AUD/USD 100 S 0.68522 0.68472 5 $50.00 0.00 12/28/2008 18:59 12/28/2008 19:00

USD/CHF 100 S 1.06511 1.06424 8.7 $81.75 0.00 12/28/2008 19:19 12/28/2008 19:33

USD/CAD 100 S 1.22028 1.21885 14.3 $117.32 0.00 12/28/2008 16:18 12/28/2008 18:29

EUR/JPY 100 B 128.020 128.162 14.2 $156.69 0.00 12/28/2008 19:29 12/28/2008 20:05

2

Demo is meaningless you should open a micro account and see how you do when $3 is on the line :eek:
That said I wish you well and lady luck in your pursuit success.

3

Friends i would say that before starting with real trading account. One must start with a demo account. Starting instantly with a real account is not a good idea. Demo accounts help you how to manage your trading account plus also helps you know about some new trading strategies which you can develop while trading the demo account.

4

Demo accounts are only good for LEARNING THE PLATFORM. So you dont press the wrong buttons, or open wrong size position etc. It all comes to psychology and you cannot learn it with fake money. You would be amazed how much more you learn (about your self) when there is even a small real money on the line! :cool:

5

My theory is, if you can make good trades, you can make good trades. The point is, you’re trading. Experience is the key.

I would suggest reading forum threads by seasoned traders. Most of them have insights into such issues as time frames to watch for trend reversals, trend lines, you name it.

I recently made a 20 year trader that frequents babypips forums my personal yoda and try to read anything he posts.

Further, before opening a live account, read up on which brokers NOT to go with. And, when considering an account size, I would never go with the bare minimum that a broker offers as this usually doesn’t provide enough leverage, or margin, for a newbie to make any real progress, (personal experience).

Welcome to babypips, and, as always, good luck and good pippin.

Chubs

6

Thanks guys !

Its true, everyday is a learning experience. I constantly read, and read - but find experience to be the best teacher for me, while applying the skills that I am taught.

I understand the pressures while handling live money, this is why I will be studying and probably trading 8+ /hrs a day to gain exp/knowledge/practice for a good 2-3 months before I create a live account. I found out yesterday while doing short-term 5-15 minute trades NOT to be greedy… it DEFINETLY bites you in the arse! aswell as the fact to be prepared to take loses and proper money management. These are all things I do not overlook, and I don’t get into trades under the pressure of jumping on the boat. I take my time and look for sudden trends whenever I feel comfortable.

Cheers!

7

Yeahh definitely the experience makes a good trader, there is no way to take this kind of risks , just try to control the emotions could be a good key too. Take your time for learning and being prepared.:smiley: