Just thought I would put fingers to keyboard for any fresh newbies out there.
I started October last year, so I have been trading for 8 months. 3 Months on the real market and 5 on the demo. I gave myself 6 months before I would trade, I stuck closely to that. I had a 5k demo account with FXCM and blew that all away trading palladium, which I made big profits, but bigger losses. Onto my second account which started at 150k! So far doing better with that now that FXCM have remove palladium trading :5:.
My real account I started with 5k so I could get FXCM’s extra training video’s. They are good but the online learning does not come closer to what is on this site. I have been $200 - $300 down for a few months and only now just poked back above the 5k mark. Made some money on Brexit but small because FXCM cut the profits down at this time. I stick to the rule of 1 - 2% of my capital and always use stop losses at 20% or less of my win profits…ALWAYS!
I have been doing the pips school which is second to none. I usually score anything from 70 - 90% on my first go, I write my answers down so I walk away with 100%. I am at the end and will start again, these lessons are better than all the books I have read. I cannot recommend the time and effort you should put in learning here. A HUGE congratulations to the people who put it together.
So I am not supper bright, but I do have a passion for forex and I am willing to put time in to learn. I hope others can get some encouragement from my Journey. A final word of advice… Follow your own system(s), even the best can have a bad running streak.
I’m not super bright either. I’m a total newbie so thanks for sharing.
I’m working through the Forex school here, but stumbled upon a book called ‘Forex Dreaming’. This made me realise that I really needed to invest time in learning International Economics. Big fat text book on the subject arrived yesterday.
I’m actually thinking I need to grasp International Economics theories and policies first, before I start even a demo account.
It’s interesting to see how different people approach Forex in the initial stages.
It is, indeed, Gemma. That’s a subject I find particularly interesting - in spite of knowing no more than an “intelligent layman” about international economics, myself. But I don’t doubt that your approach is helpful to some people.
JaKar, on the subject of FXCM, this thread may be relevant to you.
Welcome to the forum, JaKar, and congratulations on getting back in the green on your live FXCM account!
To clarify for others reading this thread though, FXCM did not cut profits during Brexit. We temporarily increased margin requirements around the time of the vote in the UK as did many brokers: Brexit-ready: updates on 41 forex brokers | Forex Crunch
Lastly, while Lexys makes no secret of his dislike for FXCM, I believe you should read the thread he linked to about us. Then you can read the concerns he raised and my responses.
