I want to start trading

I want to start trading but my problem is that i want to come up with my own strategy because it’s difficult for me to understand peoples strategies

Have you gone through the School of Pipsology here on Babypips? How much experience do you have? If you’re a newbie, I recommend spending some time just learning and practicing, and then worrying about a strategy of your own.

I would say coming up with your own strategy is a distinct advantage, not a problem.
As MLawson says, study at the free school on here, its a great resource

I seem, you are talking about indicator based trading strategy! Whatever, in order to my personal trading experience, Price Action trading strategy is much powerful than indicator based trading strategy! There is nothing like personal info into Price Action, the rules are popular and all of institutional Forex traders know the rules too! So, I am confidently using PA trading!

Why do you think that, Jonathan? There had been no mention of indicators at all, in this thread, until you posted …

hello MALVYNTEBATSO,
your own strategy will come with experience/practice and time. Start with some testings at demo accounts, until you find a strategy which will seem to be OK for your trading style.

I think as a newbie you should learn the basics of Forex and then after learning you can start with Demo account or No Deposit Account which help a lot to get good experience and knowledge which help you to make good money with real trading.

Coming up with your own strategy is definitely a good thought and you have already get ahead of the first step by thinking to build your own strategy. However, now you need to invest time practicing, understanding various technical indicators, seeing the performance of different EA’s and then building your own strategy as per your interest, trading style and schedule. mLawson correctly says, first just learn and practice.

I agree with the previous posts. First you need to study and understand the basics and after a while, start testing on demo account. You will see that the strategy will begin to form by itself and eventually you will manage to understand other people’s strategies and even take some ideas. Don’t push too hard, give yourself some time and you will see that eventually you’ll come up with a good strategy. Make sure to spend time in this forum as well.

Any recommendations from where to start with online demo sites? What’s the difference between FXCM and Forex.com? I can only muster up $500 to start.

Info overload. Plus, I’m not good with numbers. Am I going to fast by signing up with a demo svc before reading the entire course?

Thanks you.

If you want to start trading and start your own strategy, it can be very easy. You just need to follow the following options and need to be patient about the results:

  1. Follow a time frame
  2. Find the indicators which can help you identify a new trend
  3. Use indicators that can confirm the trend
  4. Define a risk
  5. Check for the entries & exits
  6. Choose rules and follow them

Then [B][U]get[/U][/B] good with numbers, and [U]before[/U] you open and fund an account anywhere!

“Numbers” are what trading is all about. :wink:

Not trying to be impolite to you in any way, I hasten to add, but the overall success-rates in forex-trading are rather low, and people who are “not good with numbers” are [I]not[/I] among the success stories, and you need to know that, clearly and unambiguously, before you start!

The three links in this post may help you a lot more than any details of where to open an account.

School first, pips later.

You have to create your own strategy after lot of experience. Don’t try to use the strategy of someone else because everyone has to find its own money management.

I might be repeating myself but perhaps it would be better if you first finish the school and then open a demo account. Otherwise you will not be entirely sure what you are doing or supposed to do. If it’s necessary repeat the course a few more times, go through the different threads here and then test on the demo what you have learned so far. That way it’ll be easier for you to understand the concept and experiment with numbers and calculation.

You can make your own strategy but that will need a lot of disciplined learning and experience. So I agree with the previous posts and recommend you to keep learning and practice on demo account. Be patient as it takes time to get consistent results in trading.

There are some trader might they said if many trader fail and can’t maintain account more than six month, and for beginner also advisable practice in demo at least six month before spent real money, if along these time practice still often fail and loss, they can continue learning using demo account

Initially you will have to follow the other experienced person’s strategy in order to learn this business efficiently, with the passage of time when you will learn it then you will able to trade with your own trading strategy, so use all the source of learning in order to be strong strategy maker.

Learning Babypips school is always a good step to enter the trading.

You can open two demos simultaneously as they are free.
Don’t be in a hurry to start live trading and spending your 500 bucks for nothing. Use demo at the beginning.