what could help more?

[pippy123]

i joined this forum as i am obviously very interested in trading forex but I am wondering, since i have read a few comments, on how trading other instruments might be helpful in doing so. I have never traded before (aside from demos) and I am determined to learn so any suggestions or advice would be appreciated.

[ForexNinja]

Depending on your trading method, trading or monitoring other instruments such commodity prices, stock indices, bond rates, interest rate futures, American Idol, could help. But as a newbie, I'd recommend focusing on one instrument before learning another one. Master A before B. Don't purposely overwhelm yourself with learning too many new things simultaneously. That said, I'm pretty sure while sticking to forex, you'll slowly pick up on these other instruments and inadvertently gain intermarket analysis skills.

[pippy123]

ok,that makes a lot of sense. thx fxninj

[genghisclown]

Bent Larsen was once asked: “How do you get better at chess?” His answer was “First you learn one thing really well. Then you learn something else really well. Then you go on to something else. Pretty soon you know a lot.”

I think that applies to FOREX too. Otherwise, you just confuse yoursef.

[pippy123]

Originally Posted by genghisclown

Bent Larsen was once asked: “How do you get better at chess?” His answer was “First you learn one thing really well. Then you learn something else really well. Then you go on to something else. Pretty soon you know a lot.”

I think that applies to FOREX too. Otherwise, you just confuse yoursef.

Good quote. thx

i guess i just didn't know if forex was not the smartest beginning pt...

[toptick07]

Originally Posted by pippy123

Good quote. thx

i guess i just didn't know if forex was not the smartest beginning pt...

Pros and cons... Forex is definitely a tough place to start out in trading. I encourage you to go slowly and be conservative in your approach.

You have never had a brokerage account, mutual fund, 401K, or anything?

[pippy123]

hey toptick7,

i definitely plan on going slow.

You have never had a brokerage account, mutual fund, 401K, or anything?

the only thing i did awhile back (2 jobs ago) was a 401k...

Anyway, I have always had an interest in trading and finally decided to take it up about 2 months ago. I eventually would like to branch out into stocks, commodities, etc., but for some reason i chose to start with forex. I feel like i have learned so much already but i guess after reading a few posts i was wondering if i started in the right place...

[rhodytrader]

You really need to take a look at the plus and minuses of all the markets you are considering. Forex is a great market for part-timers because they can trade at any time. It can be a hard market for someone who favors a more fundamental approach - or at least who wants to understand the fundamentals, as they can get rather confusing at times.

A lot of people get in to stocks first, partly because they have a general understanding of companies and products and all that. More people have become interested in commodities of late because they see the impact on them at the gas pump and whatnot.

The market that still doesn't get as much attention from individual traders as it probably deserves is fixed income (interest rates). One could rightly say that market heavily influences all other markets, but a lot of folks don't really give it that much attention on a trading basis.

[toptick07]

Originally Posted by pippy123

hey toptick7,

i definitely plan on going slow.



the only thing i did awhile back (2 jobs ago) was a 401k...

Anyway, I have always had an interest in trading and finally decided to take it up about 2 months ago. I eventually would like to branch out into stocks, commodities, etc., but for some reason i chose to start with forex. I feel like i have learned so much already but i guess after reading a few posts i was wondering if i started in the right place...

pippy123 – It's good to be a little bit skeptical. There is a reason I ask about your financial experience. Lately, I’ve conversed with several new potential traders in my city who were introduced to the idea of forex trading through email solicitations, late-night infomercials, or free seminars. It is my opinion that they may not be getting all the information they need to make an informed choice as to whether forex trading is right for their individual situation. [I’m not criticizing people for responding to those advertisements or the people who offer services through these various media. Hopefully, more of those potential traders will make their way to babypips to take advantage of the free content as well as to participate in these forums before taking the plunge.]

Thanks for asking the question, pippy123. In general, it’s my opinion that any potential trader should carefully review their general finances and put them in order before deciding if trading of any sort is right for them (no matter if it's stocks, bonds, t-bills, or pork bellies! mmm...bacon...) I also believe that forex trading may not be the best introduction to trading in general. Finally, if you do choose to trade, it is worth your time and effort to study the mechanics of how forex trades are executed. This market is different than other OTC markets.

Remember, these are just my opinions, based on my personal experiences and observations. Get the basics right first. Best of luck in your trading...

[shadow]

Originally Posted by toptick07

Lately, I’ve conversed with several new potential traders in my city who were introduced to the idea of forex trading through email solicitations, late-night infomercials, or free seminars. It is my opinion that they may not be getting all the information they need to make an informed choice as to whether forex trading is right for their individual situation. [I’m not criticizing people for responding to those advertisements or the people who offer services through these various media.

Guilty! Well, I waasss...... But I learned alot from from it, especially more than had I gone slow. However, I do not encourage jumping in, in fact it does a number on your psychological state. Anyways just thought I'd post!