Hey y’all Phantom from Florida checking in. A litttle bit about me. I’m 37 and I’ve been married for 9 years to an awesome woman that couldn’t be more supportive than she is. By day I’m a aircraft mechanic that works on ejection seats as a civilan, I don’t make bad money doing what the air force taught me to do while I was in. But I know there has to be a better way to make a living than bending wrenches on 120 degrees flightline.
I gotta be honest I have no experience trading or studying the market or anything else associated with it. In my mind I would consider myself that little spec of pooh on the bottom of a newbs shoe.
I’m coming into this pretty open minded and eager to learn. I’m still in preschool in the school of pipsology. I have to say that I like what I’ve read so far. I’m gonna give this forex thing a try and see what happens. I’m far from expecting to be an over night millionaire but I also can’t see me wrapping my jet fuel soaked brain around all of the info there is to know to be competent.
So with that being said I’ll stop rambling and get back to reading. I know I’m gonna be asking a lot of questions and I can’t wait till I can start answerimg questions
Thank you in advance!
Cheers.
Welcome phantom309,
Feel free to ask me any questions…
I have answered some question…
Lastly, Metatrader4 terminal is mandatory for learning forex…
Thank you bushido leaf I will definitely check them all out. Is metatrader4 referred to as MT4? And also should I go ahead and get it and start playing with it?
Yup… just download any mt4,
Create a demo account and start clicking!
3 years ago… i started from babypips kindergarden and skip any section i dont understand… and graduated myself
Started clicking after 3 days… it takes time to learn to navigate the platform…
Wow thats awesome! I will definitely get an mt4. Thanks so much
For a start, go find out about
leverage, margin, how much capital to start with… find what drawdown % is your comfort zone… then the average daily range for a particular pair… just stick to one pair for now… different pair have different nature… conquer one pair by one pair… different strategy for different pairs with different volatility…
Learn one strategy at a time… backtest 20 trade… check winrate…15 out of 20 to pass
Use myfxbook to record your trade as well
By the way,
I mean try with demo account 1st…
Never start live if u cant even get10/20 trade profitable…
Learning curve for forex is very very very very very steep,
Usually minimum of 2 years or 3 years… to reach a profitable stage
Yeah I will definitely start with a demo account first. I need a way better understanding of FX before I ever hit that live button. You have definitely gave me a heading to follow. Thank you so much. I will start researching that when I get to my computer later and can make notes and what nots about my studies.
As for you I hope you get everything you want for christmas for the info you’ve already given me.
Your mission: To be profitable in forex trading in 3 years time…
Your mission phantom309, should you choose/decide to accept it, …
As always, should you or any of your I.M. Force be caught or killed, the Secretary will disavow any knowledge of your actions. This message will self-destruct in five seconds. Good luck, phantom309.
Nice to meet you. What aircraft do you work on. Not Phantoms? 
Im an aircraft nut. Once as part of training did a simulation ejection using a single cartridge instead of the usual 3. What a jolt.
Hope you enjoy your learning phase. Get demo trading asap and stay demo trading for 6 months to a year (my opinion). Cheers.
Hello BlueHenry, I did work on the phantoms and the good ole martin baker for 13 years. The Air Force was using them as aerial targets. We are now using a different airplane. We had an aircrew eject last summer, I wasn’t there to witness but my friends told me that when the rocket motors on the bottom of the seats went off “It was like the sun, re-positioned in the sky they were so bright”.
Thank you for the advice, Being sunday I want to try to go into next week a little more informed. I download an MT4 last tuesday and somehow manage to make a fake 2200 dollars but don’t know how I did it.
Try your strategy in an MT4 demo account first. If you are to have a sharp learning curve it may as well be Demo money.
Hey Blackwave, I should’ve been more clear, It was a MT4 demo account. That’s what boggles me is I don’t know enough to even begin to develop a strategy. I like seeing how stuff work more over though I like know why it work like it does. That’s what has really been bugging me with last week is I some how managed to make a profit on a demo account.
I didn’t play stop loss or of the other tools I just wanted to get familiar with transaction processing, and then the only real thing I did was just held onto what I had and waited for a profit to show up and I’d sell it off.
Next week I want to try playing around with stop loss and long and see what I can figure. I’m trying to read 3 lessons a day in the babypips school that way I can process it before I move on to the next lessons. Everything I read has mention the emotional disconnect between a demo account and live account and I want to try to prepare for that inevitable bad trading when it gets here.
My stance on learning this is similar to why I don’t gamble. My money has an easy enough time flying out of my wallet, it doesn’t need any encouragement from me.
However, I can see here that I can educate myself and at least learn how to read the rate at which it will be flying from my account.
Thanks for advice, I need all I can get.
Cheers
Hi Phantom
In the beginning there is a bit to take in - but dont worry - just carry on learning on the demo - and also doing the school of pipsychology - it will all start making sense.
Dont get too focussed on whether you make a gain or loss at this stage in demo - you are just getting to grips with how the trade action works - as you stated yourself - you made a profit but you dont know how.
Just to help you get off on a slightly improved start - let me just add the following…
Using a “take profit” means you are setting the level at which the trade will end automatically - if it should reach this.
Using a stop loss is the opposite - you are setting the exit condition - but in this case you will be making a loss - and your goal is to control your trades in such a way that you take minimal losses and better gains.
NOT using stop losses is not a good practice as you can then move further and further into negative. The assumption that the exchange rate will once again bring you back into positive can be a very dangerous one, as it may never do so again. and in the meantime will likely cause you to get a margin call - and you will loose a lot.
So - your very first goal would be to place trades only at a time when you are as sure as can be that the market (exchange rates) will move in your favour as soon as possible and that you will hardly end up in the red - and not come close to your stop loss level.
Ok -all good - so you manage to get your trade into positive territory - now move your stop loss so that if you get stopped out - you dont loose any of your original trade. Protect your capital.
And how do you learn to be very sure that your trade will be succesful.
Read up in the school of pipsychology and understand the 3 categories of analysis … technicals, fundementals and sentiment
3 Types of Forex Market Analysis
Hope that helps a little.
Hiya BlueHenry,
Every little bit of advice I get I’m thankful for. Thats my goal this week is to learn the finer details of trading with take profits and stops get familiar with that. I will also read that link in your last post.
Thank you for taking the time to share your knowledge and keep me heading in the right direction. I really hope one day I can pay it forward.
Cheers
