Hey guys! Private-ranked trader here! Just saying whats up. semi-new to baby pips. started the school around 2 months ago but never finished lol. I mainly wanted to learn the lingo and vocabulary of trading and the ins and outs.
Hey PippinNdDippin and welcome to the world for forex trading! How far did you get in the School of Pipsology? Going through it all is HIGHLY suggested, but at the very minimum, you gotta check out the sections on risk management because at the end of the day, that’s what traders are: risk managers!
Hi and welcome to Babypips.
Strongly suggest you spend some time learning the basics at the free pipschool right here, keep reading the various threads to get an idea of the issues and resolutions FX will bring up.
Avoid mentors for now, better spending your time getting the basics right in your mind so you are better informed for when you need to make decisions alone.
Regards
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Hi all.
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Ive been “playing around” mostly to get a general feel for 4x trading - for a while with a demo account. The demo account was useful for learning how to trade with Metatrader 5. BUT the demo acct gives one a very dangerous false belief about live trading which I pick up below. My background is statistics, computer programming and training as a clinical psychology, although I am mainly a university lecturer. My goal is to build a trading bot that learns using deep learning neural network techniques and can adjust to a dynamic market.
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But to start simple the first thing that I need to sort out (all my fellow newbies take heed), is the most important difference between the demo and live trading accounts and is … that the market reacts to your trades - but only on a live account of course - where you spend and lose real money! Demo trading I doubled my balance on a Sunday afternoon. Live trading produces a response from the market opposite to your trade. You BUY and about 30 sec later the price drops and if your volume is set at 0.1 of a lot the price may continue to drop to more than $100 if you dont set a stop. If you start with the smallest lot-size 0.01 (on MT5) the market reacts less dramatically and will often return to its original trend before you gave it a poke.
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Well thats a bit about me and a topic which really interests me. I think treating the market as a reactive entity involving feedback may be a useful approach. If any of the moderators picks up this post can you please direct me to the forum on the topic which some pose as
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“when I place a trade why does the market always turn against me?”
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cheers gAg