Hello everyone. im the newest person on the block here. Ive been rummaging through at home jobs (and scams) for about a year now, and happened to stumble onto this “forex” site. I was actually impressed but have so many questions… first things first. how do you make actual money off of this. Obviously this isnt a scam and im very excited by all everyone elsed excitement. i am very sceptical about these things and just need a helpin hand to get me started. if anyone would like to give me some guidance as to what format to pick up im like a sponge to your water. i also have not much money at all thats what i like about the demos its not real and it will get me used to it. thanks in advance to anyone willing to help
Sign up for a demo and eat, sleep, and breath trading. This isn’t a scam and it isn’t a get rich quick scheme either. However, you should know before you even start that 95% of people lose money so it will take quite a bit of studying and determination to succeed.
I would recommend the following…
Start a journal. Save charts, comment on your trades, comment on what you see in the charts, and write down everything that goes through your brain. You need a way to reflect back and this is crucial to success (but doesn’t necessarily mean you will succeed).
Read everything you can get your hands on and take all of it with a grain of salt. It is your job to determine if it has any merit. There is a lot of info out there that is pure BS. Some stuff you may disregard now and come back to it later and find it to be useful. This is part of the journey. You have to find what works for you and we are all a little different in that regard. The reality of it is everything you need to trade profitably is probably in chapter 1 of Trading for Morons. However, you have to try the BS in chapter 10 before everything comes full circle. This probably doesn’t make any sense but it will if you make it that far.
Don’t expect to be making tons of cash in a month. Realistically, you can expect about 10,000 hours of study/work/trading.
Welcome. I highly recommend the School of Pipsology;) Check out the link at the top of this page. It will get you up to speed with the lingo and how to read those charts you will be learning to love. After you think you know what to look for get a demo account and practice with the funny money for at least 6 months. Document everything you do so you can see what works and what doesn’t.
There are many on this forum that will offer advice and systems that work (for them). If you decide to try one or more of these systems… try it on a demo account FIRST. Practice, practice, practice till you have it down pat. Then you won’t lose as much of your own money:D
Thanks a bunch guys. I just opened up an accouunt on oanda and started playing arouond last night. Im not gonna lie… im a little lost (biggest understatement ever) but im going through the school of pips right now to get a better hold on things. Thanks again
Try not to be put off by the “90% of trades are losses” statement; many of these trades are uneducated guesses by one-time gamblers. As soon as you have learnt money management you will realize you could profit by only winning 10% of your trades, if your strategy submits to this.
Read through the school a couple times…if you get confused about a particular point ask the question here. I found that people here are very helpful in the short time I’ve been here
While going through the school, bring up your demo account and practice with whats being taught, when you are comfortable, move on to the next subject.
ALSO, keep track of every trade you make so you can go back and analyze your profit/loss in the future.
I take a screenshot of the chart when I buy and add supporting text to the pic, that way I can go back and see what happened with the chart since then.
