Where to start
Results 1 to 7 of 7

Thread: Where to start

  1. #1
    Join Date
    Apr 2006
    Posts
    11

    Default Where to start

    Hello everyone,

    I'm the purest form of a newbie. I've been reading and learning about Forex and foreign currencies, but I've got no clue where to start. Should I open a demo account? Do I find a system somewhere and practice on that? Where can I find a system to trade? It's all a bit overwhelming

    I feel that I'm reading and reading and reading, and my head is about to explode. What do you guys and gals think?

    Thanks,

    Phil

  2. #2
    Join Date
    Mar 2006
    Posts
    3
    First of all, you can be rest assured that you are at the right spot for learning how to trade. The most important thing you must do and continue to do if you want to be a good trader is to educate yourself. Fortunately you have come to probably the best information site on the forex. Read the entire school section of BabyPips.

    As far as a system goes, there are many good, free systems out there. You should browse the forums and then find one that fits your trading schedule and test it out on a demo.

    You can open a free demo with almost any broker so you really can't go wrong there. Try Metatrader (www.metaquotes.net). Alot of traders use that platform and it's completely free. It will be good practice for you.

    Good luck in your trading!

  3. #3
    Join Date
    Feb 2009
    Location
    Singapore
    Posts
    1

    Default me too

    Quote Originally Posted by PhilanthroPIP View Post
    Hello everyone,

    I'm the purest form of a newbie. I've been reading and learning about Forex and foreign currencies, but I've got no clue where to start. Should I open a demo account? Do I find a system somewhere and practice on that? Where can I find a system to trade? It's all a bit overwhelming

    I feel that I'm reading and reading and reading, and my head is about to explode. What do you guys and gals think?

    Thanks,

    Phil
    I am a newbies too. I feel the same way as you do, all the best to us.

  4. #4
    mp6140 is offline Banned FX-Men Honorary Member
    Join Date
    May 2008
    Posts
    1,056

    Default MP -- 2 more arrived at hollywood and vine !

    as itradetheforex has said, youre at the right place for the information you seek, so your search is over.

    start the school and get the demo from pretty much ANY broker (cause it dont matter on the demo) and prepare for a new culture, language and methodologies.

    it takes longer than you think and shorter than some say, but what you dont know today, will be ancient history next week, and you just keep on learning.

    my only caution at this stage is when you open your demo, PLEASE set the equity amount for no more than you intend to have in your account for real -- to do otherwise is nothing but fooling yourself and making it easy, which you cant do if you dont have the bux !

    when you download, there will be a panel on the lower right that will probably say 50,000 dollars ---- backspace over that and enter your REAL amount (dont lie to yourself) and if you can make that amount increase, then you will be able to make your REAL equity increase also.

    other than that, take two aspirin and call me in the morning

    enjoy and learn well

    mp

    Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

    As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

  5. #5
    tymen1 is offline Banned FX-Men Honorary Member
    Join Date
    Mar 2007
    Location
    Perth, Western Australia
    Posts
    4,629
    A lot of good information for you so far!!

    Once you get the language understood and some understanding, then there are 3 areas of forex trading.

    1) You need to choose a trading strategy that you like and feel comfortable with.

    2) Money management skills - essential for success.
    Get this wrong and you will be a loser at forex.

    3) Trading psychology - important!!
    Buy, read and study the book - Trading in the Zone by Mark Douglas.

  6. #6
    Join Date
    Feb 2009
    Posts
    50
    The first you should do is make BabyPips School Classes.. The complete lessons.

  7. #7
    Join Date
    Oct 2008
    Posts
    47
    First you have to understand what the Forex and Forex trading is. You can use various online resources available on the internet to know about the Currency Exchange Market.
    Afterward you should go for the Babypips Trading Learning school..it will provide you the complete course of Trading.
    But before diving in to the real trading .. you must go for demo trading for some months until you are sure that you're matured enough to jump in to trading with the real account, Demo trading will shape you to deal with the trading software , indicators, how to use the levels, pivots and other tools.

Forum Sponsors

Similar Threads

  1. Where to start?
    By flfutu18 in forum Show me the money! [Swing Trading]
    Replies: 30
    Last Post: 04-12-2011, 03:08 PM
  2. $65 balance..where to start trading?
    By jamilrouf in forum Newbie Island
    Replies: 15
    Last Post: 08-15-2009, 10:02 AM
  3. auto traders - where to start
    By frankfrx in forum Newbie Island
    Replies: 33
    Last Post: 07-09-2009, 01:32 PM
  4. Okay I want to learn Forex... where to start?
    By Amtrak in forum Newbie Island
    Replies: 10
    Last Post: 04-25-2009, 01:46 PM
  5. Where to start
    By donsls in forum Newbie Island
    Replies: 29
    Last Post: 01-26-2009, 07:06 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
"Take time to deliberate, but when the time for action has arrived, stop thinking and go in."
Napoleon Bonaparte