Where do I start?

Hi,

I am new to Forex. I just started BabyPips school but I was wondering how do I begin to apply what I am reading or what I have learn so far? How do you put everything together?

Any advice will be greatly appreciated… I am Damsel in Distress right now.

Cheers xx

After reading some of the thread here. For example, when I search on “Price Action”, there are so many thread that I needed to look at. Is there an easy way to search on this? I mean, which Price Action thread is the best or most recommended? I just need some guidelines on this so I can start right away…

Again, any input are welcome…thank you in advance…

Maybe I should look for 4 or 5 stars…Is that how it works?

open a demo account, try to use a similar amount of fake money as your going to invest when its time to open a real account.

Do check out some of the independent review sites for reviews on brokers, set up a demo, apply what you have learnt so far, develop a strategy, and after a while, move onto live account.
Selecting a broker is one of the hardest things that any trader can do…at the moment, I use three brokers from tradersway to fxcm and believe it or not, it took me a while before I made my decision.

So check the brokers list, read the reviews, double check to see what they offer and if they are a good fit, go ahead. And when going live, start small, good luck.

And as regards search function, try the adv option…

Thank you both mrquickbuy and FXmall for your responses.

I am actually starting to look into brokers and yes, I will only set up my demo account based on the money that I am willing to invest. Would you say 3K will be good to start with?

As far as strategy, what would you recommend that I should do? I mean, should I start doing /learning indicators first, patterns ( gosh too many patterns!)? I’ve read about Support and Resistance but I don’t really understand it! I might need to re read again…still confusing to me…

Is there any rules or guidelines on the basics where I should start first? Sorry if am repeating myself but it’s just seems like it’s so overwhelming to me that there are so many things to learn… I hope I don’t sounds like I am complaining. I am not complaining…but I just wanted to do the right thing and afraid of studying the wrong stuff…

Thanks again…

Continue and finish pipschool, its not a race to the brokers unless you have spare money you can afford to lose before xmas

“Slowly, slowly, catchee monkey”

here at babypips, you can go through some basic price action, support and resistance and trends, there are many strategies to look through it can be confusing but take it one step at a time dont rush it. do complete the school then jupm into some well known review sites and check reviews and other brokers ratings, choose your top three or five brokers and open a demo account, i trade with hotforex, you can try them too. but keep in mind demo is not like live, so set your expectations, and best of luck.

I am probably just too excited to start :slight_smile: How long have you been trading? How long do think it will take me to learn it?

If you don’t mind, Would you be able to recommend any Price action strategy that you currently use? Link via website if it is not from here or from here as well…it doesn’t matter…

It is different when I am just reading it… I wanted to know from someone who is actually using and apply it. As I am going through babypips school, I felt like I am back to school and learning via textbook. I would prefer to have something " hands on" so to speak that I can follow through.

I haven’t started yet, I’m nearly finished pipschool then I’ll try a demo account for a few months so I can get used to the charts and systems without risking money
Ive been learning pipschool for about 5 weeks, should finish in a few more days. Really glad I’ve done it, it sets things out in a very easy, relaxed way.

Oh wow… Me too. 1 more week for me ( Well, atleast that is when I wanted to be done by) and I hope I’ll be done with pipschool. It is a great to learn those terminologies, definition, etc… I am sure this is just a basic and there is more to it. I will soon opening a demo account probably via Quanda or FXCM. I’m still undecided yet. I want to start trading demo and get familiar with this by January…

Also, anybody trading using solely on Mechanical and or Fundamental?

I’m planning to use technical, basing trades on price action supported by volume. Nothing too tricky to begin with. I think half the key to Forex (and I’m happy for anyone to comment here) is to get through the 1st 6 months with most of your starting capital still intact

Yea, it gets to overwhelming when it’s to many. Trading via indicators, harmonic patterns, trading divergence, COT report, then there is a market sentiment… What the hell? Lol that’s is why I am confused… Which one, how do you put this all together… Then there is Mechanical and fundamental trading…

Can we make money trading just one item… Like Support and resistance and then maybe just 1 indicator?

That’s basically what price action is about, keeping the charts clean and simple with just a couple of indicators to help confirm what the candles are telling you. Support and resistance is a must, in my opinion

Let me put it this way, after the demo and when you want to go live, I would suggest that you cap your amount at 500$. Heck, you can even start with less, with a micro or a mini, and think of your initial investment as seed money or the money you would pony up for a course.

The point being, trading live for the first time is more about you learning and picking up valuable trading experience and if you happen to pick up pips on the way, that’s even better. Good luck and keep us posted.

Okay, thanks Eddieb. I will try that…

It makes sense…

Okay, my next question. I know I am leaning towards opening up a demo account but what if, I open up a live account instead with $500 or less instead of demo fake money… That money Is like a demo anyway …So just open a real live account is better? Somewhere around here mention that trading via demo account vs live account are different. So why not trade live right away with a small capital just like in demo? Not sure if that question makes sense…

There are differences, with a demo you dont have they emotional connection you have to cash and the spreads may not be realistic. But a demo will let you learn to read the charts and practice with different indicators, time frames, and strategies until you find the combination that suits you

I am sure all these can be learn via trading live account…

Emotional connection… Is that the same as trading psychology?

Sure you can, but you may lose your finances before you finish learning.
If you lose £5k on a demo account, no big deal. If you lose it with real money, thats when the emotional connection kicks in and you get angry/sad/depressed/kick the cat, unless of course the money means nothing to you.