I need help please, have no idea how to trade

Hi All

I did it, I deposited money and now I am suppose to start trading (small amounts $1 to max $5 at a time), BUT I have no idea how to do this. The educational package ( ebook) I received, is Greek to me. I can log into my account and that’s it, I don’t have any idea what to do then. The system will tell me if its a good opportunity to trade, but once again I don’t know how it works. I know its just 1 small thing that needs to fall into place in my brain and I will get it< but for now, can someone please help and explain to me in laymen’s terms how this works.

Thanks a lot all.

Soria

Hi Soria, and welcome to the forum.

I also suspect (i) that you don’t actually know [I]whether [/I]it works, and (ii) that it probably doesn’t (and there are reasons for that).

Buying an e-book that presents a “trading system” is a terrible way to start, I’m afraid (it’s one that huge numbers of people have tried, without success).

Fortunately, you’ve arrived here and can learn the basics before you start, and I recommend that you do. This is the place to start: [B]School of Pipsology | Learn Forex Trading[/B]

I wish you well, and good luck, but also want to stress that you’re a [B][U]long[/U][/B] way from opening a real-money funded account and trying to trade, at the moment (unless you want to get off to a bad start and lose money).

I’m afraid not: it’s far from “just one small thing”. It’s a long learning-curve, and shortcuts won’t help you (because they don’t help anyone else, either).

Yes - they can, and they have done, right here: [B]School of Pipsology | Learn Forex Trading[/B]

It’s a long process, to learn it, and this link is just the initial starting-point: there’s a whole lot more after this as well, including many, many hours of practice-time on a “demo account” before using real money. :slight_smile:

I don’t mean it as a criticism, but at the moment you’re making the first of the “5 commonest mistakes” of beginning traders.

Hi Soria, welcome to Babypips
Like lexys says, I suggest you click the school tab above and start learning before you consider trading.
You haven’t said who your broker is or how you chose them, would you mind sharing?
If they are reputable, you should be able to open a demo account so you can get used to the trading platform and practice as you read through the Babypips school before trying live with real money.
Any questions, don’t be afraid to ask, there’s always someone on here to help.
Good luck

Hey,

You should defenitly start simple. I would recommend the school here at babypips.com. After a couple of months you can start a demo account and learn all the tools of your trading platform. After 6-12 months of demo-trading you can MAYBE start trading live. I may sound strict but there aren’t any shortcuts in FOREX.

I wish you all the best

Greetings

You need a friend who is some what good in trading and then you can ask him to let you teach some starting steps in forex trading. I had the same starting method, one friend of mine taught me everything about MT4, indicators, order execution etc. on teamviewer, that helped me a lot.

Yeah I had a friend aswell who brought me here! Same story as yours. He showed me paterns and basic stuff on teamviewer and recommended the school of pipsology.

You need a Plan. Until you have a plan, you do NOT trade that account.

Who is your broker? Are you using MT4 or something else?

How much time do you have to invest in this business?

Are your bills being paid? Do you work? Are you married? Do you have kids? DO you have a PC that is Yours and not shared?

You must learn to follow a routine. Trading Forex SHOULD be done with a Checkdown approach, like getting ready to fly a plane. If you miss 1 simple varible, it could allllll go wrong. The good news tho, is the pain wont be so bad if your 1 foot off the ground, instead of 10,000 ft when the problem arises. Thats the difference between landing and fixing, and no injuries, or it all go wrong at traveling height, and probably lose it all, with NO chance of fixing it, because youve already made the trade.

SO, construct a checkdown routine pre-trade.

Even if its simple, like checking the psotion of a MA, or last day close, or fractal, or whatever. 2 steps, 3 steps 4 steps, whatever you choose, just make sure you stay true to the routine.

I can NOT stress this enough. The most important thing is the flight plan and checkdown routine.

Print it out, or draw something up, and Use it. Have it visible. NO ONE is held accountable for your trading but YOU.

I dont know what the school teaches, I didnt use it, but Im guessing its good enough to get a footing in Forex.

Answer these questions, then maybe you can get better answers. There are several ways to trade.

Look into price-action. Many YouTube videos available.

Take a look at this video on Youtube.

" The most powerful Forex Candlestick Strategies" by Urban Forex,

Very very good video, easy to follow and understand. You can use this as a crash course of understanding price action and candles formation and meaning. ALso explains using Topdown analysis, meaning starting Large timeframe, to smaller timeframe to compose a plan of attack for the day.

You dont have to look at the video, Im just throwing something out there for you to start to understand things a bit better at this point.

Hi Soria and welcome to the community. Like the others said, the Babypips school here is pretty good, I am sure it will help you a lot. Make sure to explore it and open a Demo account so you can practice your knowledge. Be patient and persistent as it will take some time before you feel ready enough to trade. Don’t give up, have in mind that trading requires a lot of patience and constant learning. Don’t open a live account until you feel confident enough and keep your strategy simple. Good luck! :slight_smile:

There are many videos on youtube that can show you how you can start trading in forex. You can get a lot of learning by watching them.

I agree, start with the school here then move to a demo account with any good broker of your choice and stick to demo trading for a considerable amount time. And when you feel and know you are ready, then you can make the switch to real account.
I know some would say demo trading doesn’t do much, but I can tell you there are lots of benefits to it. It helps to; give you that closure to real account, see what you are learning in reality without the fear of loosing money.
And I have come to realize that we can actually benefit more realistically in terms of money from a demo account.