Newbie

Hi all I am RR25!

I am interested in making a lot of money so I have decided to study FX, when should I begin trading? How much money do I need to begin with? Also I am interested in learning stocks, is there another website like this dedicated for stocks?

First welcome to the trading world, now a reality check

I can say on want to make lots of money so I decided to learn to play golf, the odds of me ever playing for money on the pro tour are a million to one. As of this point I would say your odds of making a lot of money trading are no better. To better your odds first you need a education foundation, a good place to start is the Baby Pips School, finish that then come back and we will talk more.

As far as how much money you need to start with. You will see mentioned on here many times the quickest way to become a millionaire trading forex is to start as a billionaire.

Should readā€¦ Iā€™m interested in trading, so I have decided to study FX, I hope to make a small fortune. I should be OK as I have a big fortune to start withā€¦

No malice intendedā€¦ just humourā€¦

Hi RR25
I have been trading for about a year. Been trying out many strategies, completed babypips school, attended courses, bought a auto trading bot.
I havenā€™t been successful yet.

However, I have recently come across this book 2 weeks ago in the library called: Mastering Elliott Wave by Constance Brown.
I studied the book, with detail for 2 weeks day and night. I feel very much more powerful. I feel like i can predict the current and future direction with great confidence.

I am going to also read and understand in detail her other book: Fibonacci Analysis

Although not successful yet, my suggestion to you is:

  1. Complete the Babypips School
  2. Read, understand and practice with Mastering Elliott Wave

For Forex, just begin with the tiniest amount, with the lowest possible leverage just to get a feel of the game.
The amount should not cause you to have sleepless nights worrying about losing it all.

Good luck!

oh yea 1 more: Trading View is an excellent charting platform. I always use that :smiley:

To keep yourself on track and motivated, draft a development plan first. This should show what activity you intend for your next month, 3 months, 6 months etc. and the levels of competency you are aiming for after each time period. Donā€™t even think about profit targets.

Learn, make a trade plan, practice, revise the plan, practice with a little real money, learn some more, revise the plan, practice. When your practice is perfect, like clockwork, enlarge your account and positions. Profits will follow as your skill level improves.

Everyone has their own opinion about this. Mine is: after youā€™ve been through whatever learning-curve turns out to be appropriate for you, as an individual, and [B]after[/B] that traded on a demo account for a minimum of 300 consecutive trades [I][U]and[/U][/I] for a minimum of 6 months without losing money.

Not much, after the process described above, but be very aware that the aim of trading with a small-sized, real-money account is to gain further experience of live trading, not so much ā€œto make moneyā€ at that stage.

The proportion of aspiring forex traders who ever get as far as making a steady-ish 5% per month return on their accounts is strikingly low (that took me about 6 years to achieve, and I started with every possible advantage and very favourable circumstances - doubtless some people do it more quickly).

From that ā€œbroad, guideline figureā€ you can see that an account of $1,000 would earn you something like $50 per month, so itā€™s a long way from there to ā€œmaking a livingā€.

I would start with the School pages, here: [B]School of Pipsology | Learn Forex Trading[/B]

For [B]after[/B] that, I often offer new members these three links to threads (which donā€™t seem to cause too many complaints) ā€¦

This was how I learned.

These were my most reliable and helpful information-sources.

And these are the five classic mistakes which all successful traders [I]must[/I] eventually learn to avoid, in my opinion.

Good luck, and welcome to the forum!

You are on the right track! Just keep on practicing in your demo until you make consistent result in your demo! But please, donā€™t try to earn huge money in a single night! Be logical and always set your live trading targets based on your demo trading performance! In addition, if you have a healthy balance then definitely you can it for your live trading, but again make sure your trading skill first!

Doing the school!

Thanks for some actually helpful advice!

Thanks Jon!

As a newbie, trader surely needs to gain experience in this field and then only think of making huge sum of money through trading. However research shows that traders who fail to succeed lack in following these principles:

Learning Money and risk management must be the first and foremost principle in forex trading. Before earning profits controlling the losses and learning from them is very essential.

One must have a realistic approach. Donā€™t set very high targets for yourself which would later make you disappointed and frustrated. First gain required amount of knowledge and experience and then proceed further. Also one must keep his/her emotions under control while trading.

So, plan your trade and practice until you are able to make profits that you desire in demo account. This will also help you build confidence and after that always start with a small real account initially.

For a start Iā€™d advice you to have at least 1-2K as trading capital so you can expect making 10-30$ safely in a day without taking dangerously high risk on your account (this gonna be 1-3% from your equity per trade). Regarding stocks trading you can check forums like elitetrader.com or futures.io, they are dedicated to discussion of exchange-traded products as well as money management and psychology.

$10-30 a day? Thatā€™s too much! Do you make that much? I canā€™t believe it! Thatā€™s too much, even for a trader professional!

A newbie need practice rather than focus on daily earning. He should start with small investment because he will do different experiments on it, he can loose his amount. His main target should to get good idea how to manage risk while trading.

You must learn a lot firstly by reading some tutorials. Try to consistent in pips school. There is a proper guide for learning Forex for the traders who are particularly beginners. And try to join a broker and open a demo account. But you will learn what you need to do in the tutorials and try to participate on this forum especially Newbie Island so you can learn more.

Very right! Traders must always start with only that much amount which they are willing or capable enough to get rid of. So as to build confidence in trading forex, one must strengthen his/her learning front. Acquire as much knowledge as possible and learn money & risk management techniques.

You will have to start forex with at least amount 500$ after having proper knowledge and demo trading experience for fruitful results, forex is good rewarding business and you can earn reasonable amount, as concern the stock, I think forex is better than stock exchange.