Newbie
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Thread: Newbie

  1. #1
    Join Date
    Feb 2017
    Posts
    19

    Default 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?

  2. #2
    Join Date
    Jun 2012
    Location
    Orlando Fl
    Posts
    1,047
    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.

  3. #3
    Join Date
    Oct 2010
    Location
    Jacksonville, FL USA
    Posts
    3,163
    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.

  4. #4
    Join Date
    Dec 2016
    Location
    Australia
    Posts
    89
    Quote Originally Posted by RR25 View Post
    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?
    Should read... I'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 with......

    No malice intended... just humour....

  5. #5
    Join Date
    Feb 2016
    Posts
    7
    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 haven'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!

  6. #6
    Join Date
    Feb 2016
    Posts
    7
    oh yea 1 more: Trading View is an excellent charting platform. I always use that

  7. #7
    Join Date
    Oct 2016
    Location
    Devon, UK
    Posts
    276
    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. Don'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.

  8. #8
    Join Date
    Jul 2013
    Posts
    2,534
    Quote Originally Posted by RR25 View Post
    I am interested in making a lot of money so I have decided to study FX, when should I begin trading?

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


    Quote Originally Posted by RR25 View Post
    How much money do I need to begin with?

    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 "to make money" 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 "broad, guideline figure" you can see that an account of $1,000 would earn you something like $50 per month, so it's a long way from there to "making a living".

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

    For after that, I often offer new members these three links to threads (which don't seem to cause too many complaints) ...

    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 must eventually learn to avoid, in my opinion.

    Good luck, and welcome to the forum!

  9. #9
    You are on the right track! Just keep on practicing in your demo until you make consistent result in your demo! But please, don’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!

  10. #10
    Join Date
    Feb 2017
    Posts
    19
    Doing the school!

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