Hi all :). I’m new to forex and am gathering info about it. For now I’m going with:
School of Pipsology - studying it
checking this forum daily
found on forum document about most asked questions about forex - studying it
ordered “Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications” book to study it
Also I plan to do some demo trading first and then go live. I’m in no real rush here. My plan is to trade on Forex daily and make it my primary way for income. Have an income now but at 32 I want to do something more then regular job. Patience I have & will to learn also.
What would you sugest that I should study next or what are the best resources for Forex (forums, books, web pages, news resources…)
My girlfriend will do it also so this is a big bonus (instead of going out we’ll trade :p), she actually introduced me to it.
sounds like your off to a pretty good start already. Demo trade, learn about trading both technically and fundemntally, read the financial newspapers everyday, watch the financial news programs on t.v., etc. And of course go through the baby pips school
It’s nice to see a newbie actually wanting to learn for a change. You’re headed in the right direction. Keep up the good work.
Also, I’m glad to see your interest in the daily charts. Looks like you want to make money but still have a life instead of staring at your charts all day.
You might want to read through two good threads I’ve come across regarding longer time frame trading.
You sound more realistic than most newbies. I suggest the you demo with the amount that you plan on going live with and don’t go live until you have at least 3 months of profit and you have doubled your demo account.
Good books to read, anything on candlesticks! Try some Elliott Waves if you feel adventuroius.
get rdy to expereince one of the toughest and yet most rewarding careers you’ve ever faced in your life…it is one hell of a skill to have and use profitably, but it can be just as deadly to your accounts if you screw up to many times.
It is alot of fun to learn, if anything for the simple fact that your learning a skillset and your brain is working hard to process all the new information. And when you gain ground, it’s humbling to watch it happen real time. It’s like learning a new language or playing a new instrument. Fun to learn, even more fun knowing you know what your doing.
Many do quit when the going gets tough, and trust, the going WILL get tough, but have the balls to take it anyway and I promise it will pay off financially in ways you couln’t possibly believe.
TRADING IN THE ZONE by Mark Douglas - every new trader MUST read this. Its the best trading psychology book out there and psychology is an important as knowledge and trading technique - it will make or break you. If i had read this before even looking at a chart I would have save a couple of years of my learning journey!
It is good that you have patience as you will need plenty of it. I would also recommend that you should open a mini-account before moving to a standard account, make a small deposit and only trade 0.01 lots until you achieve consistent returns and work on your strategy. Once you have that in place you can migrate to a standard account and make a ‘real’ deposit.
So right LastBear! And never be in too much of a hurry to grow an account FAST! Never risk more than 1% of your equity on a trade and youll be starting in the right direction. Concentrate on the bigger picture
You know, I remember when I first started out and I was risking 7.50% per trade, and assumed this was totally acceptable - of course now I look back and laugh at myself whilst thinking “you stupid idiot” - it’s all about moving on and learning. Whilst also trading this ridiculous risk level I was also looking at paper projections of up to 70% ROI per month - paper trading is so nice, just not realistic!
Now, nearly six years later and I risk 3.0% at most of my account balance, and aim for an average 12% per month - quite a comparison to what my expectations used to be as a newbie.
New traders should get risk taking training on demo accounts , prepare yourself how to manage big and low risks. When they are expert in handling reasonable risk they can try it in real account too. I will suggest to have low risks in start with live account so that they will not face critical situations.
The best start for newbies is that they should learn first the basics of Forex trading and improved their trading knowledge and experience by practicing in demo account so newbie should spent three to four month in demo account.
It’s probably a god thing to practice what you’ve learned. After that check out some outstanding web sites with education that will assist you to your progress. Another cool thing is to participate in webinars. It’ doesn’t mater if you are a total beginner, there webinars(web seminars about forex) for newbies. Try that.
Three till four month is very advisable , but almost people can not wait too long . most of them want get instantly , unfortunately this impossible . all of that need process from basic thing then steo by step we can understand how to profitable from forex business
