Advice For Newbies

Beginner Questions
1

Hello everyone,

I am from Singapore and quite new to forex trading and trading in general (although I have bought and sold stocks occasionally in the past).

Recently, I read a book called “CandleStock Charting For Dummies” by Russell Rhodes , got inspired and am planning to trade full time at home. Planning to start with a capital of around 35,000 SGD (about 26,000 USD).

What next steps should I take as a newbie (in terms of finding a good broker, trading platforms, charting package software options, forming and testing trading ideas and hypothesis)?

Thanks alot !

Gengyang

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2

I would recommend not trading with real money until you are consistently profitable with virtual trading. When you do start trading with real money, start very small and work your way up (even if you have the capital to start big). Prove to yourself that you are able to handle it first. Your education can be as cheap or as expensive as you want it to be.

Regarding a broker, that will depend on your goals and what options are available to you in your country of residence.

www.tradingview.com has charts and virtual trading for practice. If you find a good broker, they may offer free demo accounts to practice on as well.

Listed below, are a few youtube channels that can help you to better understand some basic concepts. Not all of the videos that get posted may be helpful, but the information is free and most of the authors that are listed here do not constantly bombard you with offers for paid material:

https://www.youtube.com/channel/UCFSn-h8wTnhpKJMteN76Abg/videos
https://www.youtube.com/channel/UCnKPQUoCRb1Vu-qWwWituGQ/videos
https://www.youtube.com/channel/UCeu9yMweVfTCftF9gvnuGeA/videos
https://www.youtube.com/channel/UCy1pJaAPlZT1uiB5vzmzLtg/videos
https://www.youtube.com/channel/UCOwqjVXrL4DL4P89ljEiKIw/videos
2 Likes
3

Hello @CaiGengyang! :smiley: :smiley: Welcome to BP! I haven’t read that book yet, but what about it got you interested in forex? :blush:

I agree with Methos. :smiley: I think you should try demo trading for a while before you go live. :smiley: I think it’ll help you figure out what kind of trading style works for you, and what type of trading fits your schedule etc. :sun_with_face: Oh. Btw, have you gone through the School of pipsology here? :slight_smile: Super easy to understand for beginners. It actually helped me a lot. Haha. :smiley: So, welcome agaaain! I hope I didn’t say too much.

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4

My goal is to become a full-time trader.

I live in Singapore and will probably try IG then. Its the top-rated MAS-authorised FX broker in Singapore according to a review site on the internet.

5

It is pretty simple to read and gives a brief but good outline of various basic candlestick patterns and other technical indicators and how to use them , a good introduction book for newbies. It piqued my interest — to see if technical trading really works as well as advertised in the book. Though I would look for more advanced books that show how to create and use more complex combination of patterns in the future as I get more experienced. ( It is an intro book and doesn’t write about more complex patterns like Elliot Wave Theory etc )

I might have gone through the School of Pipsology in the past(can’t remember), but will probably try to read through it again

Thanks …

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6

Ahhhh! :smiley: Sounds interesting! :slight_smile: I haven’t read it so maybe I’d try to grab a copy. :smiley: Anyway, good luck with your trading! May the pips always be with you. :blush:

7

My advice is to start small. Like really small. Set a goal like one trade a day. Stick to one or two strategies and trade them consistently.

8

Trading is a field of survival. Always remember to set stop loss every time you enter a trade to minimize your losses.

9

Yes it’s a field of battle, anything can happen negative or positive, always should trade with analysis and money management, otherwise there is a chance to fall a huge losses.

10

I am sure you will do better with video tutorials; there are many free channels on youtube you use. Don’t read too much, just watch the video and practice with a demo. About brokers, there are many threads here you can use to make a good decision. I randomly picked this thread: Is NordFX is a good broker?

You can take your time to search more.

11

Now a days reading is not an only way to learn something . Many other options are here as watching videos, screen shots and different channels of forex trading. A trader can use anyone of youtube channel to learn all about trading according to it he can practice on demo account.

12

Definitely best to have a plan and system in place before trading real money. It would be very easy to blow a $26k account very quickly. Price action is probably going to be your best option to be profitable. Basics are key. Support/resistance levels, bias, and money management most of all. Trade 2-5% risk of your account and have an answer to what you will do in most situations. The worst thing you want is to be in a situation that you don’t know how to get out of because you didn’t plan for it.

There are four types of trades…small loss, big loss, small win, and big win. Only one you need to worry about, that’s the big loss! Everything else will make you profitable!

13

too many sources right now available around us , sometimes i feel it makes volatile our beginners to learn exact knowledge.

14

i know most of sources are available right now , but most of them are found to be useless.

15

Try to start trading with your demo trading account first. This virtual money trading practice can be a feasible trading tool for you to achieve basic trading understanding.

16

demo can be bored sometimes , besides demo thats why i prefer cent account.

17

Same me when I began trading. My friend recommended me to trade demo account first and backtest it. This help to understand how to trade, platform work and win/loss demo account. Even I never make money from demo but I can confirm that this will help to gain confident.