Another n00b washed up on the island

Beginner Questions
#1

Hey everybody,

I’m new here (obviously), and just getting started in this whole “forex” thing. I’ve been playing around w/ a demo account on Metatrader for about a week now, with mixed success - but enough to keep my interest piqued. Currently I’m trying to read up on everything I can find and get my feet wet a little on the demo account before getting in to the real thing (and considering some of my recent trades, that’s a very good choice!).

I’ve got a lot of time on my hands which is conducive to day-trading, and I’m aiming towards the goal of reaching a small daily pip target (just enough to avoid having to get a real job!). This may or may not be feasible, and any knocks on the head to enforce a reality check will be kindly appreciated.

No real point here besides introducing myself, so let’s all have a drink.

#2

welcome pman, babypips is a great place to learn. Did you goto school yet? they have lessons from preschool through college and it is everything you need to get started. I would say that it is going to take some time for you to be in consistant profit and depending on how much money you have invest. The most important thing is money management. don’t risk more than 2-5% of your account even when you get good.

good luick, john

#3

[QUOTE=ThePman220;111784]Hey everybody,

I’ve got a lot of time on my hands which is conducive to day-trading, and I’m aiming towards the goal of reaching a small daily pip target (just enough to avoid having to get a real job!). This may or may not be feasible, and any knocks on the head to enforce a reality check will be kindly appreciated.
/QUOTE]

Hello, cool avatar…I see you are in NZ, I am in the same time range, so I suggest that you avoid trading during the “asian” session, Tokyo, Hongkong…roughly around your day time…there is little movement during those hours, so harder to make a buck…usually I check the charts, and the set up, but then don’t trade until the London session opens, which is in the early evening…that way if a trade is good you can set it, go to bed, and (after the NY session,in our morning)… hopefully be a richer man…

#4

Hi guys, thanks for the replies.

Yep, the babypips school is the first place I found, and how I ended up here. Great primer on the basics, I thought, and I’ve been testing out the Cowabunga system as well.

Thanks for the advice :slight_smile:

Yeah, I’ve noticed that the day shift here seems to be quiet most of the time, and I’ve been faked out a few times. London opens around 7pm here and I definitely see a change in activity when that happens.

I’ll keep the overnight trading in mind, since I’m usually up until at least midnight anyway.