Babypips school + trading + questions + help!

Beginner Questions
1

Hello,

New to this whole thing, FOREX, trading, etc… I work the hydrological sciences by trade during the day. I have no desire to make millions or replace my income. However, that idea is tantalizing but what interests me most is succeeding and learning a new skill with potential mental and monetary rewards. I’ve done quite a bit of research into forex and have started the babypips school but know there’s quite a gap between being somewhat knowledgeable and being able to create and implement a strategy that is successful.

The type of trading I do will be longer trades such that I can set it and forget it during the work day or overnight.

  1. As much as I’m learning and enjoying going through the babypics education I feel as if I should start playing around with trades just to see what happens. My inclination is to start practice training ASAP once the basics are there so I’m not learning and forgetting everything I read. So, go through graduation with babypics and THEN start practice training or run practice trades while in school?

  2. Currently using Oanda but it starts me out with $100,000. When I eventually go to live trading I will be investing between $500-1000 to start. I would like to reflect this in my practice/demo account. Can I do this with Oanda?

  3. Any other valuable resources besides this forum and the classes I should be viewing?

  4. I have heard briefly about backtrading/historical trading, this is for working your system out and doing many trades without having to wait for the market. Is this something I should concern myself with yet?

  5. THANK YOU. Sorry if this is common information available through a search (which i did try)

2

  1. sure start a demo account and fiddle with it. Watch how price moves and see if you can see what the lesson are taking about inthe price action.

  2. yes you can adjust your balance in oanda. I think you go to the menu bar and click one of the option to get to your account website. For the live accounts it’s called fund manager I forget for oanda demo but you can if you click around you should find it.

  3. other resources. Books are great my favorites are remenices of a stock operator, high probability entries and exits for forex futures and equities, and market wizards. Websites fxstreet investopedia have a lot if good articles and content.

  4. it depends on you. Personally I really feel having a backtesting program helped me even though I have a discretionary system. It’s the speed at which I can watch historical price and get a feel for the currencies. I can watch a couple years of price action in a day, If you don’t it will take you a couple of years to watch a couple of years lol.