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Beginner Questions
1

Hey All,

New to all this and am seeking some advice as to how to get started.

I’ve been reading through the baby pips school material, however I’ve found i learn better hands on and am not sure as to whether or not i should be diving into things like the brokerage accounts and trading platforms already, or if i should finish the school reading material first.

i went through the how to choose a broker, and what not, but having no “set strategy” i’m not sure what broker fits my “strategy”! Does the school material help you with strategy in the later chapters (which I haven’t gotten to yet?)

I guess i’m just curious as to how i go from reading all the “theory” to actually putting it into practice?

Any advice would be much appreciated

Thanks!

2

try a few different brokers out before you choose.

I tryed out 4 brokers before i went with fxsol.

3

Honestly you really need to read all of the babypips school. There’s a small section that outlines a trading strategy but I don’t like it that much. The thing is, is that everything you learn helps you create your own trading strategy. It details all the different types of indicators and analysis types so that you know which ones do which.

You can try demoing somewhere…North Finance i believe has a unlimited demo but I’m not sure. As for going live, i’d suggest Oanda. I have a small account there and like their service. Their charting package and platform sucks, but I use a demo metatrader account as my chart tools and place my trades through Oanda.

Really, if you want to be good at forex you need to do all the reading you can. You can start demoing at the same time, but do the reading.

4

Hi emustyle,
Welcome to the forum. What you are going through is the same thing we all have when our eyes were just opened to the fun and potential rewards of this market.

Be patient. Everything will happen as it needs to. Finish the school and keep going back. Use this forum. It has many great topics.

Open a demo anytime you want. It won’t cost you anything to push all the buttons and get it out of your system.

5

Finishing reading the babypips school is only the very beginning of your forex education. I suggest:

  1. Reading the babypips school at least twice.
  2. Demo trading for about a month, reffering to the school as needed.
  3. Then reading through the school again.
  4. Continue demoing.

Now you have just begun. Keep demo trading and revising your trading strategy untill you are 100% comfortable making live trades.

6

Trading is difficult to learn because everyone likes to throw tools at you without telling you what they are for.

So here is what a trader does:

  1. Seeks out trades with a relatively high probability of success over failure.

  2. Controls risk and has concise objectives to properly take advantage of the high probability situations he has learned to trade

The tools and methods you choose to take care of those 2 things are totally up to you and should make sense to you. Profitable trading is just around the corner if you can master those things and keep your emotions under control. Expect this to be a process a few years in the making.