… OK, I was hoping through this post we can guide members who are COMPLETELY new to Forex Trading. i.e. myself, a 25 year old South African girl with a true PASSION for trading. I am a dedicated sportstrader on Betfair and want to get into Forex Trading now
It would be good to get links posted on here which can help with training “forex newbies” how the trading works.
Which trading platform I should use… and how to start the actual trading procedure… (Baring in mind I will bet only with a demo account)
I know I have what it takes to be a great Forex trader one day, I just need the help and support to get there. Please feel free to add me as a friend or by sending me any links/advice you may have in starting out trading Forex.
Many thanks and exited to be part of the Baby pips Gang…
Hello, Welcome to the gang:) Sounds like you have good thinking behind you, (as long as you don’t mean sportstrader= gambler) just follow it up with study, and you can succeed, Trading platforms? I like the metratrader 4 charts, (alot of people do) it is a free download, as far as a broker is concerned, that is a messy story, you can read the threads here to see it.
Now that I am trading live I know how truly mind boggling it can be…
How ever I have decided to become a super rich FX trsder and that’s it…
It shall be done…
So let’s all come together and share strategies,Experiences and learnings to gain knowledge(and a few million dollars here and there also wouldn’t hurt).
Marieks14, if you are truly brand new to this Forex Trading “stuff”, I’m sure you’ve seen this posted a thousand times here but, it’s worth repeating; if you’re new, a great place to start is the University offered here at Baby Pips. Take the time to go through this course, take your time, read carefully, and just let this good info sink in. To just jump in and start trading without ANY kind of formal training is certain death, almost guaranteed!
This is not a sprint. Take it slow and easy and you’ll increase your chance of REAL success a thousand fold.
Go through the training offered here at Baby Pips and remain steadfast in LEARNING!
Wow, what a weekend! A very nice guy from Babypips contacted me this weekend and helped me alot with registering on Forex | Forex Trading | Currency Trading
Thanks - you know who you are.
I have since then been studying the school of pips from start to finish and will do that a few times again during this coming week.
I now have a much more clear understanding of how forex works and just wanted to thank everybody on the forum for all the advise and words of encouragement. I can’t wait to get started trading with my demo account!!
Firstly, thanks for all the responces to date. All your advice is appreciated!
As I am currently working full time, I dont have the oppurtunity to sit infront of the platforms all day to papertrade, I am therefore looking for a very EASY Start-off system I can try during my time off work and evenings. I know there are many different systems/methods on this site, but I am looking to find out what the best starting system would be?
Just so that I can heve something to follow to the latter and see how it works for me.
Anyone that knows about a good start-off Forex Trading system, please contact me.
Being a successful trade is 3 main things, first having a method of trading that works, being able to manage trades and manage money properly. I have found that trading price action along side of volume is the best way to get into future moves in the market. If you can’t be at your computer during the day, I would suggest looking at trading that involves higher timeframe charts such as the daily or weekly timeframes. These allow you do check your price charts once a day, take any trades if you see any good ones, and then go about your business. Trading the daily charts don’t take any more than a minute or today each day. I hope that helps!
I have found that trading price action and volume to be useless in my experience with forex. Global macro economics is what moves the markets of forex. Learn the fundamental mechanics behind the market including the drivers of price and you will be able to profit without even looking at a chart. Hopes this helps!
Also this is a 3 year old thread so the OP is more then likely not even trading anymore.
I think the important thing here is that there isnt one way to trade the markets… You need to find what works for you, Im a technical trader, and I like trading big announcements too.
Though I do believe in Dow theory, that the market discounts everything, exactly why we have gaps and big moves on news announcements - the market is adjusting price to fit the macro.
Welcome to Babypips, though the welcome is just a tad aged - but you know what they say, with age, comes perfection.
Just check out the babypips school of pipsology, it has everything a new trader needs and better yet, since you’re already a trader, though in sports, it should help you understand the whole course better.
And on the demo, sure…and once you think you’re ready, move to a live account but small. But by now, you should already be on a live account, so what’s the update.
Find a mentor that has years of real trading experience to help you get up to speed and/or use the quality training offered on this Forum.
Choose a reputable broker and download their version of Metatrader.
Get to know how to use the Metatrader 4 basic chart indicators.
Don’t rely on thousands of free Custom Indicators to give you trading signals, but learn to understand price action and how the markets move, currency strengths/weaknesses, volumes etc.
Learn about the Technical and Fundamental aspects of Forex trading, I say this because depending upon how you trade has a direct bearing on which type of analysis is best to use.
Create a trading plan that you understand fully and believe in and which you stick to in good times and bad.
Forget about big profits for now and keep your trading leverages low 1:1 or 1:10 which will steady your trading nerves, stay away from 1:200 or more for now.
Focus on learning how to keep your trading losses to the absolute minimum and the rewards will definately come.
With money management, my advice is to not risk more than 1% of your capital at first then increase it when you more experienced to a maximum of 2% per trade, so that not any one trade will destroy your trading account.
Learn about everything else not mentioned above, but always keep your trading method simple.
Don’t ever be afraid of making a mistake, we have all done it and still lived to tell the story.
Hope this info gives you an idea on what you need to do first.
Since you have MT4 I’m sure that you will learn very soon how everything works on it. I just have one advised for you: do not consider forex trading as a gambling and don’t even bother with demo account it is just wrong way. What ever you are going to learn on demo is not going to work on real account.
