Don't want to gamble my money away

ello there, a newbie here and a super-noob in the Forex market for sure.

Anyway, I was introduced to the Forex a few months ago but didn’t really get interested, until a few days I took a look at a demo client and was quite hooked. A few days afterwards I deposited $500 into the account in order to start making some dough.

I’ve read much about this market’s votality and the high risk so I didn’t want to go with my guts yet or stick to my personal expectations, so while the deposit was coming in I continued reading about day-to-day trading planning and technical analysis.

I managed to make a few real trades before realizing I could blow away my small bankroll, I’ve made about 15 trades, 13 of them profiting me, 2 of them losing me quite a bunch - I’m at around 486 now.

Anyway, I’ve been reading on babypips.com and reached quite an advanced stage there, although there are some things I don’t get yet, and my questions to you guys are:

  1. What more resources can I use for my daily trading?

  2. What exactly are signals and how important are they?

  3. My client is pretty simple, it does have boilinger bands and MA’s, MCA’s and such, but I failed to find any fibonacci features, which I understood is very important for support/resistance rates…is this a major problem?

  4. I know I’m quite underroled, should I limit myself to 10pips/trade with max $10,000-$15,000?

  5. I’d really love to know more about currency relationships and correlation between pairs, where can I read about that?

  6. Do you mainly trade by technical analysis or fundamental ones?

  7. What are some of the major events that are known to drive X currency up or down?

I will not be trading for real for a while, at least not before I finish babypips and maybe fool around with my demo account (which is up about 800, lol), and hope I can settle in here and become a contributing member in the future…

Thanks!

I would say that you should stop trading with real money until you become profitable with virtual money first. You’ve had 13/15(87% win ratio)trades which were profitable and you’ve lost money. It’s clear that you haven’t got a clear money management, trading system or method in place. Most, if not all of your questions are answered in the school and on these forums.

So what to do now?

step 1. go through the babypips school at least, to gain some fundamental knowledge about the markets and different trading methods.

step 2. view different trading methods posted on this and other forums.

step 3. adopt a trading method or system that you feel comfortable with.

step 4. Develop a good money management approach to all your trades

step 5. practice trading in a demo account until you make consistent profits.

only after you gone through these steps would i advise putting really money in the markets.

As with all things in life, if you really want to be good at something it takes hard work and dedication. I haven’t been live trading long but one thing i know is that the market loves to take money from the ill prepared.