Good morning, afternoon or evening wherever you may be. I am fairly new to this forum and wanted to introduce myself. I worked as a registered broker up until Sept.11 when I left the business. Started trading options again a couple of years ago ultimately to no consistent avail. After being frustrated with the general mood and attitudes of the equities patch, I decided to concentrate on forex instead.
About my forex trading. Well, its gone just about as good as one could expect with a 500$ mini account and 9 days of trading. I blew out my account today on my first margin call ever.
I dont have any kind of system yet. I’ve come to the conclusion I need to be profitable on a demo before I even attempt trading live again. Ive read quite a bit over at FXCM, as my account is there, but nothing really can prepare you to be profitable without learning the right information. With that said I am off to start the school of pipsology and hope I can learn the info I need to become a profitable forex trader here.
Looking forward to learning from some of the experienced guys here. Looks like a great site.
You’re right about BP being a great site … it is the best, bar none, to learn how to trade forex successfully. You won’t find a more helpful group of people willing to share and the babypips school is excellent … I hope you are working your way through it as we … type.
#1, $500 is way too small for a mini account. And IMO get away from fxcm … I was with them at first as well and almost lost all my money there. See the broker thread for more info … they seem to be experts at draining the smaller accounts of newbie traders.
Go with FX Solutions instead … you can open an account within a couple of hours online and have it funded the same day. Trading platform is much better than fxcm … and you can have a $500 MICRO account which is like trading a $5k mini account. Better to start with $1k but $500 will work if you are very cautious.
However … first you should get a MT4 demo account, $50k at least, with ODL, Alpari, or IFXB and start trading that before going live. When you have 30-60 days of profitable trading behind you, then have a go with a micro account, preferably $1k.
Once you learn you can parlay a $1k micro into a $10k mini in a few months and from there to a full lot account. It is possible … once you learn.
Like you I spent several years with equities and options. Now after 6 months in forex, I will never touch an equity again. Forex is … unreal.
Once you learn
And there are plenty here to teach you. In addition to BP school, check out Tymen’s thread the Joy of Candlestick in the Newbie section and in the Free Forex Trading systems, M2P has a simple strategy you can try for practice.
There are many others … enjoy the journey & protect your capital, ask questions and learn all you can … you’re going to love this
Wow! Thanks for all the great information 4X! Ive also heard from other people that forex is ‘un-real’ thats great to hear. I had a blast blowing thru my first 500$. I figure if I can come up with some type of decent system that works, skys the limit.
