G’day to everyone. I’m a newbie, just joined this site and was recommended it by someone as a great place to start. I’m an ordinary Jo Public guy, working as a delivery man for a living, currently struggling with all the usual financial problems, bills to pay, Christmas coming up, kids wanting everything they see and yet the income just never seems enough to cover it all. I guess I would be what can only be described as the ultimate new starter, I know absolutely nothing about this Forex business. At least I’m honest.
So I have decided somehow to try and change things and have heard a lot about the principle of Forex Trading so I hope that somehow I can find the time to really get involved and try and earn a few dollars for my effort. I’m not expecting any get rich quick scheme, I know this takes a lot of work and study and effort. But I figure I have nothing to lose, because if I go on as at present, I’m going to fall into more and more debt, as those bills just keep on coming and the credit card just eats away any earnings my wife and I have.
Yes I am quite desperate but I know there are many out there in worse situations than me. I’m going to try and start learning at the school on this site and would truly value any help and advice anyone can give me.
Thanks for listening Guy’s and best of luck with all your endeavours
Barry :eek:
I would also agree that this site is probably the best one for learning about forex trading.
However, it’s not enough. I believe one needs to learn more than you can find here. Let me recommend the “for dummies”-books:
Technical Analysis for Dummies
Economics for Dummies
Currency Trading for Dummies
They’re inexpensive and I learned a lot from them. Becoming a skilled trader takes time, months or maybe even years, so the more you know, the better you’ll do.:rolleyes:
Thanks for the replies and for the advice and introducing yourselves. Always great to communicate.
I agree with all you say. Infact, I believe this is a never ending road we are all on, by that I mean you can never learn enough. It’s like a hobby, say becoming a Wine expert or a football fanatic or a musician or something, you love reading and learning all you can about your chosen love. Difference being here we all hope to financially profit from it in time. So I guess we have to make it a labour of love. Just keep reading as much as you can and keep making notes and anything to help you absorb and assemble knowledge.
What I have found about this site so far is the easy to understand principle they use to educate you to the system. I agree with you [B]o990l6mh[/B] more knowledge is needed as I say, you can nebver get enough. I started off using a text book called, “Getting Started in Forex Trading” by Michael Duane Archer and I have found that book an excellent starting point also. I will in time follow on to his follow up book "Getting Started in Forex Trading Strategies"
Good Luck to all,
[B]Barry[/B]
hi barryjohn, i am intending to migrate to down under soon which part of australia do you come from? do keep in constant contact with the friend that recommended you babypips.com, there is alot more to learn in forex trading than just studying, and since he is one step ahead of you, you can learn from him
G’day Jawnlooi,
Nice to hear from you, I’m actuallyfrom Brisbane in Queensland, how about you, where are you from? Thanks for the advice and good luck with your plans to come here, my only question is Why do people want to come to Australia?, it’s the most boring dull place on the planet except for New Zealand. That’s why so many of us Aussies move overseas.
Hope all goes wel for you,
Barry
Hi, I actually just came back from a trip to Brissy. I’m going to be studying in UQ next July, was scouting the place I’m actually from Singapore. And if you were born here and weren’t so attached to your friends/family, you’d wanna migrate. Sure the taxes are low and its safe, but it’s waaay too hectic. Everybody here is just struggling for money, work longer hours for more pay. It’s a large scale ‘rat-race’.
Works for you guys anyway, China migrates to Singapore, Singapore migrates to Australia, Australia goes back to UK hehe.
What’s your current position in forex? As in, have you started a demo account or are you just reading up first?
Hi Jawnlooi, Singapore, I have visited there a few times mostly breaking up the trip between Oz and Europe, and liked my visits there, much nicer place I thought than HK. But as a native you know what it’s truly like. As for me and Forex, I’m just demo trading at present on eToro, just getting a feel for things and slowly starting to understand things a bit more each day.
Good luck with your time in U of Q. Nice place that in South Bank so close to everything in the city. I hope by next July I will be long gone from Australia, as I see little future here for my family. I’m a qualified Chef and have the chance to move to Europe working for family in Sweden. The economic situation is far worse here than the Government will have you believe.
good luck,
[B]Barry[/B]
I’ve recently graduated from total noob, to live and green mico forex trader. So far I am doing well. Here are some things that really helped me that I recommend:
Read the baby pips school a few times, until you understand the really important parts. You don’t have to understand every indicator, just the ones you are going to use. The most important parts to understand, IMO, are leverage and margin…because this is why most traders apparently tank their first accounts.
Purchase and read this book: Trading In the Zone, By Mark Douglas. It will teach you how to teach yourself to think like the successful traders. This might not sound all that important, but the book is really an eye opener. I would trade all the other dozens of books I bought on trading for just this one if I had too. Really, get this book before you do any trading and do what it says.
Check out, “dragon33’s.” money management strategy. It’s not a trading strategy, but a money management guide that will give you a plan for slowly building and compouding account equity.
Demo trade and learn various free systems offered here. You can demo tonight if you want. Costs no money. That’s what I did, because I was impatient. I wanted to see how platforms worked. IMO, just reading and thinking you are going to execute well later is silly. You should be studying and trying the things you are studying at the same time on demo, and then later live with an extremely small micro account. (I use IBFX, so far a very nice broker) When you do demo start the demo account with a realistic amount. If you plan on starting your first account with 1K your demo should be 1K or less.
And if your demo turns you into a play money millionaire, don’t get excited and jump in live.
I recommend the, “never lose again,” threads. It’s not so much a hard and fast system as it is going with the flow of price.
I also recommend, "james IB, (inside bar) system. The basics of it are also in the free section. It is an easy to understand system that also follows price. He also has trade room for a $97 fee if you are so inclined and want to get tips from him live.
This is my opinion, and I may get flamed for saying this… If you think you have developed a decent edge/ trading strategy and you are still demoing it past two weeks, every day, you are wasting your time. IMO, demoing is only good for working out new edges and learning how a platform functions. To learn how to do anything well, you need to really do it.
Only playing on demo is kind of like watching karate instructional video and thinking you now know karate.
Now, I don’t mean jump in and trade huge lots. I mean start a micro account and at least trade cents. Work your way up and compound, or at least learn first hand how fast you can lose your money when trading.
Demo’s don’t behave quite the same as live and your mind won’t be involved the same way it is with a game, no matter how hard you try to pretend it’s real money.
which part of australia do you come from? do keep in constant contact with the friend that recommended you 
I’m actually from Singapore. And if you were born here and weren’t so attached to your friends/family, you’d wanna migrate. Sure the taxes are low and its safe, but it’s waaay too hectic. Everybody here is just struggling for money, work longer hours for more pay. It’s a large scale ‘rat-race’.