Hello, Babypips

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1

Hello,

Always looked at Forex from afar and wanted to be serious about it but never could be due to financial constrictions.
Why I’m here:

  • I’m hoping this site will help me be focused.
  • Really looking for an extra way to support my family. Things are tough, like they are for most of us!
  • Kids have got good heads on them but their schooling isn’t cheap, so hopefully be able to pay their fees without killing myself month to month.
  • Be able to afford the more expensive kit for my day to day work! (I’m an editorial freelance photographer)
  • lastly, pay off stupid debt I made.

kind regards
Darren

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Hi and welcome :slight_smile: I hope, you don’t think forex trading is easy and quick earn big cash…

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Ditto comment as PP. FX trading is simple but it’s not easy to make money, ever. Better to focus your mindset on NOT LOSING your capital. That is key to being proficient and in control over your emotions. Psychologial strength facing adversity is critical.

Motto: learn before you earn. Put a written plan in place detailing where you’re are now, where you want to be at a future date, and how you’re going to achieve your goals. Pin it on the wall and try and improve yourself 1% a day.

How? By pressing the green Education button above to start your journey. Prepare yourself for months of hard work.

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Thanks @ProfesorPips and @steve369

Good advice. I am under no illustrations that this is hard work and planning. Especially taking note of the mental aspect.

I have a few friends who have been doing it for a year so will be be learning from them. I have started the course on baby pips as well.

My hope is to start making 5 pips every week or 2 and then assigning a minimum value to them after getting more comfortable.

I want to try and make $1-$5 off $100 account every second week when I do start using real money after a few months of using demo accounts

What are your guys thoughts on this so far?

Thanks
Darren

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1-5 $ is still 1-5% your account ( 100$ ). I guess you need to think about your goals in the forex market a bit.

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Thank you.

Is $1-5 somewhat unreasonable? Bearing in mind I am trying to make 5 pips every 2 weeks. So i’m not focused on the $ amount. It’s just what I wish to assign to the 5 pips after putting in the work on a demo account for a few months.

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First, you should start thinking about how much you can lose than gain. Second, in an account with a value of $ 100, you must use nano lots to comply with the risk management rules, which means that the value of one pip (assuming trading on EUR USD) is a tenth of a cent. All in all, you want to earn 1000-5000 pips with minimal knowledge and experience.
Basically, you want to take part in a car rally where everyone from beginners to advanced drivers compete as soon as you get your driving license.

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Start with Learn How to Trade the Markets

Then here’s a list of good books. Mostly for newbies.

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9

Thanks, I understand you and the analogy. (Thats a looooot of pips)

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Thanks @TotoCayetano I have started on the school . Will check out the books.

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11

Babypips is surely a great forex forum to learn and grow as a forex trader. You can post your queries to get expert guidance.

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hope you get to achieve all your goals through forex here.