Hello Everybody! New to Forex! Scared, Excited!

Hi All,

My name is Jamie, I’m from the UK.

Lets be honest, the only reason I am here is I want to make money. I want to buy things, I want to provide for me and my other half and I have always been fascinated by the idea of Trading.

Yes, the Idea and actually doing it are two different things, which is why I’m taking this steady.

I am more Noob than a Noob can be, so please, be patient with me :slight_smile:

I have got some ridiculous questions to ask, as the most important fear factor for me, as it should be everybody I guess, is losing money.

I am so excited to get strated, I have literally just opened up an Oanda Demo account and I’m trading :slight_smile: on a whim and a prayer really but how can I learn without messing around, I think I’ve made 5p lol

1st Question, if I put £1000 in and the leverage was high so I got £100,000 to trade with, no matter how pearshaped things got, is it only the £1000 I’d lose, or would I have to stump up the money to pay off the £100,000.

The leverage bit, I’m a bit stumped. (noobie noobie nooooobie)

Regards

Jamie

No you’d never have to pay back the £100,000 as your broker would give you margin call before that. To stop your account going in to negative equity, they would close out your position once you’d lost your initial £1,000 deposit.

As you’ll learn, you should never risk 100% of your mon£y, the most common figure is only risking 2% per trade & by doing it that way, it’ll take a fair while to blow your account.

I hope that you’ve started The School of Pipsology & check YouTube for Inner Circle Trader videos (his earlier ones), they’ll keep you right.

Welcome & best of luck to you.

Hi :slight_smile:

I’ve done the whole of the first section, about to go to Kindergarten now :slight_smile:

As you’re in the UK what broker do you use?

I’ll try and find those Youtube videos :slight_smile:

Regards

Jamie

I don’t really think it matters where you are in relation to the broker, as long as they’re registered & above board. I’m with Oanda, they cropped up a lot in threads, that’s partially why I picked them. In the “tools” tab of BabyPips, there’s a broker comparison section, pick a few of the ones that appear a lot in the Forum & then compare them & base your decision on that.

I’ve read a few posts that suggest that as we’re in the UK, you can open a spread account with Oanda which treats your trading like gambling & is tax-free (or at least that’s my interpretation of the info). I’ll chase it up more when I go live.

How are you doing so far on your demo account? How long have you been trading Demo?

Regards

Jamie

I’m doing pretty good, up about 200 pips this week.

I was just making uneducated trades before, the further you get through Pip School the more it starts to click. I’ve still got a wee bit to go but I’ve come MILES from where I was. It’s all one big (unfortunately never ending) learning curve.

Been demo’ing for about a month now. Play about with it as you learn, it’ll help your understanding.

Hi Asonda,

And welcome to the fabulous world of ‘babypips’ - what a wonderful place to be :slight_smile:

Like you, I am super newbiness all over…

And your question, is one I have thought of myself - so thank you for asking it… We really are in the ‘infant’ stage aren’t we!!!

Thanks Baz for the reply and info we were seeking…

And good on you with 200 pips - keep that up ‘my son’ (English expression for those that don’t know) :slight_smile:

Best to you both,
Jessey :slight_smile:

PS. just finished a spot of gardening with hubby - have decided it’s ‘severely overrated’ - a bit like bloody housework… Sooner I make tens of millions on forex and can have myself a fulltime housekeeper and gardener the better - BANG/WALLOP - oops - back to earth - there I am… :slight_smile:

Baby-steps Jessey, baby-steps. Go for a part-time house keeper for now & just tell your husband that he can do the gardening on his own. It’s a start to you becoming a super rich diva.

lol…
Thanks Baz, I knew you were a nice lad - thanks for the words of comfort…
Like the ‘super rich diva’ - wouldn’t that be nice :slight_smile:
Have a good one…

Hey Jessey,

Well yeah tell me about being a super noob, I feel like one too! The more I read, I begin to wander what on earth we’re supposed to do!!!

There is not exact science to this, all a bit riskay! :slight_smile:

Jamie

I’m almost ready to graduate BabyPips School & I can safely say that I feel like I’m in the same boat. It’s a constant learning curve!

I’m forever feeling puzzled, I pick up the theory really quickly but unfortunately, the practical implementation is never as easy - it’s mind boggling.

Give it time…LOTS of time!