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
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 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)
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.
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.
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.
And welcome to the fabulous world of ‘babypips’ - what a wonderful place to be
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)
Best to you both,
Jessey
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…
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.
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.
