Really stupid question…but so much information…how do I get started ! !
I have tried forex trading before without success…any ideas on the simplest strategies to get started/ the best chart packages etc. ?
Thanks to anyone who can help.
steve 2403
I would go to the babypips skool then check out Nick’Bs system pretty easy to learn and he has a free ebook you can d/l and check out.
First of all I would like to know what happened to you in the past with Forex. Second, and as you may already know, to open a demo account with any broker that you like, I’m working right now with Tradeview, I highly recommend them, but on another opportunity if you like. Now, checking the babpips school section is really great, however I recommend you to look for other sources of learning courses, that way you can compare and get a much clearer idea, also to post on forums, especially here, any type of questions you may have. Now as you are reading and trading try to decide if you’re going to be a scalper (short term trader) or a long term trader, and having in mind this, you then decide whether to work more with fundamentals or with indicators. I guess is one of possibilities you have to start, that’s how I did it and it has worked for me so far.
I believe Babypips is the best school you’ll ever find, it is clear and simple to understand, along with reviews from people sharing winning and losing stories that may help you develop a criteria. Feed you mind, never stop learning. Be careful when choosing a broker, check all the regulations, download a demo account and apply everything you have learned though the internet, as someone mentioned above tradeview is a good one, but you will find it out once you have the chance to compare. And remember not having success is ok as long as you gain experience.
Schools are for now a good way to destroy those old myths and bad ideas you have been acquiring in your past process�babypips, tradeview and straightforex have nice tutorials and good demos account which the second thing you should think about, chose MetaTrader4 for me the best one to trade in demo. Do it �doucement� to keep the most important information
Managed accounts are like investments you don�t need to worry, excellent to have constant profits (not to big) because they trade the money for you. I�ve heard in Panama there are exceptional companies like that but if you want trade yourself having fun at the same time.
Steve you know what I would do if I were you, I would fake it till I make it. In the blog section is pipcrawler’s pick of the day. He is a technical trader that uses fundamentals to back up his analysis. His trade calls are backed up with explanations so you can understand why he is taking the trade. Read his trading rules then follow his blog. You will make money honestly his trade calls are ecellent and the best part is they are free!!! While you are trading his trade calls you could be studying more and trying to learn as much as you can.
Pick of the Day: USD/JPY - Trade Update | Forex Blog: Pick of the Day
That�s a good idea if you are well-known with MT4 or any platform you are using if you are. If not, read about it (pretty easy) and try his ideas. Let me tell you with few hours per day spend in the computer you are able to trade. Give to it a chance.
Thank you for al your replies - its a steep learning curve and the first steps are the hardest !
Will get stuck into the learning school and love the idea of following the blog to gain experience.
Any recommendations of which charting package to use ?
Thanks again.
steve2403
Just choose one or two & try their demos.
Oanda
FX Solutions
CMS Forex
PFG
Interbank FX
GFT Forex
Gain Capital
FXCM
From the thread below,
Also start with the account balance you intend to use.
The recommended one for me is the MT4, however there is another platform you can download from Tradeview Forex. It is the Ikon Platinum, a similar platform as MT4, with advanced features. When I made a comparison on signals between some platforms It happened to be the most accurate.
When I first started with forex, I absorbed anything and everything I could get my hands on, and each and every day my questions changed, normally on an upward scale as I learned more and more.
Its the way it (and most other things) work, so throw a few books under your pillow at nite and learn away !
seriously, each thing you read or see will lead to the next thing and so it goes, or as is often said, “just put one foot in front of the other and go do it !”
whatever you choose as the first step, there will be thousands of more steps ahead of you !
IT WORKS !
mp
What a nice thought. And pretty good advice, that’s basically the process I guess we all do when starting up on Forex. As someone really close to me said, feed your head. I’ve never known a good trader that has stopped learning anytime. Developing criteria is matter of taking advantage on any useful information you might find.
I started my education in forex time ago and I realized too much information will help me but when it accumulates I can�t think how to use it.
Getting involved the indicators (for technical) and fundamentals step by step is a smart idea for any trader.
Well for me is all the way around, the more information you get the better. Probably you don’t know how to link that information on your mind, but believe me you will end up developing criteria, just applying useful information and discard some other. Using technical and fundamental is wise as you may know, but you need to go beyond that, you need to compare and identify trends so you can know when to hold back for better confirmation. I guess it is matter of time.
When you realize, very soon, that criteria would be stronger if you have constancy. All the information became clearer when you trade demo or real. That�s complementary school.
Shell advice could be definitively the position to start. Compare trends is a powerful strategy to follow being careful.
Discipline and a nonstop learning strategy would be the key as Magg said. Once you have acquired the necessary information, you go with the method you feel comfortable with. A good way to start is with a demo account, for me it was the best school, along with baby pips school. Platforms like tradeview forex, oanda and alpari will give you some good ones.