Hey how’s it going. I’ve been researching forex trading for 6 days now and I devoted about 20hours in extensive research. I know the basics but I want to move on to becoming a great trader. I downloaded the Metatrader 4 app and it seems like I suck. I want to learn when to buy and sell. I need to know the right time to sell or buy. I need a mentor or someone who can direct me to the right direction.
Hi Alexxis.
Forex trading’s a fascinating challenge and I would recommend anyone to at least try it but trust me, after 6 days you have only scratched the surface. As you twice specify the research time you have invested so far it seems you find this an impressive effort. Clearly, the reward so far is insufficient, or else, why post this?
First off therefore, I’d say you’re showing massive impatience. Second, trading is a set of practical skills supported by knowledge of economics and price behaviour, plus the ability to analyse price charts, plus the aptitude to manage risk and accept regular loss-making trades - your conclusion that all this can be acquired within 6 days is wildly unrealistic. Third, your post suggests that immediate profit is your urgent goal, whereas at this stage a more professional attitude would be loss and risk management so as to maintain your account long enough to acquire the practical skills to make a profit later from larger trades and more consistent wins.
I don’t think a mentor should take you on at this stage, its not what you need so it won’t work. Continue your research, develop trading technique, find (adapt as necessary) a trading strategy with strict rules and practice, practice, practice. Soak up the free knowledge here and elsewhere: post specific queries on anything problematic. Keep in mind trading is a job not a lottery win, and its boring.
Click on the School tab above and start taking the quizzes. That should give you an idea on how much you understand what you have been learning.
Open a demo account so you can familiarise yourself with the trading platform and practice a few strategies.
Don’t rush yourself, fx will wait until you’re ready to trade
It can take years to make money in Forex. Don’t worry that you are losing now. It is a long learning process. Use the babypips School to get the basics then read a load of forum posts
Hello
I find that six days is very long for a period of learning. I advise you to spend at least 6 months learning, with the book on the forex, blog and actively participate as you do with the discussion forums. Start you accustomed to the market with a demo account without risking your money.
Definitely try out the ‘school’ on this forum. It does take time to start making money. Good luck and don’t rush into live trading.