I am an absolute newbie to trading and want to explore the prospect of earning cash outside of workhours. Not entirely sure what market or timeframe I will trade so any recommendations would be appreciated. Will have a few hours each week night in Australia (UTC/GMT +10Hours) and weekends. For the next couple months/years how ever long it takes I want to dedicate time to understanding this valuable art.
I think understanding the fundamental and technical of trading will help me progress as an investor.
I have stumbled across this page during my research into trading forex and really like the idea of joining a community to learn the art of trading share knowledge and potentially pass that knowledge on.
I am very curious to see if many people believe, or even better yet, themselves, acquire the knowledge outside of general work hours and trade for extra income?
How much time do you think I should spend learning before I really do start putting money on the table? Or how long did it take you to feel comfortable putting money on the table?
Any recommendations of websites, books that you have now read that you wouldnāt go without?
Any other words of wisdom or advice to help me out before I set foot on the journey of exploring the rabbit hole of what trading is about?
First of all, FX trading is highly speculative and is a profit and loss venture, youāre considering. Which means you will lose money on trades as does every trader on the planet.
Focus on learning from this great education site how to trade properly and proficiently, and let rewards, if any, take care of themselves. If you open a demo account with IC Markets or Pepperstone brokers, both regulated firms, you can practice and experiment until you become consistently profitable before you open a live account, which, IMO, should be no less than $500.
That could take months, as there is no short cut to success. and even then, managing a live account is a whole new ballgame that can take years to be consistently profitable. So prepare yourself for a long journey that needs perseverance and emotional control management.
I hope that helps - and please chuck āearning extra incomeā terminolgy into the garbage - that is not Forex trading.
Gāday! I am a fellow trader based in Melbourne.
I would certainly recommend going through a decent chunk of the school of pipsology under the education tab! Learn some TA to start with and practice backtesting it on some charts.
TradingView is the BEST place for charting and you can use if for free.
Thereās A LOT to learn, so take your time and enjoy the journey. The learning never stops. Iām over 4 years in and still learning everyday which keeps things exciting.
Avoid scammers offering to manage your account, give you āsignalsā and those types of things.
Research brokers by customer reviews and see if they offer the types of things YOU are looking for.
I used to used Australian based brokers, but you will notice that they are now subject to heavy leverage restrictions due to regulators wanting to ākeep you safeā from loosing your money. IC Markets was my choice, they were great, but a drop from 1:500 to 1:30 forex leverage made me look else where. I now used a company called CedarFX who are off-shore. Thereās heaps out there though, so have a look around.
Finally, be sure to check financial calendars for news items as they can cause market volatility. I got caught out a few times in the early days.
Enjoy the journey!
Hey Smith2525
Thanks a lot for your advice ill be sure to keep those platforms in mind. The heads up with the āpeople wanting to manage your account thing is great adviceā. However I am quiet wary of these scammers as unfortunately unbeknownst to me at the time, my father was dealing with one through crypto and lost a reasonable amount. Advice the general public certainly could use.
Thanks for your encouragement and be sure to hit you up if I have any questions. Its good to see another fellow Aussie on here, I hope to meet more.
Best of luck with your trading!
Cheers!
Well thanks a lot Steve for your kind words of wisdom! However, if earning extra cash is not the terminology I should be using then what is it? Iām sure a lot of people would refer to it as gambling, however I am either indenyl about admitting that to my self just yet.
Definitely will demo trade for a while before i consider using real money. I use trade view as a platform and their paper trading as my demo account. Do you think its possible to link up a demo account through a ābrokerā and use it on there as i would like to practice with margins and commissions just so I donāt become one of these so called traders the blow their account unintentionally.
Thanks again, best of luck!
You can learn and digest everything, the difference between Success and failure I believe is the psychology side a word use alot in trading.Accepting loss or what perceived as failure is not easy for some.Having experience and getting through difficult phases in your trading journey allows you to realise over time this is part of the game itās impossible to know this without the practice and experience .
Awesome advice! I have heard a lot of traders say psychology is a big part of trading. I invest in the share market (technology) and crypto currency which is also highly volatile so I understand a little how psychology place a part in investing, especially in tough times. I am guessing trading is a WHOLE other ball park by the sounds of it. I am about as curious as I am concerned. However Iām not one that gets driven away easily. So I am very interested to see what can come of it!
Thanks for the advice. Best of luck!
A little concerned about cedarfx. I a mean they have award which is great, however, no regulations and no genuine address to report to. I guess its why they can take the gamble with their leverage, however I just hope you can!
Maybe you should do a little revision!
[Is the Forex Broker a Legit Company] Babypips
Yes they are an offshore firm so this is normal. I have used them for over 2 years and made plenty of withdrawals so more than got my initial deposit back by a long way. The leverage here in Australia used to also be 1:500 up until not long ago. You can still get that in most places in the world, just not here or the US.
The illusion of regulation is not what a lot of people think it is. Regulated companies can still fold and swallow your capital with it. Look up the recent collapse of South African company Veracity, they went under just last week and clients are unable to withdraw.
Itās each to their own really when it comes to brokers, they all have different benefits, so firstly decide what you are looking for.
Worth having a look at another thread on this forum that has been around 12 years looking at offshore brokers (many of which are unregulated) and using them to see how reliable they are. CedarFX are there as well as a number of others. Iāll link the thread below:
Using them myself.
Withdrawals have been timely Iām a bitcoin diehard my preferred method havenāt experienced any delays .
They boost a healthy Crypto selection and the eco account sealed the deal love the idea of giving back with planting trees in lieu of commissions
