How a newbie should spend his first 6 months of learning?

Beginner Questions
1

As the title suggests, am a newbie to Forex and have been thinking of demo trading and learning, learning and keep learning till end of year 2007 (about 5 months).

I am wondering how should I plan my learning. ie., to spend 1 month of learning the indicators, using the software, 1 month on money management, 3 months of demo trading?

How should I schedule/plan my learning.

2

Hey Im learning too, Ill share with you what ive been doing, planning to start with real money in October

May

  • Intra-day Trading demo focus
  • Read a book on basic forex market, downloaded for free from easy-forex.com

June

  • Swing-Trade demo focus
  • Bought & Read a book “Introduction to Technical Analysis” by Martin Pring
  • Bought & Read a book “Winning Habit of Master Investor” by Mark Tier ( gives framework for building investment philosophy by giving examples of callibres like Soros, Buffet, etc.)

July

  • Momentum and Carry Trade focus in demo
  • Started taking notes on the technical analysis and investment system book
  • Started Baby Pips and IBFXU : Your Foreign Exchange Trading Education Source
  • Started building recording system
  • Started reading “how to beat the odds in forex trading”

August

  • Choose and build the types of trading that suits my personality
  • Run, test, debug, and continously improve it
  • Fix as many defects as possible and strive for perfection

September

  • Finalize system testing

October - December

  • System testing with little real money

January 08 to infinity

  • Show time

Basically I focused on

  1. Building the system that suits my personality best
  2. Keep fixing the system: you need to protect system from the market (i.e.from going against you), and from yourself
  3. Keep learning about myself and build my system in line with it
  4. Keep feeding myself with the basics until Im comfortable with it

If you think, its quite intensive, you’re right. Thats because I just finished my degree and have nothing to do hahaha. If you have a pda phone, go to ibfxu.com and download their pdf into it. If I’m working or studying, I think the pace will be slower than that.

Hope that helps

PS: anybody is welcome to comment and question it, I hope we can learn from each other :slight_smile:

3

PS: there is a thread with title 133 free tips for newbies somewhere in this forum, a good introductory guide, take a peek if you got time

4

Thats so nice of you. Thanks very much. Mind if I drop you a mail incase of clarifications ?

I guess you are better prepared and planned than me. I think I got to learn more. :slight_smile:

5

Babypips is a great place to start. Go to Youtube and watch videos on any subject that you have a question on. Go to the book store and read some books on forex. Becareful most of the books are just advertisments for a broker. Most of all Do not buy anybodys system and learn good money management.

6

Sure pipping kid, drop one when you feel like it

7

To Reza107 :

Be prepared for your shedule from August onwards to be very different from what you have planned.

Be prepared to lose lots of money. This will be normal in the process of learning.
Remember, its a zero sum game - the losers feed the winners.

Kind regards, Tymen Wortel, Perth, Western Australia.

8

Yeah agreed tymen thx

Btw, do you know any broker that pays interest higher than OANDA and Manfinancial singapore?

9

To Reza107 :

Sorry i cannot help you in that matter - my broker pays NO interest.

Maybe Bazooko knows, he is quite knowledgeable on all these things.

Kind regards, Tymen Wortel, Perth, Western Australia.

10

Oh right, sure no prob tyman, thx