How to get started

Hello, I am new here.
I would like to change careers in order to be more flexible and found that FOREX could be suitable solution.
Although I have been studying in the school in pipsology I find it difficult to get started. I have never looked into the forex market before.
Thats why I would like to know your motives and the beginnings of your trading career. What helped you most? How did you understand trading with a demo version? What kind of secondary literature was helpful?
I appreciate any comments and ideas. Many thanks

Agentpip,

I was a trader (commodity futures and stock index options) before I was a [I]forex[/I] trader. Before I had ever heard of forex, I knew that I wanted to trade for a living, and I knew that the risks and rewards of this business suit my temperament.

What about you? Do you know what “trading” is about? Does it suit your temperament?

When you’re first introduced to the world of forex trading, your focus will be more on “forex” than on “trading”. You’ll be learning the basics, the nuts and bolts, on Forums like this one. But, this Forum is for newbies, and the heavy emphasis here on concepts and terminology is part of helping newbies get started.

After you have mastered the basics — and for the rest of your career — your focus will be more on “trading”, and less on studying the mechanics of the forex market. So, you need to find out whether you are suited to being a trader, and whether trading is what you want to do as your career.

If you find that you were born to be a trader, you’ll be comfortable trading almost anything — but, you’ll probably love the forex market more than any other market, because of the potential profits it offers.

So, how do you find out whether you were born to be a trader? Let me suggest two books, to get you started. Other members of this Forum will certainly have additional suggestions.

First, try to find a copy of Alexander Elder’s book [B]Trading for A Living[/B]. Dr. Elder is a Russian-born psychiatrist-turned-trader, who has a lot of valuable stuff to say on the psychology of trading. This book was written in 1993, before there was a retail forex market. In fact, forex and foreign exchange are not even mentioned in the book. But, most of the book can be applied to trading in any market; and the first 65 pages of this 300-page book are gold. The book is pricey, so try to find a copy at your local library.

Also, read Mark Douglas’ book [B]Trading in the Zone[/B]. Like Elder’s book, this one is not about trading the forex market, per se. But, trading is trading.

In my opinion, a lousy trader who becomes an expert on the workings of the forex market will crash and burn, because lousy traders always do. But, a natural-born trader who knows nothing about the forex market will quickly learn enough to make serious money in this market. You need to find out which kind of trader you are.

Clint

Well said Clint

Thanks, doggie.

His second book, [B]Come into my trading room[/B] is well worth reading as well

Thank you ever so much Clint. I will have a look at these 2 books. Hopefully they should give me more insight of my capabilities.

Hello!!!:):slight_smile:
I think forex is a great market, good for you for jumping in!!
A great book is: Technical Analysis of Financial Market: A Comprehensive Guide to Trading Methods and Applications. It was written by J. J. Murphy, give it a look. It is very easy to understand.
Regards!

Those happen to be the only ones that I have listened too or read. I have listened to the Trading for a Living book 2x, and just started reading Trading in the zone.

No one mentioned this, but I think its never too early to start demo trading. You have nothing to lose but time and everything to gain.