Great Response George C. To the originator of this thread…given the question that originated this thread, the best advise would be to get a very solid understanding of Risk & MM. Then start looking for the trading knowledge and methods that can help you make it happen. Best of luck.
The 50 pips is a target. Some people might use a percentage, like aiming to make 5% every week - it’s the objective you set yourself that gets you to that aim of living off trading in the time you want.
Personally I’d risk no more than 25 pips to make 50 because I use a 2:1 risk/reward ratio. I’d recommend the Babypips course for reading up on R:R.
Hi all,
Need some comment from you guys. I know there are alot of FOREX classes conducted everywhere mostly ard 8k for 2-3 days course.
Those ppl claim that their so call “formula” have high probability to make successful trade, maybe at 70-80% success rate.
Can we actually trust those?
As i’m totally a newbie here, have tried to read thru some article and forum but some technical term are really hard to understand, is FOREX about technical knowledge or more on luck like share trading?
I understand that FOREX is about learning and developing good strategy and willing to spend time to do that. I just want to know if this is similar to share trading.
Kindly give me some advice. thanks so much.
Forex is not a casino - it’s based on analysis technical or fundamental - depends what you prefer using and how you are trading.
The main difference in Forex and share trading is the time you have to spend in front of the computer trading 
- my opinion
Hi bro, thanks for the response, i have tried to read out some website and forum for basic info. What is the next step that i need to do to learn what currency is best to trade for newbie, basic strategy on when to buy and when to sell?
thx
Forex is how you approach it. if you want to let it ride you can. If its a business it will be. The main difference is profit and losses. you can be successful even if you are only in front of the computer for 1 hour a month or 100 hours a month. Its all about how you approach it.
If it is that successful why do they need to sell it. They should be making more money than what they can by telling you it for 2 days.
Well, I was going to reply here but I think everything that needs to be said, has already been said. :o :o 
So, as a veteran, I will just sum up…
-
[B]The learning part is easy [/B]- just sudy at the Babypips school and learn as much as possible from this site.
-
[B]Learn [/B]to demo trade, then graduate to microlot live trading for a while.
3)[B] Save and build up [/B]your small amount of money to a substancial amount. Use this larger amount to trade with, not the small amount because you risk margin calls. The large amount will cushion the drawdowns you will experience.
[U]Never trade [/U]using small sums of money in your forex account - you will lose it all.
- [B]Keep your day job[/B] - it will take time, time, time before you can trade without another income.
Some people think that all of the systems for sale are scams created by people that couldn’t make it in the market. While there are a few like that a lot of them are legit too. Sometimes people just enjoy training and helping others, sometimes they want to make a little extra money while their trades are going, sometimes they are just trying to make a name for themselves and get a following. Some will work for you and some won’t. Forex is like anything else, the more you know the better your odds of making more money.
Personally I started trading about a year ago. I checked out the programs and decided not to spend my money, there is plenty of free info around including quite a bit right here on babypips. I took what I could use from each system I looked at and left what I couldn’t. Now, I consistently make 30-100 pips a day and am confident that I am heading in the right direction.
In the end, if you have more time that money then you don’t need to spend it. If you have more money than time then you might want to attend one which “could” accelerate your learning curve.
Although I am not looking for you to provide a detailed explanation in this thread, I was just wondering if you might detail which strategies you are most commonly using to get your gains. If I know their names or have a link to start with, I can study them for when I start microlot trading soon.
Hi man, you can read the book Cooking in Forex - I found it good. About the currencies usually most people start with the major currency pairs: EUR/USD, GBP/JPY, EUR/GBP. About the strategy - there is no good or bad strategy - it depends on the persons personality and how you feel comfortable in trading. Read about the types on analysis and decide which one is better for you. Good materials you can find in Babypips school. And of course you need a couple of months hard practice on your demo account before you start real. You can try MT4 or some proprietary broker platforms - I myself trade with DeltaStock’ s platform Delta trading. I hope being helpful Successful start in trading
EUR/USD, GBP/JPY, EUR/GBP…Nice stew!! 
True there is nothing wrong with trying to see who is dedicated to wanting to learn and helping other but when you see it on the TV at 3 am chances are… If they a doing a lot of advertising its barely profitable maybe 10% a year.
GBP/JPY … not recommended for new traders… to Volitile…
Try out the EUR/USD, GBP/USD, USD/JPY, USD/CHF…
For a new trader I’d recommend finding a method or course that helps you to become an independent trader. This way you will find a high reward, low risk method that suits your own personality.
Haha so very true. Yet so many seem not to get that 'till they’ve wiped out their account! So very sad…
Hi forgly, if you are still keeping an eye on this theme probably you will find interesting webinar on the topic: Trend. How to spot it and how to trade it. Support and Resistance levels. I just got the invitation from my broker Deltastock who organises it and decided to share You can visit it - usually their webinars are good and this one is free. Trade wisely
I have been hearing positive feed backs from a friend who invested in forex. I am not a trader but I am thinking a lot if i should really start a career in forex trading.When I google forex trading, babypips.com is among the top so i decided to check it out. I’ve been reading some of the discussions specially here on the newbie island and boy I am totally convinced that this is a great way to make money. Although i do understand that it would take a lot of work to be able to do that. Though my friend has been very helpful in pointing out how can i start trading, i wanted to know what others did when they started trading.
i hope someone can help me out with that. peace.
I spent a lot of time reading and experimenting on a demo account. There’s a lot to take in. Forex is as such that, even after many years of experience, it’s vital that you continue to read, discuss, and keep up to date with things. The markets are always changing, so it’s important to learn how to adapt.
After blowing my first account with what I though was a fail safe system, I got a reality check and partook in some Buddhist zen meditation lol. Ok, maybe not, but I did work on taking a crotch shot better, which is what your first loss is going to feel like. Except worse.
Perhaps you should.
Daily looking at the wall aka Zen Meditation is a surefire way to keep your mind sharp in order to see what is actually happening instead of what you think or wish is happening on your charts.
Personally, I attribute looking at the wall 2x daily for 20 minutes each as the most important factor for trading successfully besides tight and disciplined money management.
But that’s me