I have been dilly dallying with fx over the last year or so, but never traded real money. At long last I have taken the plunge and decided to complete the pip school, and take a serious stab at battling in the markets. I have to say that the quality of the lessons and the info I have received here is outstanding
I am excited to have all these skills at my fingertips, and can’t wait until I am confident USING them on a demo before I start using real money.
I live in Townsville in North Queensland Australia. My office is on the deck next to the pool, surrounded by palm trees, and beautiful weather. My girlfriend who is a gambler at heart listened to my spiel about FX trading and demanded we open an account and start trading immediately! I said “Whoh there sugarplum fairy! i think we should get educated first”
So I have a woman ready to throw money at me to trade, but being the gentleman I am, and also not wanting to lose all her money I have elected to hang out here awhile with all you pip chasers and learn the ropes, try to get above the noob label, and make some pips on a demo before I blow her mind with my awesome trading skills!
Look forward to learning from you all, and may the pips be with you.
Learn to make 100% with a $100 though small account but treat it like $10, 000.
Understand which trade setup makes the most yet consistent profits.
Stick to it like glue, learn it inside out. Learn why the setup make money. Learn why the setup lose money.
Then move on to another trade setup once you can make 100% with that. Remove all indicators except dynamic support / resistance. Like moving average. Try the 8, 9 or 10. Long term trade, try the 22, 55, 200.
Learn about understanding price action, support and resistance. Pivots but don’t get too hook up with fibs. I feel it is not consistent at all. Afterall you have to understand price reaction and resistance to understand if the level works or not.
Wow you have people wanting you to trade for them, even before you’ve even started trading and showed some results… you would make a perfect politician hahah just kidding Happy graduation, hope you get a lot of pips
Having money available is good, WHEN I think I know what I’m doing. At the moment that is a big fat NO My girlfriend has faith that I will learn, and improve, and become profitable. I also have money to trade, but don’t want to risk that either.
What I do want to do is learn, and practice. I have a demo with 5000. It is the lowest I could select. My thinking is work within my limits, don’t focus on the $, but rather does the system I develop do what it should. As I apply a trade, i am keeping track of the questions and thoughts I am having. As I am new to this, I get a little nervous, am unsure of whether I am applying indicators correctly, and have to refer to notes frequently to check what I am doing. So far I have only 1 trade. I am using this to generate questions from myself, and hopefully knock some rough edges off my approach.
I guess my first goal is to develop confidence in applying indicators, and understanding what those indicators represent.
One thing I did notice was that when looking at different timeframes my perception of how the trade was going altered dramatically. Of course shorter times showed greater volatility, and longer ones made the movement in the chart look minuscule. Also I have placed stops and profit taking points, but think, “well how long will it take to hit my stop, or profit?” Hours, days, weeks?? At what point is my trade idea not working?
So these are some noob thoughts I am having, which i guess is normal, and a part of the process of learning. So far I am enjoying the study of my self and learning the craft.
This forum is used for introductions only. Please do your best to ask questions in the Forums where they are most appropriate. This thread has been moved to the Newbie Island | Other Common Newbie Problems forum.
To your question, have a read of the School’s final lesson, “School’s Over! Now What?” We offer up some ideas that might help you make a decision about your next steps.
I am sure it’s against the forum rules to talk about any specific broker, but make sure your spreads are correct based on the amount you are putting in. Some brokers dynamically adjust their spread based on your practice account size. There are some brokers out there that do not dynamically adjust their practice accounts.
Broker 1: You open $100 practice account. Broker gives you extremely low spreads because all practice accounts are based on their $25K level spread. You have no options on adjustment
Broker 2: Open a $100 practice account. Broker dynamically adjusts.
I say this because you’ll get use to the easy spreads and go live, then flop over because the environment is different. Moral of the story, make sure spreads are realistic to what your live account balance will be.
just kidding Happy graduation, hope you get a lot of pips