Hello BabyPips people!
I’m from Ohio and have never posted on a forum ever before. I have always wanted to get into trading but always denied myself thinking I couldn’t do it because I don’t already have tens of thousands of dollars. I’m changing my mind on that and decided that no matter what I will learn this skill and put it to use. I’m reading books, watching videos, and scouring the internet for information. I also have just began setting up some spreadsheets and charts to start some backtesting. It’s weird that I feel excited to do that grunt work but I really can’t wait to start. I don’t care at the moment if it tests profitable or not, I’m at least getting my hands dirty and learning. It also feels nice to be able to have a place to share and read about others as no one I know trades, or knows much of anything about it.
Jake
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Hi Jake,
It’s good you’re embracing the grind. Have you set up a free demo account? If not, that would be a good next step. Practice placing demo orders based on the fundamental and technical analysis techniques you learn from your studies.
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I actually have set up a demo account. That was actually one of the first things I did just to see how the markets worked and tried to get a feel for things (also got my backside handed to me). Fortunately, I was smart enough to try demo trading instead of live trading and losing real money!!! Quickly realizing how bad I did on my own, I began learning and it led me here to BabyPips.
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It’s great you realized a demo can be a great way to develop a trading plan without risking real money.
Here are some tips to help you make the most out of your demo trading experience:
- The first step is the treat your demo account like a real account. Use trade sizes that are realistic for the live account balance you intend to have: Pip value for 500 bucks on metatrader 4
- Then make sure you use appropriate risk management: Leverage and Margin
- And when you start trading a live account, stick to your plan: How do you deal with your loss?
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Welcome to babypips @Jakemil31! 
How has your demo trading been so far? Are you following a system or developing your own? Maybe you can also set up a trading journal here so others can help you out along the way. I also opened one and so far it has helped in pushing myself to continually progress in my trading journey.
So far my demo trading has been…educational. I’m not following any particular strategy yet. Trying to find out what speaks to me. I’m finding out I don’t see advanced patterns like the Gartley or bat very well so I think I’m going to shy away from those for now. I also don’t like to have my screen cluttered up with a lot of indicators either.
I was reading some interesting things online about supply and demand trading on the assumption that the market makers don’t get all their orders filled at one time, so they have pending orders. But I don’t know that I buy into that premise.
So right now I’m trying to learn more about support and resistance and price action set ups.
Hi Jake! Welcome to the community! It’s good to hear that you’re very well prepared in learning. I wish you best of luck and I hope to hear more about your trading journey here.
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Hello Jakes, so amazing as to how excited and well advanced you are as compared to myself.slightly_smiling_face
Been studying with the school of pipsology for a month or so now quite informative considering the fact that I had no slight idea what trading was all about, I now have a slight understanding
In as far as how you used the terms, be proud, you headed somewhere.
I am still struggling with those but I’m not ready to give up as yet
goodluck
Hamidah, don’t ever talk about giving up! YOU GOT THIS!! Trading is a whole different world and it will take time, A LOT of time. So look long term, if there’s anything you are struggling with don’t hestitate to ask questions, but take what people tell you and check it for yourself, and don’t listen to negativity!