Hello everyone, I am new to trading. I am a student and work part-time and decided to invest in the trade market. I basically started off very well but due to lack of knowledge I began to lose more and more money. This was my sign to stay away from the market for a while and really do some proper research. I did not know where to come to get advice or knowledge.Luckily, I met someone who recommended this website to me. Now I am studying everything there is on this website. I am willing to take in any advice knowledge.I hope someone is also willing to guide me and mentor me to the right path. Please if let it be someone serious because I have had experience with spammers, scammers and everything else that only benefitted the person and I gained no knowledge. Thank you in advance.
Hello Loco,
You have chosen a great platform for your trading study. At Babypips, you can chat with professional traders and take proper guidance on each and every single trading terms. In Forex trading, don’t believe that without any information or practical experience, you can instantly start to see the profits. You should constantly follow your own personal analysis and take decisions. You should continue your research and make a solid strategy that really works.
Hi MrLocoOso,
Forex trading is always risky. If you have a proper education about forex trading, no matter what you can win. I entered to forex trading in November 2013. At the beginning I also made many mistakes. But I also learned through them. When I was new to this subject, I simply thought forex trading is just like adding an indicator into the charts and trading according to the behaviour of the indicator. Later, I realised what is forex trading . Today I’m trading without any indicator. My simple advice is, don’t use any indicator. Trade according to the Economic news and candlestick patterns. You should always stay focused on the Economic calendar. If you never heard about the Economic calendar, please visit to the Investiong.com and click the news tab and go the Economic Calender.
Forex is always depends on the Economic factors. Just look at the Economic calendar. If the actual value is lower than the forecasted value (not always), it’s considered as negative to that specific currency. For an example
GBP–Unemployment Rate | Actual (7.5%) Forecast (7%)
On this occasion, it’s a negative to the GBP. So, if we take a currency pair like GBP/USD; it will help to create a sudden bearish candlestick. Then your decision should be “Sell” this pair. Another thing is, don’t use lower time frame like 1hr and 4hr. Always use daily charts. Then, it will help you to understand the market as a big picture. Don’t be too greedy and don’t make quick decisions. Stay focus on the current trend, because the trend is your friend.
I hope these advices will help you.
Happy Trading!
Thank you guys both for the tips and advice. Well I have heard many stories of people losing all their money. Once I started losing I knew I lacked something. So, I decided to go on a “temporary break” and open up some books and just research. I feel I have a lot to learn. I am also a little confused on how to create a proper strategy plan. The guy that introduced me about this platform claims he make 20-35% profits a month with his. I would assume that no one ever gives out their strategies.he also told me that in the beginning he lost everything. I have two more questions, might I know what are you guys past errors that you did that made you take big loses?and what is as really good trading platform? Thanks in advanced.
I have been trading for a long time. What I learned is not to trust anyone until they can prove otherwise. For instance, you may ask ‘the guru’ to show you a live demonstration on trades. There are some guys with their own live trading rooms. There is one at Live Events Archive | Forex Trading Analysis | DailyFX. Maybe you can learn something learning live. Regarding performance claims, I only suggest trusting individuals who have some sort of live performance record at sites like fxbook.com OR Forexpeacearmy.com. Otherwise, this website is one of the best places to learn.
My strategy is, I’m a short term trader and I calculate around 40-50 pips in a one trade. I only open 3-5 trades per week. I don’t predict the market and I’m trading according to the economic calendar. I always draw trend lines and mark the support and resistance in my chart. So, it’s helps me to anticipate the next movement of the currency pair. Don’t keep your charts empty, always draw trend lines and mark support and resistance levels on the chart.
That’s my strategy.