I just signed up on oanda i totall know nothing looking for any suggestions. How to know whether to buy or sell, a good starter strategy. I know nothing
Start with babypips school. Most of your questions can be answered there.
http://www.babypips.com/school/preschool/what-is-forex/
“While the other guy’s sleeping, I’am working. When he’s getting ready, I’am ready.”
I am new here too, hi
Use a demo account only.
Sup, I recommend the School of Babypips. It’s free, and newbie friendly.
there you have it, school of pipsology go through it a couple of times, in the time being stick with demo accounts or if you have none, then open one with your broker to test things out before you venture using real money best of luck DEMO PLS
The new zulutrade website ( at least new to me) might be of interest to you. Check me out if you do go there, obaasimafx.
All the best in your trading adventure.
Either trade with demo account or use a micro account.
I would second some of the points posted above - check out Baby pips school of pipsology, do a demo and read, read and read…
you are too young to people yet to follow!
Good trading history and time with the system are key factors.
I’ll have a crack at giving you some tips on what to do after you are done with the baby pips school.
Set up a demo account with someone like FXCM, FOREX.net, OANDA etc.
Learn how to enter trades. Learn about leverage and volume. Buy stops, sell stops, buy limits, sell limits. Make some of these orders.
Risk:Reward
Nobody can win every trade. Learn about risk reward, work out what sort of win rate is needed to be profitable. For example if you have a R:R of 1:1 you need to win far more than if your only trading with a R:R of 1:3. Have a read on investopedia etc.
Trade.
Buy because you feel like it, sell because you heard something on the news. Just spend some time learning the buttons. Experiment and day dream just playing with the equipment getting familiar with what trades are. Loose the fake money but have fun. This is important because you will learn what tools exist in your trading platform.
Study:
Find some sort of course or book that will educate you in trading. Larry Williams / Bill Williams have a couple books that give you some nice ideas. On the forums you can find some really good material getting you into trading. You’ll have to hunt for this stuff your self.
Study and apply to the charts what you have learned.
You will have to spend a long time thinking through things that do and do not work. It will be hard work because the vast majority of information related to trading is utter rubbish. People trade based on astrology for example. There is a cult like mindset in the forex traders community. There are a lot of people who have a belief in their success and knowledge even though it does not exist.
Get ready to see a LOT of people committing hours and days to systems that do not work yet they have convinced themselves through a whole lot of ego gymnastics that they do work and will make them rich.
Thats the hardest hurdle to jump through.
Trade on demo until you have been profitable after several hundred trades.
There is a video by Derren Brown where he flips a coin ten times in a row and gets 10 heads on video as part of a trick. The trick as he reveals after is that he filmed himself flipping a coin ten times in a row for a whole day until he finally got ten heads in a row.
I say this because in a 50:50 Buy:Sell game like trading it is possible to be profitable out of chance. If you were to just randomly enter every day you could make money or loose money. It’s actually very unlikely that you would come out break even.
You don’t want to put your real money on something that does not work. Prove to yourself on demo accounts that your making real and substantial gains. Then make it real.
interesting points you’ve got there. what about trading with zulutrade as a follower? what are your ercommendations there?
Going to second eddy’s comments, on Zulu? And on trading and ‘taking a chance’, guess you can look at it that way. But trading requires more skill than just plain chance…
appologies but did not really catch your reply
go long when you think prices going to get higher
go short when you think prices going to fall lower
it’s that simple haha
oh and if you dont have a clue, stand aside!
Long day trading, so used one reply to answer two posts - my bad. The reference to gambling is in relation woolo’s long post and the fact that I agree with some of the pointers, including approaching Fx from a gambling pov is not a good idea…
oh here’s a good one
try to get ur hands on Elder Alexander books…imho they are the best when starting out
so, how’s trading on zulutrade going on guys? any progress or still stuck in the middle?
Say goodbye to your savings, that is the best advice you will ever receive.
actually it is quite the oposite:) I am seeign them multiplying nicely :)