New to Forex

Hello I am new to all of this. I was looking for a hobby that could potentially provide me with a supplemental income and a friend of mine told me about Forex trading.He lost a bit of money but said I may have better luck. personally he rushes into things and never plans out anything.

Right now I am reading up on as much of it as I can is there a book I could pick up that would kinda explain all of it in lehman’s terms?

No books are needed!! Hit the tab at the top of the page that says “School” and start reading. It’s made for completely new traders with no experience and it’ very easy to understand.

After you’re done with that start reading the forums and asking questions.

I’m a full-time trader and I got 100% of my forex education from two free forex sites, Babypips and Forex4Noobs.

Good luck to you! Because you realize that forex is not a get-rich-quick scheme you are already ahead of most new traders!

thank you. any recommendations other than reading before I open a account? I am looking to start small and go from there.

Don’t open a live account until you fully understand what a money management plan is. If you have a proper MM plan I can, with 99% certainly, promise that you won’t lose [B]a lot[/B] of money.

You may lose a little, but you won’t lose it all!

We see lots of new traders on this forum who open an account and lose it all within days or weeks. That is literally impossible with a good money management plan.

The Babypips school will teach you all you need to know about MM plans, just be sure you understand it.

I started small as well. I opened my first account with $50 and my first trade gained me about 5 cents! When I had proven myself successful with that $50 I added more money and went from there.

read up on
The Complete Guide to Trading for a Living
by Alexander Elder

u can buy it or download it via bittorrent free

anyways it’s great book
i bought a hardcopy, it’s great
many ppl recommend it too
it talks about physcology, trading method, account management
and other things u think of when it comes to trading
but it doesn;t talk about forex much
but trading in general is similar concept so still awesome book

Any recomendations for a good broker I am currently trading on the FXCM demo account (learning charts trends etc) also posting a few trades here and there. learnt pretty quickly how volatile this can get. :o

Hey there :slight_smile: I just graduated from the 5th grade here at babypips, oh yeaaa! I have a quick question on when to open up a demo account.

I figured that if I opened up a demo account [I]while[/I] getting my forex education, I might be able to see and practice what I’m learning, as I learn it.
So far I opened one with FX Solutions seen on an ad, and I didn’t understand enough to make any real moves, so I figured I’ll keep on reading.

One thing I noticed though is that the demo is only a 30 day account. Are all demo accounts like that? I don’t want a good demo account to waste away because i’m too uneducated to understand it. So should I wait to open up any other demos until I’ve graduated from babypips? Or are there demos that I can access that do not have a trial limitation? Thx for your replies! :smiley:

Don’t worry about running out of demo accounts. If one expires just open another one!!

But if you do want one continuous account that never expires then go with InterbankFX.

I was looking for a hobby

hobbys cost money my friend, you better think carefully about your goals and aims and take forex very seriously. You can trade part time but you will need to dedicate agreat deal of effort to learn to trade. My suggestion is to spend time in the babypips school and if you breezed through the lessons then when you are done go through and do it again. You will be learning new things that may seem very foreign to you. It will all come together and start to make sense but if you look at forex as a hobby you will certainly fail and proably lose a bit of money along the way.

good luck and please feel free to post your questions. there are alot of great people here eager to help.