New to this world, wish me luck!

Community Introduce Yourself
1

This has been a decision I’ve been thinking about for some time now and I’ve finally decided to take the first steps. I have no experience personally trading or investing but I have worked as a cold call agent for a nasty firm in these waters (poor country, had nothing else to do) that sparked some interest in me. I think this could be a great opportunity for some side income that I could utilize in something bigger down the line. That being said I don’t have any experience whatsoever but I do have some grasp on how the market works and what to look out for.

If you guys have any advice for someone whose investing capital is going to be fairly low 200-350$ in the beginning please advise on any tips or knowledge that I could use.

Thank you so much!

2 Likes
2

It doesn’t matter how much is your investment. Forex trading requires a lot knowledge and skills. Do not invest real money unless you understand trading psychology. Even good analysts can’t make money due to poor trading psychology.

1 Like
3

That’s something I haven’t thought of at all. I always assumed the result is based on accurate readings. What exactly do you mean when you say trading psychology. That just rings don’t be too greedy or know when to pull out of the trades when you’re losing. If you have time please elaborate Stephan. Thanks by the way!

1 Like
4

To understand properly about trading psychology, every trader should read the book “The Disciplined Traders” by Mark Douglas. Along with this you can also read the book “Trading in the Zone” By Mark Douglas

3 Likes
5

Yay that you finally decided to give it a go! :blush: Hmmm. :thinking: I guess the advice I could give you for now is to find a strategy that’s simple enough for you to follow. Backtest it for a couple of months on demo, and if it works for you, only then can you actually start trading with the capital you can put in. :blush: Good luuuck! Maybe you can make a trading journal here? Just so people could also see how to help you! :blush:

2 Likes
6

Thank you first of all, a trading journal being a log of trade ideas or concepts I’d assume? I used to work for a boiler room baiting people into investing, that being said I don’t feel so proud of that whole period in life, it has to some extent familiarized me with some markets I showed interest in whilst working there, and the market I liked the most were commodities.

That being said and having no experience at all, I’d like to ask you something in regards to that. I, as a completely uninformed person (right now on lesson 20/350ish this platform has) think that tracking the commodity market and knowing what nations produce and whom they sell their commodities to, may be a useful asset in regards to knowing how their currencies may impact each other due to these “sales” for an example that Canada exports most of it’s oil to Japan. Wouldn’t things like these prove useful if I’m able to distinguish a pattern that shows that every time oil jumps in price that the CAD/JPY jumps as well.

If I’m annoying with my questions please let me know I’m just very very excited :smiley:

Thank you!

1 Like
7

Best of luck for your better future.

1 Like
8

I wish you all the best for your bright and successful career in this market.

1 Like
9

It’s worth testing out, for sure. Nowadays, market sentiment is very reactive to economic reports, but it is most likely a short term window. Also, both Canadian and Australian economies rely on mining. That’s worth noting.

As for psychological temperament, keep it cool. Traders succeed or fail on ability to control their mindset emotions. Humans avoid pain at all costs - that means hating losing, hoping the trade will revert into profit territory, and fear of losing profits, if it retraces.

Don’t let the market prove you wrong, cut losing trades - and nurture winning ones.

1 Like
10

Hello and Welcome to the Babypips forum @Adnanmnstr1234!

As a beginner learning Forex you’re in the right place. Check out Education section here at babypips. (It’s completely FREE). Learn How to Trade the Markets There you’ll find School of Pipsology, Trading Quizzes and Forex Glossary. Everything you need as a newbie starting this field.

If you’re looking for good books to read check out this post by pipcrawler Pipcrawler’s Favorite Trading Books updated. Lot of book recommendations there find what you can and read them too.

If you’re looking for YouTube channels. TastyTrade, Adam Khoo, Candice B, Trading Rush, Investopedia has been recurring recommendations from many traders. Watch as much as you can and gather knowledge from them.

Investopedia and Forexfactory are another two great sites to learn the basics other than babypips.

One of the most important tools for a trader is Trading Journal. Check out the trading journal section in the forum to learn how traders keep track. Trade Journals - BabyPips.com Forex Trading Forum

Addition to these FX related channels invest your time to learn about Trading psychology, Risk Management and Decision making . Find any article or video you can and refer them.

Other than that, there are many interesting sections in the forum. It’s not time wasting to spend time there reading and learning. Check out every section you can and learn something from everywhere.

These are just a few tips to begin. There are many sources out there GOOGLE is the GOD if you have any question you just have to type it and He’ll give you not one by multiple answers.

Try all this and open a Demo account and trade at least for 6 months . Most people get confident around one month and start investing real money but most of them fail. One month of demo trading is absolutely not enough to understand anything. So trade demo at least 6 months to get a proper understanding of the chart pattern behaviors.

Having said all this, I also must tell forex is a risky business. It’s a High Risk, High reward situation. Many fail. From their own fault. Not spending enough time to educate themselves. Not understanding the basics. But with all the resources available you only need patience to educate yourself. Then you can go for the prize!

Good Luck

Nick.

2 Likes