Newbie her from the UK

Beginner Questions
1

Hello every one, I am from Manchester if anyone is near buy great,

Started to get into this over a year ago not seriously thought, joined IML and gave that up as it was more swipetrade and referal aimed i thought. Something i dont want to do !

So joined the babypips lesson and I have to say prob the best out there. Missing the live webinar I guess,

I am in no way looking to go live till I can read what’s going on within a trade as well as the rest that goes with it, weather it be 1 year or 2, doing this right with no short cuts, been reading the newbie thread and ppl asking what they doing wrong ets, guess it’s lack of education and more education.

Can anybody recommend any sound advice, or even better any local traders to me would be great…

Thanks Neil

2

Get a demo account and start with a basic methodology, e.g. trend-following with 2 MA’s. I don’t recommend day-trading. Run 100 trades and follow your system rules strictly. This will inform you how a system can better match what you need and also so much about how the markets work. It will show you what you need to know - you can’t know everything and there’s no need - but you have to know what you don’t know in order to trade.

1 Like
3

I was captivated by your avatar pic. Hopefully it is really you.

This game is real. Understand that your broker(s) are out to get your money. It is battle no matter what resources they give you to show you they care. The industry knows that this isn’t investing per se like the equity mkts.

Most here will tell you the norm: demo, read etc.

There’s a huge portion that isn’t discussed because it isn’t widely known. Understand what drives the markets - I don’t mean the obvious “fundamentals” bs - use them, but see beyond. Fx Brokers don’t make money off just the spread, if you believe that they do then I feel sorry for the likes of you. Some of the smart asses may think it’s tin foil hat material, it’s not. They want you to lose and continue to transfer in new money.

Aside from all the newbie stuff like, read up on things like market making, order flow and price action. It doesn’t have to be confined to Fx only, even equity related material will start you thinking differently. Try to get your mind out of the “retail trader with big dreams” box and into what goes on behind the curtain.

Start off as big as possible even for a greenie and keep your leverage at 50:1 or lower. In the beginning it will keep you out of trouble somewhat and later If you’re good you won’t need anymore with the right amount of risk capital. As you get better you should also be working in bigger positions to recoup what you lost. If you fail to see the rationale then quit now. In the end you’re your own man.

Look at this place, it is chocked full of free money for the brokers. It’s an endless supply of funds that they siphon, it’ll never stop. If and when you ever do get traction, start doing your own thing. Spend less time in places like this and start concentrating on you.

Master one club, not the entire set. That means one pair - yes I said it. One that is less volatile. If you can’t do this then quit.

Make your mistakes and lose money. Progress, make less mistakes and more money.

Stay away from shady brokers. Use a CFTC regulated broker in the US.

Good luck

4

Yup that is me in the avatar who else coyld it be lol ? Me and my son.

I am.doing all the course work i can. Reading charts all the time well every day. Sticking to one GBPUSD. Keeping it simple. No point in doing everything at once or its brain overload amd thats when you get frustrated and look focus…

Havr a demo account in MT4 broker is JAFX but might try a couple and see which platform i prefair. After all it has to work for yourself…