Newbie needs direction. Your thoughts?

Beginner Questions
#1

Hi Traders,

I am new to the Forex Trading. My first day hearing about Forex trading. I have much to learn.
I went to the library and picked up a book called “Currency Trading for DUMMIES” 3rd edition.
My plan is to open up a demo account and trade for this week then begin trading with real money
starting with $100 for the rest of the time.

Now I am currently looking for a good platform that will support US clients. I did some research
and listed my choices to these three. If you have any more suggestions on Forex platforms please
let me know. I will also gladly accept any tips that will help me. Please remember I am brand new
and at the moment do not really know much at all. But I like to take action immediately.

==============FOREX PLATFORMS======================

A) Oanda

B) FX Choice

C) ATC Brokers

(website https for atc brokers is broken. The Forex currency box does not show. I highly recommend they get this fixed and have it force SSL to avoid further loss of customer trust. Any traders that use ATC?

D) Tallinex

I had links to the website and peace army protection from scam website but I need 5 post to include the links.

PS. My background is Information Technology/Programming & Sales & Marketing. I am 26 with a birthday
this Thursday. Maybe I can make a $1000 by then? =)

Thank you.

#2

Hey man Im also new to trading fx. I am using Oanda after reviewing a few broker sites and deciding it seemed the best. After I chose it I was reading a few of the threads on here and it seems that some of the top guys also use it. Happy early birthday in case I am not around on thursday and good luck at making 1000 dollars. I must say man and I dont mean andy disrespect to the community by saying this but. I have noticed that it seems like on this website users are not very into providing information to the newer guys. It seems like most of the posts are in really old threads that just keep going and going and going. I made a post a few days ago that has no replies and it will likely stay that way for days. My question is definetely one that anyone who is trading on a real account and hasnt flattened it out yet could answer but they just dont have the will to do so. Its okay though its not that its their duty to answer my question but I do plan to find a community that is a little more helpful. As far as your question goes I would say to try Oanda and use the default application. With Oanda you also have access to a platform called MetaTrader4 but I havent tried it yet because the default seems just fine and I’m not the type to fix what is not broken. So far I haev made 3 successful trades and one unsuccessful one but because I’m just beginning , am not very confident, and am trying to secure profits consistently vs waiting for big profits I have literally only made a few cents lol. I am kind of confused on a few aspects of the pip/dollar amount thing which is how I lost 1/4 of my trades. Here is the activity chart from my account showing where I lost money. I am not trying to get answers on it on your thread I just want to share it with you so you can see it. I think what I did was I set my take profit at a level that meant I would lose money no matter what but I’m not 100% sure about that. Anyways man good luck with your trading and if you would like to keep in touch with me so we can help each other and share ideas I would be more than happy to do that. Let me know what you think. Have a good one bro.

Take Profit Resulting In Lost Money.jpg700×394 30.5 KB

PS: I havent check my email for notifications yet so im going to feel like a **** if I find out someone has replied to my post but I doubt it lol.

#3

Strongly suggest you spend a few months at the free school right here, the best learning resource you will find.
Dont think about trading live yet, there are so many pitfalls ahead.
Keep an eye out for scammers waiting for fresh newbies.
Good luck

#4

100% agree with you. I spent one more or so at babypips before opening a cent account.
Still learning!!! Just need steady in come, hoping one day it’ll be my profession.

#5

The American branch of ATC brokers filed for bankruptcy some time ago, the broken website is probably the least of their problems. Who knows what’s going on with the British branch.

#6

I did hear about that. I wonder what happened there. And why it happened.

#7

I can’t speak for ATC, but if they are the IB for your account with FXCM, then your funds are held with us. Nothing has changed with respect to your relationship with FXCM as your broker, so you can trade, deposit and withdraw funds as normal.

#8

of course they do need directions. for them to have good time here forex, some one must give them directions on how can they make their trading more effective and profitable.

#9

Well at least your enthusiasm and optimism are in good order!

USD100 is an extremely small amount to start trading with and you need to tread very carefully with it. If you lose even 10-20 USD you are already at the point where it is pretty much impossible to trade more that cents positions and recovery will be a major, soul-destroying operation.

Before you start trading you must have a clear strategy defining which markets, time frames, signals etc you are going to use. If you just jump in and out whenever it “looks good” then I doubt you will last very long.

You also need a defined money management policy that defines your risk per trade relative to the target profit. You are going to lose on some trades, that is the nature of forex, and individual losses do not matter provided your money management including risk/reward ratios functions in the longer term. If your trading strategy is faulty then money management alone is not going to save your account.

Then you also need experience of your chosen markets. How it moves and reacts in various circumstances, when is it active/passive, how do data releases and e.g. Central Bank releases/announcements affect the market.

Then you need to be familiar with your platform, how indicators etc are set, how orders are placed and adjusted, how the broker’s spreads perform in various market conditions and so on.

There is much, much more to absorb before risking your money. Trading forex is a professional business and should be approached as such. If it were easy then there would be many more millionaires in the world. Talking forex is easy, trading it is complex. Trading forex is cheap, succeeding in it is complex.

#10

nice one. this was a good help. i think i use this for more effective work here forex trading. this past few days, i am not satisfies with my trading, but thankful that i still get profit.