Starting out!

Hi guy’s. Always been interested in money ( not just the making it part) and figured this could be an interesting hobby to take up. Couple of questions about starting out if you dont mind. When you sign up for an account with a broker do you get demo accounts and software like graph’s and such free or do you have to purchase them from somewhere else?Also, I went through the school lessons briefly and plan to do so again in more detail but is there any scams or pitfalls you could point out that gets new guys like myself. You know the ones where every new guy trips over it but all the guys with some experience look and shake their heads laughing. Thanks in advance and good luck.

The only price you’ll pay for the experience is pretty much the amount you put in your first account.

All the info is free to use, and comes on your trading platform. Nothing is different on the platform between the demo and live account.

Nobody that matters is gonna laugh at you.
The biggest noob mistakes tend to be based on money management, and impossible expectations. And those generally come from basing what one thinks is possible on what ads they read.

Doubling an account overnight is completely possible. It’s also less frequent than hitting the Megabucks jackpot on a slot machine in Vegas.

Keep your lots sized right for your account, watch your risk, and protect capital, and you’ll do just fine. And if you do that right, you may not even smoke the first one!


Thanks for your answer. Not looking to win the lottery or anything just interested in how money works.
So with the demo platforms you can get different graph types with indicators and you just download them, set them up and go from there? Forgive my ignorance but there always seems to be a catch. Buy A but you have to get B and C to make A work properly.

When you download your trading platform, everything will be there. Charts, and tools included.
And there is no catch.
Your demo platform will be a fully operable working version. When you, or if you open a live account, the only thing that will change is your account number, and the server you log in on.

And your psychology!!!

And a consistantly reliable and workable system… 10/15k hours should see you through from newb to pro. A hobby? No not really. Care to take up open heart surgery without the prerequisite study and experience? No thought not! Jeez… and a weekend post to boot!

EDIT: Not you PP… the OP. Hobby my ass! LOL!!!

What about emotions between demo and real accounts?

They are the biggest problem (according to me) that a trader faces while he/she involves in trading. And it also transforms a profitable trading system in to a loosing system. lol

Wow, you are a little bitter. I must of blacked out when i posted a question about open heart surgery. It would also be nice if you could PM me the schedule when posts in the newbie form are acceptable to you, thanks in advance. But seriously,what is wrong with learning about how money works as a hobby. I can think of lots of worse things to spend my time on. I’ve already said i am not trying to win the lottery its just interesting to me. And with all the scams out there i am just looking to avoid falling into any traps right out of the get go.

Don’t use a demo account. Use an account where the money doesn’t matter but it still annoys you to lose it. [I]But make sure you still use money management as if it were a larger account.[/I] This will help you on the emotional/psychological side of trading, which IMO is a [B]big part.[/B]

Honestly i am not in it for the money right now just interested in how things work. I am having fun learning how to use the graphs and indicators. The job i work pays very well but it isn’t what you would call smart work, so its actually nice to have to think and learn new things. As for the emotional stuff well that’s always going to occur when we put ourselves in a position when we are not confident or in control. You can only battle that with repetition and discipline.

You won’t battle any emotions or psychology without using real money. Good luck man, hope you enjoy it. You must love it to make it IMHO.

I would suggest that if you have never had prior experience in trading, stick with a Demo.

Go from there.

crawling before walking makes sense.

Then you go for a micro or mini.

Its hard enough concentrating on learning to trade, you dont have to add to the pressure by loosing money each time you take an entry.

Happy Pipping.

Bitter? The ‘LOL!!!’ at the end of my post is a clue. I need hobbyists like you on the other side of my trade… long may it continue. :smiley:

Well it might be a little while before i can get to the other side unfortunately for you. Just because i want to learn doesn’t mean i’m moving to Vegas to put it all on black. Speaking of hobbies , have you considered suicide? But really, maybe you took exception to that word for some reason. That’s your issue not mine. I’m just here to learn. So, got anything to contribute? What do you know now that seems simple but you wish you could have known then?

Suicide? Hmm… I’ll give it some thought. Check across the threads… I may have contributed here and there? The point is if your going to aproach this as a hobby your going to find it an up hill struggle. I can count my screen time in the tens of thousands of hours and can assure you its tough enough for me. Aproach this as a hobby? Now were talking suicide! LOL!!!

EDIT: My contribution for today… go for a breakout trade long off 1h & 4h GU.

[B]R Carter[/B]

I think you were abit harsh on him as far as saying hello goes.

No doubt I agree with you in regards to taking this as a hobby.

But I think we should be more welcoming to those who are new.

And I tend to also agree with you on spending hundreds of hours it never becomes any easier.

And I finally do agree with you on your GU take.

But those who are new are here looking for help from those who are already doing this for a living.

Happy Pipping to all.

All I said was… 'hobby my ass! :stuck_out_tongue: Anyways, I take it your long GU… acending triangle on the 4h and three tests of support. :slight_smile:

Why I lost faith in the BabyPips forums. You’re a disgrace to the FX-Men

A hobbyist myself, and have gone live with a small chunk of change since late last year. I’m in the black, and never broke an account. It IS at least, possible.

Any AHAH moments to share? Things you know now that you wish you knew then or was it just a casual progression of learning? I know i said it earlier but im really just into learning about how money works.

Sorry for the analogy, but it’s Wimbledon season:

If tennis was your hooby, would you enter the professional arena? Hell no, you would get crushed by the professionals. So I can see where R Carter is coming from. If you are going into forex as a hobby, you will get completely crushed by the professionals… either take it seriously and give it a go or be prepared to lose money.