Hi all. I’m a total newbie to Forex but really want to take the time to learn. My friend and I went to a workshop by a local trading school and they wanted $10k to teach us how to trade stocks or Forex (not both, one or the other)! Naturally we didn’t have that, and if we did we prefer to invest it instead of “spending” it on classes.
So I Googled around and the Google questions said you could learn to trade Forex for free on a site called BabyPips so I checked it out and here I am! I am still in the “preschool” lessons but I’ve worked my way down to the third section (and taken the quizzes) and am circling back around to re-read, etc.
My goal is to make some money towards retirement but I don’t have a lot so I can’t afford to lose it. I want to do what this site says. Practice for 6 months then start small and make a plan and work it. I just can’t see the wisdom of paying someone $10,000 for 40 hours of training when from what I’m reading here there is way more than 40 hours of learning you need!
I’m excited to keep learning and practicing and look forward to getting involved in the forums when I’m actually using a practice trading account.
Hi and welcome I’m very sorry but if you have capital you can’t lose, it’s better not to start investing in forex. The pressure to make a profit at all costs can lead to the loss of everything. Regards Greg
Yeah, you can’t trade with that kind of mindset. That’s a recipe for failure. Make sure you finish the education section, especially money management. It has helped me a lot.
just focus on learning particularly from this forum , investing is important but not this time for you , sounds good that you have a mentality to learn and practicing at the same time.
I feel no pressure and plan on taking lots of time to learn. Just because I don’t have $10k in my pocket doesn’t mean I can’t learn something! I’m surprised by the negativity of the comments. Sorry but that’s my takeaway on the responses. It’s not something I’m entering into lightly and in a couple years I will have possibly $10 to $20k to invest, which is why I’m focusing on learning now. I just stated that I wasn’t willing to pay someone $10k to teach me in a 40 hour week what this site says (over and over) can take months to learn.
I think they were referring to this line, not on not using $10k for a paid course. Most of the members here have the same belief as you that it’s better to use your money on investing rather than a paid course. I hope you don’t take it the wrong way. They might just be worried about what you said that you can’t afford to lose it because what if you do? I’ve been demo trading for quite some time but still don’t have the confidence to trade live. I’m planning to start with a small amount. Of course I also don’t want to lose it all but based on what I’ve read here and elsewhere losing it all is not impossible especially for a beginner.
Anyway, welcome to the community. Just continue with your studies and practice trading. It may take some time but we’ll all be successful traders one day. Good luck to all of us.
Thank you for clarifying. Perhaps you are right. I am not planning on trading for a minimum of 6 months to a year because I want to do lots and lots of practicing.
LOL. Made me chuckle. OK. No more negativity! I’m excited to be learning and plan on getting involved in the forums when I begin “practicing” on a trading platform. Right now I just started the “Kindergarten” set of classes.
There is no reason why you can’t do this. If you start small and re-invest your profits then compounding will take care of the rest. Just be disciplined enough to know that if lose your initial small capital then you’re not ready and it’s time to learn some more before trying again.
Thanks for the encouragement. I’m planning on doing a LOT of demo playing first. I know that real money and play money are different but I want to make as few mistakes as possible. I know I’ll make some, and probably some whoppers, but I’d rather make mistakes with play money and learn from that!
I meant no harm in my reply bro, just giving a headsup because losing money hurts. It happens to everybody. That’s why each and every new member will get a ‘head to the education section’ response. Even i got it when i was here the first time. Professor pips always greets new members here and i appreciate his efforts.
Anyway take your time learning and feel free to ask questions here. We’re all here to learn. Happy trading!
When I earned my Master degree at Grand Canyon University one of the instructors shared a study about IQ vs. EQ . We all know about IQ but EQ is something that is just gaining more recognition. EQ is Emotional Intelligence and they found that in business a person with a higher EQ over IQ did much better over time because they had the ability to look inward, examine their mistakes, own them, then learn from them. Someone who has all the IQ in the world but won’t admit when they have failed is doomed to fail over and over. You have a strong EQ. You’re going to do great!
I’m very sorry but if you have capital you can’t lose, it’s better not to start investing in forex. The pressure to make a profit at all costs can lead to the loss of everything. Regards Greg