I am a newbie to forex, discovered it not long ago and found this website maybe 4 months ago, started reading thru the school and learned quite a bit about trading, but i also learned, that at the end of the day, no mater how many analisis, its still gambling, no one can predict it going up or down.
I started a practice accound in Oanda fx trade, i would like to start doing it for real but i only have 5000 euros, this oanda fxtrade has laverage of 20:1 , is this recomended or would you suggest me to stay away from laverage? I also read here and there that some webpages and trading platforms are just fake, how can i know if this one is a fake or a real?
I would like to talk to some of you traders, so many things are unclear in the school and too complicated in the forum, i didnt search all over, but is there a guide with simpler words and clear directions? Like, come on, im a first year Economie student, when i try and understand all the analysis and theyr different types and differences, i often get a headache and pass on to the next thing, do you guys really do analysis? All i do is watch the news and when they say something good about europe i buy euros and when its good about usa i buy dollars(only trade eur/usd)
What website would you recomend me to trade with in wich i can enter with 5000 euros?
Any one here using oanda fx trade?
Thank you very much and sorry im not very clear thru the post, i just have so many questions that i cant even ask them i dont even know how to ask them.
I would recommend that you practice more on a demo account before starting a live account. I have been practicing myself for 6 months and am thinking about my first live account at this point. You should ask yourself honestly, are you consistently profitable? Do you understand why the price is moving and changing directions? Can you analyze a chart?
I have heard that Oanda is good, but haven’t used them myself. I don’t think that you should have any problem opening an account with 5000 euros, but make sure that you understand money management and risk management before you risk so much money. Also, you should not view trading as being no different than gambling, when you learn more about wave theory / support / resistance levels / trends, etc., you’ll see that there are ways to actually take smart risks.
Since you don’t seem to have chosen a method yet, may I suggest “price action”…if you search youtube with keywords price action, you can find many helpful instructional videos. I especially like Nial Fuller’s site quite a bit, I found that he was easy to understand for beginners. As I am a beginner myself, take my advice lightly. Good luck to you!
However take your time, its not a sustainable income source yet for you, take a little longer and have a better plan laid out.
Most of everyone will tell you to to practice for at least a year minimum and once you go live, sink in maybe 100 to start out then track your progress after a month or two. Stuff gets really panicky when your real money is on the line so might as well minimize your loss via risk management gradually you’ll overcome this fear more easily than we all did.
Im looking deep in the types of analysis and searching in that area
I would appreciate any other advices you give me, im practicing on oanda while reading and learning,
I would like to ask also, how do you associate the news to the changes in the euro and dollar? What economic events should i follow for eur usd? Where to check these events? Is following cnbc enough?
As i read i found that the best thing is to start with money that you dont rely on, these are my savings and instead of traveling with them as planed, i want to trade with them, the idea of starting already with the real money is to feel the real sensation, the problem with the practice acc in my opi ion is that i will never get to fully learn because i dont care if i loose so its not the same, but i will wait till i learn how to analise and how to associate the news and the events to the changes so i can predict right and not just mmm the dollar is 1 41 its gna go up because it was 1 44 before
Thank you again for your help and thank you to whom ever wrote the babypips school
Honestly I would still take that trip you were planning. You should demo for a while then go live with small amounts say pull out 500 Euros for your trading and take the rest on the trip. your trading development will take years no doubt. My advice is also start with a 100 euro account then if you blow it you have 4 more chances. If you are doing quite well and consitantly then you can add 100 euros to your account. grow it slowly you dont need to start with that much money. you will only end up losing it and not getting as much education out of it as you could have.
Hello! Probably I’m not the right person to give advice , cuz yet I have not been on real account,
But I’ve been too long on demos of almost all brokers.
5k is really too much to start. You may spend 2000 for some inspiring vacation and keep 500 for a starting live account,and the rest 2500 as savings for a bad moment.
I don’t know about oanda,but I would look a brokers blacklist before I put.money.
However 5000 is good for longtime open positions if you are sure that price will reach your Target.
But with small lots 500 would do.the same job.
I know that high leverage is not good, but low leverage need much money on margin. If you can hold yourself and trade on small lots , high leverage is good in my opinion.
Keep practicing on demo, and set goals, never gamble.and never excuse yourself.
Don’t rush , time will never stop and the market will always be trending up and down.
Practice demo till you get 100% sure about yourself.
( I consistent get profit. No losses last months but still got many.things to test before live)
I would start with 250 eur and if I could hold myself from emotional matters i d. Put another 1000, otherwise is stay demo for another 6-7 months
Have a nice trading and be the winner ! Life is long but runs fast
*sorry for typing errors .mobile typing
a system is your set of rules, why do you enter a trade, what “set-up” do you see in the charts that tips you off that it is the right time, what are your rules?, what pair/s do you trade?, when do you exit a trade?, basically your system is something that you develope over time which leads to consistency (with consistent profitability being the end result). also, risk management is a key part of that.
for me, my system is price action, and my risk management is using a stoploss and risking a small amount of my account size (1-3%). my wins must be bigger than my losses. hope that helps! good luck
Hi. Not sure i agree on demoing for a long time. I think demo long enough to understand the platform. Then go live.
Real money makes the learning curve faster. However i di reccommend starting with a small investment. And using very small lot sizes. Maybe a hundred unita or less which equates to a penny or less per pip
You wont nake any money with those lot sizes but you will gain insight and appreciation into the market
Ramah i like how you explain things, simple clear and direct, when others talk i sometimes have to search the terms in google!
Im looking into risk management and into the analisis these days ill make my sistem, i trade only usd and eur to start with, as i underestand, the sistem is say for example, in one trade(buy/sell) i use x% of my capital(this is what we call risk % yes?) based upon x analisis and x events, with a goal of xx pips(this is when i sell yes or yes, not greedy). Right?
I also agree on the not demoing too long and playing with real money, small quantities to learn, unconsciusly you do it better when its the real thing.
About stop loss, isnt that useless if im infront of the computer? Like f.e., what if my stop loss is 20 pips bellow(i understand this is what peopple usualy put) it goes down to 20 but then speeds up? I dont like selling on a los, id rather leave that trade and open a new one till the first one goes green again, dont you think?
Good luck to you!