Ok I am totally brand new to Forex trading. I went thru the babypips school very informative and interesting. Iam going thru it again just to make sure I understand whats going on. My question is whats my next move? I do have a Demo account and have been practising some trades but I have lots to learn. I also have some cash In my brokerage account but haven’t made any live trades yet. As for one I dont feel I have enough in there to survive any big swings in the market.
So how much training did you take before you went live and made your first trade? How much did you start with? I myself am only starting with a $1000.00. I do have some trading experience in stocks. I find that if your disciplined and have a plan you can start small and ad more capital as you go. Did anyone have a mentor you know some one you learned from? Well Ill stop here and take what ever advice you have to offer. Thanks.
Well let’s see. First you might think about what kind of trader you’re going to be. You could be a discretionary or a system trader. If you’re a system trader, you might then write down your rules, perhaps backtest them and optimize them. Then you might open a small account and see how it feels. If you’re a discretionary trader, maybe demo for a while to see how good your intuitions are, then take the leap (with a small account).
I didn’t train, though I did take about 1 1/2 years to write, test and develop my system. I took my time, writing my own software along the way, so this could be done quicker.
That kind of money might take you farther here than in stocks. You might make it a priority to learn about how to properly size your positions.
They say when the student is ready, the teacher appears. If you know how to sift through vast quantities of B.S., there is some good information available in books and online. I personally keep my system very simple, but I made it a point to code, test, and optimize every single component.
you answer to your questions is there.
keep practising, as you say you have a lot to learn, why go live and risk losing your money when you still have much to learn.
Keep demoing, start the demo at a realistic account size (ie $1000). If you cant maintain and increase that account then you wont be able to do it live. You should aim to double an $1000 practice account 3 times before going live. Work out which platform you wont to use ie. metatrader, dealbook etc, and work out the broker you will use - often thes two are different providers
I disagree with this statement. This is an encouragement for over-trading and poor risk management.
Rather, if you can remain consistently profitable for at least three to six months, than you can start putting real money into the venture. Start small and work your way up.
Wow!! Thanks guys!! Great advice!! I was lost but now iam found!! I was trying to get a bit of a trading plan together. So basicly you wanna be consistant with your trades. I mean you gonna have some losers thats a given but as a whole your profitable. As for your risk. Whats the standard about 2% of your account?
