Where do i begin?

Hi all. I’ve heard of Forex tading only a few weeks ago. I bought Currency Trading for Dummies and am making my way through the book. What else do I need? Any recommended software for a new guy? Tutorials?

In 5 years i’d like to make at least 75,000 US dollars annually, is this a doable goal?

BP school (twice if need be). Then open a demo account and try out what you’ve learned. You’ll then have an idea of what your up against. Five years is certainly a realistic target… most who make it to consistantly profitable traders take anywhere from 1-3 years. A caveat to this is if your not prepared to put in some serious study and practise (10,000 hours and up) its better left alone.

Thanks for your response.

5 years is a better guess. I work full time and go to grad school part-time, so i’d like keep my goals as realistic as possible. I’m attracted to this because I can have mobility and an income.

Just curious, what are the limits of how much money I can make in this? I don’t think I’ll be making billions in my first 5 years, but just wondering what my limits are.

I’d focus on the basics for now and look to the possibility of big numbers way down the line when you have the prerequisite knowledge and experience. But to try and answer your question… in all honesty… I don’t know you, you could be the next George ‘S’ who brought the bank of England to its knees! LOL

Seriously though… first consider what you can loose! Which should be your primary consideration in the early phase of your walk down FX lane.

As said, right here!!! Forex Training Online: Learn Foreign Exchange (FX) Currency Trading When your finished, come back and load us up with questions. :slight_smile:

On it guys.

As for what I can risk, what about $3,000? Too much? Not enough?

$200 to begin with. That will be more than enough to put the taste of forex blood in your mouth. 2% risk tops, each micro lot will be worth $28. Do no more than 0.10 or whatever a micro lot is. Try the 50:1 leverage. That will put you at 10 cents a pip. You can put your stop losses out 40 pips. You won’t lose more than $4 per trade. If you know your setups and know the market, you will make. If you don’t, you’ll lose, but you can stay in the game a very long time.

You can lose 15-20 in a row before you have to refund as you will only have $28 in each trade. Stay with only one trade at a time till you get it.

You have to taste defeat without getting all crazy in your trades. $200 bucks is a test, make it $400 and you shouldn’t need to put anything else in it. Go back to babypips school and study money management. You’ll know what I am talking about then.

When I make a trade, how much does it cost per trade? Or can I have a limitless number of trade as long as I pay a subscription fee? Any good brokerages that I can join that are newbie friendly?

Most trades are bound by Spreads and commissions.

Brokers vary quite a bit, here are a few I like:

ECN/NDD - MB Trading - Nice spreads, very straight up. customer service a little weak, but still good
ECN/STP/NDD - FXCM - Good overall marks around here. They have alot to offer depending on how much you want to start your account with.
STP/DD - IBFX - I use these guys, but doesn’t cost a whole lot to get into the market.
DD - There is only one that I would consider ever using and its Oanda. Oanda has very good spreads and have a great reputation so far that I have seen.

Here is a link to many of them. At the bottom of the listing, there is a very good article that you should read that will put things into perspective. ECN brokers list | ECN/STP Forex brokers

good luck ysg!