I want to get started with Forex Trading

Discussion in 'Newbie Questions' started by ShawnRocks, Sep 25, 2012.

  1. Jenal Aripin

    Jenal Aripin Trader

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    You should educate yourself first before going into forex trading. Try to learn and understand the risk of it, because most of the newbie traders came with greediness and traded without any education/risk management.

    It might takes your time to learn but it's really worth it...
     
  2. ApipFx

    ApipFx Trader

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    Start your journey to educate yourself some forex trading on this forum, then you may go to another sites (babypips.com, everyone in this thread recommended it).
     
  3. Alexa

    Alexa Trader

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    Recently, I tried a different platform for trading which is alpari. Alpari is the major Forex trading provider who is a world leader in the Forex industry. It provides a wide range of trading instruments. SO try this platform and get some new experiences.
     
  4. Enivid

    Enivid Administrator Staff Member

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    Yeah, Alpari UK was a leader too... Sort of... :)
     
  5. DRFXTRADING12

    DRFXTRADING12 Active Trader

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    Like a previous comment, I teach persons as well. My recommendations for newbies and persons experiencing difficulties..

    1. Determine how much money you want to make for FX to be worth your time..

    - many times people jump into FX without knowing what they want from it. This then leads to experimentation for a longer time than is necessary and with the 1000s of strategies out there, you can easily get lost and frustrated.


    2. Find out what Methodology/style of Trading will get you that $$ goal.

    - if there is a strategy out there that can get you what you are looking for, there is no need to reinvent the wheel. If there isnt one, then develop a strategy for yourself. Either way, practice the strategy on a Demo and ENSURE that it hits your targets for 3- 6 Months before going Live.


    3. Do not rely on FREE or low cost trading information or strategies. The reason that most of them are Free and cost very little is that they are not providing anything new /worthwhile to improve your trading. Most of it is recycled information or information which just focus on one aspect of trading. Although most of them are useful by themselves, they cannot be expected to provide you with a complete/PROFITABLE trading plan.

    4. Contrary to popular opinion, there is no point in trading Live without a plan. The only REAL difference with Live Trading is that your nerves can affect you more. But like many things in life, once you have prepared, practiced and worked out all the kinks, your performance in a simulated environment will be mirrored come game time.


    5. Create a detailed trading plan with guidelines in place to ensure you do not become indisciplined. This will guide you especially when trading Live when it really matters

    - for example, I use and tell people to have a holding period rule when trading. This ensures that you dont become greedy. If the market is only going to give you 150 Pips on a trade you must not try to hold on for 200 Pips just because you want to make up for a previous loss. If you do, the market will pullback to take away your gains, causing even more frustration. Take this recent trade on the GBP CAD made last week. As you will see in the Video, by holding on to the trade for even a few minutes or hours than you should can lead to losses in the blink of an eye.




    6. Be patient, stick with your Trading Plan and never lose your cool.


    Regards


    Duane
    DRFXSWINGTRADING
     
    Last edited: Nov 10, 2015
    Enivid likes this.
  6. trader365

    trader365 Newbie

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    Anyone know a good ebook to learn price action?
     
  7. DRFXTRADING12

    DRFXTRADING12 Active Trader

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    "Successful Currency Trading With the Daily and 4 Hour Time Frames". mine.

    Check it out in the advertising section. Its part of a 3-Month Trading Course.
     
  8. radex78

    radex78 Active Trader

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    Usually as broker company also provide littlle tutorial for beginner beginner can browse information on website, for learning stage as beginner they can start reading from many source, babypips is popular site for newbie learn forex with class edcuation step by step, but most important is practice with demo account, this helpful for learning stage before investing real money because forex also as risky business.
     
  9. Andika Anjani

    Andika Anjani Trader

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    Man, are you really ready to learn about forex trading and understand all the risks of this business? If you really are, go to babypips. It's a good site that provides you with lots of forex educational content...
     
  10. radex78

    radex78 Active Trader

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    Babypips is most popular site among trader, which also babypips has forum forex community, learn basic forex as beginner will become first foundation before they jump to real account, many beginner they have wrong mindset if forex is easy way to get eaasy profit, practice in demo account actually will help them improving trading skill, almost broker offer demo for their client included Instaforex.
     

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