Thread: New Forex Trader-How to Start?

Originally Posted by Origigi

Hi guys!
Im new to Forex trading and im very young so i have alot of time for learning.
My basic question is:From where to start learning Forex (tutorials,ebooks)?How did you guys start?And could you explain me how to progress in learning ,i mean i will not read one book for 5 years?

I started last year with Estocks and started trading using a demo account and that helped me a lot to understand the basic of forex. I have been trained by a company Estocks.com and I am now trading with this company and I am very satisfied with their services.

Originally Posted by Origigi

Hi guys!
Im new to Forex trading and im very young so i have alot of time for learning.
My basic question is:From where to start learning Forex (tutorials,ebooks)?How did you guys start?And could you explain me how to progress in learning ,i mean i will not read one book for 5 years?

As you know. Nothing is easy at the begining. you should actually make a regular sourses of your income before you entering the forex trading. Basuc knowledge is essencial and necessary. take more time to see the forex forum just like this one.If you have some friends who have a profitable trading experiences, that would be beeter.

I really agree with u. Start trading at demo account is a good way to fores beginners.you can get a good knowledge of this market and system. the company you mentioned is also nice.

I am also a foex newbie. The following is my friend's advice. you can have a try:
* Get through all of UTP... doing the practice drills... but after six or so (I forget) you can download systems for your use and learning.
* There was a post the other day That I wanted to copy and send to you. It said, "Do everything you can do." After you do a few lessons, you should participate in the AOD sessions... learning all the time. As "face" said, Shawn's webinars are helpful. The Chief's mentorship sessions are great... for technical and emotional.
* At the same time you are learning, doing, and studying everything... you can also get lost in all of the information that is available. Focus is hard sometimes (all the time)... but you need to stay focused on the target... which is figuring out the best way for you to make PIPS... you will experience many different ways to trade... your challenge is to figure out which makes the most sense for you. (Short term trades - scalping; longer term trades - swing trading are two examples.)
* Sign up with a broker... I am using FXCM... as "face" said, there are many. However, there is only one "right now" that the charting systems "auto execution" software interfaces with; that is FXCM.
* When you start trading, paper money, focus on PIP success... NOT the money. Treat your paper money is real money... that way you will learn everytime you make PIPS and every time you lose PIPS. That is the key... sometimes, when you are on your demo account, you get sloppy saying "No worries... it is just paper money." DON'T DO THAT... you are practicing for experience... to develop good habits... using your trading worksheets / guides... figuring out "what happened right and what happened wrong" on each and every trade... NOT just the losing trades.
* Make yourself maintain a trading log... documenting what you did, why you did it, and the lessons learned from the trade.

Origigi, forex forum is a good place for us to learn, but we shoule have more practise to become familar to this market and system. You can start at a demo account vbefore you get the real one.