Thread: New Forex Trader-How to Start?

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?

Hey Origigi,

I feel you should look at site like babypips.com, read a lot of news and reports understand the terminology of the markets.......

then also at the same time download a demo trading platform....I trade with wsd-fx.com you can download their demo platform and start trading ...so you will teat your trading skills along with learning ability without risking capital ....

Cheers

Cooltrader,thank you very much.Im now in the Baby Pips Kindergarten. I hope that i will progress trought that school and learn something.

Yes, agree. babypips.com is a great resource for the beginners. Almost all of us here started here

I start with babypips as well, i thinking that FXStreet also has a nice educating centre, it is new. Also some broker offer it on their site. I would say that after reading many forum that it appear that the etoro platform is good for bginers, it is very basic. They say you will know when you are getting better as you will outgrow it, but good to start.

Also, you must to find a broker who will allow you to demo for as long as you need, not to just push you to open a real account. I have no shame in saying to you that my broker ACM after the begining were always there when I needed them, they did not call 20 times a day for to push me!

You need time to learn strategies for different market period trading, to try them out and see how they do, you need mostly to remember your mistakes, why this happen like this and you then need to learn to have a counter plan if same event looks like happening again, this will allow you to minimize your loss - a get out strategie I call it!

I hope this learning will be enjoyable to you, plenty of luck!

Forex trading is financial trading on the foreign exchange or currency market. This market is open twenty-four hours a day, five days a week and trades involve up to nearly two-trillion US dollars each day. If you are interested in adding this market to your investment plans, then follow these steps to start forex trading.

1. Study and learn. Forex trading is complicated and requires constant education. If you are not willing to dedicate yourself to learning everything you can, you will lose money. Don’t just read articles online. Go to a class or seminar. Attend online courses that are offered.

2. Understand the basics. Remember that forex trading is the buying and selling of money. When you purchase one type of currency, you are also selling another type simultaneously.

3. Set up an account with a broker. Start with a small account and the broker’s preferred software.

4. Practice using the trading software. Once you connect with a forex broker and establish an account, you should receive trading software. Read all the help information and guides for the software. You need to become expert at using the software.

5. Experiment with a demo account first. Practice with a demo account until you become proficient with both the software and the process of trading. Some experts recommend using a demo account for at least two to three months before putting real money on the line.

Searching for a good Forex broker can prove to be a very tedious task. Since there are a lot of advertising in the internet about Forex brokers, Forex traders get confused on which Forex broker they should hire. With all the Forex brokers out there that offers great Forex trading income and quotations, you will find it hard to choose a good and reputable Forex broker.

With a little research, you can find the right Forex broker who can be trusted. If you lack referrals for Forex brokers, you can try and do a little research of your own. The first thing you need to find out about a particular Forex broker with the amount of clients they serve. The more clients they serve the more chances that these brokers are trusted. You should also know the amount of trades these brokers are conducting.

1. Overtrading – Good things do not come often, same goes for trading. When you overtrade, the chances of you losing is higher. Gump and I averages about 3-4 trades per week. When we are trading more than that we normally do, we usually end up with a weekly loss.

2. Revenge – Give yourself a limit of how much you are willing to lose a day. Once you hit that limit, stop any trading activity. When we started trading, we often take revenge on the market immediately after we make a loss in order to “recoup” our losses. We usually end up losing even more for the day.

3. Greed – Same thing goes for how much you want to earn for the day. Once you hit your profit target for the day, go and have fun! Life is not about trading only! Hang out with your friends and families! You do not want to be labelled “no life”.

4. Trading with “gut feel”– Plan your trades well, the person who is well prepared has already won half of the battle. We always plan our trades beforehand therefore we can avoid jumping into trades that are more likely to kill us.
He who fails to plan, plans to fail. – Winston Churchill

5. Letting your profit turn into a loss – Do not hesitate to take profit or cut loss when you notice a change in market sentiment. When your plane is crashing, just jump. Use a trailing stop loss to capture partial profit or at least let your trade break even.

6. Trading more than your heart can “tahan” – Position size should be relative to the strength of your heart. If you can only eat 1 bowl of Ba Chor Mee, do not order 3 bowls and end up vomiting.

7. Trying to trade Forex with Warren Buffett’s mindset – “Rule #1: Never lose money, rule #2: Never forget rule #1” If you follow his rules, you might never get a trade for years and end up wondering why didn’t you improve in Forex Trading.

Alright! That is all to share today! Do share with us what you guys do to make money as a trader too! We are still learning every single day!

Welcome to a wonderful world, it’s a world that you can make a lot of money but don’t get the wrong impression – it’s also a risky world to those with low discipline. I suggest you start by learning basic strategies through different websites and then start by trading in small amounts or by trading in a demo account.
Here are some websites to start with: (and there are a lot…)
www.forextrendfollowing.com
www.everestforex.com which gives you $100 real money to trade (no deposit needed).
www.bloomberg.com – news and rates.

Good luck! And always use Stop Loss!!!!

BabyPips is a great place to start. I started with IntelliTraders not too long ago. I really like it because you can ask questions directly to their expert and get a prompt response. Also, they have a great chart posting tool and me being a visual learner that has helped me a lot as well.

I think the best route to go in beginning is start with a school, Demo Account, test strategies, deposit and try.

Trading School!