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Author Topic: New On FOREX TRADING  (Read 7510 times)

Offline jfab

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New On FOREX TRADING
« on: June 03, 2014, 12:38:16 PM »
Okay I have to admit that I'm very new at this and I am so eager to learn. I have read a lot about having this is as a good source of income. Can anyone walk me through this from Step one?

Offline kylekur2

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Re: New On FOREX TRADING
« Reply #1 on: June 05, 2014, 02:42:09 AM »
I am also very new to this, so I can't really help you, but I want to get into it a lot more. Good Luck

Offline EliVonC

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Re: New On FOREX TRADING
« Reply #2 on: June 08, 2014, 07:55:39 PM »
Well, trading can be a good way of making some extra cash, but don't forget, it is also one of the riskiest. Here's how I started:

1. Learn the basic terms and how to read charts
2. Find your strategy (pick currency pairs, decide  whether you want to be a fundamental or technical trader, think about money and risk management strategies. It wouldn't hurt to study the trading psychology)
3. Open a demo account before throwing any real money in and test your trading strategy. You will "feel" the market quickly and may have to adjust accordingly.
4. Once you are confident and disciplined enough to make profit on demo account, choose your trading broker

My advice: only invest the money you can afford to lose. If in doubt, don't trade.

I took me about 6 months practice to gain confidence, but I am very happy to have found this hobby. Now I execute approx three trades a week and it's enough to keep my balance growing.

Offline ReeBok

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Re: New On FOREX TRADING
« Reply #3 on: June 08, 2014, 08:08:55 PM »
I think a good place to be right now - if you are new to this all - is BabyPips.com. There you can do the necessary "schooling" that will take you further.



Offline Candlestick

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Re: New On FOREX TRADING
« Reply #4 on: June 08, 2014, 09:13:28 PM »
Here is a piece of advice from me:

If you are not prepared to learn through your mistakes, losses and dedicate months and years to learn how economy works, then its better to not start at all.

Offline VintagEducation

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Re: New On FOREX TRADING
« Reply #5 on: June 19, 2014, 09:12:36 PM »
Hi to both of you who are new,

If you want to learn more about trading, live Forex webinars are a good place. I would recommend introduction to Forex webinars and things like that. FXStreet runs webinars every day really so you might want to check them out. YouTube also might help for more videos like that.

Try and ask as many questions as possible.

Be prepared to take time to learn, don't rush this, you will be better in the future because of this.
If you need help with Forex, I'm a message away. Download A Free Forex Toolkit - http://vintageducation.com/toolkit

Offline troutski

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Re: New On FOREX TRADING
« Reply #6 on: July 20, 2014, 11:12:51 AM »
Practice with a demo account and don't stop until you're absolutely sure that you know what you're doing. Like others have said, you can't invest money that you might need in a few weeks. Forex is an intensive investment that you have to pay attention to daily. Likewise, you need money that you can constantly put into it and move around when necessary. Only then will you start to see some gains. Make sure you find a reliable broker, too.

Offline Sahuberman

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Re: New On FOREX TRADING
« Reply #7 on: August 18, 2014, 05:10:21 AM »
Hi there.

    I am also new, both to Forex, and to the forum. There is alot of good advice in this thread, I see. I started going to 'school' at babypips a while back, but got distracted. I imagine it would be a good deal to go back and start over.

  It is a bit obvious to me that this will be no sure and certain quick fix financial remedy, but I prefer the long haul, incremental increase, road to achievement anyway.

Offline mendedTire

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Re: New On FOREX TRADING
« Reply #8 on: August 18, 2014, 06:06:01 PM »
Read, read, read, test. Then less reading and more testing. Never go in with your real money, unless you are 100% sure that you know when to enter the trade and when to exit it. Practice will make you perfect, but watch out for that bottom-line that could make you uncomfortable.

Offline AtlantaSean

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Re: New On FOREX TRADING
« Reply #9 on: August 19, 2014, 04:40:51 PM »
Forex is the dice game of the casino. Fastest game in the house where you can lose your shirt quickly. My advice to newbs is to try and keep costs to a minimum. Realizing that you always pay something to learn a new game you must get in there and get your feet wet. Forget a Demo account. You wont learn or feel anything on a Demo. You wont ask questions to yourself. Find out what it feels like to lose some trades and then question your sanity and why you even want to do this. Just do it cheaply! If after a month you are still interested in abusing your mind and wallet then the name of the game is information. If you want to trade for money and keep it then you need to learn to read twice as fast.

Offline mazad4

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Re: New On FOREX TRADING
« Reply #10 on: August 19, 2014, 05:16:29 PM »
If you want a really strong starting point; go to babypips.com. It's one of the best beginner sites for learning the world of Forex. It teaches you anywhere from not even knowing what Forex is, all the way to putting you into the intermediate category. I started there, and if you look around the forums here, you'll see that there are many more who started there. Good luck and happy future earnings!

Offline Lila5

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Re: New On FOREX TRADING
« Reply #11 on: October 02, 2014, 10:38:53 AM »
If you want a really strong starting point; go to babypips.com. It's one of the best beginner sites for learning the world of Forex. It teaches you anywhere from not even knowing what Forex is, all the way to putting you into the intermediate category. I started there, and if you look around the forums here, you'll see that there are many more who started there. Good luck and happy future earnings!

I know babypips but there is so much topics and information there...donno where to start properly

Offline indicator

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Re: New On FOREX TRADING
« Reply #12 on: January 11, 2015, 05:50:09 AM »
Okay I have to admit that I'm very new at this and I am so eager to learn. I have read a lot about having this is as a good source of income. Can anyone walk me through this from Step one?

Very new traders should first read about forex trading as much as they can. Then they should open a demo account where they should practice about any strategy or trading system that they find good for them.

Offline stephane

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Re: New On FOREX TRADING
« Reply #13 on: February 25, 2015, 03:40:30 AM »
Well, trading can be a good way of making some extra cash, but don't forget, it is also one of the riskiest. Here's how I started:

1. Learn the basic terms and how to read charts
2. Find your strategy (pick currency pairs, decide  whether you want to be a fundamental or technical trader, think about money and risk management strategies. It wouldn't hurt to study the trading psychology)
3. Open a demo account before throwing any real money in and test your trading strategy. You will "feel" the market quickly and may have to adjust accordingly.
4. Once you are confident and disciplined enough to make profit on demo account, choose your trading broker

My advice: only invest the money you can afford to lose. If in doubt, don't trade.

I took me about 6 months practice to gain confidence, but I am very happy to have found this hobby. Now I execute approx three trades a week and it's enough to keep my balance growing.

Great post and nearly everything is in it. I will only add one piece of advice.

90 % of beginning traders will loose everything in forex. Try to figure why, and as long as you do not understand, be extra careful. That way you will multlply your chances to survive.

Offline Rocky Ward

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Re: New On FOREX TRADING
« Reply #14 on: April 02, 2015, 04:27:44 PM »
I am not a new Forex trader but still running my learning process. In addition, I also like to share my trading experience.

 

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