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Author Topic: new to forex and don't know anything  (Read 6494 times)

Offline nick.bar

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new to forex and don't know anything
« on: February 26, 2015, 02:54:42 PM »
Hello you all,
My name is Nick from the UK, and I'm new to all of this forex trading I have a few hundred pounds that I put a side to try this thing.
I can say with certainty that I do not know anything about Forex trading. And after reading about it online I think I understand even less.
I would love to hear any tips you have about how to start small and try this thing...
Do I need to start with a broker? to open a demo account?
In what should I trade? Forex? Which currencies are the most safe to trade in ?
There is to much info out there, can someone give me the short and simple version on how to start?

I don't want to just flush my money down the toilet...

Thank you all, Nick

Offline stephane

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Re: new to forex and don't know anything
« Reply #1 on: February 28, 2015, 06:43:06 AM »
Hi nick,

First open a demo account, and try it for a few month. When you are profitable for three months in a row, go live but start small.

With a demo you ll be able to try and understand forex without putting real money on the line.

Trading on dem is not the same as trading live, but if you cannot make it on demo, you will not make it live.


Offline ForexAxe

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Re: new to forex and don't know anything
« Reply #2 on: March 16, 2015, 06:26:56 AM »
Hi Nick,
This is excellent advice from Stephane, allow me to add to his post.  When you start with live trading,  after familiarizing yourself with the behaviour of the market on a demo account, start with very small lot sizes, if you can trade profitable with a micro lot, you will trade profitable with bigger lot sizes. The most important Forex rule to obey is to never ever overtrade your account.
Winners never quit!

Offline hashim

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Re: new to forex and don't know anything
« Reply #3 on: March 25, 2015, 05:27:32 PM »
start with learning process dont get too excited with the earning target :), it's almost imposible since you dont know nothing yet.
start with fx basic knowledge, once you had a few clue about how to trade, start with demo account.

Offline meremirror

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Re: new to forex and don't know anything
« Reply #4 on: March 25, 2015, 05:40:41 PM »
The best way to learn is to start a Demo account and try it for yourself. It might take you some time before you manage to obtain constant profits.

I recommend you check Baby Pips trading school, they have very good and detailed information for newcomers. Here is the Link: http://www.babypips.com/school

Also, there are several ways in which you can profit from Forex without having trading knowledge, for instance you can start by investing in a PAMM account or subscribing to Signal Providers.

If you are not familiar with PAMM accounts, check this link where everything is explained: http://alpari.com/en/investor/pamm/about/

I personally started a PAMM account a few weeks ago, you can see my performance and links bellow if you would like to check it out.

Hope this information helps   


Offline nwboater

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Re: new to forex and don't know anything
« Reply #5 on: March 25, 2015, 08:02:29 PM »
There is NO Holy Grail. In Forex that refers to a strategy or investment that will always make a Lot of money.

Do NOT believe in ANY of the 'get rich quick' ads. The only ones who may get rich from those are the scam artists that try to con you.

Learn to value capital preservation more than profits. There will always be some losses, but if you want to survive for long you will work out your risk management so that those losses to not blow your account.

Most people who have been in Forex for long are very pleased to get 5-8% per month on a long term (annualized) basis. The ads may promise you a lot more but don't believe it!

If you want to go for a real high return do not do it on your main account. Have a separate account for your high risk/gambling stuff. That way when the high risk strategy fails, as it probably will, you have only lost a small portion of your Forex funds.

Research, research and then research some more before committing your valuable money. And be very careful who you believe.

Start your Forex Journey as someone else suggested at BabyPips.com  But please return here to participate in this great community!

Good Luck,
Rod
« Last Edit: March 25, 2015, 08:04:13 PM by nwboater »

Offline AtlantaSean

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Re: new to forex and don't know anything
« Reply #6 on: March 25, 2015, 11:29:14 PM »
Do I need to start with a broker? to open a demo account?
Yes a broker. It may not matter which one at first. But I think you should try and find a broker with some type of deposit bonus. If you've never traded Forex before, yeah start with a demo. BUT you will not learn how to trade on a demo. Only how to press the buttons properly on the platform.

In what should I trade? Forex? Which currencies are the most safe to trade in ?
Forex is probably the riskiest market vehicle to trade and the hardest to learn. Stick to only one at first, I would focus on how the EURUSD counter plays.

There is to much info out there, can someone give me the short and simple version on how to start?
Ask yourself this- What makes the price move in a certain direction over long periods of time? I could hint to some things but it would open an entire discussion. This is your homework to become successful. It should be your main goal to learn why currency markets lead ALL markets.
Here is a superb thread for beginners..http://www.donnaforex.com/forum/index.php?topic=11571.0

I don't want to just flush my money down the toilet...
I'm sorry sir, but that is exactly what you need to do!
Sometimes when you lose, you win.

Offline tau

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Re: new to forex and don't know anything
« Reply #7 on: April 16, 2015, 09:01:26 AM »
Hii guys,
My name is tau  from INDIA, and I'm new to all of this FOREX TRADING .
I do not know anything ABOUT FOREX TRADING.
I would love to hear any tips you have about how to start small and try this thing...

There is to much info out there, can someone give me the short and simple version on how to start?

I just want to invest my money in the best and easy way .

Thank you all, tau

Offline equityfx

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Re: new to forex and don't know anything
« Reply #8 on: April 21, 2015, 12:02:02 AM »
I think demo account is really important but other than that also need for community to exchange information between new to forex to another member to improve the quality trading . So from passage of time the skill will improved from practical trade also knowledgeable

Offline tau

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Re: new to forex and don't know anything
« Reply #9 on: May 20, 2015, 01:57:47 PM »
Hello you all,
My name is Lokesh from the INDIA, and I'm new to all of this forex trading .
I can say with certainty that I do not know anything about Forex trading. And after reading about it online I think I understand even less.

Offline odysseus11

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Re: new to forex and don't know anything
« Reply #10 on: May 20, 2015, 05:33:39 PM »
I thought your name was Tau?
http://www.forexfusion.com
stop gambling. start trading.

Offline indicator

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Re: new to forex and don't know anything
« Reply #11 on: July 05, 2015, 02:28:49 PM »
First get the basics of forex trading, read about how forex works and how you can get stated, then open a demo account, try out some strategies that you find interesting. Spend some months on demo until you get experienced. Then deposit money in your real account for trading.

Offline dftrader

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Re: new to forex and don't know anything
« Reply #12 on: July 15, 2015, 06:22:49 PM »
Quote from: nick.bar link=msg=333862 date=1424962482

Hello you all,
My name is Nick from the UK, and I'm new to all of this forex trading I have a few hundred pounds that I put a side to try this thing.
I can say with certainty that I do not know anything about Forex trading. And after reading about it online I think I understand even less.
I would love to hear any tips you have about how to start small and try this thing...
Do I need to start with a broker? to open a demo account?
In what should I trade? Forex? Which currencies are the most safe to trade in ?
There is to much info out there, can someone give me the short and simple version on how to start?

I don't want to just flush my money down the toilet...

Thank you all, Nick



I advise you to make a short journey to babypips  to catch basics things.

Offline dftrader

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Re: new to forex and don't know anything
« Reply #13 on: July 15, 2015, 06:23:34 PM »
Quote from: nick.bar link=msg=333862 date=1424962482

Hello you all,
My name is Nick from the UK, and I'm new to all of this forex trading I have a few hundred pounds that I put a side to try this thing.
I can say with certainty that I do not know anything about Forex trading. And after reading about it online I think I understand even less.
I would love to hear any tips you have about how to start small and try this thing...
Do I need to start with a broker? to open a demo account?
In what should I trade? Forex? Which currencies are the most safe to trade in ?
There is to much info out there, can someone give me the short and simple version on how to start?

I don't want to just flush my money down the toilet...

Thank you all, Nick



I advise you to make a short journey to babypips  to catch basics things.

Offline equityfx

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  • Posts: 268
Re: new to forex and don't know anything
« Reply #14 on: July 17, 2015, 10:25:07 AM »
Quote from: tau link=msg=340228 date=1432126667

Hello you all,
My name is Lokesh from the INDIA, and I'm new to all of this forex trading .
I can say with certainty that I do not know anything about Forex trading. And after reading about it online I think I understand even less.


glad to hear you has understand of this business . but in here business there are so much thing to know . either knowledge , insight and mentality . So anyone need impovement fom time to time when doing this busienss when want to survive in here

 

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