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Thread: Newbie help

  1. #1
    I'm new to the Forex Market and I'd really like to study it some more. Currently I'm using FX Trading Station II with $50,000 of fake money. My problem at the moment is I have no egy, I mean I have no fantastic way to pick exactly what I want. I am really looking for resources for a egy and also for up to date market news. Any help will be fantastic, thanks a lot!

  2. #2
    Into trading just below one year 9, I came. The folks selling courses were telling me how much money I could earn readily. Then, when I'd paid them, they said, well, really, it's not that simple. And lots of folks had gloom and doom stories about'how things are', while others gave the'you have to work until you drop and find out everything under the sun' ethic. Then you begin to feel somewhat inadequate since you have a sneaking feeling that some folks really do earn money with it, and you must be overlooking something fundamental. So I set out to learn what the fundamentals were. I think I found them, started trading live following six months and haven't looked back. So I wrote a novel about it, to increase the pile that's already out there, and it's even more confusing for newbies like you who now have another voice saying here's the answer. So I really do sympathise with your dilemma.... The fantastic thing about it is that as it merely deals with the fundamentals that are crucial to earning profits fast, I've been able to create it quite slender. Good luck with what ever you choose, stay optimistic, and use the KISS principle!

  3. #3
    You don't need a system. That might sound counter to what you've heard or read, but the truth isthat you wouldn't know exactly what to do with one if you had it. Allow me to give a little advice.

    Pick a pair, any pair. No pair is much better then any other, however some will move more during the time you have available to trade. Find and forget about everything else.

    Once you have a pair, see it. Not for an hour or a day... Watch it for 6 weeks. Throughout that time when you're watching the pair goes, browse. Read everything you can find about trading and technical analysis. At the very least you wish to learn about price action and patterns. Read about Fibonacci and the plogy of support and resistance. Read about candlesticks and trendlines. Read read read!

    As your studying and viewing, you come to discover a few of the things your reading about happening with your pair. If you feel you know something will occur, trade it with your demo account and monitor the results. Should you won, good, in the event that you lost, it is even better. Notice why you lost and what you heard. Keep a running total at a spreadsheet of the dates, times, results, and most importantly, your ideas and feelings happening during the trade.

    After you've ignored your demo account, read about cash management. Find out%R and adhere with it. When you fail at sticking with it, then learn about trader plogy. Start tracking your anxiety and greed in your spreadsheet.

    When you begin making some play cash open the smallest real account you can ($300 generally ) and do exactly what you're doing in demo with your real account. When you blow up that, return and browse the plogy stuff again. It will make more sense now.

    Trade more in your demo account to reconstruct your confidence. At this point you should read Reminiscences of a stock operator. It'll bring a lot of things into context. When you feel like you can get it done, open an additional $300 account and trade. If you're able to double your cash, you're ready to begin taking a look at several systems. You will have the knowledge and expertise required to assess different systems to find one that works for your specific requirements.

    Start to profitable, this process will take you 1-3 decades. If you're not ready to commit this much time and effort, then save your money and stick it in a mutual fund. You will have no capability of making anything using a trading system without this investment in yourself.

    Good luck!

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