hey spank, I am a fellow newb just like yourself and I think I can offer up a little advice.
1. Empower yourself man, take the time to learn the forex. As with anything in life, the best things take work. If they were easy, everyone would be doing it.
2. I would suggest researching a broker in the meantime as well. There are various threads in this forum that tell you what to look for in a good broker. Do your research on this as this in very very important
3. When you do get a demo, apply your knowledge and try out various trading systems. There are some great resources in the stickies here. Take a look at simple trading techniques and practice those. The thing is, you never know what time charts to trade off of until you practice and find out what you are comfortable with. The larger timeframes have less whipsaws its true, but when they whip boy you can lose some loot.
Practice around with the different time charts as different traders prefer different charts. I found as a new person to forex, I just wanted to trade. I traded on almost all timeframes and I practiced different techniques. At the end of the first month I lost a bag of cash from my demo account. It was worth it though, I got the "have to trade because I want to trade bug" out of my system. I believe that this bug bites a lot of newbies and you just want to trade.
Once this is out of your system, you can begin to see things a little more clearly. You will also get to see what kind of trader you are. You will find that you might like watching the charts every 15 or so mins. If this is the case, then 15min-1hr trading charts seem like the thing for you. If you find that you like to view the charts every once in a while, then I would hit up trades on the longer time frames.
One thing to read also is about psychology. Even trading the demo, I felt really bad that I lost money. Sometimes you feel that you will never understand this thing. Once you put in the time and the effort to understand, it will pay off. Everyone loses in forex, EVERYONE. Its just how many times you will get back up after you fall is what counts. Try not to take the losing personally because it is where you learn what is good from what is bad. Experience is a hell of a teacher which is why you want to stick with the demo until you are consistent.
Another thing to read up on is money management. Because everyone loses, you want to limit your risk vs. your profits. Go after trades that have low risk and high profitability. There is always risk so prepare for it. I think once you take the time to truly educate yourself, you will appreciate the forex more.
I am in my second month of demoing and I am making a profit now. I have learnt from the first month and have been getting much better. The people here are truly fantastic and more often than not, you can get help and support in here. Read up on some of the traders beginnings, you will see that it was really rough for them too.
take it easy and happy trading!
1. Empower yourself man, take the time to learn the forex. As with anything in life, the best things take work. If they were easy, everyone would be doing it.
2. I would suggest researching a broker in the meantime as well. There are various threads in this forum that tell you what to look for in a good broker. Do your research on this as this in very very important
3. When you do get a demo, apply your knowledge and try out various trading systems. There are some great resources in the stickies here. Take a look at simple trading techniques and practice those. The thing is, you never know what time charts to trade off of until you practice and find out what you are comfortable with. The larger timeframes have less whipsaws its true, but when they whip boy you can lose some loot.
Practice around with the different time charts as different traders prefer different charts. I found as a new person to forex, I just wanted to trade. I traded on almost all timeframes and I practiced different techniques. At the end of the first month I lost a bag of cash from my demo account. It was worth it though, I got the "have to trade because I want to trade bug" out of my system. I believe that this bug bites a lot of newbies and you just want to trade.
Once this is out of your system, you can begin to see things a little more clearly. You will also get to see what kind of trader you are. You will find that you might like watching the charts every 15 or so mins. If this is the case, then 15min-1hr trading charts seem like the thing for you. If you find that you like to view the charts every once in a while, then I would hit up trades on the longer time frames.
One thing to read also is about psychology. Even trading the demo, I felt really bad that I lost money. Sometimes you feel that you will never understand this thing. Once you put in the time and the effort to understand, it will pay off. Everyone loses in forex, EVERYONE. Its just how many times you will get back up after you fall is what counts. Try not to take the losing personally because it is where you learn what is good from what is bad. Experience is a hell of a teacher which is why you want to stick with the demo until you are consistent.
Another thing to read up on is money management. Because everyone loses, you want to limit your risk vs. your profits. Go after trades that have low risk and high profitability. There is always risk so prepare for it. I think once you take the time to truly educate yourself, you will appreciate the forex more.
I am in my second month of demoing and I am making a profit now. I have learnt from the first month and have been getting much better. The people here are truly fantastic and more often than not, you can get help and support in here. Read up on some of the traders beginnings, you will see that it was really rough for them too.
take it easy and happy trading!