Any Advice for a Beginner?

HAHAHA.......thats hilarious. You'll get there man, just dont give up before you do. keep trading demo until you become proficient.

There is also effective use in using a demo along side a small trading capital as you can use the effects in unison. By this I mean take a relatively good sized demo account, and amount that you would 1 day like to trade (within reason) and use it along side your live account. When you take a trade on the demo take it live with the same % base risk and monitor the demo account. Once you are up an amount that is believed to be sufficient then close the trade on both.

It can be a little tricky at first but what it does is keep your trading realistic, or more so, than just trying to manage a small account. What it aims to do is say that for a $25000 + account demo, focus on the reward that you would happily bank and tie that in with the live.

1 of the biggest problems with live accounts that are small is that people try to raise the ROI by substantial amounts because the payout isnt enough. They could bank profits and move forward and trade with an acceptable risk but in order to give the joy receptors there weekly dose most go for the over the top risk and usually end up blown. If you trade with a moderate amount it is easier (at least in theory) to see tangiable results and take profit. These results in terms of dollars on the demo will usually work out to be a good %ROI and therefore on the live account you should have relatively the same results.... if you get what I am getting at

Razor

It is about that time is it not?

Thank you so much everyone!
Happy to have support from you guys.
The Babypips site seems a good way to start so I'll definitely try it out!

I have been trying to teach myself trading for a while, with no much luck. I have a demo account but I keep loosing when I trade, only occasionally I make some money (luckily is not real money!). I have been trying a few trading strategy suggested in some youtube video training and other websites but none of them really worked for me as it worked for them apparently.
I guess in this world you really need patience to achieve something.

go through this very informative articles here

http://www.forexfactory.com/showthread.php?t=39892

Hi financecat,
I think you should start with reading and know all the terms from forex.
I have lots of years of experience in trading forex,stocks and several years on floor trader at New York stock excange i can provide you free ebooks,entr-exit strategy,money management corelated with risk management and i can help you build and develop your own strategy,anyone who need any help or does not have an answer to an question feel free to contact me at [email protected] add me or send me an email and i will respond in the short time.

forget about courses the only course you need is self confidence. please dont give any forex sales men a penny of your money. dont be a sucker for indicators remember the price feed has been around and its staying around for ever indicators come and go willi nilli.
oh and not alot of people know this 90% of forex sales men are 99.9999% full of Sh*t.

demo til you make some.

Practice hard on demo with proper money managment , profit targets and stoploss startegy and dont comes on real until you sort out best working strategy for you...

My advice is to ask questions and listen to the answers. Especially from experienced traders. Then put that into practice.

Golden Rules [Taken from my private discord group. Link in profile]
- Accept that you will be wrong. Take the loss and learn from it.
- Accept that you will lose, even if you're right. Stick to your rules.
- Be disciplined. Keep to your rules. Keep emotions away.
- Capital preservation is important. Keep your risk consistent. If you risk 1% of your capital, then keep it constant. If you risk 3% of your capital, keep it constant too.
- If you're worried about how much you're going to lose, reduce your risk. You're risking too much now.
- No should've / could've / if only. I would have been a millionaire by now.
- Overtrading doesn't mean higher return.
- Risk management is important.
- React; Do not predict where the price will go. Let the market tell you where the price will go.
- Strategies based on luck is not consistent.
- There is always another setup. If you miss this one, wait for a re-entry or just close your charts. Do not enter at a bad price.
- Treat your results in terms of % and not monetary value. My $1,000 a trade risk could be 1% of my capital, but 10% of yours.
- You will miss a lot of winning trades. Be patient.

Be patient and do hard work to learn Forex trading.

Like Anton Kreil saying ALL forex educators are scammers, by the way, we are forex educators

He likely won't see your response. The last time he posted on FF was back in 2011. And the comment you responded to was from 2010. It's a shame that so many people have left this forum. It's my guess many of them have been driven away by problematic people. Sometimes I wonder if I am wasting my time here.

DO NOT RELY ON INDICTORS!! AS some have already mentioned.. particularly the MOVING AVERAGES! YES I SAID IT FAN BOYS OF THE MOVING AVERAGE - failed FTMO demo challenges and real challenges with them- PASSED demo FTMO challenge twice without them.

They tend to get me in the trade late!
They whip saw'd me in and out of the market and made me get stopped out often as market makers watch them too!

When I first started trading I made money using only trend lines, at the time I didn't fully know what I was doing but was always making profits, but only to lose them later on as I dint really understand timeframes (1st couple of years of trading).

But then I watched technical youtube videos on moving averages and saw many so called professional traders use them in their trading strategy and so I copied their style of trading to test it out, moving average crossovers, price crossovers and various moving averages on my charts, I made money at first but then lost it and lost more because of moving averages, mind you I was using them for a couple of years not realising they were what was making me lose money!

MY reason being is that moving averages get you late into the trade when if you simply 'CORRECTLY' plotted a trend line you would mostly be winning trades or making small losses because trend-lines show price action and support and resistance without you having to guess whether it really crossed the MA or bounce from the MA.

NOW I TRADE SO MUCH BETTER WITHOUT MOVING AVERAGES, I can get into trades earlier and hit profit quicker , this is how I was able to pass the FTMO demo challenge twice! - check out the video I made of why I believe moving averages do not always work. Hope this kinda helps.

My best advice for a beginner as a beginner is to trade on a demo account and journal your trading system.

If you want to jump in, you can also start on a lower lot volume of 0.01

You need to build confidence, this comes by trading successfully and minimizing losses.

My "live" journey has been hit and miss, I made some big bloopers and had some nice successes also.

Currently am 8% up for the month.

A couple of things that I do,

I receive signals from my broker, then I test them on trading view, if they are in + $1 / $1.50 - I consider jumping in, alternatively, if they are in minus -$1 / $1.50 - you can trade the reverse position.

you will lose a bit of the profit, but if it's a good trade, it will go positive very quickly on TV.

DO NOT TRADE ANY TICKER THAT YOU DON'T KNOW - I followed the broker and got stung on USDZAR :-(

I take a view that the broker has done the analysis for me - so I receive the signals, weed out any that I don't recognize then place them on trading view, when they hit $1 or more, I start taking a look at the chart.

I use Trading View demo as a real-time indicator, it helps with momentum also. However, it does mean you are online throughout this time.

Nothing has been perfected yet, I did trailing stop/loss, other times, I didn't take the profit at lower than target and then hit minus - when you are new and dealing with your own money, it's very hard to not be "attached" and to get frustrated that you feel slow, this is when mistakes happen.

MY OWN SYSTEM

The other thing that I do is track Majors only. I am developing my own strategy and analysis and have formed a spreadsheet that indicates market bias, currently, it is around 50-80% correct, am just testing the system over a period of time and in different trading sessions, this is all to gain confidence when I have the confidence, I will make my own trades.

Have made errors and trying to get a reasonable exit-entry strategy to add to it.

I am pilot testing for entry and exit - for example, one of the majors I found today is BUY - USDCHF - currently, it is +$2.33 on trading view - am working on Entry / Exit levels, but the point here is to keep trying, learn from mistakes and reset yourself every day.

Don't get confused with lots of systems, find the 2 or 3-time charts that you like, then practice reading them and making your own assessment.

This is like getting a 1000 piece jigsaw puzzle and emptying the box, eventually, it will come together.

Good luck :-)

I am also beginner, and have been at it (Properly) for about 3 Months.
While I am certainly no Pro, yet - I have learned much on this journey so far, and feel that these points can be of some use to another Beginner.

1) LEARN - Keep Learning. There's much to learn. Enough, isn't enough.
2) Trade Live - I suggest Trading a Real Account, as soon as possible. While Demo can definitely help with getting familiar with the Market and Trading Systems - How to Open, Close, Analyze etc., Trading Real will add all of the Real and Essential Elements, that will train and improve your Discipline and Psychology (Probably the 2 Most Important Factors of Successful Trading).
3) Account and Financial Management - Using the Correct, or Suitable Risk/Reward Ratios for your Trading will dramatically increase your confidence. Strict Discipline, crossed with Skilled Analysis, and the right Risk Management - Will Only result in Success.
4) Do Not Give Up. Loss is Inevitable when trading - So Learn to manage it. But Never Give Up.

I really do hope these will help - They definitely help me!

Happy Trading

Hello!
I have been trading since a year ago. I made some and then lose some. Seems like I need to find a good mentor in Forex Trading. Can't afford to sign up those professional courses yet.
Looking forward to learn from all you ppl here!
Cheers

Hello everyone,

I am working and trading forex at the same time and it wouldn't look good if my colleagues or bosses see me holding a laptop all the time. So I am thinking of getting a small tablet, preferably 8-inch windows tablet.

May I ask, is there anyone here who do forex trading on a 8-inch windows tablet?
What's the minimum spec required and is there any brand or model to recommend?
Thanks.

Hey here2there,

In general this forum is trash. Most don't listen or are to lazy to do the actual work. The ones that do listen in the beginning end up asking the same questions over and over and even more argue because what they have been lead to believe is wrong. Add to that the trolls and wannabes & it is no wonder many people leave and never come back. Also I think A LOT of people just give up.

I come and go from this site. Sometimes its funny to read the stupid arguments people have. Sometimes I come on here to try and chat and have opinion dialogue with fellow traders. It usually ends with me getting blocked because people don't like to be told how wrong they are. Even if it is just my opinion.

- Ric

Read the book by Mark Douglas "Trading in the Zone" where it goes into depth of him interviewing professional traders. There are also some videos on Youtube of him where you can get some good insight. Unfortunately he passed away. The biggest takeaways from his teachings, learning to trade w/o emotions (easier said than done). So how is this addresses Using the concepts in his book, I have created what is called the "20/20 project". This is a "Vetting System", weeding out what makes for a good viable trading strategy. For starters taking any theory you have about the markets, creating a strategy with certain parameters (TF, session traded, indicators used, etc.), than tracking 20 trades (sample size) and reviewing the outcome. If it produces a positive outcome than take another 20 trade (addressing the possible "lucky factor" with the first sampling). At this point you have 40 trades which should good sampling size to review. Keep in mind this is all done in demo mode before putting any capital at risk. Then moving towards trading with a .01 lot size in a live environment. This is done based on going from Demo to Live is a different animal and there is no rooms for mistakes when trading this size and if an error occurs you are not blowing up your account. Review this set of 20 trades in that environment (live), and again if positive move to 1/2 size of what would be traded normally, and finally if strategy is still holding up, to the full size. At this point you have 100 trades for review. Using the "20/20 Project" have developed over 1500 trading systems, reviewing 1000's of indicators and EA's, has produced several viable trading strategies (scalping, intraday and daily setups). This process takes time, but once you get something that works, it has makes it all the worth while.

Good Luck