New!

Hey guys,

Another newbie! I've been reading and searching around on this forum for quite a while. I've always been interested in getting into the FX market as well as day trading, since about 3 years ago, but i just kept putting it off. I decided to finally throw down and get to learning! I'm not getting any younger. I chose the forex market because I read about no commissions and 24/5

I've downloaded all the ebooks and bookmarked all the important threads that I found while searching around the forums and google. I noticed a lot of people mentioned getting a demo account is extremely important. So I did that. While reading I usually write down important info, formulas and definitions. I remember them better that way.

I figured having the demo account on hand while reading would help me understand more about what the ebooks/posters are talking about, which is why i made one.

I picked up a demo account from FX Solutions and went from there. Keep in mind I still don't know 100% what im doing. lol.

So I started the account it gives me 10k balance, 10k Equity, 10k Usable margin.

I clicked buy and sell on a few random things then just randomly closed the orders and lost about 1k. lol.

Then what I started doing was waiting until the price got pretty low. Bought 20 lots, set a limit. I did this through the day and my balance went back up to 9,394.58 from a little less than 9k.

The streaming tick chart was realtime and I was dealing with very fast moving trades I found my self clicking every few seconds. The trades were small but I after many trades it added up.

I'm pretty sure this isn't how you're supposed to do it but I thought I'd post what I was doing anyway. lol. I know for newbies its recommended to use 4 hour charts. but I thought I would try things out.

Now that aside. Have I missed anything in the way of reading material? I want to make sure I read everything I possibly can so I can actually learn to play with a demo account using all the fancy charts and mathematics you guys use. I'm still studying ebooks and forum posts, but if you guys think I missed any resources do point them out.

Sorry for the long post! =P

Your on a demo and new - click on everything - try it all - there are no excuses for not knowing your platform. Making sense of what your doing will come w/ time. Good trading to you.

Thanks for the tip I'm going to make sure I do that. It was today that I actually discovered the charts so I played with that also and setup a custom workspace and saved that for now.

I still have to read on the different types of charts, how to interpret them and so forth.

I echo MrGreen's comments.

Trying everything on your demo platform. Try everything till you know it like the back of your hand.

I would also advise using the "Metatrader 4" platform. It's the most intuitive one out there.

Thanks for the tip on MT4. I switched over earlier today and I'm loving it!

I started with a $300 account for fun with 1:50 leverage. 30 minutes playing around and I got it up to $315

Useful links and reading material...

Dialist's thread:
http://www.forexfactory.com/showthread.php?t=6948

James 16 thread:
http://www.forexfactory.com/showthread.php?t=2331

Babypips:
http://www.babypips.com/school/

PFX vids:
http://www.pfxglobal.com/index.php?o...=57&Itemid=149

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

Books that come recommended:
Trading in the Zone by Mark Douglas
Trade your Way to Financial Freedom by Van Tharp
High Probability Trading by Marcel Link
Price Patterns by Martin Pring
Entry & Exits by Alexander Elder

In addition:
http://stockcharts.com/school/doku.p...uction_to_cand
For candlesticks.

And:
http://www.trading-naked.com/PriceAction.htm
For more price action resources.

Very nice! Thanks for the resources. I'm actually doing the babypips courses right now and they have been the biggest help to me so far. I also bookmarked james16's thread the other night. I didn't understand a thing in that thread but I figure I will once I get through the basics.

As for the others I will give them a read. Thanks again!

Haha! Long may it continue!

I'm gradually working my way up reading your links Rabid,

thanks a bunch

I personally would HIGHLY recomend you read Trading in the Zone by Mark Douglas, you can buy it for a few bucks on Amazon or any online bookstore. The concepts discussed in that book are right on. I wish that had been the very first thing i read.

I've heard so much about that book, its next on my reading list

I went to my library since they had a few of these books. All taken out! I'm just gonna place an order on amazon now. If you guys got any other books let me know now!

My advice to you is not to pay for anything that deals with the Forex. Everything you need is free on the internet.

All are good books but I question their use to a beginner. Simply put a beginning trader does not have the memory threads neccesary to make sense of what you read. In other words you have no reference.
Get 'Reminiscenses of a Stock Operator" Edwin Lefevere- informative and a good story. Stock Market Wizards 1 and 2 by Jack Schwager . Read items on general trading. Build up a few synapsis lhighways before tackling the higher end reads.

May I recommend Steve Nison's Japanese Candlestick Charting Techniques? It does not have too steep of a learning curve, and it goes along nicely with the price action taught in the james16 chart thread.

Good luck!

Tyler