Ok - Where do I start????

Ok, so I have managed to grasp the (very ) basics and am trading very small amounts ... mostly Cable or US /AUS $ with the odd flirtation with GB/AUS $

I completely blew one account a year or so ago, a personal acocunt that I started with £1,500 ... grew to £6,000 in a few weeks and then blew the lot thinking that I might actually know what i was talking about!

Tried to stay away but just have a fascination with Forex, the kind of fascination that makes me wish id have gone into it after school.

So here I am, 3 kids later and wanting to have another go- but this time with a bit more haste. At the moment my brain is awash with Candlesticks ,Fibonacci , Doji's, waves etc etc etc..................a bit crammed to say the least. However I love it and ( much to hubbys annoyance ) find myself studying data and staring at the pc until the wee small hours! At the moment im making decisions based on data /reports rather than charts but think the mild success I am having is more down to luck ( after all , I seem to be the only one that went short on cable at 19650, am also short on AUS$/US$ !!)

If anyone can point me in the right direction as its all a bit baffling , should I start a crash course in understanding the various charts? If anyone knows of a course I could go on that will point me in the right direction.

Of course i may be in a complete dream (probably... most likely ... definately ) to think that i can dedicate just a few hours a day to this and make some money rather than having to go off to an office at 07.00 in the morning. Guess I just want to see the kids grow up and not be stuck in an office all day! Besides, Im moving to Sydney in a few months and would like this to be part of the "New Start"

Thanks

That's not a bad game plan, but here's my 2 cents worth.
(1) Keep trading small and master the trade before you start thinking about the money.
(2) Read this thread and master the longer term charts first
(3) Read the stuff on Money Management in the Beginner's Section
(4) Keep asking questions, no matter how dumb YOU think they are
(5) Use the serach facility in the forum, anything you may want to know has been asked before (usually by me )
(6) Switch points (4) & (5) around

Don't forget to read some stuff on the psychology before you go much further. Once your head is right, life becomes less stressful

This might help http://www.forexfactory.com/showthread.php?t=7468 there's some other good stuff in the articles section that you might want to read through.

Depending upon the level knowledge you have with Forex, this how I would it:

> Self study course
I am not promoting anything, but you want to try Peter Baines system
- you can view the CDs at your own leisure
- you get access to his AM Review which analyzes charts using TA
- you get access his website which have other videos

I know some will think its not worth it [I think its about $400 USD} since he is pure technician, and also most of the stuff you can find on the web if you look around

> Education Course
I do not believe a course in Forex would help - costs thosuands of dollars
Once finish with the course, would you actually have learn anything in such a short time

> Demo
You will learn from demo what you have learn or read by praticing
The key is discipline in your trading style, and money maangement
Trading demo vs real is completely different becuase of real money involve

> Systems
Stick with two or three systems, and not any more
Learn it inside/out and don't get too overloaded with indicators on your charts
Stick with systems that uses basic indicators, eg., MACD, STOCH, RSI, for now

much appreciated.... I will consider this my "homework " for the next little while.
Trying to also train for the marathon in April and find myself daydreaming about pips/charts/$$$$ whilst out on the long runs- v.sad I know!

More from Forex Articles

Here are a few good posts by experienced traders whose experience should help you build a game plan

(1) 45 Ways to Avoid Losing Money Trading FOREX, by Jimmy Young
(2) Why Paper Trading Is Counter Productive
(3) Stress and Coping in the Financial Markets
(4) Basic Trading Concepts Tutorial
(5) How to Handle a Losing Streak (everyone has them)
(6) 133 TRADING TIPS. by AK Forex

I could go on but, hey, I've got a life too. Check out that section, there are folks posting advice in there for free that would cost $$$ if you signed up for their courses.

Hi Rooney, are you a dog owner by any chance? My strong advise to you after three years of studying this market is to search out a good, steady, reputable signal service provider and start making money right away. You will also get the feel of how a professional, systematic trading system works in practise. Analyse their signals, the performance of their previous signals, and become intimate with the mathematics and performance characteristics of a trading program.

Study analysis if you like, but I don't personally advise it. Spend the time with your family and friends instead, and get more involved in your community and with creative arts. Also spend lots of time in nature and doing exercise. Just implement the signals from your professional signal provider. Study the mathematics of trading systems so that you employ a reasonable risk factor. Learn how to create an excel spreadsheet to record everything, keep a detailed trading journal, and become conversant with all the concepts and terms that relate to the analysis of trading systems. This will build a good foundation in case you want to become an analyst eventually, as you will have a good idea of what a successful trading program looks like.

Get rich, lead a balanced life, retain your marriage, and get plenty of sleep!

If anyone wants a trade signal service, there are dozens of them which claim extremely good performance. The trick is to determine which ones are honest, which ones are practical for your situation, and what the relative performance of them is. Check out the Classified Section of the Traders Lounge on this site (if you can find it - it's hidden) for discussion of several promising signal service providers. There is also a professional performance review (Forex Signals Tracker) being conducted of some signal providers by FX Street. In addition, there is a new website for people to review forex services and products.

Thanks for the words of Wisdom, again much appreciated.

I too value family life and being able to watch the kids grow up- hence the life changing move to Sydney in a few months. I have 3 girls and the time is zipping by so I dont plan on wasting it!

A few people have suggested keeping a journal- you mention keeping track on an Excel spreadsheet, is there anything I can download to help me do this and what kind of info do you recommend me keeping.

Also, there seem to be sooooo many software systems that give trade signals etc.... can you recommend a couple that i might be able to demo for a couple of weeks.

Im really still at the stage of trying to wade through all this info and find my way through the maze so any direction is appreciated.

thanks

While u have received good suggestions I would have to say that the idea of getting a signal provider is not one of them. Being a tip taker is not the way to start out in this business. I guess u need to ask yourself if you want to learn how to trade, or just learn how to 'put on a trade'. There is a difference.
If u wish to practice dissecting and determining how someone came up with their trade. Go to the Journal section here at FF. Plenty of people posting their thoughts on where a particular pair will go. Accuracy is probably about the same (at least no worse) than any provider.
You''ll learn more doing that than getting some suggestion from a signal service.
If you have not yet done so, read "Reminiscences of a Stock Operator" by Edwin Lefevre. Great read and lots of good advise.
Good Luck to you.

I met a guy once in a Forex workshop that I had paid $2000. At, one of the break he showed us a system that he had paid $5000 for. I had before takeing the $2000 workshop bought another system for $500.

The workshop I attened was mostly about "Breakouts". I was new to trading I had know idea what a breakout was. I now know and know that I do not like trading breakouts. Many people trade breakouts and are very successful, I just don't happen to like that style of trade..

Take the time to find your trading style by useing system that are free. You can waste a lot of money and time on system that may not be your style of trading.

There are so many people here on Forex Factory with good systems and they are willing to share them with everyone.

One of the best teachers I have seen on FF is Phillip Nel. He is a new comer to FF but he has put a lot of time and thought into his program and is willing to share it with everyone.

Always test any system before you trade it. You will soon learn your style and if that system fits you style.

Good luck