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Rookie Starting Up

  • #41
  • Nov 24, 2008 8:05pm Nov 24, 2008 8:05pm
I guess for me, daily charts have worked better. It gives you the opportunity to check the signals and also to analyze the trend with some indicators on a better way. About the demo account, I guess when you are kind of lost, you should probably try short TF, to get used to it. Risk management is also important, I only risk 1% of my equity, calculating my SL on a safely place, that also protects your money.
  • #42
  • Nov 24, 2008 8:47pm Nov 24, 2008 8:47pm
Quoting Reggie59
Hey Kitty I would like to know exactly where did you read that, I think that it is quite stupid to start right away with a live account, I mean as soon as you start on the Forex world, is that guy insane or what?! It's like wasting money just because. I think that one of the best things that brokers can offer, especially on these days, is the possibility to open a demo account.
Good thinking but I think the intention of the post {admittedly, I don't know} If You Are Not Trading Live? You Are Not Gaining Trading Experience.
Use Demo to Learn Buttons.
Use Real to Learn about Trading.
Even if it is Micro or Micro Mini... You have to have the understanding of Financial Conscequence to remove the Dream of "6 Months & I buy the Villa".

Could Happen but then again, if it is in your future, You probably never have heard of FF.
This is a Workshop & as such requires attention & dedication.
  • #43
  • Nov 24, 2008 9:06pm Nov 24, 2008 9:06pm
Quoting Bemac
Good thinking but I think the intention of the post {admittedly, I don't know} If You Are Not Trading Live? You Are Not Gaining Trading Experience.
Use Demo to Learn Buttons.
Use Real to Learn about Trading.
Even if it is Micro or Micro Mini... You have to have the understanding of Financial Conscequence to remove the Dream of "6 Months & I buy the Villa".

Could Happen but then again, if it is in your future, You probably never have heard of FF.
This is a Workshop & as such requires attention & dedication.
ok! Bemac i'm new here...few monthsworkin on a alpari and MT4 demo platforms...

your advice is to get a live account right away??? no demo practice at all?

i would like to know which way to go...thanks
  • #44
  • Nov 24, 2008 10:25pm Nov 24, 2008 10:25pm
Yes, of course real account as soon as possible. But make it a small couple hundred micro account. You will be amazed how much differend its trading when its real money. It doesnt matter if its just a small account. Same emotions!. IF you cant win with 200 dollar account, what makes you think you can with bigger one?

Like Bemac said, demo is only good for familiar the platform buttons etc. So you dont make stupid mistake with real money.
  • #45
  • Nov 24, 2008 10:41pm Nov 24, 2008 10:41pm
Quoting skyforex
ok! Bemac i'm new here...few monthsworkin on a alpari and MT4 demo platforms...

your advice is to get a live account right away??? no demo practice at all?

i would like to know which way to go...thanks
Whoah there big Fella. That's not what I said. {or at least, intended to say}

I doubt there is a serious Trader on these boards that does not have (at least) 1 Demo Acct. They are usefull for various VISUAL reasons. They are also a great asset in assessing Trading Platforms but not neccessarily conclusive.

What I am suggesting is that you Find a Platform that seems to be built in a Logical Manner (as you see it) that is available through a Borker you feel comfortable with & practice with the keyboard & mouse how Trade Transactions are proccessed.

Feel free to observe the Indicators & or Methods that interest you while evaluating the above.

By the time you feel comfortable with your choices, you will have compiled some basics of YOUR Style. Including Indicators, Methods, Proceedures & Style... etc...

Open the Smallest Account Possible with your Borker/Platform of Choice & Trade amounts that you would give to a panhandler in the subway. Make sure you are beyond clicking the wrong button & that All your Trades were Placed as you intended.
{if you have been successfull @ this, your gut will/may be knotted because you are/could be down 10 Full Lot pips on 6 Trades}

Ask a 'Lifer' what being down 10 pips means to him & he may tell you...
That's the Entry Spread on a Trade of 1/2 my Normal Lots.

Please understand that this post is niether intended to Impress you or Scare you. Merely to Inform you. There may be High Seas ahead. Best learn the ropes before casting off.
  • #46
  • Nov 25, 2008 7:53pm Nov 25, 2008 7:53pm
hey people...i just read the thread and i must say though that Bemac's words could sound rough but the advice in the end is really accurate. Actually...you mentioned the importance to use more than just one platform while learning...which is probably something that new traders do not take in account.

good post!
  • #47
  • Nov 25, 2008 9:14pm Nov 25, 2008 9:14pm
Quoting fxbreather
hey people...i just read the thread and i must say though that Bemac's words could sound rough but the advice in the end is really accurate. Actually...you mentioned the importance to use more than just one platform while learning...which is probably something that new traders do not take in account.

good post!
I would like to add to this thread some another that must be analyzed when choosing a platform. It is the execution time, the faster the better. I guess trying several platforms would give you a point of comparison, check the signals between them and get your conclusions.
  • #48
  • Nov 25, 2008 9:33pm Nov 25, 2008 9:33pm
Good Point Hdsn!

There are Many!
  • #49
  • Nov 25, 2008 9:41pm Nov 25, 2008 9:41pm
Quoting Search1ng
Hi there,
To start off I don't know much about anything in regards to Forex currency trading but would like to enter the business as it seems like an interesting and exciting opportunity to earn some money. However, there have been a number questions that I've had lingering in the back of my mind. Just how risky is this trade?

I'm 19, (does age matter?) a university student and have only managed to save $1000.00AUD. Realistically speaking, do i even have enough to enter this market? If not how much do i need to save? Really, because I'm such...

B4 you do anithing, look at this:
http://www.forexfactory.com/showthread.php?t=27286

and
http://www.forexfactory.com/showpost...4&postcount=85
  • #50
  • Nov 26, 2008 8:47pm Nov 26, 2008 8:47pm
Good related links, however risk isn't dangerous as long as you use a risk management strategy. I guess 1000 USD is ok to start up if you've had the commitment to learn and enhance your trades. Practicing will give you confidence, and eventually you'll learn how game works.
  • #51
  • Nov 28, 2008 6:49am Nov 28, 2008 6:49am
hey guys, it's been awhile since i started this thread. (started it about the same time i ventured into forex) Anyway so far i've only been using IBFX, if possible i'd like an AUS broker but this one seems alright. I guess once i understand Forex a little more indepth i'll be able to explore more brokers knowing what to look for.

Now i've been trading the 30minute to 1 hour time frame and this seems alright for me so far. I usually see profits. (sometimes the profits kind of scare me) It's wierd, within 2-3 days i'll see massive profits, like 500-1000%+ increases with the 1000USD demo accounts i open, but then after that it suddenly just becomes a lot harder. Guess i still have much, much, much more to learn. It's really fun and interesting though. I think after a few more weeks or study and reading i'll enter the market with about 1000 USD. Before that though i'm going to have to call up brokers and see how much of the profits i make are actually mine. Limits to withdrawls, etc. Anyone have such experience with IBFX?

Anyway, heres to our future success, thank god for ForexFactory.
oh yeah, i also love hearing about all the other beginners, it's really great cause i can relate to their situations a lot of the time and the advice the veterans have been giving really, really, really helps.
  • #52
  • Nov 28, 2008 7:35am Nov 28, 2008 7:35am
All your profits are your's. Spread is already subtracted from your P/L.
If you withdraw money they might charge 10$ for that so it'd be a stupid idea to withdraw 10$s of profit.
  • #53
  • Nov 28, 2008 7:42am Nov 28, 2008 7:42am
Learn Support & Resistance.

http://www.forexfactory.com/showthread.php?t=86429

http://www.forexfactory.com/showthread.php?t=39514

http://www.forexfactory.com/showthread.php?t=40205

the end.....
  • #54
  • Nov 29, 2008 5:05am Nov 29, 2008 5:05am
yay, more stuff to learn! haha, seriously - no jest.
  • #55
  • Last Post: Nov 29, 2008 10:30pm Nov 29, 2008 10:30pm
skip the learning! .
Look at the chart and guess with the direction of price ~!
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