Any Advice for a Beginner? | Forex Factory

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Any Advice for a Beginner?

  • #1
  • First Post: Feb 11, 2010 8:50am Feb 11, 2010 8:50am
Hi All,
I am new here and have just signed up to this forum as It looks one of the more helpful for traders.
Just wondering if anyone can direct me to any good courses/websites that don't just try to get your money if you know what I mean, and help you to read indicators, understand how to get into/exit a trade, to build a strategy etc. I have read already some of the threads on here related to beginners but was wondering if there are more options.

Any help is much appreciated.
  • #2
  • Feb 11, 2010 9:51am Feb 11, 2010 9:51am
I would have to say learning patients is the hardest thing I had to learn, and also keep it simple don't over think it and don't over trade. Just look for the best trades and take them..
  • #3
  • Feb 11, 2010 4:31pm Feb 11, 2010 4:31pm
Here is a good place to start http://www.babypips.com/school/
  • #4
  • Feb 11, 2010 10:11pm Feb 11, 2010 10:11pm
Quoting willf
Here is a good place to start http://www.babypips.com/school/
I agree with willf, babypips is a great place to start.

Also, http://www.investopedia.com/ have some more advanced stuff once you finish with babypips. Then you could start checking some good threads on FF.

Be aware that in order to truly grasp the teachings in FF threads would require a basic understanding of how forex works before hand.

I used to read FF threads and found them useless when i first started off. But after I leaned the basics, I started to see gold in them.

It took me a long time of hardcore studying before coming back to FF. I hope the journey is easier for you.


Good luck
Life is a school for the soul
  • #5
  • Feb 11, 2010 10:21pm Feb 11, 2010 10:21pm
The only advice I can give you is be patient !
  • #6
  • Feb 11, 2010 10:25pm Feb 11, 2010 10:25pm
Practice.
Patience.
Perseverance.
And Practice again.
  • #7
  • Feb 11, 2010 10:38pm Feb 11, 2010 10:38pm
- Don't buy EA's.
- Learn support & resistance. That's all you need.
- There's no system where a set of green bars will give you a long signal and work consistenly. You will always look for it but it doesn't exist.
- If you don't use a SL you will eventually, and with a 100% of certainty, loose everything you have, quit Forex, and have lost a lot of money, time and effort.
- Read every single advice that says "Patience". You think you have it... belive them... you don't
  • #8
  • Feb 11, 2010 11:23pm Feb 11, 2010 11:23pm
Dont bother with a demo account. Start trading live with micro lots at 1 penny a pip, that way you will be more serious and motivated about what your doing.
Annoying Precision
  • #9
  • Feb 11, 2010 11:25pm Feb 11, 2010 11:25pm
Just Don't do it. Always use real money
  • #10
  • Feb 12, 2010 12:07am Feb 12, 2010 12:07am
I agree with James16. Trade seriously in demo until you become profitable and confident. Only then worry about the psychology of playing for real money. If you can't make money in demo, you'll never do it live, and you'll save money (for your initial deposit) by adopting this course. Why donate your hard earned money unnecessarily to the market?
  • #11
  • Feb 12, 2010 12:10am Feb 12, 2010 12:10am
1. Ignore almost everything you read here, think for yourself, almost everything in trading can be worked though logically to a conclusion if you understand the concepts.

2. Trading is nothing more than a numbers game, are the numbers on your side? If not, don't do anything until they are, more importantly, until you can prove to yourself they are.
The breaking of a wave cannot explain the whole sea.
  • #12
  • Feb 12, 2010 12:31am Feb 12, 2010 12:31am
Everyones psychology is different , find out what works for you and do it.
Annoying Precision
  • #13
  • Feb 12, 2010 12:37am Feb 12, 2010 12:37am
Quoting erikte279
Everyones psychology is different , find out what works for you and do it.
This sums it all up i guess
Life is a school for the soul
  • #14
  • Feb 12, 2010 12:45am Feb 12, 2010 12:45am
Quoting Craig
1. Ignore almost everything you read here...
And that includes what you just said...
  • #15
  • Feb 12, 2010 12:54am Feb 12, 2010 12:54am
Quoting erikte279
Everyones psychology is different , find out what works for you and do it.
OK, I concede. Perhaps I was being overly pedantic. Personally, I have no problems taking demo very seriously. But everybody is different.
  • #16
  • Feb 12, 2010 12:55am Feb 12, 2010 12:55am
Just dont think that finding it out is going to be semi-hard, I would consider myself semi-bright and for the last 2 years i've been getting my head cracked open over and over and over again and only recently have found some success. Not to discourage you in the least, for if you do make it you pretty much have a lifetime job with almost limitless pay . Good luck with your Quest and may the Force be with you....
Annoying Precision
  • #17
  • Feb 12, 2010 12:56am Feb 12, 2010 12:56am
Quoting EasyTrader
And that includes what you just said...
..... and your reply to Craig, and my reply to you, ...... LOL

Must be time for another glass of red.
  • #18
  • Feb 12, 2010 12:59am Feb 12, 2010 12:59am
Quoting hanover
..... and your reply to Craig, and my reply to you, ...... LOL

Must be time for another glass of red.
LOL, this is forming a chain reaction. I hope the ignoring stops with hanover. lol
Life is a school for the soul
  • #19
  • Feb 12, 2010 1:00am Feb 12, 2010 1:00am
Read my little bio and you can see that If I was smart/disciplined enough then it would have saved me a little cash, $18000 worth, but I wasnt. So by all means, If you can demo then I would wholeheartedly recommend that be what thou do.

Quoting hanover
OK, I concede. Perhaps I was being overly pedantic. Personally, I have no problems taking demo very seriously. But everybody is different.
Annoying Precision
  • #20
  • Feb 12, 2010 1:12am Feb 12, 2010 1:12am
Quoting erikte279
Read my little bio and you can see that If I was smart/disciplined enough then it would have saved me a little cash, $18000 worth, but I wasnt. So by all means, If you can demo then I would wholeheartedly recommend that be what thou do.
I lost a few thousands before turning to demo (STUPID!!). But Wow, $18000. It must have been very painful.

I personally use Demo to build the confidence needed to take a trade on a new strategy. It gives you your "balls", and the real money turns them into steel!

Anyway, thats just me, I am not even a good trader... What am i doing here
Life is a school for the soul
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