Advise and Guidance for a NEW FOREX guy

Hello All

I am new to this forum and also new to FOREX. After going through innumerable 4x sites, I must say Iam honoured and privileged to be part of this group. I've gone through some of the threads and the knowledge and humbleness of each participant is amamzing.

I would really appreciate if you can help/point me to the steps i should take to be a forex trader. Iam new to this and i want to have good foundation of basics before i actually start trading.

1. Can you please recommend any training courses that i can attend.
2. Is there any mentor you would recommend who has the patience to teach a new comer.
3. Iam willing to pay for the services offered.

Thanks for the time and you all have a great day

There are many training courses available on the Web. It all depends on your budget and how much time you have availabe to learn.

If you have a lot of time but not a lot of money, then it's a good idea to check out the forums like Forex Factory. Also, make Google your best friend
and type in seaches such as "free forex training" "forex trading journal" "forex education". You'll also find some freebies if you know how to mine for the information. You can spend hours and hours on these forums and these sites and most if not all information from training courses that you have to pay for will be the same.

I'd recommend some paid forex training/mentoring course, but I gotta follow the rules on FF and I'm not allowed to display links to other sites.

PM or email me and I'll give you the links and also give you some free Forex e-books which will get you started off the right foot.

"A fool and his money are easily parted". This said, I'd make sure that you do 2 things:

1) Do not pay for help
2) Own up to your own education

I'd first seek out a very excellent book on the subject. I'd read a single book and find a trading method/plan/indicator in the book that you enjoy and think would fit your personality nicely. I suggest this book here:

http://www.amazon.com/Technical-Anal...8828565&sr=8-2

I'd then create a system that you feel suits your personality and addresses the following:

1. When will I trade?
2. How will I enter the market?
3. How much will I trade?
4. When will I exit the market?

I'd then open a demo account and practice this system until you can do 30 - 50 trades flawlessly. For example, if your system tells you to do one thing and you do another, you are not ready to trade with money.

Next, I'd open a small, live account and trade this system until you have earned a "good" return. Good meaning that you have done a lot of trades (30 - 50) and your results line up with your demo trades.

After you have shown that you can stick with your system, I'd then deposit more money into the account and then proceed exactly as you had planned.

Hey Moody,

When I come to FF, I always look at active threads, then chose a few to look at based on the title. Today you have responded to a shitload of messages that are old, some as much as 5 years old. This behavior has always baffled me. Why do you do that? Is it because you like talking to yourself? Do you not look at post dates? I truly am very curious about this, as I am about all aberrant behavior.

Thanks.

I look for unanswered questions. I don't want to see a question that other members may have being left partially unanswered or entirely unanswered.

It would be a shame if a new guy came here asking for help and we never answered him and he lost a lot of money as a result.

So when I have time, I'll look through the list of threads with zero posts and a legitimate question. If someone asked it, chances are there are dozens others who had the same question and never asked it.

The posts aren't for the people online at the time, it's for a future group of users or Googlers who have the same question.

Ok, thanks for answering.

I would just recommend to choose currency pair you like most, than create your trading strategy with the strict set of rules. Then you can start to test your strategy. I`m sure that from the beginning you will usually have loses. Provided with disadvantages or your strategy, find more information on forums, books etc to see what should be optimized. Then start testing strategy once again. And those steps should be repeated till you will start regularly winning.

Some good advice:

Have patience and be humble..

A good book.. Trade your way to Financial Freedom, by Dr. Van Tharp

Study, study, study..

Don't get bogged down w lagging indicators.. TO ME all they do is tell you where you've been.. not where you are going..

Learn a system, and stick with it..

Real money is different than a demo account.

Answers:

1. Can you please recommend any training courses that i can attend.
Learn the Basics and then launch on Demo. Try tricks you have in mind. Trade for atleast 6 Months. Don't go Live till you've traded profitably for 8 Consecutive Weeks (Whatever you trading goal - Return % is). This step is longest can take anytime 2 Months - Entire Lifetime.

2. Is there any mentor you would recommend who has the patience to teach a new comer.
No Mentor needed, You don't need a mentor to learn how to ride bicycle. And, a lot is done by the unconscious of these professionals, you would never get to learn the unconscious part which is most valuable. Unconscious is learned unconsciously.

3. Iam willing to pay for the services offered.
Keep you money with yourself, invest in T-Bills or some Capital Preservation Mutual Fund or enjoy a night with your partner at her favorite Top Dine.

Thanks,
C-B4-H

there are many books to read for free on-line, for ex-ple, here http://www.earnforex.com/forex-e-books/ Their library is big enough Probably you can find recommended books there

My best advice, find what type of trading style you like (you will probably hate this because it takes so long but once you find what makes you tick you will become successful, and use proper money mangement with this.) . Spend some time on demo using different trading methods. Alot of people like Indicators but fact is they lag, and also big dogs know these indicators and manipulate price to shake off retailers looking at these indicators. Hence stochastics and what not.

dpatloll:

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