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Best way to get into Forex trading?

  • #1
  • First Post: Edited 8:43am Dec 14, 2015 7:28am | Edited 8:43am
So this isn't just a thread for me looking for the best way to get into Forex trading this is also a thread for people to learn from other peoples mistakes!

We all know there are traders out there that made a lot of mistakes but learned from them. There are also traders that were consistently profitable from the start. There are also traders that looked for a magic strategy that did or didn't work out for them.
Tell us your story!

So here are a few questions!
-What kind of trader are you?
-How did you fall into that specific type of trading?
-How did you get into trading the Forex market?
-Why did you choose the Forex market?
-What would you have done differently?
-What are some of the mistakes you made and how would you avoid them next time?

and lastly! Looking back on your Forex adventure how would you get into Forex trading now that you know everything that you do?

If you decide to share thank you!
  • #2
  • Dec 14, 2015 7:37am Dec 14, 2015 7:37am
Why are you looking specifically to be a 'Forex Trader'?
  • #3
  • Dec 14, 2015 8:44am Dec 14, 2015 8:44am
Quoting Atokys
Why are you looking specifically to be a 'Forex Trader'?
I added the question to the main post. As for myself I'm still in the learning process and the Forex market seems to be more accessible and I'm more comfortable with currencies I guess.
  • #4
  • Dec 14, 2015 8:52am Dec 14, 2015 8:52am
I recommend reading up on how the best traders do what they do.

Must reads:
1. Reminiscence of a Stock Operator by Edwin Lefevre
2. Market Wizards by Jack Schwager
  • #5
  • Dec 14, 2015 12:59pm Dec 14, 2015 12:59pm
Quoting AntiVi
So this isn't just a thread for me looking for the best way to get into Forex trading this is also a thread for people to learn from other peoples mistakes! We all know there are traders out there that made a lot of mistakes but learned from them. There are also traders that were consistently profitable from the start. There are also traders that looked for a magic strategy that did or didn't work out for them. Tell us your story! So here are a few questions! -What kind of trader are you? -How did you fall into that specific type of trading? -How...
Save your self a lot of wasted time,frustration,disappointment and numerous blown accounts.....DON'T GET INTO FOREX TRADING,it's a losers game.
  • #6
  • Dec 14, 2015 1:08pm Dec 14, 2015 1:08pm
Quoting edge540
{quote} Save your self a lot of wasted time,frustration,disappointment and numerous blown accounts.....DON'T GET INTO FOREX TRADING,it's a losers game.
you are right you gave him the cream of cream ,i also join you in saying that forex is losing more than gaining you better dont waste your time or money .i am just a system developer and i am some kind of wealthy thanks god and i am investing small also
so i did not lose a lot but it is really a dead end game for regular people .
have a nice day sir
focus while relaxed to see better
  • #7
  • Dec 14, 2015 1:12pm Dec 14, 2015 1:12pm
Quoting orabi
{quote} you are right you gave him the cream of cream ,i also join you in saying that forex is losing more than gaining you better dont waste your time or money .i am just a system developer and i am some kind of wealthy thanks god and i am investing small also so i did not lose a lot but it is really a dead end game for regular people . have a nice day sir
Oh really?

https://www.myfxbook.com/members/ric...der100/1437809
  • #8
  • Dec 14, 2015 1:18pm Dec 14, 2015 1:18pm
Quoting edge540
{quote} Save your self a lot of wasted time,frustration,disappointment and numerous blown accounts.....DON'T GET INTO FOREX TRADING,it's a losers game.
Quoting RichFXTrades
{quote} Oh really? https://www.myfxbook.com/members/ric...der100/1437809
I know Forex trading is not easy and I know a lot of people fail but that doesn't mean that I can't succeed.
  • #9
  • Dec 14, 2015 5:10pm Dec 14, 2015 5:10pm
I bet against you, the stats favours me giving me a huge edge that you will not succeed. Your 1st mistake and you are foolhardy to refuse to pay heed, we all do the same pay the unnecessary cost to contribute to this failed stats.

Quoting AntiVi
{quote} {quote} I know Forex trading is not easy and I know a lot of people fail but that doesn't mean that I can't succeed.
  • #10
  • Dec 14, 2015 5:17pm Dec 14, 2015 5:17pm
Learn price action would be the best way not only for forex but apply to any other markets as well.
  • #11
  • Dec 14, 2015 5:26pm Dec 14, 2015 5:26pm
[quote=AntiVi;8644273]{quote} {quote} I know Forex trading is not easy and I know a lot of people fail but that doesn't mean that I can't succeed.[/quote

Forex trading "is not easy" and most people fail which means you won't succeed no matter how hard you try.Forex trading is glorified gambling,it is not a skill you can learn,forget all the analogies to learning to become a Dr or lawyer etc they don't apply.The Forex trading world is populated by an endless source of wannabes preyed upon by unscrupulous vendors of BS.
  • #12
  • Dec 14, 2015 9:08pm Dec 14, 2015 9:08pm
Quoting RichFXTrades
{quote} Oh really? https://www.myfxbook.com/members/ric...der100/1437809
30.93% Drawdown and you only started in October - yes really - your account is as good as dead. Sorry for the negativity but in time you will see what im talking about.


Start with finding out HOW the forex market works, what and who moves prices, learn about Central banks and market sentiment THEN maybe look at charts and mainly focus on patters and S/R levels.

You will find that most people here have the same story regarding their forex journey. It has been discussed numerous times, just do a search for it.

What forex is not is easy and predictable.
Luck is where preparation meets opportunity.......
  • #13
  • Dec 15, 2015 12:16am Dec 15, 2015 12:16am
Quoting Ozzie Taz
{quote} 30.93% Drawdown and you only started in October - yes really - your account is as good as dead. Sorry for the negativity but in time you will see what im talking about. Start with finding out HOW the forex market works, what and who moves prices, learn about Central banks and market sentiment THEN maybe look at charts and mainly focus on patters and S/R levels. You will find that most people here have the same story regarding their forex journey. It has been discussed numerous times, just do a search for it. What forex is not is easy and...
Lol... When you have the guts to show your trade activity and what you have accomplished, we will talk. It is the ones who have always failed that think everyone else will fail too. I'll let my trades speak for themselves.
  • #14
  • Dec 15, 2015 1:06am Dec 15, 2015 1:06am
Quoting RichFXTrades
{quote} Lol... When you have the guts to show your trade activity and what you have accomplished, we will talk. It is the ones who have always failed that think everyone else will fail too. I'll let my trades speak for themselves.
Wow.... pretty strong comments coming from a 1 month veteran. However im sure you will probably say that you have been trading for years and how awesome you are and you only just joined FF to teach us mortals how to trade successfully with 30%+ drawdown

Alright i will be nice, i don't like to yell at children anyways.... You seem extremely confident with your trading and trade explorer so credit to you.
How about we check back in a couple of months with your explorer and see how your going. However im pretty sure of a couple of things...

1: It will be dead in the water or close to it,
2: You will have some pretty awesome excuses as to why your account died (EA wasn't working properly, VPS or broker screwed me, dog ate my stop loss).
3: (my favourite and most likely outcome) - your trade explorer will suddenly vanish into thin air and not a word will be spoken about it.

Regardless - Best of luck to you sir
Luck is where preparation meets opportunity.......
  • #15
  • Dec 15, 2015 1:48am Dec 15, 2015 1:48am
Quoting Ozzie Taz
{quote} Wow.... pretty strong comments coming from a 1 month veteran. However im sure you will probably say that you have been trading for years and how awesome you are and you only just joined FF to teach us mortals how to trade successfully with 30%+ drawdown Alright i will be nice, i don't like to yell at children anyways.... You seem extremely confident with your trading and trade explorer so credit to you. How about we check back in a couple of months with your explorer and see how your going. However im pretty sure of a couple of things......
I am amazed at how the losers who are afraid to show any track record but insist on declaring what they think of others and have magical abilities to determine what is what when they themselves produce nothing.

1. I am not new to Forex. I have been trading for over 5 years.

2. I am not new to Forex Factory. I have been a member several years in the past. This happens to be a new account.

3. I purposely posted a new trading account to demonstrate what can be done successfully. That is why I expose my account history so that everyone can examine it.

4. Large drawdowns happen to every trader. What matters is what you make and what you keep. So the drawdown crap is just that. Crap that failures use to excuse their lack of trading ability.

5. Again, lets compare your performance with mine. We will see what is what.

https://www.myfxbook.com/members/ric...der100/1437809

I am really sick of "old head" failures who have never been able to make money trading, yet spend inordinate amounts of time hanging around forums grousing and telling everyone what cannot be done, when there are many examples of people who are successful.

All I know is what I am showing. I really could care less what you think. I already know losers like you exist. My goal is to inspire those who have the guts and determination to make a success for themselves trading.

For the rest of you, feel free to follow the progress of my account. If you have any serious questions, feel free to PM me and perhaps we can even chat on skype. I don't have a lot of time, but I am willing to give pointers to those who are serious about succeeding.

Don't let loser jerks like this guy get you down. You really can do this if you really want to.

https://www.myfxbook.com/members/ric...der100/1437809
  • #16
  • Dec 15, 2015 2:01am Dec 15, 2015 2:01am
"1. I am not new to Forex. I have been trading for over 5 years."

- As i said above, new this was coming

"2. I am not new to Forex Factory. I have been a member several years in the past. This happens to be a new account."

- So what your saying is you have more than 1 account, which is against FF rules.
Why not use your original account?
Were you blocked?
Kicked off?
Extremely angry person who took offense to everything

"3. I purposely posted a new trading account to demonstrate what can be done successfully."

- This will be a good laugh - time will tell.


Im not an old head who, as you put it - "spends inordinate amounts of time hanging around forums grousing and telling everyone what cannot be done, when there are many examples of people who are successful." Quite the opposite actually. You assume people can just look at your charts and trade their way to victory..... however you did say this:
"For the rest of you, feel free to follow the progress of my account. If you have any serious questions, feel free to PM me and perhaps we can even chat on skype." - because you just want to help people right? Why couldn't you just start a journal like most here do and help people that way? Oh thats right, at least this way you can build a little list of clients hey

Buddy - you have 'dodgy' written all over you but thats ok, time will tell.


Regardless - Best of luck to you sir
Luck is where preparation meets opportunity.......
  • #17
  • Dec 15, 2015 3:22am Dec 15, 2015 3:22am
Hello.

I started about a decade ago in Exchange traded Options. Traded based on reversal candlesticks on daily charts like Engulfer and Karakasa.

After losing thousands of dollars, went to small cap penny stocks. Speculated in biotec and mining stocks with up coming JORC/drilling media announcements.

Got interested in online gambling broker arbitrage (lay & back).

Educated myself a bit more on options and started buy/write combinations ie, credit spreads, condors, ect..

Got Introduced to FX by a mate who was selling a signal, traded fx for a couple of years. Recently moved to CFDs.

Main account is a quantitative systematic system based on correlation relationships between instruments based on past statistical data. I own shares and write covered calls over them each month.
And I have another small account which I speculate based on TA (CFDs).

Aside from risk management, My advise is don't limit yourself to forex alone.
  • #18
  • Edited 9:38am Dec 15, 2015 9:27am | Edited 9:38am
I don't want to get involved in the argument between OzzieTaz and Rich, but what Ozzie says here is close to spot on, in my experience:
Quote
Start with finding out HOW the forex market works, what and who moves prices, learn about Central banks and market sentiment THEN maybe look at charts and mainly focus on patters and S/R levels.
I would guess that the folk who say that forex is a loser's game have not looked beyond their own knowledge of TA.

FA is not a holy grail by any means, but an understanding of the hows and whys behind price movement can provide the trader with overall directional bias, and a level of conviction that TA can not provide. However, timing the entries and exits is the trickiest part. At least that's been my experience.

To anybody who is serious about learning how to trade, check out threads/posts by folk like skfx, numbnuts, unknown4x, jakeparkin, MCRotter and Razorjack. Fudomyo, Gaston, grkfx, Jack_Larkin, BillyRayVal and Porkpie are outstanding also, if they are still posting. There is also plenty of free material posted by Jarratt Davis on FPA. Try to see how these folk are thinking, and then develop your own approach by using their wisdom and experience as a starting point.

Quoting AntiVi
-What would you have done differently?
-What are some of the mistakes you made and how would you avoid them next time?
Outlined here.
  • #19
  • Dec 15, 2015 10:20am Dec 15, 2015 10:20am
Speculation is a game.

You come up with an opinion and then you bet money on it.

The quality of the opinion matters less than your personal conviction to it and your ability to stay capitalized.
  • #20
  • Dec 15, 2015 10:34am Dec 15, 2015 10:34am
Honestly, do your bank account a favor - avoid forex trading. The odds are stacked heavily against you, it's a manipulated market. I know that's probably not what you want to hear, but it is the truth.
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