New Trader need a quick start guide into Forex trading

[AntVel]

AntVel, you shouldn't be looking for "Quick" Start Guides in Forex because that will end up being a recipe for disaster. There's plenty of threads on this forum and the internet in general (including the BabyPips school) where you can learn everything you need to learn about trading, Then you can think about a strategy and try out a demo account and get a feel for it all. Only after at least 4/5 months on a demo would i suggest going live, by then you should be consistent in your winnings and understand the markets you trade, you'll also need to train your emotions too especially on a live account!

Aesop20, thanks for the advice. This gives me a better feel of what time frames are involved to start real trading.

If you really must get into trading then look at e mini futures, specifically the E mini S&P. The brokers are less likely to cheat you and it is more regulated.

Might consider futures, thank you.

However my main advice would be to forget about the idea. Someone with your qualifications shouldn't be wasting their time on this. Get a proper job and forget about these promises of easy riches.

Everyone has been where you are now so it's not a put down.

I am not fulled by promises of easy riches, I can clearly see through all this BS. What I am after instead is making living from home working for myself, and I thought trading could give me this opportunity bearing in mind I have a brain, time and money to invest.

 

[AntVel]

Well, you can become a trading trainer. If you wave your PhD certificate about, I am sure people will pay extra for your course. It shouldn't be too hard to become a trainer. You just mouth some common concepts to the beginners who are too stupid or too lazy to learn for themselves.

Not my cup of team, I can't stand bull****ting people.

If the casino makes the roulette as challenging as trading, I may well be interested. Casino would normally just take your money and that would be the end of it. The market on the other hand, slaps you around first before taking your money. It's kinda wakes you up and makes you wanna slap it back. So it's more interesting to gamble in the market.

Got the flavour! Makes perfect sense to me.

 

[jabba917]

My thoughts.

Everyone is different, you might pick it up straight away, it might take years, who knows.

Every market works on Supply and Demand. Study Wyckoff Stock Market Institute|Stock Market Technical Trading and Jesse Livermore - Stock trading hero and womanizer

All markets are inherently designed to make you emotional, thus, you will make mistakes, if you submit to fear and greed subconsciously.

The only person you can trust is yourself.

Trade minimum position size, get the feel of winning and losing, demo won't give you this emotion.

In order to make millions, the formula is simple : Your win rate should be around 50%+ and your Risk/Reward should be about 10.

Keep your losers tiny (easy, but emotionally charged) and let your winners run (difficult and emotionally charged).

If you're wrong, you should know straight away and get out, before the market kicks you.

Never risk more than you can afford, or are comfortable to lose. (1%?)

If you make the commitment, make sure you give it a good go.

You've stepped into the hardest business on the planet (so they say) .......... but only if YOU believe it to be so!

All the best.

Jabba

 

[AntVel]

I'm saying that anyone trying to teach you a specific system to make money is inherently dubious. If it was any good the last thing they'd want to do is sell it.

It depends. If the system is not easily scalelable meaning that you can only do that much unless you outsource some jobs or hire and train others to do them for you, there comes a point when selling the system can become more profitable than using it yourself. Often the amount of money you can make by selling it would be enough for you to quit the work completely. In this case it does make perfect sence to me.

If you were to publish a paper in an academic journal are you honest and open about the data you use or do you cherry pick examples? Do you expect others to be able to replicate your experiments and come out with similar results?

I do, but not everyone in science does. You might be surprised but scientific comminuty is not much different from the rest of the world.

In general, considering the venues you'll have access to, you're probably safer trading equities or futures.

Would you recommend any intensive course on that? Preferably with audios and/or videos (if there is one) as I am a visual leaner.

 

[AntVel]

jabba917, thanks for your thoughts - these are obvious things but we do need to be reminded of them now and then.

 

[NVP]

hey there A :smart:

well welcome to the jungle......excuse the leg pulling and Lutz you're receiving .....when you've been around the T2W threads a few laps you will realise how your first post read to some people here who've walked the path for many a year.....red rag to a field of bulls

anyway go through the Learner stuff here at T2W and progress from there based on the path you feel suits you best ...you'll soon learn that 90% of the stuff you read is rubbish and the other 10% is partially useful once you've put your own stamp on it.....

I've dealt with a lot of people over the years and I just lurve

Doctors
Pilots
Accountants
Scientists
Lawyers
MD's

etc etc..... because boy can they talk the talk initially - expecting immediate gains based on their prestigious backgrounds and qualifications .....

because trading is easy ...right ?

Wrong.....pay your dues and someone smart like you will make it .......but theres no short cut to long term continued Profitability

good luck
N

 

[NVP]

Shakone, Aesop20, pboyles - thanks very much guys for you helpful replies and comments, they have indeed been very helpful to me. I will not go into forex.

nothing wrong with Forex .....

 

[NVP]

If they are both pure gambling, why you gamble on Forex not roulette? You don't have any strategies up your sleeve at all?

Nothing wrong with Gambling either.....Horseracing made my family a lot of money in the 60's and 70's

 

[timsk]

I am not fulled by promises of easy riches, I can clearly see through all this BS. What I am after instead is making living from home working for myself, and I thought trading could give me this opportunity bearing in mind I have a brain, time and money to invest.

Hi AntVel,
Welcome to T2W.

In just about any other field of human endeavour, a good brain, a good education and good qualifications are all huge assets. All other things being equal, they should take you far. The same could apply to trading, but it ain't necessarily so. In some cases, a good brain can actually hinder a trader's progress.

There's a cliche in this business that goes 'trade what you see and not what you think'. Sure enough, some traders have thought long and hard about the markets and made a fortune. Many more have torn out their hair trying and lost a bundle along the way. And some of them have been professional people: doctors, dentists and lawyers etc. When you have a losing trade - and you'll have plenty - just keep in mind that the person on the other side of the trade who took your money - could be a barrow boy without a single qualification to their name!
Tim.

 

[jabba917]

jabba917, thanks for your thoughts - these are obvious things but we do need to be reminded of them now and then.

That's where you're wrong, a lot of people will disagree with me.

P.S. That reply sounds like you've been in this business for years.

 

[BeginnerJoe]

just keep in mind that the person on the other side of the trade who took your money - could be a barrow boy without a single qualification to their name!

It's equally probable the other side comprises the intellectual composite of a few 1000 PhD's armed with all the money the banks have printed, equipped with the best super computers, and informed with the latest market intelligence.

But most newbies just cannot see there is the other side to a trade, that there is a reaction to every trading action, and that the other side might have a strategy that was formulated, tested, and profitable since the beginning of time.

 

[AntVel]

etc etc..... because boy can they talk the talk initially - expecting immediate gains based on their prestigious backgrounds and qualifications .....

because trading is easy ...right ?

I don't think so If it were, most of you here would be millionaires and wouldn't even talk to a simple guy like me )))

Wrong.....pay your dues and someone smart like you will make it .......but theres no short cut to long term continued Profitability

good luck
N

I can't agree more with you on that. But I am not looking for shortcuts but rather for an accelerated learning if possible.

 

[AntVel]

nothing wrong with Forex .....

Too late NVP, I have already been thoroughly scared off of Forex

 

[BeginnerJoe]

But I am not looking for shortcuts but rather for an accelerated learning if possible.

It is possible. Put some money on the table. Then you will learn at an amazing speed that you didn't think you are capable of.

 

[pboyles]

Aesop20, thanks for the advice. This gives me a better feel of what time frames are involved to start real trading.

Might consider futures, thank you.


I am not fulled by promises of easy riches, I can clearly see through all this BS. What I am after instead is making living from home working for myself, and I thought trading could give me this opportunity bearing in mind I have a brain, time and money to invest.

Very unlikely to happen to be honest. Do you really want to spend 2 or 3 years researching this for a one in a hundred chance of success?

 

[BeginnerJoe]

Very unlikely to happen to be honest. Do you really want to spend 2 or 3 years researching this for a one in a hundred chance of success?

Where 99% of the time people loose, some other people win 99% of the time. The OP just needs to get in with the right side of the trade. So researching into forex isn't a complete waste. But trading on the wrong side of the deal is. With a PhD, getting to the side where they win 99% of the time shouldn't be too difficult.

 

[AntVel]

Hi AntVel,
Welcome to T2W.

Thank you.

Hi AntVel,
Sure enough, some traders have thought long and hard about the markets and made a fortune. Many more have torn out their hair trying and lost a bundle along the way. And some of them have been professional people: doctors, dentists and lawyers etc. When you have a losing trade - and you'll have plenty - just keep in mind that the person on the other side of the trade who took your money - could be a barrow boy without a single qualification to their name!
Tim.

I realise that scientific education is not necessarily an advantage when it comes to trading, but I suppose it shouldn't be much of a drawback eithier, should it?.. The rest of your points are taken.

 

[AntVel]

P.S. That reply sounds like you've been in this business for years.

Not really, I barely soaked my feet into it. )

 

[AntVel]

But most newbies just cannot see there is the other side to a trade

Yes, I am aware of the emotional side when trading. That's why an ability to stick to a system (even if it's not universal) seems very important.

...and that the other side might have a strategy that was formulated, tested, and profitable since the beginning of time.

You mean that the chances to lose are (much) greater than the chances to win? But that's simply the probability theory.

 

[AntVel]

It is possible. Put some money on the table. Then you will learn at an amazing speed that you didn't think you are capable of.

Teaching kittens to swim by soaking them into the water?