http://www.babypips.com/school/
Don't expect to make any money. Expect to lose money. Lots of money.
When you're feeling confident.. Expect to lose even MORE money.
You shouldn't even be trading if your goal is to "win" 80 or 90 percent of your trades.
Trade because you want to become more disciplined.
Trade because you want to increase your attention span.
Trade because you want to develop your potential as a person.
Don't even think about opening a live account for about a year or two.
Practice on demo accounts until you have an idea of what your style is.
Stay clear of the majority of indicators, fancy scripts or software.
Too many indicators with inevitably contradict one another and you'll extend your learning curve.
Learn the basics. Price ≠ Momentum. Support and Resistance. Fibo stuff. Elliot Waves.
Learn to read a chart. Candlesticks and OHLC. Learn what hammers and shooting stars signify.
Understand what the candlesticks are telling you about the greed and fear of the bulls & bears with whom you're trying to swim.
Take your time [3 or 4 trades a week] and keep a journal from day one of your demo account.
You'll look back at your records of mistakes in a year or so and begin to understand where you fell of track.
Finally, once you've:
Got about a thousand [1000] dollars - That you don't need for rent or food or school or transportation or paying off debts
Wrote down in detail what style of trade you're looking to take in your first live trade.
Wrote down your precise entry and exit targets in your first live trade.
Selected the appropriate lot size [<.75] to keep your margins well padded.
Developed your sense for gauging what is likely to be a high probability trade..!!
..Keep practicing on your demo account..
Trading "fake" and "real" money are very different.
Your emotions WILL take over sooner or later while in a live trade.
Practice your risk management skills to a T. You'll be bust in two months if you neglect it.
[Expose your balance to no more than 2% risk per trade. $1000 X 2% = $20 acceptable loss]
Resign yourself to/accept the fact that you WILL lose your "real" money for many days..
In order to understand when and how to bank huge pips on other days.
Once you comprehend and accept that giant list above.. you could probably dip your leg in the water. Only a little at first!!
Just be cautious and methodically because no one is going to keep your balance intact but yourself!
p.s. -
Remember, trading is not a "get rich quick" career choice by any means.
It takes years of experience, self-education and discipline to be "In the zone" for the majority of your trades i.e. become regularly profitable.
If you're not in the zone. You're probably definitely losin' pips.
[Source(s): I opened my first live account at 17 =P]
CHEERS!
