Seeking advice to start trading

[NVP]

Hi All,

This is my first post having milled around the forum for some time now. I am looking to enter into the world of trading from home with some small amounts to start with, to build a larger amount of money that I can trade with in the future. I am a complete novice however and wanted to ask a few questions to you guys as you seem to know what you're doing.

I'm from the UK and have a full time job, so day trading is not going to be appropriate for me. I am looking for a way to start of trading with amounts of $50 or so during the evenings. I have looked into Forex trading and it seems to be my best option at the moment I think.

Could anyone give me any advice on what I should do to start off in the world of Forex? Any trustworthy articles, videos etc?

Also, is anyone able to recommend any trading websites or software that I will be able to use as a beginner? I would like to start off with a demo account until I am comfortable to start trading with my own money.

Thanks, I appreciate any help that you may be able to give me.

Rob

babypips.com

 

[rathcoole_exile]

I agree with NVP that baby pips, which I had completely forgotten about, do offer some good stuff for new, aspiring traders.
But, if I recall correctly, they are heavily biased towards Forex trading,
which as some people will know, in my un-humble opinion, I consider to be just wrong, wrong, wrong for new traders.

 

[WinAtTrading]

Hiya,

I think you are in a great position to start a trading education. Because you have a job (although nobody knows if that is secure these days). So having an income that pays the bills while you learn to trade is fantastic because it takes all the pressure of having to make money from the trading.

Your personal circumstances will determine what strategies you can use. In my case I am available most days to trade the opening of the US markets, so I trade from 2:30pm Uk time to 4:30pm. I trade an Opening Range Breakouts strategy and I am making 20% per month on my account. I also use IG index to spreadbet, which is great because a small amount of money can take you a long way as long as you are consistently profitable. If your not, you can lose all your money faster than you can blink.

I would suggest finding a day trading strategy that you can use on the closing hour of the US markets, around 8pm to 9pm UK time. This is a good time to trade as there is a lot of volume and some nice moves. If you know anything about trading times, you'll understand, but just believe me, don't trade during the US lunch hour.

While you are looking for a strategy that works for you. Learn as much as you can about trading psychology and mindset, as this is what will separate you form the losing traders.

I would suggest paper trading a strategy for a few month, and only got live trading once you are profitable for at least 2 months.

Good luck! and let me know how you get on.

Somesh
winattrading