Ankush jha
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where do I start?
where do I start?
- Thread starter Ankush jha
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counter_violent
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At the beginning.
Start with learning. Move on to demo account. Try some strategies. Identify your best/preferred time-frame and markets.
Demo simple strategies found on the internet until you see them in your sleep and you are consistently profitable. Find one that's most suitable and customise it a little to suit your trading style.
Open a live account and trial this strategy with very small positions.
Demo simple strategies found on the internet until you see them in your sleep and you are consistently profitable. Find one that's most suitable and customise it a little to suit your trading style.
Open a live account and trial this strategy with very small positions.
Read, read, read.
Find a niche that appeals to you and study some more and practice the technique (paper trade and back test). Implement real capital (skin in the game) placing small bets (1% of available capital if possible), this gets your psychology right (as per Trading in the Zone). Get your bet sizes optimized once you have historical proof that your strategy demonstrates an edge.
Goal: Your trading should become a boring job.
I am still at practicing and backtesting. I've got skin in the game and I am almost to where my Trading Plan is fully nailed down. Started trading seriously in the beginning of 2017. 3 to 5 years of work "before" becoming profitable is (in my experience) a good number, especially if you can survive with out blowing up your account
Tradeshock
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If you're starting from absoloutley nil I'd start at the Babypips school. It will give you the basics.
timsk
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Newbies would do far, far better to start at the beginning and the beginning isn't leaping on the forex bandwagon to near certain failure with everyone else. There's a mass of info' right here on T2W that's dedicated to answering this very question - just click on the link in my signature.
Tradeshock
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Yeah I wouldn't particularly recommend jumping into FX but its a good place to learn what a candle stick and moving average are.
Those links @timsk put up look great though.
timsk
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Hi Tradeshock,
BabyPips presents it's info' very well; in a logical way and is easily digestible for the newbie. However, it has its own agenda which is to put forex on a pedestal as being the best market to trade. Given the numbers of newbies who flock straight to it without even considering other markets - I'd say they've done a great job. However, IMO, this isn't in the best interests of newbies for reasons that I've explained in detail many times in the past - as in this post. (NB: Most of the numbered points in brown italics were lifted directly from BabyPips).
Tim.
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NVP
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Tim’s right .....
I did my time in commodities and equity markets back in the 1980s and 1990s.....then came to forex in 2000 .....never looked back
So I am now bias in forex.....and always will be
I would urge beginners to learn the basics first....then try to find a market that suits you ....your personality and lifestyle.....
Since few progress to having lots of free time to trade i suggest daily timeframes first ..... then see if any market works for you ......and start to define your preferred trading style
Trend following
Range trading
overbought/ oversold reversals back to mean
Support résistance
And all the exponential variations within these strategies
The reason that many traders recommend babypips training course is that it is well structured and well written ......but naturally geared towards selling forex
Im no fan of babypips other than that ...... they lifetime banned me years ago after they said i could mention my website for free forex training as many others do , but then banned me ......however I had already ruffled a few feathers by challenging some of the more established Members there regarding blatant commercial advertising .....which clearly was being supported by babypips
So beware the sharks there
N
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Indeed it is!
Very good advice! Many of us just blindly follow and assume what people say. Thats a big mistake.
Yes it is amazing, full of good useful resources.
Melodiousmelody
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Indeed babypips is one of the best ways to start forex education. Youtube is another helpful source.
Indeed!
ironjaw
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I would like to know more about your experience and recommendations. I started Forex back in 2017 after a friend introduced me to ICMarkets and MT4 and made £300 in a day and then lost almost all of it over the next couple of weeks. I still have £23 at my broker and receive monthly statements reminding me this. I made £3 last week on USD/JPY my favourite pair. But when I look back, I'm horrified. Never used a stop loss and didn't know what the hell I was doing, but at least it introduced me to candle charts, and the financial lingo and how news and different things can affect currency. I made a decision that I would learn first and then come back. After 3 years hiatus, I'm back and can see there's so many forex courses out there and scams that the whole area is diluted and hard to tell what's genuine and what's not. The only thing I can think about that's good about FX is that it's spread betting and tax free here in the UK.
