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A complete novice. Sincere advice needed please.

Discussion in 'Beginners Bootcamp' started by Umlah, Nov 3, 2010.

  1. Umlah

    Umlah Recruit

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    Hi there,

    I'm totally new to this site, just found it today and registered straight away. For a while I've been thinking of trading the currency markets but never bothered as I thought my intended approach would not be practical. Therefore I'd like to put it to you members for some advice.

    I have traded in equities and equity options before. Therefore I'd say I have basic skills and experience already. But would be totally new to currency trading.

    I'm thinking of trading SPOT currencies, not on margin, leverage, CFD's or spread betting. Simply spot, long positions. Simple basic strategy. I intend to start with a very modest account (£10k) and trade in lots of £2k seeking 25% turn (profit or loss) either way.

    No laughing please!

    Do you think this is possible? If so, as much help and advice would be appreciated.

    Thanks

    Umlah
     
  2. Pharaoh

    Pharaoh Colonel

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    It sounds very possible. The issue will be if you can get those 25% profits often enough to cover the 25% losses.

    Start with a demo account for 2 reasons.

    1. To familiarize yourself with the platform. There's no need to waste real money because you pressed the wrong buttons.

    2. To get a general idea of what the broker charges in spread and swap fees. Be aware that a real account will probably be different, but at least you'll have some idea before giving the broker any of your money.
     
  3. Umlah

    Umlah Recruit

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    Pharaoh, thanks for your reply. Can you recommend a broker and demo software as well as any and everything else I need to get started.

    Think back to when you just started out.

    Many thanks.
     
  4. Stanly

    Stanly Private

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    >broker and demo software
    ALPARI/Metatrader 4
     
  5. Pharaoh

    Pharaoh Colonel

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    Just about any broker will do for demo, but ask support if the demos expire or not. It's frustrating as just about having finished testing some new strategy and having all your records get wiped.

    Don't trust anyone who says "Use this broker for live trading" as a default response to "Please recommend a broker". Picking a broker that will work for you depends on a LOT of factors, including what country you live in. This is my method for broker selection:

    http://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/2333-how-select-forex-broker.html
     
  6. FrankyW

    FrankyW Private

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    What about Metatrader 5? may be it's better?
     

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