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blueboy

Discussion in 'Beginners Bootcamp' started by Bill Telford, Jan 1, 2010.

  1. Bill Telford

    Bill Telford Recruit

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    Hello everybody I know nothing at all about Forex Trading,that is why I became a member of the Forex Peace Army.So,what do I do next?I would certainly like help and information on how to start trading and find out what are the good and bad points of this excercise.
     
  2. pepper1

    pepper1 Private

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    In my opinion your greatest challenge or concern is understanding the market itself, not brokerage firms, not trading platforms, market data providers, etc... very often newbies bog themselves down with so much information that has nothing to do with making money, i recall when i was studying for the real estate exam and then finally became an agent, the day to day activities connected with being a real estate agent had nothing in common with what i was studying for,
    it had no practical value.

    roll up your sleeves and burn the midnight oil, make copies of market data and study it like a book, scrutinize it, get to know the markets intimately, smell, touch, eat, breathe the markets.
     
    #2 pepper1, Jan 1, 2010
    Last edited: Jan 23, 2010
  3. cowmadagan

    cowmadagan Sergeant

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    I started dealing in currencies to diversify my savings, but I was making jack as salary and didn't really have enough job security to do bank investments.
    When I knew I was getting my inheritance I started watching bloomberg literally for hours a day and spend about six months trading at the bank. Somehow I managed to make money doing that, and often I'd make more than I was at work (what was I on? I'm working with 1/100th of the spread now and having more trouble predicting than I did then.) I found out about online brokers and then practiced on demo accounts for five months before finally splurging and doing it for real. I also quit my job because my boss pissed me off.
    Because I'm married I had to make money every day trading just to prove to her it could be done, which is exactly where I didn't want to be. It also meant that I'd only fit in as much reading about technical analysis as I could, but I had to constantly watch the news and the charts. Don't make my mistake.
    I then did what I should've done earlier. Go to babypips.com and go through their entire course, including the quizzes. That'll be what I'd say is the minimum required knowledge for you to start trading with real money.
    You'll probably feel like you've got it very quickly and that it's too much reading. FINISH IT. As I said, it's the minimum you should know.
    One benefit of using my way was that when I saw the technical indicators, I knew they were accurate because I'd seen those patterns so many times.
    Good luck.
     

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