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Education

Discussion in 'Beginners Bootcamp' started by Stevew3765, Oct 14, 2008.

  1. Stevew3765

    Stevew3765 Recruit

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    Hello All. My name is Steve. I live in Tulsa and work in the finance industry so, it should come as some surprise that I am VERY new to this. My question is: I will starting from the ground. CAn anyone suggest a beginners education course so as to teach me from step one on fx all the way to being able to trade? (when I say begiiner. I mean beginner. Never traded anything.) Thanks :)
     
  2. Pharaoh

    Pharaoh Colonel

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    There are a ton of places that will sell you training, sure-fire systems, autotrading programs, managed accounts, etc. Don't pat 1 cent until you read the articles here:

    Forex Basics Boot Camp - Forex Peace Army Forum

    The FPA glossary will help you with some of the terms:

    http://www.forexpeacearmy.com/forex-forum/traders-glossary/2471-forex-traders-glossary.html

    Beyond that, there's a ton of other free stuff out there. One of the quickest general introductions to Forex is from the NFA and can be found here:

    https://www.nfa.futures.org/forex_training/content/coverpage.htm
     
  3. Stevew3765

    Stevew3765 Recruit

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    Thanks

    Ty Pharoah. I am currently in the pipsology school. Once I complete that 3 or 4 times. I will press on. I have read many of your posts on here to newbies. I have to say I am heading your advice. I don't see me trading live for at least a year. I want to be able to do trading fx for a living and I feel the only way to accomplish this is to work and study. So, thank you for all your input. It is greatly appreciated!!:)
     
  4. ernest8fingers

    ernest8fingers Master Sergeant

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    Take the Demo plunge

    If I was just starting out(complete novice) I would read as much info on the dozens of FOREX forums out there. I would not buy anything-ANYTHING!-yet. I have paid for this, and I have paid for that, but nothing focuses the mind more than a disappearing trading account. After some amount of study( for me several days in the beginning) open a Demo trading account and trade it. Get used to the platform (i like the MT4 trading platform offered by many brokers). Dive right in w/Demo trading as it is painless and great education. Watch the market on charts when u can. Gain a perspective on how different currency pairs act during News releases and at different times of day. Candlestick charting w/indicators might make good reading? Just study a DEMO and read-read -read everything u can and then, when u have a million more questions, post em here. Hope I have helped u and best of luck!
     
  5. Stevew3765

    Stevew3765 Recruit

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    PFC...do you trade for a living?
     
  6. ernest8fingers

    ernest8fingers Master Sergeant

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    ME?

    Steve if u mean me- I do trade for a living.Trading since 2004-for a life since 2007. This week has been great. Up over 300 pips but thats not normal for me.50-150 pips per week w/mutiple lots on standard account and I am very pleased. I actually had less experience than u. I came into Forex as a complete investing virgin. Never even heard of Forex before 2004. I made EVERY beginner mistake except giving up. I stopped trading after my 1st 90 days(lost 6000 K ) and just watched those charts. Read every scrap of info and downloaded every free gimmic I could. Only after 3 years of marginal success did I finally achieve a self sustaining account. I rarely have a "bad" week now. If I close my position now(EUR/USD) I gain over 3 grand for 1 day trading. I have to admit that only yesterday I was down 400. $ for the day. I now posses the confidence/chart skill/money management/good Broker and account depth to make this my job. I only hope it lasts!
     
  7. Stevew3765

    Stevew3765 Recruit

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    yes I do mean you PFC. I am glad you are now winning!! I think I am as you were so many years ago. Overwhelmed yet with the understanding that financial freedom (or at least boss freedom) was out there somewhere within the technicalities of this complex matrix of fx. So, here I am as you once were. Ready to go forth and seek out as much knowledge and information needed to become as you are now. TY I have much to learn!
     
  8. martin01

    martin01 Banned

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    You can also learn from experts with proven track records. And of course much resource is available to beginners at all levels: books, CDs, online courses, group seminars, even one-on-one mentors who will come right your home for a few days.Armed with a basic functioning knowledge of the game-start by paper trading until you can be consistently profitable on paper. I would also recommend doing a lot of practice trading with a real-time demo account. This is the next best thing to real trading without risking money.
    Cheers


     
  9. Stevew3765

    Stevew3765 Recruit

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    Alarming

    I'll be honest with you all, I find the success rate of Forex traders to be a bit alarming. What is it 1:10?
     
  10. Pharaoh

    Pharaoh Colonel

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    Estimates vary. Overall, 85-95% of all day traders (forex, options, stocks) end up losing money.

    There are several reasons for this - Lack of risk management is probably the number 1 killer. Either the person doesn't understand, or gets overconfident after a couple of winning trades.

    Following some "guaranteed" method without taking the time to learn how it works also has a high probability of wiping out your account.

    And then there's always outright fraud by brokers and account managers that you need to be worried about.

    Some guy who posts WAY too much wrote some articles that you may find useful.

    Forex Basics Boot Camp - Forex Peace Army Forum
     

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