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How Do I Begin? To Learn To Trade?

Discussion in 'General Forex Talk' started by RAYMOND OBIEKWE, Dec 7, 2007.

  1. RAYMOND OBIEKWE

    RAYMOND OBIEKWE Recruit

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    Pls, Can A Generous Expert Tell Me The First Things To Do And So On And So On.
    Thks From Raymond The Newbee.
     
  2. Pharaoh

    Pharaoh Colonel

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    Basic Training for New Recruits

    There are several things you should do to get started:

    #1. Make sure you have access to a decent computer and have a better internet connection than I do. (no broadband availability in my swamp - waaaaaaah!!!!)

    #2. Don't spend money on anything until you've gone through a lot of the FREE stuff out there. Later, you'll know enough to have some idea of what would be a good investment based on your budget and trading style.

    #3. Read all the cool things Felix has written (just start on the homepage). Felix is an excellent news trader and you could pay a ton of money elsewhere to get less info than he gives away for free.

    #4. Head on over to babypips.com and go through all of their free stuff. Like Felix's info on news trading, babypips provides technical trading stuff for free that would cost a fortune elsewhere. (Personal note: I've traded the Cowabunga method they have - if you do it, grab profit early and often - in my experience, things often reverse after only about 10 pips. You can make money using that method, but you'll have to work hard to get it.)

    #5. By the time you complete the above, you should have a good grasp of the bare essentials of news trading and technical trading. Come back here and read through the Forex Peace Army forums. Ask questions and (usually) someone will answer them.

    #6. Open a demo account. Open another demo account with a different broker. Open one more (with yet another broker). Now you've got 3 demos. Play with them. Try things out. Learn what all the buttons do. Real money trading (even on the same platform) can be quite different, but you'll lose very quickly if you don't know where to click.

    #7. Now comes the time for you to make some big decisions. You need to select a broker for live trading. You also should now know enough to consider what other products (if any) you want to spend your hard earned cash on. If you are a news trader and will be making large trades, then one or more of Felix's premium services would probably be a very good idea (you can also get a free trial of some of Felix's services - wait until you are set up with a live account and are comfortable trading before trying - no need to waste free service time while still trying to figure out how to buy and sell). If your total cash available for investment is only a few hundred dollars and you want to trade microlots and minilots technically, then investigate free systems and also read the product reviews at this website if you want to try out some of the things that cost money.

    #8. By the time you are even half finished with this list, you'll know enough to help point other new traders in the right direction. If you see someone post a question in the FPA forums that you just read the answer to, don't wait for one of the more experienced members to answer it, share the info. If you develop a seriously successful system, share the info. If you find a system on another forum, test it, and get great results, share the info. If you get scammed, share the info. Jump in and help your fellow soldiers.
     
  3. digforpips

    digforpips Private

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    My advice is to start with the free resources such as babypips.com. I would focus on the basics such as candlesticks, trendlines, fibonnacis and price patterns. You cannot go wrong with using these tools. I would then get familiar with a platform..so get a demo account with someone like interbankfx. Begin to familiarize yourself with the platform. Nothing beats experience. After familiarizing yourself with the above, then consider a course that comes highly rated by forexpeacearmy.com members. And be careful. There are people here who have no clue about trading successfully but teach or just don't do what they promised. I can attest to that personally. Happy trading and stick with it. :)
     
  4. elly

    elly Recruit

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    hi sir,
    Sorry to disturb you, the other day i went to ths babypips.com, and reading some forex school information coz i really into forex now, at ths moment my stage nearly high school, and i know i already learn the basic like u said above....but im sorry im hardly dont understand whats with candlestick, trendlines, fibonnacis stufff...i know its really hard to explain, but now im trying my best to trade using forex trader (practice account) but there are certain of time i loss..because im not familiar with that indicators.. shamed on me :unhappy:
     
  5. Nyust

    Nyust Private

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    One thing everyone should remember!! When it come to "learning how to trade FOREX", ,, you should never stop learning, you can never learn enough, Books courses and Discussions like this will get you there. Just start learning and you will master your trading pretty quickly.
     
  6. Pharaoh

    Pharaoh Colonel

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    There's nothing to be ashamed of. I had no clue what a lot of the indicators were and had never dealt with candlesticks before getting into forex. You may want to review some of the babypips lessons and also hunt for more FREE educational stuff on the web. If anything doesn't make sense after reviewing it a couple of times, ask questions here.
     
  7. Gert v Bruggen

    Gert v Bruggen Private, 1st Class

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    Candlestick Formtions

    i did do a lot of reading about candlestick formation
    my goal is and dont laugh about what i am going to say now hehe
    but i always compare the charts with that green scrolling screen of the matrix
    those guys could see a who world in there only by looking at the green things scrolling down all the time
    wel i want the same with Charts
    when i just started with Trading and did see the first real live chart on a demo program the only thing i did know is when it is going up buy when it is going down sell
    i had no clue at what chart setting would be the best line chart Candlestick
    Tick chart bar chart and so on
    till i begin reading on news sites and lots of experts where talking about Engulfing pattern Dark cloud pattern Doji Start Hanging man hammer pattern and so on i was thinking what are they talking about so i went looking for information about that and did find some good books on the internet about candlesticks
    and the good part is if u look really good u can find most of the books for free but dont ask me how hehe not sure i am allouwd to say how u can find them for free

    Greets

    Gert
     

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