Forex courses please help

[TradingPlaces]

I am a novice trader and i am trading using a demo account, i have a couple of questions
1. Where can i get good training, i have seen a lot of trainers on the internet and some of them are very expensive
2. How long can you advise me to trade on a demo before i go live
3. I was aslo thinking of self training, any self trained traders who do not have a trading background or a close friend who is a trader, How tough is it?

 

[atomm]

I am a novice trader and i am trading using a demo account, i have a couple of questions
1. Where can i get good training, i have seen a lot of trainers on the internet and some of them are very expensive
2. How long can you advise me to trade on a demo before i go live
3. I was aslo thinking of self training, any self trained traders who do not have a trading background or a close friend who is a trader, How tough is it?

I'm also a newbie in forex ( but have many years in stock market). Maybe I can give my humble opinion.
1. Learn simple candlestick charting ( via book or a cheap trading course ).
2. Learn to use blank candlestick chart ( without a single indicator! ) to read price movement of a currency pair. Only take major currency pairs. Price discounts everything ( news, expectation, fundamental, manipulation, psychology, ... ).
3. Study the historical chart pattern of a currency pair. History of chart pattern repeats itself --- the wonder of market behaviour, from stock to forex.
4. Do demo until emotionally ready then go live, but with very very small open position at a time.

 

[damianoakley]

I am a novice trader and i am trading using a demo account, i have a couple of questions
1. Where can i get good training, i have seen a lot of trainers on the internet and some of them are very expensive
2. How long can you advise me to trade on a demo before i go live
3. I was aslo thinking of self training, any self trained traders who do not have a trading background or a close friend who is a trader, How tough is it?

Hi,

I used to be a regular poster on this site, but took some time off recently after a family bereavement, so this is my first post for a few months. For anyone else reading this, I hope to become a regular poster again.

To answer your questions:

1) If you are thinking about undergoing any training, then be sure that the methods/strategies taught by that trainer will suit your personality and trading goals. It is all very well a trader showing you his methods, but will it suit you to trade that strategy after you've been taught it?

2) If you have a definite trading plan, then you could trade that every day on a demo account for 3 to 6 months before going live, assuming you feel confident in that strategy. If you don't have a definite plan, then trade on demo for a very long time until you have developed a definite plan that you have confidence in.

3) I am a completely self-taught trader, but it took many many years to sort myself and become consistently profitable. There were many times when I nearly gave up because I just couldn't fathom it. To answer your question bluntly, it is very tough! In my opinion, trading the financial markets is one of the toughest jobs in the world, because it requires massive mental stamina......just my opinion of course.


Hope that helps,

Feel free to drop me a personal email if you have any questions.


Thanks

Damian

 

[atomm]

Agree with Diamianoakley, it is very tough to build your own niche in the financial market.
Forex = Ferarri; super fast but very dangerous if unskillful to drive it.
Stock = Ford sedan; not too fast but still dangerous if unskillful to drive it.
Think positive, I believe we can learn and acquire the skill to drive the Ferarri if we adopt the right approach.:cheesy:
Just my own opinion of course.

 

[TradingPlaces]

Thanks

Thank you very much for the advise, i think its good to learn from people who have gone through the same path i want to go through. Thank you guys keep posting

 

[achtung]

I posted a question sometime back that asked for a comparison between two traders I was thinking about;-

1 John Bartlett
2 Alan Rich

Both deal with beginners, but AR seems to be the chap the more experienced traders prefer.

I know your next question.......... No I haven't had any training from either and I've not read any posts from people who give a comprehensive pic of what their trading day was like.

Good luck

 

[zagreb]

Agree with Diamianoakley, it is very tough to build your own niche in the financial market.
Forex = Ferarri; super fast but very dangerous if unskillful to drive it.
Stock = Ford sedan; not too fast but still dangerous if unskillful to drive it.

with respect to the poster, I don't think this is best description of FX trading. If you learn ropes (and they aren't that hard to learn, if you know what to search for), FX trading is more like Hummer - relatively safe and powerful, but you need to drive it responsively all the time.

By using lower leverage, FX is less 'dangerous' than stock trading because stock can be manipulated (by using some shady inside info) while FX mkt is too large and too obvious for all to see.

P.S. it took me 5 years not to learn, but to find out what to search for

 

[dekac]

I am a novice trader and i am trading using a demo account, i have a couple of questions
1. Where can i get good training, i have seen a lot of trainers on the internet and some of them are very expensive
2. How long can you advise me to trade on a demo before i go live
3. I was aslo thinking of self training, any self trained traders who do not have a trading background or a close friend who is a trader, How tough is it?

Hi

Why not try to learn forex trading read forex e-book , get for FREE at here and you 'll find step by step forex trading.
Also I beleive that demo trading don't help when you start realy trading, why don't try to start trading with a little money ( e. $50 ) and feel realy trading...

 

[jacinto]

Hi

Why not try to learn forex trading read forex e-book , get for FREE at here and you 'll find step by step forex trading.
Also I beleive that demo trading don't help when you start realy trading, why don't try to start trading with a little money ( e. $50 ) and feel realy trading...

beware of vendors pointing directly to their websites. this member DEKAC is a vendor without a vendor tag.

 

[rols]

I am a novice trader and i am trading using a demo account, i have a couple of questions
1. Where can i get good training, i have seen a lot of trainers on the internet and some of them are very expensive
2. How long can you advise me to trade on a demo before i go live
3. I was aslo thinking of self training, any self trained traders who do not have a trading background or a close friend who is a trader, How tough is it?

Read this for basic knowledge.

Find a trader who actually makes money from trading Forex. It's easy to be a genius with hindsight in this game.

Dunno where you will find this person who is also willing to mentor.

Just do it and learn by your mistakes. Just promise yourself that you will not trade with money you cannot afford to lose.

There are far easier ways of making money BTW so only go down this route if you are slightly bonkers and passionate about the subject.

Happy travels!

PM me for a Forex trading manual, couldn't get it to upload here. sorry.

 

[Lord Flasheart]

First thing id do is learn about money management and emotional involvement. Open an account and trade very small volumes.Demo accounts have very little emotion or reality attached to them

 

[damianoakley]

I am a novice trader and i am trading using a demo account, i have a couple of questions
1. Where can i get good training, i have seen a lot of trainers on the internet and some of them are very expensive
2. How long can you advise me to trade on a demo before i go live
3. I was aslo thinking of self training, any self trained traders who do not have a trading background or a close friend who is a trader, How tough is it?

Hi TradingPlaces,

Can I ask what is specifically attracting you to Forex?

Is it that you like this market and feel that you could be successful in it, or does it just seem like the most accessible market compared to other markets?

Many beginners get into forex when they first start trading because it seems like an easy market to trade just because it is so easy to open an account - have you looked at all your options?


Thanks

Damian

 

[fxwinner22]

not sure if i can mention this but there is a new thing to do with trader training happening soon. place called www.tradersquawkbox.com which is live training by pro traders.

 

[alfine]

So you want to learn

There are a number of useful online sources for learning this game though few can really teach you to change the poor traits we all have when we first start out. correcting them will only come through determination and self awareness. Here are some recommendations.

http://www.trade2win.com/boards/showthread.php?t=4629 this is a thread on the T2W site posted of a long time frame. It begins with the absolute basics and takes you through exercises so you get the idea and learn as you go.

www.forex*******s.com (as in forex b.a.s.t.a.r.d.s dot com) is a good resource for reading what others have experienced. You'll find an array of categories such as brokers, training etc. each with feedback from past users.

www.forexfactory.com is not only the most useful economic calendar with colour coded icons to signify level of importance but also a wonderful public forum dedicated to all things forex. On there you'll find a thread titles James16 which if you have the patience to read through what must now be around 4,000 posts will give you more than enough info and confidence to dip your toes in the water.

If you want to fork out some hard earned cash for training I can recommend Rob Booker - www.robbooker.com who's style is very much based on thoro manual backtesting to produce worth while systems. Very good for discipline.
I also recommend Wayne McDonnell of www.fxbootcamp.com for live online training covering round the clock from Australia to USA. It will cost you but if you stick with him for over 6 months you should manage to save yourself from blowing your account. You can watch some of his daily reviews for free to get a taste for what he does during the live sessions by doing a search for fxbootcamp on www.youtube.com. You can also sign up for his monthly NFP session which is free and live. you'll find it at www.fxstreet.com
One more before I sign off. If you can get your hands on a copy of Bird Watching in Lion Country it's a worthwhile read though I wouldn't recommend following his system unless you've backtested it yourself and are satisfied with your ability to follow it.

Good luck and welcome to the club

 

[forex99]

Trading forex for the beginner

Hi Guys

If I can give you my 2 cents worth for what it's worth.
I've been trading forex for a few years now and like most traders went through a tough time in the beginning.I think the most important thing in trading, for me at least, is to know yourself before you start on a path of emotional pain.

I don't normally recommend or endorse any vendor but of all the rubbish out there you occasionally do find something that seems to actually help you.

When I started out I went on every course I could find as well as buying a complete liabrary of books and cd's.I would meet traders from all over and network with all these great people, and get so confused listening to each ones input about what they do or don't do and where they think the market will go, I put myself through alot of stress and emotional pain.

At the end of the day I think your going to pay for tuition sooner or later! I'm sure alot of people would agree that if you just jump in to this profession without having a good solid idea of what your doing, your going to burn up - Either emotionally or financially...or BOTH!

I think the more people you speak to as a novice trader the more chance your going to get more confused! I think that's because each person is very different to the next, and each persons belief about trading is a reflection of his/her emotional make up?

Like I said I don't normally recommend any particular vendors/courses but of the tonnes of rubbish out there I would say if your going to spend money on courses/books, have a look at Mark Douglas' book "Trading in the Zone". Read it as many times as it takes to get the mindset of how a trader needs to think. Once youv'e attained the right mindset, then set out on your quest for more knowledge on technical and Fundamental analysis.

Another very good book, which has absolutely nothing to do with trading is Eckhart Tolle's book "The Power of Now", it's quite a difficult book to read and will also need to be read a few times.It basically teaches you how to stay in the present moment.Which is really important when trading as most traders seem to live or die by their last trade!

And finally of all the courses on trading forex - Chris Lori's cd "Pro Trader Advanced FX Course" is one of the best I've seen.It is quite expensive costing about $600 for the 12 cd set.What I really like about the course is it's not focussed on indicators!! It focuses on price! The one thing every professional trader seems to have in common is they focus on price action first and indicators are second. Please note I do not endorse any of this material and please note this is only my input. At the end of the day it's up to each trader out there to go through the process of becoming consistent on his own.

If you can find a mentor who knows what he's talking about and who will not hold back information from you then that's even better.

I hope this helps someone. Remember it's a very difficult profession to choose and only ten percent of the crowd seem to make consistent money on the longterm, so don't beat yourelf up about not knowing what to do. Start really small - I like a broker that offers micro lots for beginners which is alot better than trading a demo account as your emotions wont go on a roller coaster ride everytime you click the order entry when trading a demnce you have your emotions under control you will be miles ahead of the competion.

Good luck on your road to consistency and be careful out there!

 

[dekac]

First thing id do is learn about money management and emotional involvement. Open an account and trade very small volumes.Demo accounts have very little emotion or reality attached to them

It's true demo account isn't so good , forex simulator is much better...