new to forex and don't know anything

nick.bar

Newbie
4 0
Hello guys,

My name is Nick I'm new to all this business of Forex trading.
I heard from some friends that they made some good money from Forex and I decided to try also.
I have a few hundred pounds that I put a side to try this thing.
I can say with certainty that I do not know anything about Forex trading. And after reading about it online I think I understand even less.
I would love to hear any tips you have about how to start small and try this thing...
Do I need to start with a broker? to open a demo account?
In what should I trade? Forex? Which currencies are the most safe to trade in ?

There is to much info out there, can someone give me the short and simple version on how to start?

Thank you all, Nick
 

tomorton

Legendary member
8,403 1,338
There's no short simple version. The only way to be successful in trading is through the long game.

You need a reason to open a trade. There's lots of free forex charts and analysis theory out there and also much topical analysis of the current charts.

You need a consistent plan, so that if the charts don't replicate your set-up, you don't open the trade. The plan needs an entry point with a better than 50-50 chance of a profit, an exit point where you will close and take the profit, and a stop-loss level where you will recognise the chart now indicates your trade has less than a 50-50 chance of going your way.

Start paper-trading to develop a system that works for you.

Your plan needs to have limits on how much you will risk - there's no reason to risk £500 of a £1000 account on any trade. Keep risks per trade very small - 2% if you can manage it, 5% absolute max.

Become consistent at trading your plan and not making big losses. Profits don't matter at this point, preserving your capital will keep you in the game. When you can do that, think about opening a trading account with real £.
 

stefcio2002

Junior member
19 3
Hello guys,

My name is Nick I'm new to all this business of Forex trading.
I heard from some friends that they made some good money from Forex and I decided to try also.
I have a few hundred pounds that I put a side to try this thing.
I can say with certainty that I do not know anything about Forex trading. And after reading about it online I think I understand even less.
I would love to hear any tips you have about how to start small and try this thing...
Do I need to start with a broker? to open a demo account?
In what should I trade? Forex? Which currencies are the most safe to trade in ?

There is to much info out there, can someone give me the short and simple version on how to start?

Thank you all, Nick

Open a demo account and try to practice on it. Learn everything you may and devise a trading plan as soon as possible for without one you are dead. When you have three months of profits on your demo account, try live with small money first.
 

gerryg

Established member
900 7
Hello guys,

My name is Nick I'm new to all this business of Forex trading.
I heard from some friends that they made some good money from Forex and I decided to try also.
I have a few hundred pounds that I put a side to try this thing.
I can say with certainty that I do not know anything about Forex trading. And after reading about it online I think I understand even less.
I would love to hear any tips you have about how to start small and try this thing...
Do I need to start with a broker? to open a demo account?
In what should I trade? Forex? Which currencies are the most safe to trade in ?

There is to much info out there, can someone give me the short and simple version on how to start?

Thank you all, Nick

Go there http://bit.ly/1BPraiL sign up download MT4 and start to trade. The questions that will rise ask here in your personal thread.
Simple as that.
 

nick.bar

Newbie
4 0
Hey,
After reading your tips I have open a demo account with 10markets.com, they look very professional and they also contacted me and helped me with everything free of charge.
they also have a lot of info about trading on there website. so now I'm reading a lot and starting to trade with fake money.
Thank you all for your help and I will let you know how it is going on.
and of course I will come back with more questions.
 

nick.bar

Newbie
4 0
ofcourse, after all that you guys said I'm not going to invest a penny until I will know what I'm doing.
And the guys with 10markets.com said that I don't need to put down any money and I can trade with the demo account as long as I want.
 

davidcraigson

Member
70 3
Good for you. Take a look at understanding trends, and what the candlestick charts and indicators, etc. mean. Once you understand all the details, look towards combining it into a whole version in your head.
 

tomorton

Legendary member
8,403 1,338
As a UK resident, I'd be very cautious about sending any money to a company based outside the UK financial regulators' jurisdiction, particularly one that basically just offers a flag of convenience.
 

terriegym

Active member
102 11
not sure about the company based in Anguilla!!
 

nick.bar

Newbie
4 0
For now I didn't sent to this company any money, just open a demo account.
A friend of mine recommend them to me after he made money with this company.
For now I will just play with the demo account and try different things.

And from what I understand most of the Forex companies are based outside the UK for tax reasons.
 

richieforex

Member
60 5
For now I didn't sent to this company any money, just open a demo account.
A friend of mine recommend them to me after he made money with this company.
For now I will just play with the demo account and try different things.

And from what I understand most of the Forex companies are based outside the UK for tax reasons.

A lot of brokers are now registered in other countries Cyprus being a popular at present. Just make sure they are regulated and your funds are segregated.

Start off with a demo for sure. You need to first get a feel for trading and how it all works.

Most beginner traders fail very quickly and either are put off for life or come back stronger knowing what it actually takes to become successful.

The best way to become successful like with most jobs is to copy someone that is already successful. You can copy their trades and make some money whilst you are learning.

Once you have learnt the ropes, refined your strategy to suit you and are confident you can make consistent profits by yourself you are ready to go it alone!

Hope that helps!!
 

richieforex

Member
60 5
For now I didn't sent to this company any money, just open a demo account.
A friend of mine recommend them to me after he made money with this company.
For now I will just play with the demo account and try different things.

And from what I understand most of the Forex companies are based outside the UK for tax reasons.

A lot of brokers are now registered in other countries Cyprus being popular at present. Just make sure they are regulated and your funds are segregated.

Start off with a demo for sure. You need to first get a feel for trading and how it all works.

Most beginner traders fail very quickly and either are put off for life or come back stronger knowing what it actually takes to become successful.

The best way to become successful like with most jobs is to copy someone that is already successful. You can copy their trades and make some money whilst you are learning.

Once you have learnt the ropes, refined your strategy to suit you and are confident you can make consistent profits by yourself you are ready to go it alone!

Hope that helps!!
 

nunrgguy

Established member
656 118
W.r.t Forex I'd highly recommend finding a currency that's been artificially pegged to another one and been stuck in a tiny range for more than 18 months. Range trade the hell out of it with extremely high leverage.
That one strategy has made billions for some recently.
 

neil

Legendary member
5,167 748
Above/Below the line

W.r.t Forex I'd highly recommend finding a currency that's been artificially pegged to another one and been stuck in a tiny range for more than 18 months. Range trade the hell out of it with extremely high leverage.
That one strategy has made billions for some recently.

Draw a line, trade it. Price generally above, long, price generally below, short.



Just saw your "tag line," (above)

This guy trades via a "Line in the sand." ;)
http://www.nakedforexnow.com/showthread.php?832-flow-2........

Enjoy
 
 
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