New to forex what to start with

lquinton

Newbie
2 0
Hi all, I have an account with IG Index and want to start trading forex. What is the best reasonably priced home set up I can put together and how can I learn quickly ?

Thanks
 

Jack Francisco

Member
85 1
Again, patience.

First- do some trading practice in demo, train yourself to be good trader, disciplined trader and develop strategy. Then start off with a small real account, very small. Most lose it, trade very small lot sizes too and learn the game.

Also try to know first about risk agreement of forex and also read more about it because that gonna help you for make an start successful in this business
 

pboyles

Legendary member
8,072 1,302
Hi all, I have an account with IG Index and want to start trading forex. What is the best reasonably priced home set up I can put together and how can I learn quickly ?

Thanks

Please forget about this and save your money. If you don't believe me google 'forex company fined'.
 

robertofx

Active member
139 1
Hi all, I have an account with IG Index and want to start trading forex. What is the best reasonably priced home set up I can put together and how can I learn quickly ?

Thanks

Don't think that you can be a good trader within a short period time. I hope you have some basic knowledge. If not I suggest you to start with Babypips school to get the basic knowledge. After that start with a demo account. Make your own strategy and test it. If you can maintain a good winning streak invest a small amount and do live trading.
 

resistance

Member
89 1
Babypips school is a very good source to learn but you cannot learn it quickly. There are many detailed chapters and you should give it at least 2 months and clearly understand the things.
 

bigboyfx

Junior member
31 1
I think you should download their demo platform. That was what I did when I registered with Profiforex a couple of months back. I traded with a demo account for like three weeks before switching to a real micro account. Thankfully, the execution speed in their demo account is the same as their live account and it was all fun. SO, you have to start learn and get use to the platform first.
 

JDEK123

Newbie
1 0
Demotrading is useless. Trading with real money is a WHOLE different ballgame.

Learn to trade with real money right from the start. Start with a small account (500-1000 whatever euros/pounds/dollars) and use a broker where you can trade a minimum of preferably 0.01 LOT, but 0.05 LOT at the most.

The learning process (finding strategies for you that work and provide constant small profits) will be MUCH quicker using real money, because losing real money hurts and mans brain is programmed to avoid pain.

Set yourself REALISTIC goals. For me that is making a 5% - 10% gain on my account every week, but I suggest starting lower, say make a 2-3% gain on your account every week. Setting goals even lower is counterproductive, specially with a small account. You have to be challenged to be and keep motivated and to bring your best effort.

Believe me, your brain will find ways to achieve these goals. Just hang on to them for weeks and weeks and months and months and years and years.
 

elisab

Well-known member
266 4
The best advice is to choose the cross with a lower bid-ask on the demo version; then do a bit of training and focus primarily on money management. The first discipline of the trading system. Then you start using real money as well and prepare yourself to lose a little. It takes a lot of experience before you see good results.
 

Giovan

Active member
163 7
Hello,

Start with learning the basics of Forex which is available online,
After which open a demo and learn how to execute orders on different platforms, learn the good currencies to trade.
Thereafter, open a demo that you will trade as if that was live money and see how it works out for you.
As far as the currencies are concerned, start with the majors: EUR/USD, USD/JPY and the GBP/USD maybe.
For the demo account sizes: have a mini, a micro and a standard with you.

Happy trading

Giovan
 

perox

Member
87 0
Hello,

Start with learning the basics of Forex which is available online,
After which open a demo and learn how to execute orders on different platforms, learn the good currencies to trade.
Thereafter, open a demo that you will trade as if that was live money and see how it works out for you.
As far as the currencies are concerned, start with the majors: EUR/USD, USD/JPY and the GBP/USD maybe.
For the demo account sizes: have a mini, a micro and a standard with you.

Happy trading

Giovan

Agree with you mate. Good advice here.
 

Rambo35

Active member
227 6
I think you should go with a micro-account (as mentioned a few times before) and only trade 0.01 lots until you can achieve consistent profitability for a time-period you decide on (I picked 12 weeks for myself). When you accomplish that, you can increase your volume.
 

robertofx

Active member
139 1
I think you should go with a micro-account (as mentioned a few times before) and only trade 0.01 lots until you can achieve consistent profitability for a time-period you decide on (I picked 12 weeks for myself). When you accomplish that, you can increase your volume.


This is a very good approach mate. Start from micro lots and climb the ladder step by step.
 

perox

Member
87 0
First thing for me is to get some good knowledge about the forex market. These things includes,

* What is forex and the structure of the FX market ?
* Why you should trade forex and Is forex trading suitable for me?
* How to manage risk ?
* Technical analysis and other strategies

Babypips school is a very good place to get to know these things.

After getting the basic knowledge it is important to develop a trading plan + trading system. This will guide you throughout your FX Journey

Perox
 

aliasentric

Active member
197 9
Everything you need to know in order to learn to trade successfully is available for free on the internet.

Research the following:

Support/Resistance
Pivot points
Price action
Trend trading
Setting stop losses
Taking profits
Managing risk

Study one currency pair and become comfortable with its price movement. If you truly understand the above and apply to the currency pair you are familiar with, you are on your way to success.

Consider multiple sources, do not trust any one source as your "mentor". Develop your own methods/rules based on what you learn, and based on the behavior of your chosen currency pair.

Do not make decisions based on other people's opinions/analysis. Do your own analysis and form your own opinions, make your own decisions.

Be aware of news events, and potential affects on your currency pair. But usually, price action will anticipate any big/sudden moves. Not that you can anticipate correctly 100% of the time, but at least you'll see that there will be a potential break out on the horizon - price action will tell you this, if you listen...

Be willing to put in the time to learn the above. Most traders fail because they expect to be successful without spending the time to really learn. After they lose for a while, they give up. If you study full-time, i.e. 8 hours per day for 4-6 months you can learn it. If you spend 8 hours per week, it may take years.

If you are entering trades with little or no confidence in what direction the price will go, you are gambling, sure way to fail. Develop confidence in your analysis so that even when trade goes bad, you will comfortably stick with it until your stop/loss is hit or profit goal is reached.

And finally... Never stop learning.
 
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