New Trader need a quick start guide into Forex trading

AntVel

Junior member
21 1
Hello everyone,

I would like to strat Forex trading. I am a quick learner with University background (Ph.D in Physics) and have a few thousand GB pounds to invest. My Forex education is minimal, I just read some articles, forum posts and went through a Forex Rebellion course by Russ Hord on his trading system for MT4. It seems pretty clear and relatively easy to grasp, but I lack any practical experience whatsoever.

From what I read so far it's best to open a demo Forex account and do some dummy trading to learn the ropes. What would be a good platform/service to start with this?

Another big question is - do I really need a broker or is it best getting a solid private coaching, practice with demo and start trading on my own? Any particular private coach/mentor from this forum (or elsewhere) that you could recommend?

Sorry to ask so many questions from the start, but I really need some help in developing strategy on how to approach the whole thing. Any ideas and suggestions are highly welcome!

thanks a lot :)
 

pboyles

Legendary member
8,072 1,302
Hello everyone,

I would like to strat Forex trading. I am a quick learner with University background (Ph.D in Physics) and have a few thousand GB pounds to invest. My Forex education is minimal, I just read some articles, forum posts and went through a Forex Rebellion course by Russ Hord on his trading system for MT4. It seems pretty clear and relatively easy to grasp, but I lack any practical experience whatsoever.

From what I read so far it's best to open a demo Forex account and do some dummy trading to learn the ropes. What would be a good platform/service to start with this?

Another big question is - do I really need a broker or is it best getting a solid private coaching, practice with demo and start trading on my own? Any particular private coach/mentor from this forum (or elsewhere) that you could recommend?

Sorry to ask so many questions from the start, but I really need some help in developing strategy on how to approach the whole thing. Any ideas and suggestions are highly welcome!

thanks a lot :)

You've got a phd so you should be an expert in carrying out research. Before you get into any of this I suggest you research the following topics.

1. MT4 Virtual dealer plugin
2. Mike Baghdady
3. FXCM fine
4. Gain Capital fine
5. FXDD investigation
6. Guy Cohen Nazi box
7. Senen Pousa managed forex account

That should give you a thorough grounding in what the retail forex business is really about.
 

AntVel

Junior member
21 1
You've got a phd so you should be an expert in carrying out research.
I am indeed. If there is one thing I am good at, research would be it. :)

You've got a phd so you should be an expert in carrying out research. Before you get into any of this I suggest you research the following topics.

1. MT4 Virtual dealer plugin
2. Mike Baghdady
3. FXCM fine
4. Gain Capital fine
5. FXDD investigation
6. Guy Cohen Nazi box
7. Senen Pousa managed forex account

That should give you a thorough grounding in what the retail forex business is really about.
That's a long list. It will take me a while to research. Multiple mentioning of the word 'fine' doesn't sound too encouraging though :D especially if that's what I think it is. )

Anyway, thanks very much for your list. I will check it out.
 

pboyles

Legendary member
8,072 1,302
I am indeed. If there is one thing I am good at, research would be it. :)

That's a long list. It will take me a while to research. Multiple mentioning of the word 'fine' doesn't sound too encouraging though :D especially if that's what I think it is. )

Anyway, thanks very much for your list. I will check it out.

Thats fine in the 'heavy fine' sense not the 'doing fine' sense. Suggest you stick with the physics and avoid the corrupt forex industry like the plague. Anyhow you will see if all for yourself if you research these matters.
 

DT

Well-known member
312 38
You've got a PhD yet you seem to want to follow a magic lines on chart/statistics-made-easy approach... something that relies on belief not evidence and is generally sold by training providers using rather neat cherry picked examples.

Just a thought but perhpas subjects such a market microstructure, time series analysis, signal processing etc.. would be more worthy of your time than the advanced tea leaf reading, subjective nonsense that seems to be prevalent within 'Technical analysis'. I'm not completely dismissing TA, you should be aware of it but you should also question a lot of it (and tbh.. ignore the subjective bits).

Also - FX isn't a level playing field, even with a 'ECN'... you're not getting access to Reuters or EBS any time soon so look elsewhere - Futures or US equities perhaps....
 

AntVel

Junior member
21 1
Thats fine in the 'heavy fine' sense not the 'doing fine' sense. Suggest you stick with the physics and avoid the corrupt forex industry like the plague. Anyhow you will see if all for yourself if you research these matters.
What is a better alternative to Forex then?
 

BeginnerJoe

Senior member
3,329 350
What is a better alternative to Forex then?

Roulette at casino offers better odds. It was proven that the odds improved even further with a toe operated computer. Then there's more +odds for someone who understood physics. Going by your background, you can't really loose in this even if you try.
 

AntVel

Junior member
21 1
You've got a PhD yet you seem to want to follow a magic lines on chart/statistics-made-easy approach... something that relies on belief not evidence and is generally sold by training providers using rather neat cherry picked examples.
Are you saying that all these FX courses is a heap of BS and the whole game is more of a gambling rather than a modellable system? How come then there are people who consistently make living of it?


I'm not completely dismissing TA, you should be aware of it but you should also question a lot of it (and tbh.. ignore the subjective bits).
That's exactly what I do - question it. And that's why I am looking for advice of experts like yourself to help me separate the seeds from the chaff.

Also - FX isn't a level playing field, even with a 'ECN'... you're not getting access to Reuters or EBS any time soon so look elsewhere - Futures or US equities perhaps....
Correct me if I am wrong, but those look like the same gambling fields but with (substantially) smaller ROI and (considerably) longer time frames.

DT, pboyles - I really appreciate your contributions, thanks a lot men. But now I feel even more lost than before coming to this forum :rolleyes:

What would be your best advice in terms of more calculable investment/trading?
Or there isn't such a thing? :)
 

BeginnerJoe

Senior member
3,329 350
Is that what you are doing in your spare time?

No. I didn't pass my o level physics. I don't have the skillz to analyse the physics of the roulette wheel. Instead, I gamble with the a$$ raping odds of forex on a penny scale.

I reckon forex defeats analysis. See if you can prove me wrong. But not with a demo account though. Trading demo is like boxing against an inflatable dummy. Real trading, even at the 1/1000th penny scale, is like boxing against Mike Tyson. There I have given you a brilliant start, and warn you of the immense danger awaiting you, that most newbies would take years to come to realise. Forex is a very interesting puzzle, a perfect toy for those who think they can analyse. Although, I suspect the final solution is to not analyse.
 
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AntVel

Junior member
21 1
No. I didn't pass my o level physics. I don't have the skillz to analyse the physics of the roulette wheel. Instead, I gamble with the a$$ raping odds of forex on a penny scale. ...I suspect the final solution is to not analyse.
If they are both pure gambling, why you gamble on Forex not roulette? You don't have any strategies up your sleeve at all? :rolleyes:
 

Shakone

Senior member
2,458 665
Are you saying that all these FX courses is a heap of BS and the whole game is more of a gambling rather than a modellable system? How come then there are people who consistently make living of it?

Yes, they're most likely BS. You know how you can buy a degree or a PhD from some bogus university, that's the equivalent. You can't get a degree of any worth that way, and you can't get a trading system of any worth buying it from a vendor.

In what sense modellable? If you mean you can create a fixed set of rules such that you know what's going to happen next, then no, it's not. It's not deterministic. Of course you can create models which may be useful, but there's still plenty of uncertainty.

Another big question is - do I really need a broker or is it best getting a solid private coaching, practice with demo and start trading on my own? Any particular private coach/mentor from this forum (or elsewhere) that you could recommend?

This part confuses me. You need a broker to make your trades, even if it's direct access. The broker should not be training you or telling you how to trade.

As a demo account, you could try Oanda if it's FX, (I think) they still offer an unlimited time demo account. For futures, contact a broker and ask for a month or two demo.

Correct me if I am wrong, but those look like the same gambling fields but with (substantially) smaller ROI and (considerably) longer time frames.

Why do you conclude this? If you're thinking that Forex has great leverage and so great returns, I'd sugegst a rethink.

As a topic of research, look into money management.
 

Aesop20

Member
51 1
AntVel, you shouldn't be looking for "Quick" Start Guides in Forex because that will end up being a recipe for disaster. There's plenty of threads on this forum and the internet in general (including the BabyPips school) where you can learn everything you need to learn about trading, Then you can think about a strategy and try out a demo account and get a feel for it all. Only after at least 4/5 months on a demo would i suggest going live, by then you should be consistent in your winnings and understand the markets you trade, you'll also need to train your emotions too especially on a live account!
 
 
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