beginner needs help

Discussion in 'Forex Trading' started by Trillionaire, Mar 21, 2004.

  1. I'm interested in currency trading. Can someone please tell me the best way to learn about it, how much money I need initially and the best websites? Thanks.
     
  2. LouDogg

    LouDogg

    Go to Moneytec. They pretty much have all the info you need. Just look them up on Google.
     
  3. Scarab

    Scarab

    Read as much as you can and practice, practice, practice on demo accounts.

    Also, when you are practicing on your demo accounts, and you've lost 75% of your balance, try to slowly get it back...it's not easy.

    And when you start rationalizing that if you were trading with real money you wouldn't have made the mistakes you did with the demo account, remember that when you trade with real money the ability to discipline yourself is very difficult and you'll probably make even more mistakes.

    So practice as much as you can and try to develop a style/system that works for you. There is a lot of great advice to be found on this site. Good luck!
     
  4. You ever did any other kind of trading?

    Check out OANDA - you can make small trades there.

    As far as beginning cap size, most anything will do since, with OANDA you can trade as little as .02 cents of your money exposed to margin.

    I heard of guys who started with $2500.

    Use the 50/50/30 money management system.

    Sam
     
  5. LouDogg

    LouDogg

    but what is the 50/50/30 money mangement system?
     
  6. fxnewby

    fxnewby

    My recommendation is that you keep a “trading journal” while practicing with DEMO accounts so you can keep an "indicator" of yourself, your trading habits, decisions, etc. Log the times of day you trade, the reason(s) you traded, what currency pairs (stick with the majors), fundamental and technical analysis preferences, etc.

    This will help you review what you have accomplished in terms of black and white instead allowing your personality (i.e., psychology) to get in the way of your trading. Remember, take it slow, learn what crosses are affected by what, then ease your way into trading regularly as opposed to sporadically.

    Good luck!

    FxNewby
     
  7. kbehr

    kbehr

    I would also recommend that you explore the futures currency markets before limiting yourself to forex. There are advantages to both.

    Ken
     
  8. It is the outdated version of my 50/50/30/1-2 money management system.

    :D

    Saham
     
  9. cable

    cable

    I have no clue, but here's my guess:

    50% goes to the wife
    50% goes to the government
    30% goes to the wife again

    Which equals 130%, which is why we call it the rat race. There's no winning this bloody game. Get out now while you still can.
     
    #10     Mar 25, 2004