Just wanted to say Hi, my Name is Derek I'm a 23 year old man from Chicago. I work in ad sales but I want to learn to trade forex et al to achieve financial freedom. I know absolutely nothing about forex but I am seeking knowledge constantly, I would love any help advice and guidance anyone can offer.
Pick a currency and start watching its chart to learn how it moves. Spend at least a few hours a day doing this. After a few weeks or even months doing that, start trading with paper money and keeping track of what you do, what works, and what doesn't. That may take anywhere from a few months to a few years. Good luck.
Never forget this: the vast majority funds the tiny minority in forex. I do not know what the exact numbers are, but 90% vs 10% will not surprise me at all. The name of the game is true education (do not confuse this with reading books. There are good books, but also bad ideas in books).
Read "Getting Started in Currency Trading" by Michael Archer. Good intro book to get you started before thinking about putting even a paper trade on.
A few things that might be helpful... - Find a style of trading that matches your personality. - Keep good records. They will be extremely important to you in the future. - Like VTI0990 said, just focus on a single pair (e.g. EURUSD) and learn it like the back of your hand.
Yeah - I forgot about that! Don't quit your day job BurgeoningRich. Have patience because a market will always be there.
i'm in the same situation, learning to trade forex. i suggest opening a demo account and turning that profitable with solid trading ideas before putting up any funds. do you have any experience trading? the same technical analysis skills are helpful.
Yes, all good advise from the others. I'm realizing that becoming very familiar with just one currency has to be the way to start. that one pair alone will easily take months to master. My first impressions are that....I'm suspicious about the game....because after 3 weeks of practice on a demo....I'm now making about $300 to $600 per 4 hour session...without any trouble.... getting more sophisticated every day in my trades.... half active day trading and half scalping.... total of maybe 13 to 18 trades in a 4 hour period...with 80% wins.... now I'm thinking....whats the catch....IT CANT BE THIS EASY WITH REAL MONEY. And that makes me wonder if the real money account system operates with a different result...built into the software? shady inside spikes? delay times? other tricks? like what was found out about metatrader4?.... it cant be this easy.... I'm getting suspicious of the game.... I do have the natural mental skills for data analysis, layers of analysis, of time frames, and price points, and feeling the pulse of the movements, etc.... there is a natural aptitude,I can tell that , and I do have that.... but it cant be this easy. thats all I can say. my 'scalp' transactions are the typical,4 to 8 pip grab, in a 4 minute or 6 minute transaction..... will the brokers allow me to do that? Anyway, aside from this suspicion about the game.... I'm just getting more comfortable with the demo,and riding the waves. Learning the true art of ....Patience...waiting one more minute...one more second.... excruciating patience.... the whole game is very psychological and intense isnt it.... I understand now why the experts explain that you have to have the right psychological mind for it. mental and emotional control,etc...
Tom Great post my man, this quote from you is what tradings all about..... "the whole game is very psychological and intense isnt it" best of luck on your journey speres