Help

Hello,

I'm new to this biz and can't filter out what's true or false online. Need someone to tell me exactly what to do. Below is what I got...

1. $5K USD max to invest...life savings
2. My internet connection is extremely slow here
3. Need to find broker
4. Need a good expert advisor or copy trade someone on auto-pilot...working double job to support my family. Can't do any manual trading at this time.
5. Need a good VPS


Any advice would be hugely appreciated.

don't do anything yet unless you want to lose all your money.

don't invent/use money that you can't afford to lose.

Don't think you can just get into this market and take money away so easily.

If you decide to run an EA or copy trades, do it on a demo account FIRST before real money. Do this for several months.

go to babypips school of pipsology and complete that course.

Use money management, otherwise you'll lose everything fast

if you want to become really profitable on your own, go to nononsenseforex.com and follow that guys program. Trand trading is the way to go.

good luck. remember 95 percent of traders lose.

@Drewski1980... Thanks for the advice, I appreciate it. So if I run a certain EA on a demo, will it produce the same results on the real? or would it just be a waste of time due to diff outcomes. I'd like to invest that $5K before my lovely wife gets her beautiful hands on it. My problem is that the internet connection down here is too slow to manual trade.

Tigerbull posted:
Hello,

I'm new to this biz and can't filter out what's true or false online. Need someone to tell me exactly what to do. Below is what I got...

1. $5K USD max to invest...life savings
2. My internet connection is extremely slow here
3. Need to find broker
4. Need a good expert advisor or copy trade someone on auto-pilot...working double job to support my family. Can't do any manual trading at this time.
5. Need a good VPS


Any advice would be hugely appreciated.

1) DO NOT INVEST YOUR LIFE SAVINGS. Only invest money you don't care about losing, which will have NO IMPACT on your life when you lose it.

2) Get a better internet connection.

3) Choose a highly regulated brokerage which has an REAL OFFICE with REAL PEOPLE you can speak to. Get an account manager that you have access to 24 hours a day.

4) LEARN TO PROPERLY TRADE. BUYING A BOT OFF THE NET WILL NOT MAKE YOU RICH. That's a waste of money.

4) See item 2

LEARN TO PROPERLY TRADE.

Yes. It will show you what the results would have been with real money. I’m currently using a demo account while I figure out my system. How did you decide that forex is the way you’re going to grow your savings? If and when you decide to use real money, start small with like $500 and see how it goes.

By the way you ought to diversify and put some of your money into some index funds

It was just by happenstance. My son had a pdf book on his laptop by Suri Dudella-Trade chart patterns like the pros- and I just got bored one night and ended up reading it. There's a lot of money exchanging hands in the forex industry everyday and that's what really caught my attention. I figure if I just master one pattern I'd be good but soon found out my internet connectivity is slower than a turtle so I was looking at automation and copy trading. I wish I could do manual trading and enter/exit using one single pattern strategy but what can I do right.

What I really need is help from someone with experience to tell me exactly what he/she did ie...I signed-up with this broker, installed the mt4, purchased this vps plan, loaded this EA and did this and that etc...

I don't mind small monthly % just as long as their strategy don't blow up the account.


  

lots of money is exchanging hands, and it's really smart people who have done this for years that are making these huge profits. Do you think you can simply come in and take their money after reading a PDF of chart patterns? nope! They will most likely come along and take your money. If you want to make this happen you need to learn learn learn! Theres tons of free education on the internet.

babypips school of pipsology will teach you the basics, for free

then, since you have a slow internet connection and little free time, you should be trading the 4 hour and daily charts. I don't think your connection speed will really matter that much, or at least try it out and see how it goes.

if you're gonna trade the daily of 4 hour, go to nononsenseforex.com and learn everything on that website, podcasts and videos.

in my experience, chart patterns don't really make a huge difference. It's all about trend trading, and following along with the big banks and institutions. They control the market, so you just stay on their side!

good luck

Tigerbull posted:
Hello,

I'm new to this biz and can't filter out what's true or false online. Need someone to tell me exactly what to do. Below is what I got...
My internet connection is extremely slow here
Need a good VPS


Any advice would be hugely appreciated.

Do have a fast and reliable connection if you want to trade, else you will mess up profitable opportunities, which isn’t good.

Drewski1980 posted:
Yes. It will show you what the results would have been with real money. I’m currently using a demo account while I figure out my system. How did you decide that forex is the way you’re going to grow your savings? If and when you decide to use real money, start small with like $500 and see how it goes.

Starting with a small demo capital is always a good choice; it helps to concentrate on the process instead of the profit & loss!

Accurate information can be obtained using the demo platform. So I think you should know about the activities of the broker by doing demo trading.

I think you should use the demo platform of that broker to choose the right broker. The demo platform helps a lot in improving the trading experience.

AliaDare posted:
I think you should use the demo platform of that broker to choose the right broker. The demo platform helps a lot in improving the trading experience.

Yes. You are right. A demo is the best way to learn forex.

Many brokers offer their own VPS services.

It is good to start with low capital first.

@SofieAndreasen I differ on that. If you are starting with a low capital i don't think it benefits the idea of trading. I started trading because I wanted to increase my buying power. I didn't learn forex trading to earn a few cents, I learned forex.

marindateal posted:
@SofieAndreasen I differ on that. If you are starting with a low capital i don't think it benefits the idea of trading. I started trading because I wanted to increase my buying power. I didn't learn forex trading to earn a few cents, I learned forex.

For you, I can say
1. It is not any kind of life savings, it is an investment so you have to invest and make a profit here.
2. Internet connection will be strong.
3. need a regulated broker.
 4 Trading strategy has to be created, there will be losses but you have to cover those losses with proper knowledge.

Tigerbull posted:
Hello,

I'm new to this biz and can't filter out what's true or false online. Need someone to tell me exactly what to do. Below is what I got...

1. $5K USD max to invest...life savings
2. My internet connection is extremely slow here
3. Need to find broker
4. Need a good expert advisor or copy trade someone on auto-pilot...working double job to support my family. Can't do any manual trading at this time.
5. Need a good VPS


Any advice would be hugely appreciated.

You should start with forex school or babypips school
It’s free and Verry helpful

In my opinion, if you don't have any time o dedicate to trading activity but you want to earn some extra money, then EAs aren't the best choice, because you're a rookie in trading. EAs should be used only by those traders who have a solid experience in this activity. To my mind, you would better start investin money. Forget about any scalping/intraday trading, because as you said you don't have extra time for it, but these two things imply the full-time job in order to gain progits. So you should pay attention to investing. You will need to check all your positions at least once a wekk, you can do it on weekends.