New Forex Trader Here

dwaynerapley posted:
Hey all - newbie here from London.

Having just finished the Babypips course and read Mark Douglas' Trading in the zone, I'm keen to develop my learning and build a system that will eventually get me out of my 9-5 and fully into swing trading. Pray for me!


I've actually been offered a chance to be mentored 1-on-1 for a £2.5K cost, so I'm currently trying to get as much advice as possible before committing

Many thanks,

That's a high price tag, all I can say is do your research, understand exactly what the value is being offered and only you can decide if it is right for you.
Best of luck with your Forex trading, I hope you crack it :)

i keep hearing about this book i think i need to get hold of it.

Trading in the zone is a good book. So is The Compound Effect...

The beginner should use demo account minimum for three months, sometimes many brokers organize demo contest with real money prizing. Newcomers can join here. It could be great to acquire real trading exeprince.

walpants posted:
i keep hearing about this book i think i need to get hold of it.

have you checked out the Youtube series ? This 5 or maybe 6 hours of awesome content broken in to a 4 part series.

In Fx trading, learning is not easy despite of having too many sources including pips school, learning sometimes boning and usually new traders get tempts to start trading without enough knowledge and become fascinated with the way of trading live which may cause laziness and trapped by wishful thinking get rich quickly scheme

Hi All, i have previously worked for unit trust and investment companies in essex/london. Am looking to start into forex and will look forward to chatting to you all

walpants posted:
i keep hearing about this book i think i need to get hold of it.

It is a great book.

dylanjessop posted:

walpants posted:
i keep hearing about this book i think i need to get hold of it.

It is a great book.

Does the book cover trading strategies or is it more about motivation and phycology? I need a book that has a good strategy

REB_FX posted:

walpants posted:
i keep hearing about this book i think i need to get hold of it.

have you checked out the Youtube series ? This 5 or maybe 6 hours of awesome content broken in to a 4 part series.

omg no i'm searching for it now! :)

newcomers first of all have to ensure  all basic level , i like most pips school which is mainly considered as a best learning place for newcomers. besides this school demo is more appropriate for live trading experience.   

in Forex trading we the traders who are particularly newcomers make so many mistake in our trading life due to lacking proper trading experience. Taking wrong trade without proper analysis and risk management is one of the major from all of them.

Risk to Reward ratio is vital in trading.

Imamul posted:
newcomers first of all have to ensure  all basic level , i like most pips school which is mainly considered as a best learning place for newcomers. besides this school demo is more appropriate for live trading experience.   

Great place to learn.

Mohammadi posted:
in Forex trading we the traders who are particularly newcomers make so many mistake in our trading life due to lacking proper trading experience. Taking wrong trade without proper analysis and risk management is one of the major from all of them.

We will all make mistakes as we learn.

Those that will be successful are the ones who will review their trades and learn from the mistake.

dylanjessop posted:
Risk to Reward ratio is vital in trading.

definitely, get that right and you don't have to win every trade.

R to R is not to be underestimated. I remember the first time someone explained to me that even with a win rate lower than 50% you can still make profit if you use a 1:2 RR. I have focused all my trading strategy around using high RR. I am still learning but I have confidence that I will get there

AdebayoTheBest posted:
R to R is not to be underestimated. I remember the first time someone explained to me that even with a win rate lower than 50% you can still make profit if you use a 1:2 RR. I have focused all my trading strategy around using high RR. I am still learning but I have confidence that I will get there

Good Risk to reward means take only those trades which has very high probability of success with take profit and stoploss ratio of more than 2 or even more.

But if someone will take just every trade and hope the market will give at least 2 times profit pips compared to his stop loss, then it is a wrong approach.

All new traders must reduce the number trades they take every day or every week to half and then, naturally their trading profits will increase since they will take only high probability trades.

If emotions create problem for new traders, then set and forget type style of trading is best with pending orders to get triggered automatically with fixed stoploss and takeprofit.

If new traders will enter market orders, it very easy to make wrong decisions based on emotions or fear of missing out trades etc.

AdebayoTheBest posted:
R to R is not to be underestimated. I remember the first time someone explained to me that even with a win rate lower than 50% you can still make profit if you use a 1:2 RR. I have focused all my trading strategy around using high RR. I am still learning but I have confidence that I will get there

If you are taking high probability trades with this R to R you will go far.
A very sound principle to follow