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Forex Novice: Just starting out

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asher7

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Hi I'm Marty. After recently reading an article in Wealth Creator magazine about a forex competition Etoro.com put on, I instantly became hooked on the idea of becoming a successful forex trader. I have some experience in options, but the fast paced action of day trading the forex is really floating my boat right now. Consequently I have embarked on a mission to educate myself tirelessly until such times that I can consistently profit as a full time forex trader.
I have signed up with etoro.com and have both a practice and real account. I have done their 10 part e-course that they offer for free to real account owners which gives a basic rundown on fundamental analysis, technical analysis, Fibonacci and pullbacks, popular indicators and trend lines.
I am now reading two books "Tradiing for a living" by Alexander Elder and also "Candlestick Charting for Dummies - Russell Rhoads"

The purpose of this thread is to touch base with some already successful Forex day traders and to get their opinions on the best path to take to a solid education in this complex field.

Thanks for taking the time to read through. Looking forward to hearing from you.:)
 
Hello Marty and welcome to the forum.
One of your best steps IMO to further your trading journey would be to go to
the Brisbane ATAA meetings which are held once /month (or any ATAA meetings for that matter)the first meeting is free and then you can join the ATAA or pay a nominal fee per meeting.
There you will meet real traders and see quality presentations.:D
 
Hey Waza1960,

Thanks for the great advice. I didn't even know the ATAA existed until now.
Will defiantly be keen to check that one out on June 16th. :D

Thanks again.
 
Hi Asher,

Welcome to the crazy world of Forex :banghead:

I think Forex is the hardest thing to trade, much harder than Stocks. It is the most interesting, infuriating, enticing, engrossing thing I have ever traded.

If you want to see what others are doing then have a search around via Google, there is a HUGE forum in USA that is regarded as the main FX website in the world.

This won't necessarily help you as the vast majority are there because they are not profitable, but a select few are doing OK ;)

Like everything, you have to find something that suits your personality and times you want to trade.

I would recommend trading on the demo account until you have a few profitable months then start with a mini account and let it compound.

I have read of quite a few people losing thousands because when they started trading with real money at the same rate of the demo, the nerves set in the whole thing went bad :(

There is a complete free education in Forex available via the forums, take the time to read a lot, remember it is a zero sum game and "they" want your money !
 
Where some see complexity (macca above) others see simplicity (me): I don't care for fundamentals and all I see when I look at an FX tick chart (don't write them off / get scared of them asher7) I see recognisable small movement patterns far more easily than some other far less liquid/time constrained markets like equities...

$0.02
 
Hi Tayser,

I know you have found your niche (still rainbow ?) but there are thousands who never find the needle in the haystack.

The Forex world is very seductive and I was hoping to save Asher some grief by giving a hint or two that it is wise to test and have faith in your method before putting big dollars at risk.

If it works compounding will pump up the balance PDQ. :D
 
macca said:
Hi Asher,

Welcome to the crazy world of Forex :banghead:

I think Forex is the hardest thing to trade, much harder than Stocks. It is the most interesting, infuriating, enticing, engrossing thing I have ever traded.

If you want to see what others are doing then have a search around via Google, there is a HUGE forum in USA that is regarded as the main FX website in the world.

This won't necessarily help you as the vast majority are there because they are not profitable, but a select few are doing OK ;)

Like everything, you have to find something that suits your personality and times you want to trade.

I would recommend trading on the demo account until you have a few profitable months then start with a mini account and let it compound.

I have read of quite a few people losing thousands because when they started trading with real money at the same rate of the demo, the nerves set in the whole thing went bad :(

There is a complete free education in Forex available via the forums, take the time to read a lot, remember it is a zero sum game and "they" want your money !
Click to expand...

Hi Macca, Thanks for the input. Everything you have said makes alot of sense. Can I ask what you mean by mini account? By that do you just mean a small amount of money? Thanks.
 
tayser said:
Where some see complexity (macca above) others see simplicity (me): I don't care for fundamentals and all I see when I look at an FX tick chart (don't write them off / get scared of them asher7) I see recognisable small movement patterns far more easily than some other far less liquid/time constrained markets like equities...

$0.02
Click to expand...

Hi Tayser, Primarily what sort of time frame do you trade in? Would you say that a 5minute chart allows enough time to accurately form good movement patterns?
Are you making a consistent profit from day trading Forex?

Thanks.
 
timeframe? 5 seconds to a couple of hours - I have set times to trade (generally the opens around the world) on tick charts which show you the market as it happens.

And yes consistently profitable.

Don't just go by a few anecdotes, you've got a heck of a lot of choice - go to www.forexfactory.com and have a look at the trading systems forum, there's enough info there to keep you occupied for a few months whilst you decide what's best for you.
 
Hi Asher,

Tayser has given you some good info and by mini or small account I mean $50 or $100 and start trading for 10c a pip.

I would also suggest that when you open a demo account and they put $$$$$ in there as a balance that you change that balance to $50.

That way you are used to the amounts, fewer changes when you go live.

By the way, you will or should feel different when you finally go live, can be a big mental problem for lots of folk.

Prove your method before going live and then be ready for the market to change in nature on a regular basis.
 
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