Complete Newbie to Forex
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Thread: Complete Newbie to Forex

  1. #1
    Hi Guys its a pleasure to join this forum. Am new to FX, and im willing to devote time, and money to learn, and get serious about it.

    If its not asking much I would prefer some tips, where to begin?

    Novels, Where to open account, etc,etc..

    Anyway some words about me, im a 24y old from Portugal, work for a computer tech, and earn some additional dollars playing poker, my main reason to find out about FX, its earn money, and also the mental challenge.

    Once again its a pleasure to combine this wonderfull group

    Gustavo

  2. #2
    Quote Originally Posted by ;
    Thanks for the above guidelines dial.. I think that the manual you gave previously will greatly aid a beginner. . Too bad I wasn't able to receive such guide earlier, but anyway, no harm done. .

    I for one was lost about the way to go about Foreign Exchange. . Until I stumbled uponnigeriaforextradingand receive guie from guys here. .

    I believe that you can add the aforementioned guide to the beginners forum. .
    Thanks. I'll add it to the Frequently Asked Questions thread.

    Dial

  3. #3
    Welcome to the Factory,
    The best place to begin is right here. Read the posts, there are plenty that pertain to newbies(I believe we should change that term to interested in trading Forex). Following is a link to get a great collection of books, look for bargain prices on Ebay and Amazon. Https://www.nigeriaforextrading.com/...g-journal.html

    Get yourself a demo account, that is the one of the best teachers you'll find. Whatever you do, do not fall for any of the SUPER AMAZING FOREX SECRETS CRAP, you can find the same and better info for free right here at nigeriaforextrading. Charts, plogy, and money management, it is all right here. Welcome ,
    Mark

  4. #4
    If you're interested, PM or email me and I'll send you a lot of free Forex e-books which can get you started off on the ideal foot. If you truly want to learn Forex trading, then you better committ yourself to READING as far as you can for the next two weeks. Forex is quite much like poker. If you like poker, you'll like Forex! You will make imoney in Forex sit-n-gos. Haha.

  5. #5
    Quote Originally Posted by ;
    Hi Guys its a joy to join this forum. Am new to forex, and im prepared to devote time, and money to understand, and get serious about it.

    If its not asking much I would prefer a few guidelines, where to begin?

    Novels, Where to open account, etc,etc..

    Anyhow some words concerning me, im a 24y old from Portugal, function for a computer tech, and earn a few additional bucks playing poker, my main reason to find out about forex, its make money, and also the mental challenge.

    Once again its a joy to combine this wonderfull group

    Gustavo
    To get a broker, select one who offers 1K lots ($1,000). They are sometimes known as micro lots. (A miniature lot = $10,000 and a standard lot = $100,000).

    There are a few profound technical reasons for wanting a micro lot account that you'll learn about later. Simply take it on faith for now that is exactly what you want. I recommend FX Solutions http://www.fxsol.com/, who is my broker, or you might choose Oanda who is very popular and allows you exchange position sizes even smaller compared to a micro lot.

    For your first three books, I'd recommend, Trading in the Zone by Mark Douglas for plogy, Trade Your Way to Financial Freedom by Van Tharp for cash management, and High Probability Trading by Marcel Link for trading methodologies. These three books can get you started on the three parts of trading you should need to become successful, namely

    MIND (plogy and subject )
    MONEY (money management)
    METHOD (the mechanics of trading)

    Think about those three M's as the legs onto a three legged stool. If you're missing any of those three, the stool will collapse over, and you'll fail.

    Open a demo account with your broker of choice. Don't open a live account with cash yet. Choose one of those systems listed in the Trading Systems thread of this, the Beginners Forum. Trade that system on demo until you're consistently profitable. Trade the demo exactly like you'll trade live. The habits you develop in the demo will subconciously carry over into your live trading. So don't be cluttered with your presentation or you be littered with live and you're going to lose all your cash.



    Dial

  6. #6
    What book would be good for understanding fibonacci? I've heard bad reviews about Fibonacci Appliions and Strategies for Traders by Robert Fischer. Any suggestions?

  7. #7
    Quote Originally Posted by ;
    For a broker, select one who provides 1K lots ($1,000). They are known as lots. (A miniature lot = $10,000 and a standard lot = $100,000).

    There are some deep technical reasons for wanting a micro lot account that you'll learn about later. Take it that that is what you want. I recommend FX Solutions http://www.fxsol.com/, who is my broker, or you may choose Oanda who is very popular and allows you exchange position sizes much smaller compared to a micro lot.

    For your first 3 books, I would recommend, Trading in the Zone by Mark Douglas for plogy, Trade Your Way to Financial Freedom by Van Tharp for cash management, and High Probability Trading by Marcel Link for trading modalities. These three books will get you started about the 3 parts of trading you should have to be prosperous, namely

    MIND (plogy and discipline)
    MONEY (money management)
    METHOD (the mechanisms of trading)

    Think of these 3 M's as the legs on a 3 legged stool. The stool will collapse over, if you're missing any of the three, and you'll fail.

    Open a demo account with your broker of choice. Don't open a account with cash yet. Pick one of the systems listed in the Trading Systems thread of this, the Beginners Forum. Trade that system on demonion until you're consistently profitable. Trade the demonion exactly like you'll trade. The habits you develop from the demonion will subconciously carry over into your live trading. Therefore don't be cluttered with your presentation or you be cluttered with live and you'll lose all of your cash.


    Dial
    Thank you for the aforementioned guidelines . . I think that the manual you gave above will greatly aid a beginner. . Too bad I wasn't able to receive such guide sooner, but anyway, no harm done. .

    I for one was very lost as to how to go about forex. . Until I came uponnigeriaforextradingand receive much advice from guys here. .

    I believe that you could add the aforementioned direct to the beginners forum. .

  8. #8
    To Tomnext:

    I have split this thread. You now have a new thread all your very own over from the Forex Discussion forum. It is called Tomnext:' talkin' bout Jess!

    Please note your opinions about Jess and your trades in your new thread please.

    Due

    Dial

  9. #9
    I highly, highly recommend Kathy Lien's book Day Trading the Currency Market. It is superb.

    Rob

  10. #10
    Yeah, same here. I am waiting for that publiion.

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