Absolute Beginner

[NZerinJapan]

Im an absolute beginner and I thinking about getting into Forex.I live in Japan and there are courses that can be taken and also people who teach and also act as mentors. Do people here recomend these courses and or mentors? Does anyone have any advise?

Thanks

[fungus pudding]

Im an absolute beginner and I thinking about getting into Forex.I live in Japan and there are courses that can be taken and also people who teach and also act as mentors. Do people here recomend these courses and or mentors? Does anyone have any advise?

Thanks

Yes. Be careful.

[Xerof]

you'll more than likely be the Krill

If you really want to get into this, get one of the free charting platforms and DEMO trade for at least two years

[NZerinJapan]

Wow 2 years?

[roddy]

HI NZerinJapan,

there is some free info on the web,some of which is quite good,
have a look at babypips.com is quite a good starting place,yeah and also have a look at
forexpeacearmy website under signal services a lot of whom do mentoring etc ,there you will get an idea of just how many so called experts just dont make the grade, they only want your hard earned cash

[NZerinJapan]

thanks everyone, I appreciate your help and time.

I am planning to go to these guys in Tokyo and see what I can learn, what do you think?

http://www.tokyotraders.com/index.php?page=school

Thanks in advance

[peat]

theres heaps of stuff for free on the net. even in these forex threads here on sharetrader theres enough information to keep you going for a while.

personally I think that while demo is useful theres nothing like trading with real money. Of course you need a plan and a strategy etc but all that stuff is rendered redundant if your emotions get in the way and trading with real money - even if its small amounts - engages your emotions and makes it more realistic hence a better training ground. I always get blase in demo but trading small amounts for real makes me care about the result without devastating my finances.

no more than %2 of your risk capital per trade
always have a stop loss
plan the trade, trade the plan

[TTrader]

Demo trading is definitely a good start at least from the perspective of using the platform and getting familiar with the tools as apposed to trying to turn a profit.

If you have ever played cash poker games it should give you an idea on the emotional side of things. You need to plan, stick to the math when it is required and be prepared to take a loss. At the end of the day it is still a form of gambling no matter how much information and experience you have.

Another good place to start is online Blogs, which should give you an insight on what it is like getting into Forex...

The reality is it's not a get rich quick scheme like many are making it out to be at the moment (Huge rise in online ads ect. anyone?)...

Most of all just have fun doing it if you can archive this then you should be able to pickup on things much quicker.

Goodluck!

[TTrader]

Demo trading is awesome. I started an practice account with oranda? (something like that) and watched my $100,000 play money drop to $78,000 in two weeks. I learned my lesson quick and haven't been back there since.

Any S/T members want to loan me $100,000 so I can try it for real?

The thing you have to remember with demo accounts is the fact they are not live... They simply react to data being sent to the client.. (you are buying and selling thin air!)

In a real world situation you are not going to have the "instant" buy/sell action you have on a demo account as you will be competing within the market... Especially in peak times you will notice you may loose the odd pip. Comes down to the platform and broker as well.

[peat]

The thing you have to remember with demo accounts is the fact they are not live... They simply react to data being sent to the client.. (you are buying and selling thin air!)

In a real world situation you are not going to have the "instant" buy/sell action you have on a demo account as you will be competing within the market... Especially in peak times you will notice you may loose the odd pip. Comes down to the platform and broker as well.

I wouldnt expect this to be a factor unless you are a huge player... esp in the major pairs.
my take on it is that your trades will win or lose on your abilities NOT whether you trade with a 3 pip spread or a 4 pip spread. there are plenty of pips to be made IF you can get it right. spread or execution is the least of your worries imo.