Question: New to Forex Trading

[SrTitos]

Hi guys!
I am new in this Forex trading and that I have few question that might allow me to find out more about Forex trading;

1. Whenever I do Buy/Sell I always place /- 15pips as my limit. Is this it or too little is different? Can you provide a figure to me.

2. I am planning to start live account possibly 2months from now. $2,500 deposit and with 10k lot dimensions ($1/pip). My question is if your commerce is loosing, what number of pip can it be advisable to discontinue?

3. How many pairs is advisable (for newbie) to start same time? In my demo version I start 4pairs...I dont know if this is wise or not.

4. What currency are normally employing when trading (UER/USD, USD/CHF, etc.. )???

5. I am using Dealbook 360, satisfied with their platform and I believe I can beat nostradamous using their platform Could you please recommend me your expertise with this platform and GFT as a broker. I heard that DB360 is freezing?


This forum is extremely informative, when I have my free time I read some thread in this forum. Please be patient with my english

Thanks in advance!

[ActionDragon]

Master'Money Management' before you go live

[Nubecita113]

It depends on time and your system.

2,5 months sounds a little early for me, in case you don't even know where to put your stops nonetheless.
You need to watch the market first for some time and recognize patterns, moves and so on.
Read and learn from doing, is my information.

[ozzyvampire96]

It depends on your system and time.

2,5 months sounds a bit early to me, if you don't even know where to set your stops yet.
You have to watch the market first for some time and understand patterns, moves and so on.
Read and find out from doing, is my information.

I've got the same opinion as Kurti. I really don't think you would be ready in 6 months. Better do before you go live a demo and also have proven results for 3 consecutive months.

[koyikabuto]

But go check out the Money Management threads in the section of the Beginner.
I would propose demoing for a little while yet until you understand at least the basics of FX trading, it's nowhere near as simple as you've been led to believe.

If, after a while, you feel you've found something that works for youpersonally, then split your $2500 into really tiny chunks and exchange micro lots using the first chunk (state $150). InterbankFX, Oanda are places to start.

If you blow that first $150, start again with another $150. Learn from your mistakes (one of which will almost surely be attempting to exchange the news statements - THIS isn't FOR BEGINNERS). Begin again, if you blow the second chunk.

Hopefully, you will have discovered a method that works in actuality, rather than demo, until you blow off your $2500.

You want to understand that investing in a mini account with just a little fund produces its own problems in terms of being over-leveraged, and using too high of a% risk profile for each transaction.

Please, please re-think your approach for this, we all hate to see newcomers making the very same mistakes that we've.

A number of us have lived since we took on board, and adhered to, the words of advice provided freely on this forum. We'd like to see you still.

[ConHdeHuertas]

i wouldnt do anything under 50 pip stops. I'd shoot for a 35 pip gain...I wouldnt bother trading anything beneath a 4 hour
time frame. I think youll go bankrupt. Others can argue but good for them.

[KerONx3]

Paper trading is waste of time. If you can afford to waste some money, (because you will lose it for sure), open an account and start trading. Can you take the pressure or not you will know. FYI just 5% of all transactions done on FOREX spot is going to result in profit, so take it gradually. Small transactions for start.

Paper trading isn't likely to provide you accurate flavor of Forex Spot.

Seeing your question the number of pairs you should exchange, I would stick to a single. I advise writing it down, and if you know your trading plan, you will have the ability to command your position easier if you don't get yourself considering GBPJPY EURUSD and EURCHF all.

[SeekerWolf]

But check out all of the Money Management threads in the Beginner's section.
I would suggest demoing for a little while yet until you know at least the basics of FX trading, then it is nowhere near as easy as you've been led to believe.

If, after a time, you believe you've found something that works for you, then split your $2500 into really small chunks and commerce micro lots with the first chunk (say $150). InterbankFX, Oanda are places.

Should you blow that first $150, start again with another $150. Learn from your mistakes (one of which will almost certainly be attempting to exchange the news announcements - THIS IS NOT FOR BEGINNERS). If you blow the next chunk, start.

Hopefully, you will have discovered a method which works in real life, rather than demo, before you blow your $2500.

You want to see that trading a mini account with only a small fund produces its own problems in relation to being over-leveraged, and using too high a percent risk profile for each transaction.

Please, please reevaluate your strategy to this, most of us hate to find newcomers making the same mistakes that we've.

A number people have survived because we chose on board, and adhered into, the words of information given openly on this forum. We like to see that you still.

Great information hereI'm doing something similar to myself as I learn....trading live since January, and while I am still in a drawdown, I am finally on the road to recovery, mercifully.

[victorguirao]

Best thing said so Much:

Master'Money Management' until you go live

[SrTitos]

Thanks guys for the advise. If I have to extend my learning process no problem to me just to get a good grip of forex trading.

I really dont know if my question is a kidergarten like, but can you please answer for me.

Among the member counsel that I concentrate first for 1 pairs to familiarize with my trading plan that is good counsel, because right now I am trading 4pairs in my presentation acct. But I am doing some note that at the end of the day I studying.

Another member counsel 2months is too premature for me to start live account, which I believe is reasonable. But I may start with $250 dollars to look at my trading plan/style and start from there...

alright I'll study money management more, but answer a few of my question at the start of this thread.

Thanks guys!