Dear all,
It's my first time posting here. Just want to take this opportunity to introduce myself. My name is Mike and i've just been in forex for 2 weeks.
I like to know from all the experienced and successful traders here what would be the initial stage of learning and doing in forex investing.
I've got a demo account for about 2 weeks and have been trading actively. The last 2 weeks i've got 2 margin calls, some large gains , some big losses but the account has yet to blow up.
Anyway, after the first 2 initial weeks of demo trading, I've got some questions. I've not been to a seminar in forex although i've gotten the really basic stuff covered. I don't have access to any mentors as well.
I really want to get my hands dirty and really understand how trading works and how i can turn in profitable consistently. here goes,
1) Trading wise: I'm sometimes lost not knowing what I want to do, not sure what position i want to take even with news and looking at the charts, I feel I need the initial education in knowing what to do next. How to determine a trend, when should i get enter / exit and why?
2) Education: I'm always a supporter of learning by experience and not just reading. Although doing is important, but i like to know what books, courses (budget ones), and other reading materials should I be considering to balance the demo trading work I'm doing at the same time.
3) Pairs: There are like 25 currency pairs and as a beginner should we just focus on one pair or look at a few that links to each other to get a better understanding?
Basically, as a beginning what are key things to focus on while learning and at the same time trading demo in the
FX market?
Any comments and opinions will be greatly appreciated. Thanking you in advance,
cheers,
Mike