Help! Newbie here!

genryk · Post by **genryk** » Wed May 21, 2014 8:50 am

Hello,

Being novice in currency speculating I would like to get some trading tips from members and brief intro what I need and don't need to do. I've already made an account with some Hotforex broker (need feedback on that outfit) and read some forex guide but still feel my mind weak in that stuff.

Any help over this would be much appreciated.

ai101 · Post by **ai101** » Wed May 21, 2014 10:32 am

I think the best advice for any newbie is this:

"Don't trade live until you are consistently profitable on demo".

kundanketki · Post by **kundanketki** » Fri Jun 27, 2014 5:51 am

Hi All,
I m not sure if this is the right thread to post my question.
Can someone please tell me how safe is our money with the
broker?
Andin worst case what could happen to it?. So far I don't
have any issues with my broker. It charges me 30 cents for
each microlot i trade.
I have trading account with CNS. Below is its url.
http://cnsinvest.com/
I'm from india and here forex trading is banned/illegal.
This broker accept cash in INR and create/fund Empty4 trading
account.
I get daily and monthly statements on regular basis. No
issues with that.
When I asked it's executive, he said "They just put us
against the other traders/liquidity providers". They don't
intervene, Which was not convincing enough.
If someone can share their insights it would really help me.
Thanks in advance
Kundan

nonlinear · Post by **nonlinear** » Fri Jun 27, 2014 4:20 pm

Kundan, Try to find a list of regulated brokers countries like UK or AU (these lists are all over the web). Then do some homework by looking at reviews (most of the forex community sites on the web have reviews, commentary, and such). Also make sure the broker segregates client funds. And if a broker feels shady or sounds too good to be true, just stay away If you want to bypass all this work, just use Global Prime -- it is the only broker that most members here will vouch for. That said, I encourage you to learn for yourself. Good luck.

kundanketki · Post by **kundanketki** » Sat Jun 28, 2014 8:29 am

Thanks Nonlinear...

Being from India problem is i can not fund my account with brokers outside India legally.

Its illegal to remit money to forex brokers for trading in india. Banks do not facilitate it.

there are other ways but it has a cost involved.

Current broker takes cash from me and fund my account. I get regular and accurate staments daily confirmation which other Empty4 brokers provides.

So far have not faced any problem from the broker. Its more than 3 years now.

avatar · Post by **avatar** » Wed Jul 02, 2014 9:19 am

genryk » Wed May 21, 2014 8:50 am wrote:Hello,

Being novice in currency speculating I would like to get some trading tips from members and brief intro what I need and don't need to do. I've already made an account with some Hotforex broker (need feedback on that outfit) and read some forex guide but still feel my mind weak in that stuff.

Any help over this would be much appreciated.

I'm trading with HotForex and nothing bad happened. It offers various bonus program and good spread on major pairs.

martes · Post by **martes** » Tue Sep 09, 2014 8:58 am

hello genryk

forex trading can be really confusing if you try to absorb everything at the same time, take a step back and lets learn the basics, start by checking basic online courses (free ones) such as pipsology or school of baby pips its a good place to start. I also trade with hotforex but is suggest you stay with demo and try to familiarize with the basic functions and do some basic trading based on the studies you do on pipsology (babypips.com) trading forex is a long process and i hope you dont rush things coz burning money can be easy in this kind of business best of luck. the broker is good no worries, i've been withem for quiet sometime now trading.

akasha · Post by **akasha** » Tue Nov 25, 2014 4:37 pm

martes » Tue Sep 09, 2014 3:58 pm wrote:hello genryk
forex trading can be really confusing if you try to absorb everything at the same time, take a step back and lets learn the basics, start by checking basic online courses (free ones) such as pipsology or school of baby pips its a good place to start. I also trade with hotforex but is suggest you stay with demo and try to familiarize with the basic functions and do some basic trading based on the studies you do on pipsology (babypips.com) trading forex is a long process and i hope you dont rush things coz burning money can be easy in this kind of business best of luck. the broker is good no worries, i've been withem for quiet sometime now trading.

fx education are the very first thing to consider, traders should start learning from the very beginning, babypips indeed a a good place to start, has a wide range teaching material.http://www.babypips.com/school/ it has structured course outline. other resource would be with FPA education resource.
while some traders more prefer an informative way of learning, instead of reading they prefer to watch video tutorial, you can find many in youtube, but most of them are too long to watch, some video are over 2 hours duration in single link. I found this one well informed video, and more interactive video tutorial, you can select which lesson you need to watch, based on your knowledge level, each video only at average 3-5 minute duration, you may check at : http://www.armadamarkets.com/video-tutorials/ well, if you're new
with trading, first thing invest your time with learning, and spend less while you're just starting, and you'll surely arrive at the day of earning.

Post by **SteveHopwood** » Tue Nov 25, 2014 6:17 pm

There are a few posts here with mostly long gaps in between them. Just in case newbies to all this happen by, here is my advice.

Ok, so I told you in my Welcome message when you first joined which threads to visit to get started. You might avoid blowing a few accounts if you follow it.

It might not all make sense unless you spend time at Babypips learning the basics - there are not many successful traders here who did not spend time at Babypips. I did, and gained a lot from it. Go up a post and follow the links in akasha's posts. Take your time to do the basic research. The Forex markets are not disappearing any time soon, and time taken now will reward you hugely in the future.

24ForexSecrets · Post by **24ForexSecrets** » Wed Feb 25, 2015 7:57 pm

are you trading real yet? i feel from you thread it'll be a bad idea for you to trade real now. i haven't traded with HotForex before but they are quite well-known and i haven't heard anything bad about them. so you could a demo with them for sure. i wish though that your question was more specific.