Q&A: How To Get Started in Forex Trading

Today is rest day for me. And as I wait for a few hours before I go to my jujitsu class, I would like to answer some questions from a reader of this blog.

Message:
Hi!!!

Just like to ask where did you learn about forex?? can you recommend books or seminars?? i’m going through the babypips site right now.. and i got a pdf of market wizards that you recommended.. it’s the 22 page book by jack schwagger right? also what’s your background?? just say your college course if your really private… i’m an engineer by
the way who wants to change careers. thanks.

-Tots

Tot’s thank you for you question and I think these are the questions for every new trader in forex in order to get started. I got my first encounter in forex with a google search for the best business. The one that fits me, flexible time, flexible workplace, no customer support, no inventory, no employees. The search comes to an end when I discovered forex. Then I started learning and reading all I can to learn about it. My first stop is BABYPIPS.com.

When I finished all of their articles. I picked a system that fits my personality. I personally liked contrarian trading, swing trading and loved the indicators, simple moving averages and ichimoku. Those are my tools of the trade.

Then I started buying books about the topics that interested me most about forex. Jack Schwagger’s market wizards 1 and 2 are a classic. Probably the best book purchase I ever made. Then books about money management, and psychology. I still buy books about the subject and I’m not sure as to what level you are now or interests that my recommendation would not be good for you. As for now, market wizards books and babypips will be a good start.

My background is engineering as well. I’m a computer engineer. Loves programming and challenges, maybe that’s why I got hooked at forex trading. I hope these answers helped.

  • Tots

    Thanks. Where do you trade by the way and what platform. I am having a hard time understanding etoro’s webtrader platform although it’s supposed to be user friendly. Is metatrader better? And what internet speeds do you thing is suitable for internet trading? Is 200 to 350 kpbs suitable? -Tots

  • Theomnispective

    Hi ForexPhil! In what gym do you train BJJ? I happen to be a practitioner too in Cebu.

  • ForexPhil

    Hi, its nice to know a fellow martial artist. A friend of mine competes in MMA. We are just taking a private lesson from him. But I would like to join a bjj to get a formal training. I’m loving the art. What’s the name of your gym?

  • omnispective

    Hi again ForexPhil! I’m with the Deftac gym here in Cebu. I would recommend Deftac to you too since it’s originally based there. The gym is under Alvin Aguilar, also the founder of URCC, if you’re familiar with that MMA organization already. Would you mind if I ask what broker/trading platform you use or recomment?

  • omnispective

     *”there” —-> I was assuming your from Metro Manila btw. Sorry about that. Also a typo on the last word.. should be “recommend”

  • omnispective

    Really sorry for spamming. “you’re from Metro Manila” typo.. =(

  • ForexPhil

    How much will I spend on BJJ training in Deftac? I know that group. I was actually leaning towards enrolling with them in Manila.

  • omnispective

     I’m not sure how much they charge in Manila though. It’s 1kPhp/month here in Cebu and you can come in everyday. More or less it should be the same in Manila. We can communicate through email if you don’t to through the comments. :)

  • omnispective

    message lacking again  *…if you don’t want to through the comments*

    by the way you can check out Deftac Makati on Facebook. I’m not sure if they have a website though. But you can check this out if you want to: http://www.cebujiujitsu.com/

  • dino

    Hi! what credit card did you use in funding your account? thanx

  • JaRoq Roque

    What are your recommended Debit Cards for Forex Trading?