Please help me get started.

S

spyder22

Hi guys, I'm currently a student in college and have always had an interest in trading. I do not have a formal education in economics or finance (I'm majoring in physics/math), but have been reading all I can online. I would like to try playing around on the FOREX market trading intra-day.

But it seems 90% of the stuff I read is just marketing BS written by brokers trying to get you to sign-up for their service or software. This forum seems to have a lot of real, honest traders. Can you guys suggest where I can go to learn more? I would like to just start by creating strategies and doing a lots and lots of backtesting.

Thanks for reading and I look forward to your replies! :)
 
Quote from spyder22:

Hi guys, I'm currently a student in college and have always had an interest in trading. I do not have a formal education in economics or finance (I'm majoring in physics/math), but have been reading all I can online. I would like to try playing around on the FOREX market trading intra-day.

But it seems 90% of the stuff I read is just marketing BS written by brokers trying to get you to sign-up for their service or software. This forum seems to have a lot of real, honest traders. Can you guys suggest where I can go to learn more? I would like to just start by creating strategies and doing a lots and lots of backtesting.

Thanks for reading and I look forward to your replies! :)
More...
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Jack Schwager 3 toptrading books;
William O Neil ,How to Make Money in Stocks+ Shorting[2 books]
William o Neill compares profitable trading to years of med school[after college school , then they intern before big bucks ,usually]

investors.com;
turtletrading software.com

Spyder22;
Wisdom is profitable to direct.
like to record open ,high.low on SPY, ES daily.......
 
And not recommending that you need to use indicators a lot of the principles in Marcel Link's High Probability Trading are well worth thinking about.

And remembering that once we had a clue about how to build an edge most of us discovered that our thinking got in the way of success try The Disciplined Trader by Mark Douglas.

Good Luck.
 
Thanks guys, looks like some good reading. :D

Do you have any suggestions for some basic software where I can play around with strategies and backtest on the FOREX market?
 
Hey, don't forget to look into Forex futures like CME's EURO FX. Symbol 6E.

And to recommend two good brokerages:

1. OANDA. (A market maker but one of the best)

2. Interactive brokers. (an ECN. meaning, they don't trade against you but simply pass you order onto one of several large banks. They charge a miniscule commission and Eur/USD spread is 1 to 2 pips.)

Also, you'll need to look at 5/10/30/60min charts. So start collecting data now.

Bear in mind that whatever data you get is market maker specific. It will be based on their Bids. Nearly all forex charts are based on the bid, not ask. Very important factor to keep in mind since you buy the ask and sell the bid.

Here's a link to free charting data whose feed is fairly close to interbank spreads. All other vendors will be 1 to 2 pips different than this feed. But many use this companies interface for their charting.

http://www.netdania.com/ChartApplet.asp

It's Java BTW.
 
Quote from spyder22:

Hi guys, I'm currently a student in college and have always had an interest in trading. I do not have a formal education in economics or finance (I'm majoring in physics/math), but have been reading all I can online. I would like to try playing around on the FOREX market trading intra-day.

But it seems 90% of the stuff I read is just marketing BS written by brokers trying to get you to sign-up for their service or software. This forum seems to have a lot of real, honest traders. Can you guys suggest where I can go to learn more? I would like to just start by creating strategies and doing a lots and lots of backtesting.

Thanks for reading and I look forward to your replies! :)
More...
What is this horsesh*t about broker BS and then suck up crap about real & honest traders at ET?

Opinionated superficiality makes you part of the predestined 95%, the market sucks in and spits out .. into the big loser pile.
:)
 
Quote from spyder22:

Thanks guys, looks like some good reading. :D

Do you have any suggestions for some basic software where I can play around with strategies and backtest on the FOREX market?
More...

IDSystem - http://www.fxclub.org/file/site_img/download/IDSetup.exe

IDSystem allows traders to observe quotations, make trades and to place orders. IDSystem also allows viewing of Dow Jones market news and reports on trading activity. IDSystem may be installed and operated in demo mode even before opening a trade account at Forex Club. However, in order to engage in real trading, and view real time Dow Jones news you need to open a trade account at Forex Club.
 
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