Hi all. Am new here. Really interested in learning Forex trading. Hope to see myself becoming one of the new traders on Board
Prepare yourself for months, maybe years, of hard work educating yourself. FX trading is speculative, with no guarantees of making money. Practice on a demo account learning the basics, before venturing into live trading.
That’s when it will hit you below the belt, and you’ll find yourself suffering from every emotional fear and pain under the sun - which you will need to manage successfully. Preserve capital, keep risk low, don’t overtrade, revenge trade or gamble - then you have a chance of being successful.
That’s the minimum of what it takes to become a pro trader. As an aside, I have a good friend who is a pro trader for decades with a massive account size managing funds from investors and hedge funds. He also manages part of my capital, and although profitable in the long term, he still suffers from losing trades, losing days, weeks, and even months. Another pro trader I know, blew £300,000 on Boxing day one year - which taught him to always place a S/L even on scalping trades.
As an other aside, pro traders don’t follow what most of us learn from books and on these eduction sites: RRR is absent, S/L gets manually controlled, starting off well beyond a zone of S&R so as not to get stopped out by institutional hunters, TP is not used, naked chart trading is common, as are pyramid positions etc. etc.
It’s a whole different ball game. Best of luck.
Welcome to the community, @Tosinchukwu. Good luck on your fx trading journey. Hope to hear more from you in the future.
Welcome to the community. You can start your learning journey from the education section of this website. They have amazing resources for newbies. Remember it takes time to be skilled. There is no short cut.