Hello to all,
I would like to start trading online and have been reading about forex for a couple of days. Can somebody recommend me a good book for a newbie like me? I don’t know anything about forex. I would like to understand the basics and read more about it, and hopefully in 2-3 months time start making profit.
Hello to all,
Have you gone through the School of Pipsology?
Spend time in babypips school. Read all the post in this forum. You will get more theory as well as application by learning from other users in this forum.
To your success,
I have bought a few books, but I found them only to be a paid advertisment for thier own platform.
Sounds like you bought e-books. Have you read any actual printed books? If so, which ones?
Im reading a new book called “The 10 Essentials to Forex Trading” by Jared F Martinez that just came out last month and it is excellent. There are also some threads of other great books on this site.
The best way I found was to go through the Babypips school on this site as well as reading a couple of books on the subject, but it was really the babypips school that help the most for me. Open a practice account with a broker and work it everyday as much as you can. after about 2 months open a live account and work it small amounts, test different trading methods on the practice account, see what works best for you. I worked it this way and it has worked well for me, on my live account I am up a few hundred pips. Not making large amounts yet but any profit is good profit.
You have made the first step which is getting interested about forex trading. Now what you need to do is to educate your self. There are different ways of education (reading books, online education or haviing a mentor etc.) but no matter which one you will choose you need to be aware that forex trading education should last not less than a two years and making profits part will not come as you expect.
There is a lot of stuff online including ebooks that are free, you can read them and get guidance about trading with ease.
I would recommend reading anything you can find on Japanese candlesticks. Apart from that, I too think it’d be good for you to go through the School of Pipsology here as the information in it is very organized and extensive.
Yes babypips school is good for learning stage for beginner which they will learn from basic education, and learning about chart in trading like as candlestick lesson and or bar chart lesson, if they know basic forex then they can practice in demo account, and implemented system trading that already learned with free of risk in demo account.
Beginners should start trading through demo account trading and spent three to four month in it and after getting the positive results from demo account then switch to live account.
have you done the school yet? and before just jumping to look for a broker, how far are ou into forex trading in terms of knowledge, the broker come at the latter part of the process and before anything else go through the school and get the basics
I agree. And even then it’s a good idea to open a small live account and practise on it, don’t invest a large amount of money right away.
The recommendation for going through the School of Pipsology and picking up a good “true” book are going to be recommended.
One thing I’d suggest NOT doing, is going through the forums to learn. At the beginning, I wasted loads of time thinking someone is going to talk about the secret sauce and I can just follow that. I think the value in the forum is when you come up with your own thoughts/plans and engaging others to talk about it or see if others have had similar thoughts. Basically, I’m saying come up with your own ideas and prove them to work or not. You’ll be more inclined to follow through with things and treat is like a business when its something you put your own time into.
Sorry for the long post but I’d have wished someone told me that a few years ago. I decided to start from scratch again a few months ago.
You can start from Risk management and financial institutions from John C. Hull, (if you was good at school and math), cost 125$ on Amazon really worthy stuff, then go to online forex webinars, for example from Hotforex or FX Street, then train on demo account.
That’s a very good point, actually. Learning from a forum can be difficult because people using a forum have many different opinion about any given topic. That is a great thing when you have some knowledge and experience and you’re looking to bounce off ideas with like-minded people, but a newbie can get confused pretty quickly and not know whom to listen.
If I have to go back 10 years when I first started trading, I would do the folllowing things in order:
- Read babypips school
- Read good books about techincal analysis and psycological aspects
- Searc on babypisps a cuople of threads from experienced traders posting their methodology.
- After you have absorbed a lot of knowloedge, take what works for you and put it into a system with specific rules and a money management plan.
- Open a demo account, but dont spend too much time here (1 month is ok), just learn how to place and cancel orders and in general how the plataform works.
- Open a live account with US$ 500 and start trading the system you developed. Just trade micro lots.
- Repeat steps 2, 3, 4 6 until you make money consistently
There is one thread here on babypips that had a HUGE impact on my trading. Here is the link:
There is a simplified version at another forum (the author moved to other forum), but I dont know if I am allowed to post the link here.
Anyway, good luck!
i would recommend you to go to google and search some ebooks related to Forex and read them to get some knowledge. Also Babypips school is good to learn the forex.
That’s another option. Not to mention that there are also plenty of free tutorials and lessons floating around on Youtube, they can always check those out as well.