Advice on how to get started

Beginner Questions
1

Hi

Complete beginner here.

How do I get started trading forex and crypto?

what broker should I register with and do I need meta trader 5?

thanks

2

Welcome! :sunglasses:

Forex here -

Crypto here -

Don’t try to do both at once!! :open_mouth:

You’re nowhere near registering with a broker yet, and that takes a lot of research, and the research needs to be well-informed by a lot of knowledge you don’t yet have.

No, but it’s one option (far better than MT4 but still a bit worse than almost any other option).

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3

Don’t start with crypto.
Best to start learning how to interpret price charts and demo trading using the dail time frame (D1).

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4

Start looking for trends. That is, trends which can be traded by following them. Become an expert in correctly identifying them and comparing trends on different charts to note features which confirm your analysis.

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5

I strongly agree.

I shouldn’t just have said “Don’t try to do both” in my post above, sorry. :blush:

I should have said, specifically, “Don’t start with Crypto”. :slight_smile:

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6

yes, i do the same

7

Welcoooome! :blush: You’re definitely in the best place to get started. :smiley: I agree with what Hetero and Tom have said. Read through the school here and don’t be shy to ask questions if there’s anything that’s confusing for you. :smiley: Take your time!

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8

Once you complete the school, I think Oanda, Forex.com and FXCM are pretty good options. :blush: I personally started with Oanda. :smiley:

9

Welcome to the community! The previous responses have given the best answers to your questions. If you have any other questions as you go along, feel free to ask! Good luck!

10

Yea, pick one or the other. Or if crypto, and you’re holding for the long term, then I think you can do both.

But if you’re completely fresh, pick just one. Metatrader 4 is like Windows 98. Metrade 5 is like Window 10. I use TradingView. I like the community and indicator library. As for a broker, just pick a big one that’s regulated in your area. If you’re in the US, you have your choice of Oanda, GAIN, IG US/TastyFX, Trading.com, TDAmeritrade who I think is Schwab now, and maybe Interactive Brokers.

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11

Be a smart traded and start with babypips learning materials. You are not in the phase to open a live account.

12

To start trading forex and crypto, first, choose a reputable broker that fits your needs. Register for an account and verify your identity. While MetaTrader 5 is a popular platform for forex trading, many brokers offer their own trading platforms. It’s essential to learn the basics of trading and practice with a demo account before investing real money. Happy trading!

13

Absolutely! Picking the right broker and practicing with a demo account is key. MT5 is great, but it’s all about finding what works for each individual.

14

Don’t be in a hurry to register for a broker or get the hottest platform out there. Try to build up skill and knowledge base first at the School of Pipsology

Then, you can explore as many platforms / brokers as you want on the sideline. Use the time you have to (1) Study and (2) Read broker and platform reviews.

Best of luck!

May you break resistances and reach new highs!

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