Advice on how to get started

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

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).

2 Likes

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

3 Likes

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.

2 Likes

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:

3 Likes

yes, i do the same

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!

2 Likes

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

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!

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.

1 Like

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

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!

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.

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!

1 Like

Choose a reputable broker, register for an account (preferably a demo account), and consider downloading MetaTrader 5 for its advanced features, while taking the time to learn the basics and practice your skills.

As always, learn the basics first - watch youtube videos, read guides and courses online, and practice on demo.

Broker - pepperstone - trade with them for two years while doing the rg 146 course , then apply for high leverage so you can spot liquidity better than others , as pepperstone is linked to j p Morgan

It will be better for you to start forex trading and before choosing any broker, try to use their demo trading account to get idea about their trading platforms.

As always, learn the basics first - watch youtube videos, read guides and courses online, and practice on demo.

Of course, it’s best to choose MT5 right away, as it has everything the old version has, along with new features, such as a calendar and Python support, which simplifies creating algorithmic strategies. As for brokers, you’ll probably need to try a few before you understand the criteria to distinguish a good broker from a less reliable one. Currently, I trade with two brokers, Tickmill and HFM, but in the past, I’ve tried trading with over ten others.