Hi everyone newbie here, been interested in learning about trading for awhile. Have done some options trading, so not totally in the dark. Looking forward to learning a lot more.
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It’s not about what you have traded before. It’s about how much knowledge and skills you have. How expert you analysing charts? How good you are at taking trade at the time? How expert you are controlling emotional decision?
Hey Welcome! Just focus on enhancing your skills and knowledge and be consistent in doing that. Wishing you the best!
Thank you!
What type of “options trading”?
You seem a bit angry for no reason, this is new to me that I’m interested in trying, and whether I’m an expert or not. It was just MY introduction, but thank you for such an welcoming response.
Hi, I am familiar with options trading, and have done it doing a demo.
Hello and Welcome to the Babypips forum @D.Grady!
As a beginner learning Forex you’re in the right place. Check out Education section here at babypips. (It’s completely FREE). Learn How to Trade the Markets There you’ll find School of Pipsology, Trading Quizzes and Forex Glossary. Everything you need as a newbie starting this field.
If you’re looking for good books to read check out this post by pipcrawler Pipcrawler’s Favorite Trading Books updated. Lot of book recommendations there find what you can and read them too.
If you’re looking for YouTube channels. TastyTrade, Adam Khoo, Candice B, Trading Rush, Investopedia has been recurring recommendations from many traders. Watch as much as you can and gather knowledge from them.
Investopedia and Forexfactory are another two great sites to learn the basics other than babypips.
One of the most important tools for a trader is Trading Journal. Check out the trading journal section in the forum to learn how traders keep track. Trade Journals - BabyPips.com Forex Trading Forum
Addition to these FX related channels invest your time to learn about Trading psychology, Risk Management and Decision making . Find any article or video you can and refer them.
Other than that, there are many interesting sections in the forum. It’s not time wasting to spend time there reading and learning. Check out every section you can and learn something from everywhere.
These are just a few tips to begin. There are many sources out there GOOGLE is the GOD if you have any question you just have to type it and He’ll give you not one by multiple answers.
Try all this and open a Demo account and trade at least for 6 months . Most people get confident around one month and start investing real money but most of them fail. One month of demo trading is absolutely not enough to understand anything. So trade demo at least 6 months to get a proper understanding of the chart pattern behaviors.
Having said all this, I also must tell forex is a risky business. It’s a High Risk, High reward situation. Many fail. From their own fault. Not spending enough time to educate themselves. Not understanding the basics. But with all the resources available you only need patience to educate yourself. Then you can go for the prize!
Good Luck
Nick.
Thanks Nick
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Hi and good luck…
Hi and welcome to the forum.
What were your objectives in doing options trading?
What are your objectives in doing Forex trading? Replace options or add to them for diversity?
Any tips you can offer as reading material for options trading, or links?
Best of luck with the Forex
How long did you “demo trade” for?
Hey there @FOREXunlimited ! I’m also very new to this. Joined the forum on 8th April. And Referring from the sources I mentioned above and demo trading. It’s nearly a month and honestly I still have no idea about it.
So I started spend more time learning, Reading around the forum and watching videos. The things I said above are from some of the things I’ve gathered from around the forum.
From some of the posts I’ve seen it feels like even 6 months of demo trading is not enough to grasp the concepts. Do you have any tips or advice regarding that? Any insight is much appreciated…
So why would you tell someone to waste 6 months of their life pretending to trade? 
Most are never profitable.
To that end, my argument is and always will be- the path to becoming a profitable trader is never, ever paved in fantasy pretend land aka “demo trading”. F’ your back-testing, F’ your analysis, F’ your algos/scripts/EAs/any of it. Put some skin in the game, trade for 1 2 3 years and then come to the table with your scars/wounds and share what you’ve learned to try and help others.
From what I’ve seen mostly around forum, everyone who ever “Put their skin in the game” without demo trading or without basic understanding, without back testing, analysis and all that lost their money, and every time that happened to them they went on to Demo trading.
So why lose real money then go to demo trading, when you can demo trade then you can use real money?
That 6 months is never a WASTE of their lives, That’s the period they can SAVE their life. Anyone who ever thought it’s a waste and started real trading after around 1-2 months is also most likely to end up losing money.
In very rare cases traders may be successful directly going into real trading, and learning from their mistakes and losing some money and recovering that back.
But why do that, when you have a chance to avoid all those mistakes? Demo is the way to do that, Problem is the way people demo trade.
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In one hand they trade for 1-2 months, get all “cocky” and go for real trading and lose,
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on the other hand they trade with 10,000$ demo account and expect a 1,000$ real account to behave in the same way. When you demo trade you Must demo trade with the amount you intend to invest.
If you are planning to invest 500$ at first, you must demo trade with a 500$ account. That’s where most of them go wrong.
I do respect the way you believe. sure, for some it’s all about the wounds and scars, But we have more sources, testimonials, trade journals, experiences shared all around the internet more that ever nowadays, Yes, most of them have a hidden agenda, New traders must be smart enough to recognize those.
So it’s our job to use all that, and Invest real money only when we are ready. Like I said, from what I’ve seen 6 months is the minimum, the more you demo more you’ll succeed in real trade.
I respect your opinion and well thought out response. You clearly care and pay attention to detail so chances are you’ll do just fine.
I will tell you right now though, demo trading should only be used to get familiar with a platform- primarily so that you understand how to get in and out of different products. That’s it. Everything else you do is a waste of time. You only true learn about trading when your own capital is at stake.
Good luck out there. Thanks for the convo.
Jake
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Thank you Jake. Wish you the best of luck too!
Nick.
Hey, welcome to the forum. Good luck with your journey. Lots of useful information on here.
@D.Grady No no I am not angry. I apologize if I hurt you. Actually I said in that way so that you don’t make those mistakes everyone does in the beginning. Best of luck.
i wana learn more about forex.