Hi Guys,
A complete newbie to Forex, been in education most of my life now in my mid 50’s and trying to find something else to grasp my teeth into and see if it generates an income.
Just going to take in my stride and see what comes of it, I am hoping it will be fruitful but not under any disillusion.
Any tips or advice would very much be appreciated
Thanks in advance
North
Visit the educational section of babypips to know many new things.
Welcome. In the strict sense, FX trading should never be considered to generate income, because profits - and losses - are never guaranteed. If you learn HOW NOT TO LOSE MONEY first and foremost, ideally on a demo account before you go live, you’ll still be in the game when others fall by the wayside.
best of luck.
Hello and Welcome to the Babypips forum @northwest01!
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.
Cheers Steve, thanks for the that
Very much appreciate the information Nick
Thank you very much