I’m hoping someone on here can give me a bit (or a lot) of guidance, I am a complete novice and have only recently started to look into forex trading.
I have no idea where to start and honestly the amount of conflicting information on the internet is extremely confusing. I am not particularly good with finances and have little understanding of maths, should I even bother trying? And if so, how do I start? Do I contact a broker and enlist their help as I feel I could use all the guidance I can get.
I would advice you to go through the school section first to get the basic understandings of forex and what you are getting into. After that you can go ahead and discover what kind of trader you are and which method suits you comfortably.
After figuring it out you should start trading on demo first according to the Trading plan you created to follow strictly and see whether it is working out
Also, if you suck at math, then GET GOOD AT MATH. Not calculus, but you should be able to do quick calculations in your head without pen or paper or a calculator. Not just add/subtract, but multiply/divide, add a percentage to a number, and play with ratios and increase/decrease them. In your head. Quickly.
My theory is this. If you want to become a trader you will find a way. Read everything you can. Study charts, indicators, and methods of trading. If you are thinking you are just going to make money over night then I would say dont do it. It takes years 3-4 to make money. It takes that long for the average person to get the concept of indicators, price action, economic data and just learning simple things. If you want to be a profitable trader and you are new to trading then read books and research the market for a year or two. I started trading stocks when I did not even know what volume was. Did not work out to well. Got in to trading options and did not understand time decay. Read Read Read then try.
I recommend one article to read, Lea, which is called “The 5 Steps to becoming a trader”, I recommend to everybody. Search on Google. One on forexfactory.com (sorry, I don’t want to put any external link in my post…)
You’ll see what are waiting for you there. If you don’t give up, you may be able to realize the Eureka moment.
The School of Pipsology here will provide you with all the basic information you need. You don’t need to be great at math to trade forex. Once you’ve made it through the course work, you can start exploring different strategies. You’ll want to check out the Free Forex Trading Systems sub-forum here on Babypips.
There is a ridiculous amount of conflicting information on the internet because trading ultimately takes a very personal approach. Babypips will give you the base information you need and then you can expand on it there with a strategy and learning that strategy inside out.
Here is how I started, perhaps, you can learn from me. When I first heard of forex, I made a very deep search about the meaning and what it is all about. After understanding the concept of forex, I was introduced into the school of pipsology(babypips.com). I really learned a lot and this prepared me for my DEMO account. I opened a demo account with instaforex. Through the demo account I was able to learn about various instruments and their volatility. But I was not impressed by this DEMO account because I was not getting real time data. So, I switch to PROFIFOREX demo account, where everything seemed real, except that the money was not real. I started making money with my DEMO account. So, I decided to open a live account with PROFIFOREX. At first things seem a bit different because I was concerned about not losing money. I lost about 100$ during my first week, but I started making consistent profit after that week. There are some educational materials on the broker main site that also helped me a lot. So, my friend, after studying, open a demo account with a good broker, trade for few weeks and switch to live account.
First of all you need to make up your mind on what are your priorities and then decide whether or not you are willing to invest your funds into Forex trading.
These are highly competitive markets and any one saying they are make money quick schemes is just giving the wrong information to you.
In the starting a right broker, with a multitude of services, and a nice customer service will do good for you
I could have not said it better mate. Where there is a will there is a way. You will stumble and fall like everyone else has done before you and will do after you. The main question will be, how will you react to it? Will you quit or will you learn and get better at it?
