First day with no knowledge at all

Community Introduce Yourself
1

Hello all, my name is Tony and I have decided to get in to forex trading, as a way of making further income with a view to being able to leave my day job and explore other things

2

Hi! Welcome to the safe haven for newbie. I recommend you to start learning on forex trading with Babypips - School of Pipsology. You can click here: Learn How to Trade the Markets and start preparing the course right away!

3

Hi Tony! Wishing you luck and I hope that you meet your goals and eventually manage to quit that day job.

4

Sorry, but your mindset is all wrong. FX trading is not an income source because you can and will lose money until you become proficient. Not many newbies understand that, or just ignore it.

Listening to social media fantasy hype is not the reality. Newbies - and competent traders - need to gain experience first and foremost to become successful. That takes time, there is NO short cut.

However, the challenge is exciting, fun at times, and you would learn a lot about yourself whether winning or losing. Practice and experiment first on a regulated Broker* demo account with no more than 100;1 leverage until you are comfortable with the process, and learning on the way.

Now the challenge: if you could manage the broker’s $70 live account for Three months minimum without blowing it, you’re on the way to the next competency level.
Why $70?
Because it’s damn tough to keep disciplined, being risk adverse and patient, and never overtrading.

Best of luck.

  • Avoid eToro broker, they market their FX app on Google play store as a game which is totally immoral and unethical - and their trading price spreads are the worst in today’s current market. Choose IG or XTB, CMC or IC markets instead.
6

Hellooo. :blush: That’s really a bold goal, but just know that it won’t be easy. :sweat_smile: Being consistently profitable is already challenging and usually takes a long time. I can only imagine the time and effort full-time traders had to put in before they decided to live off only on forex. :confused: I hope you’re ready and determined to really achieve that. :open_mouth: Good luuuck! :slight_smile: