Forex Trader: Beginner education

[tradeforex077]

Hi everyone,

I find a lot of the new posts are full of new traders or beginners who are completely new to forex. They’re always asking where to start their learning.

When I get messages on instagram or telegram asking for advice on where to start. My advice is to actually complete the education part of online brokers because it’s free and basic. So I send these links to people;

1. Introduction To Financial Markets | What Is Trading? | Trade Assets | City Index UK

2. Learn Forex Trading: How to Start Trading Online - FXCM UK

3. Courses | Saxo Markets

Now since finding babypips i would also send them to the school of pipsology and this thread from a few years ago.

Are there any books, videos, threads, articles you have found useful for a beginner to forex trading?

I thought it’d be helpful to have all material in one thread so we can just forward newbies here and they can start their education for free.

Please note: This thread should only be for information. Questions about trading in particular should be posted or added to in the relevant thread. Not here.

[Rickster99]

Yep I would recommend to read: The Reminiscences of a Stock Operator by Edwin Lefevre

Gives great advice and shows how you can make and lose money in the trading game.

[tradeforex077]

I would also recommend ‘trading in the zone’ by mark Douglas. He also has a few YouTube videos on psychology which should be watched.

[tradeforex077]

Some good technical analysis books to read:

1. Technical analysis of the financial markets by John j murphy
2. Technical analysis for dummies
3. Trading for a living by Alexander elder.

[Simonfranklin93]

Wow
I would love this to continue

[tradeforex077]

Some good price action books to read:

1. Naked forex by alex nekritin and walter peters
2. Understanding price action by Bob Volman
3. Forex price action scalping by Bob Volman

These next 3 are good books but badly edited:

4. Trading Price Action Reversals by Al Brooks
5. Trading Price Action Trends by Al Brooks
6. Trading Price Action Trading Ranges by Al Brooks

Also check out this thread on Forex price action.

[tradeforex077]

To improve your trading psychology and mindset, the following are good books to read:

1. Trading in the zone by Mark Douglas
2. The Daily Trading Coach by Brett Steenbarger
3. A Trader’s Guide to Self-Discipline by Brett Steenbarger
4. Trading Beyond the Matrix by Van K Tharp
5. Super Trader by Van K Tharp
6. Enhancing trader performance by Brett Steenbarger

[Bhedla]

Thanx Tradeforex077 noted the links busy now with Pips school of pipsology

[Bhedla]

can one get e-Books on these titles?

[steveday1976]

Will check this out, thanks!!

[tradeforex077]

If you want to learn more about candlesticks, try these:

1. Japanese Candlestick Charting Techniques by Steve Nison
2. The Candlestick Trading Bible by Munehisa Homma
3. Profitable Candlestick Trading by Stephen W. Bigalow
4. You can also try this site thepatternsite.com by Thomas Bulkowski. Hes also got a few books out which are on general chart patterns. I guess it would come more under the heading of technical analysis but worth mentioning.

[tradeforex077]

If you dont understand pips, lot size, leverage etc then try these previous threads.

Lots - Need Help understanding formula

Hi, Let me start with a link to the school lesson that has you feeling “ugh”. In the USD/JPY example, 0.01 does not refer to 0.01 standard lot. It refers to one pip in a yen-pair. Let’s review a couple of things, just to make sure they’re clear. In yen-pairs, the second decimal place represents single pips, the first decimal place represents tens of pips, and so forth. In the school lesson, USD/JPY = 119.80. In this price, the zero (in the second decimal place) represents 0 pips. The …

Lot size and Leverage?

Hi all, thanks in advance for your time. I’m currently in the early stages of learning how to trade forex on a Demo Account and I’m just looking for some guidance to confirm I am on the right track in my learning if possible? My account is in GBP with a 500:1 leverage. (Which from my understanding, if I had say a £100 account. £100 x 500 = £50,000 but i struggle to understand why and how i could control that amount of money with such a small account size? I understand a 0.01 lot = 10p…

Price per pip calculation

Hi all, newbie with a probably dumb question here. I’m struggling to work out how much the position I’m taking is costing in my account base currency. So for example I want to work out how much a particular amount of units translates to in Euros per pip. I know Oanda kinda does this for you but I’m using xm. What calculation do I need to get to the magic number? Thanks

Margins....leverage etc

I was just wondering if its possible to trade without margin? If I open a $100,000 account for example then to trade one single lot the value is $100,000 anyway so wouldn’t need any leverage right? My understanding (obviously I’m a seriously new newbie) is that with a $10,000 account for example, to trade one single lot that is $100,000 with leverage. The reason I ask is that if I don’t use leverage then I can’t possibly get a margin call which means I can leave positions open longer if needed. …

[Mondeoman]

Hi Tradeforex77,
I have been around this forum on and off since about 2015. This is probably the most useful thread I have found for beginner advice. Do we have sticky threads on this forum? If so, a mod may be able to add it as a sticky post. Almost all my personal library of books is covered in the suggestions put forward by other members, my favourites being the School of Pipsology itself for a structured beginners introduction, and anything written by Van Tharp. He is my all time favourite author of the subject of trading.

[tradeforex077]

Here are more price action links;

Previous price action thread: Understanding Price Action by Chris Capre

Learn To Trade The Market

This is nial fuller’s website. Check out the strategy and article sections. Also popular posts include beginner introduction courses. He also has some free pdfs of courses available online.

[TotoCayetano]

Try this…

Interesting Books/Ebooks about Forex Trading

Hi Fellow Traders, Do we have a thread about a collection of interesting Forex Trading books and ebooks here? If none yet, I suggest to start one or let this thread be it. I suggest to put here all the good books/ebooks you have read (whole book or partial) so far about Forex Trading. Or the one that you haven’t read yet but planning to read in the future because you think it’s interesting. Optionally, you can indicate why you read or want to read it. I believe this will help us in our journe…

[simonley]

Hey, can you also share the audio books? Unfortunately, I don’t have enough time to read them, so whenever I am driving my car I try to listen to them. This is also the reason why I use some writing or editing services as it saves me a lot of time. And whenever I have the opportunity I use the Wordvice promo code as it always edits the essays quickly and qualitatively. I don’t what I would have done without all these services.

[Koverland]

Hey, can you also share the audio books? Unfortunately, I don’t have enough time to read them, so whenever I am driving my car I try to listen to them.