Do the babypips school which is really basic and you’ll need to pick up something more intermediate then advanced after. Not necessarily indicators but more so your application of them and broader understanding of the markets. But this will develop organically over time. Keep it simple at first.
If you want books have a look on Amazon then search on b-ok.org.
Tonnes of books on there to download.
One thing that’s easy to get caught up in is analysis paralysis. Too much choice, too many options. You’ll learn by actually implementing and journaling then going over your trades but initially you still need a footprint to follow backed up by a trading plan.
As mentioned by everyone here, you are in the right place. Go through the educational videos provided here on Babypips. There are many educational videos on youtube too. Learn the basics of forex, and then, once you start learning different strategies, open a demo account with a trusted forex broker. A demo account is similar to Live account, the only difference being that in Demo account, you use virtual money, while in Live account, you will have to use your own money. Try out your strategies on a demo account. Hope I could help you a bit.
hello can someone explain risk management
i have 170 euro in my account and i want to risk just 2% of it
how i calculate my stop loss and how many lot size should i use ?
What broker are you using? I’m on demo account with CMC which which shows the Pip value and £/€/$ value of your stop loss. If your broker/platform doesn’t then your can use a position size calculation (Position Size Calculator - BabyPips.com) to help you.
i’m using blueberry markets a good ECN broker
and yeah i see how much i will loss when i put my stop loss (pips/euro value).
i wanted to know how to manage my risk in every trade i enter
The No nonsense forex money management system is a good place to start. It uses a stop loss and take profit based on the average true range and also risks 2% on each trade.
I’m not sure i quite understand your question then? Set your stop loss as per your entry strategy and then adjust your lot size so that the Pips in your loss loss = 2% / €3.40? I.e if you want to enter a trade with a 30 pip stop loss on EUR/USD at 1.1861 (current market price) you would want your position to be 1.3 micro lots.
The best way to start is learning by doing. You can get down to practice right away with demo platform. You can choose any broker which offer MT4 demo (for example Hotforex) and spend a couple of days clicking buttons and getting to know the platform functionality. As the questions arise you can start to ask them in forums and get answers you need. The more questions you have the better for you since this is a good indicator of progress.
Thank you for your add
i started to try MT4 on my demo account. im learning and trying to developpe a stratgy that give me a profitble win/loss ratio, consistency, and make clear my entry point and exit
When joining forex you need to get rid of that idea that you will enable you to make lot of money in a short whale because that is not how things work here. That will just be your greed speaking to you. Then again you may not think like that but then realize that the more you trade and make profit, the more risks you take which is just wrong and you should avoid because that’s where failure in forex begins for most people.
As a beginner the first thing you should do is to not go to the forums but find a reliable source to learn about forex and then come back to the forum to ask questions of the things that you do not understand properly. You should not just go around asking many questions that you can learn on your won in the forum. Take it easy.
As a beginner you should always know that not all the other traders that were here before you know best. A much as someone may direct you to do something in your trade of you ask, you should find out if it will be effective or not. Let them guide you but the choice should be yours most of the time if you want to make it in forex.
