I am new to forex. I just finished reading a book about forex a few days back and I am in the process of making notes.
I would like to develop my trading system soon and start practising on a demo account focusing mainly on the essentials such as price action, candles, patterns, trend lines and support with resistance. Later I also hope to learn to work with some useful indicators and oscillators. I also plan to dig deeper into trading psychology and risk management, since they seem to be the key to becoming a successful trader.
I am in the last semester of my Master’s now and honestly, only a few classes sparked my interest as much as trading did. After reading the book, I became a believer in technical analysis and I am really excited to put it into practice.
I am very happy to join this community.
If you have any good resources for studying or suggestions, I would be grateful if you share them with me.
Hi and welcome Tomessi. Which book did you read out of interest? Make sure you go over the course on the education tab here as there is lots of useful info that you can go and look for and spot on trading view. Personally I would stick with that at first and then move onto trading on demo and refine a system that appears to work there. Once confident and the data says it is working and you have built good risk management habits, move live. Don’t wait to go live to start on risk management as you will invite more stress upon yourself. I would also use a demo comparable in size to what you might go live with.
Thank you very much for your advice. I am definitely planning to do the education tab. I will try to follow your recommendations. You are probably right that learning everything there is but not having any experience, at least on the demo account, would probably not be ideal. So I will try the demo account once I finish the education tab and study new things simultaneously.
I did not mention the book since it was only released in my matter language. It is called “Jak se stat Forexovym obchodnikem” (How to become a Forex trader). The author is one of the most successful traders in financial markets in my country. So I thought it would be the most natural introduction to the market for me, and I have to say the book is pretty good
Thank you very much for reaching out. There is really a vast amount of information in the link you shared. I can already see it will be a great study place.
Hello and welcome Tomessi! Sounds like you have realistic expectations considering that you plan to start on demo. This site is very helpful and hopefully it will get you started on the right foot. I’m wishing you luck
