Im from South Africa and totally new to trading.
I started learning about 10 days ago. Initially I were interested in day trading as it is suitable. After much research I decided that Binary trading options were the way to go. I signed up with a few brokers and 24Option were the latest and looked the most promising. I did not talke any of their bonusses as I were aware of the catches. i also did not deposit any funds anywhere yet. I have learned a lot about trading this far and more specifically Binary options trading.
Between yesterday amd today I have decided about 90% or more against going for the Binary trading options. The first reason is that it is too much similar to gambling. I am muslim and we are not allowed to gamble. 2nd Reason, I learned that Binary options trading is done out of the market. So I understand that I will never really buy or own shares in the market directly, the broker is almost always making money when I loose and a few other things. Even though 24Option seemed good as they apparantly worked on commissions only?
In any event I started looking more into forex. As a newbie kt seems a bit safer and many similarities to binary options trading except I cannot really make money if my stock goes down. I suppose this is also ome of the binary options trading attractions. Make money even when hour stock price go down provided you guessed right?
So here I am. I looked at MT4, I learned a bit about graphs, canddle sticks, technical & fundamental analysis etc. I started babypips school as well.
My research shows IG would be a good broker to use as they do not deal over the counter. Also MT4 seems like a good platform. I looked at many websites and Apps for watchlists, graphs, news sources etc. and chose to stick with Bloomberg, Investing, Stocktwits, Marketwatch.
My plan is to become a forex daytrader. So I have the overall plan. Next is learning much more while inventing a good strategy to start off with.
My questions as a newbie are:
Are there anything that I missed or overlooked?
Does it look or sound like I know & understand a little bit about the trading industry this far or do I misundestand the whole thing or am I on the right track?
What else should I be looking at through this learning curve?
Thank you for your thoughts.