Hello guys,
I am new to Forex trading and am taking a lot of time in learning the best trading strategies and other important things about the market.
Please give some advice/ suggestions- how Did You Learn Forex And what Is The Best Way To Learn?
Thanks
Develop patience.
Deliberate practice.
Never quit.
Emotional control.
Accept and appreciate the importance of a loss.
Lose money.
blowing an account is one way to learn but thats a painful way, you are in babypips and the best free online forex learning course (even way better than paid courses) go through pipsology school, read it once then open a demo account then read it again, from there you will start to realize different sort of things with regards to forex strategies and systems, and develop a system that would suit you or should i say develop a trading style that would suit you!! ask question, stick with demo accounts, use MT4 platforms its easy and most known. be patient, treat it like a business, even if takes months or years, no body becomes a millionaire over night (except lotto) hehe I trade with hotforex btw you can try their demo or even open a couple of demo accounts with different brokers since its free, just treat it like real money and use it for testing strategies 
best of luck 
jingoy is spot on. I would just like to add something regarding strategies and systems. Have a look in the next section of this forum, âHoly Grailsâ, then in âFree Forex Trading Systemsâ. Go through and pick out one you like the look of and follow it. On a demo account, of course. You will learn a lot, and it will help you develop discipline.
This is the way I have progressed until now: read babypips school once. I opened a demo account, which I blew within two weeks. I opened another, read the school once more. Blew that one also in a month. I then discovered ICTâ s videos (look in the thread "What Every New & Or Aspiring Forex Trader⌠Still Wants To Know) and started a third demo account. Some videos there were a real eye opener, but the basic knowledge of babypips school was needed before that. The third demo lasted a little more that two months. I then started applying money and risk management, started making a plan which I followed thoroughly in a fourth demo. Exactly like I would do in a real account. This went well, as soon as I started feeling a little confident I opened a live account (this is my first âliveâ week actually). In the meantime I have spent countless hours studying the charts, looking for patterns, trying to understand support, resistance, trends, higher time analysis, judas moves etc, have read about 5 books on trading and psychology. I still study as much as I can, it never ends. My target is NOT to loose actual money, I don t consider this a learning step. Being a professional engineer, I don t consider designing a bridge that will collapse a learning step either. So, I try to follow my risk management rules, avoid greed and meet my weekly target of 2% gain without overtrading, while continuing to sutdy the market through keeping a detailed journal of all my trades and trade orders.
And one more general point: there are many different ways of Forex trading, some people scalp and place many trades a day, others position trade and place a handful a month, some like indicators, some donât, some live by news, some ignore it, there are many ways to skin the trading cat. So I would recommend starting out knowing that you are going to come across some knowledge that - while it might work for the person passing it on - is not going to be relevant to your eventual style. So however you choose to learn, not everything you learn will have relevance for you, perhaps other than reinforcing that it is just not your cup of tea. So do be picky.
In terms of where to learn from, you already have a range of opinion on here. There is also the relative merits of self-taught vs paying for tuition - but you probably donât want to turn this into another âare training courses a waste of money?â thread, as we already have the âis Forex gambling?â thread experiencing a renaissance lol.
Seriously, wherever you acquire your knowledge, as in among the good, relevant stuff you will find a lot of nonsense, as well as some good stuff that is ultimately of no use to you.
ST
Youâve obviously got what it takes to be a successful trader:
Keep going, and eventually everything will âclickâ.
Reading, reading, reading and off course âThe School of the Hard Knocksâ, this is for the mentally though, here is where the line that separate men from children is set.
A good trader is the one who can tolerate pain, over, and over and over, and over, and after that over again. There is no light at the end of the tunnel. There is not such a thing called âI get there now whatâ that does not exists. It is a myth that practicing will lead you to a better trading, well that is BS, trading is easy, just right click and buy. The non easy part is to sit tight and let the profits run and cut the loses short. Most difficult is to like loses, you must to because is the only common thing i trading. Took me four years to raly like loses. Some say âif i practice enough iâll be a good traderâ well, instead think you are a good trader and work for train your mind to accept it and be formed to have a trading minset, that is not easy. Sorry, i didnât make the rules, is just the way it is.
Regards.
The key to becoming successful in forex is to have a winning trading plan.
With that said, how I learned to trade was studying, researching, testing, and practicing ideas on a demo.
You need patience, and inspiration to hurdle through the roadblocks youâll face. And the Last thing Iâll add is to read as much good information about forex you can (like ICTâs videos), and weed out the bad information through logic reasoning, and tests.
Do not trade in the way that you wish but in the way that makes money.
Neither enter nor exit at a single price.
Even a short term trade should have long term potential.
Trust retracements but be leery about projections.
Risk/Reward ratios are for the most part meaningless; focus on reducing risk and
take what the market gives you.
You should believe that it is not very realistic that price will move to your stop loss,
before you have a chance to respond to new information, if you are to place a stop.
No matter what you read, you will likely suffer for around six years before you make
more than 24% per year.
I agree that you need to be mentally tough to trade. That is one of the reasons why so many fail. To reach the stage where you are a consistently profitable trader is something to be proud of, because very few people have what it takes.
As for losses, they are just part of trading. I donât worry about individual trades, I only care whether or not my account is growing. Which it is.
i have learned the basics of forex from a product called âMiracle Forex Secretsâ and i think it;s good
Yeah!! all fx courses you buy are entiled like that.
learnt the basics from friends and details from books and the net and got experience by trading via a demo account and then every day you spend trading you learn something new !
you can also learn here in Babypips if you seek learning !
The best way to learn the basics of forex is right here at BabyPips - check out the âSchoolâ section. No âmiraclesâ or âsecretsâ etc., just solid information.
Read everything you can. - There are so many free blogs and forums out there like this that there should be no need to pay for any education really. The baby pips school here is an awesome educational tool, probably better than any paid for courses you can waste your money on.
Set up a demo and take your time. a LONG time. test several platforms and find the one thats right for you.
While demoâs are great and teach you much about trading in a safe environment, they do not teach you the psychological effect that trading and risking real money has on you. For this you need to trade for real, but I would advise that once you are ready to take this step, that you trade a very small amount of your trading capital with very low risk. Not enough to harm you financially but enough that you care, to feel the effect of trading your money.
At this step do not fall into the trap of believing that you are ready to trade profitably consistantly. You will learn as much trading small like this as you do in demo and should really take your time, learn patience and learn to develop a trustworthy system.
Time. Effort. Discipline. Dirty words to a lot of people, which is what I think accounts for most of the â95% of traders failâ thing. Trading is not hard in terms of understanding, just in terms of application. At least while youâre going through the initial (albeit long) learning stage. Once you come out the other side, trading is not that hard. Itâs easy when you know how - itâs getting to the point where you know how thatâs difficult.
Their is a long process from the starting of the journey of Forex trading and becoming a successful trader. As it dawns it looks easy in the starting but then later trader gets to know that this is the most competitive financial markets in the world and much skills are needed for both survival and becoming a successful trader.