Well the school here on babypips is the best startup you can ever have. then keep practicing on demo accounts as long as you can until you get a hold of a good strategy thats making you some profits, then you can switch to real accounts.
“but also from a very close friend who had been trading for a few years when I first started”
- That is such an immense help. youre lucky. I have no one physically to help me.
It is absolutely right that most of the websites are scam and we can not learn properly forex from that websites. I would like to suggest you that you should start join any regulated broker and work at least two months on demo account then you can learn efficiently.
I learn better from my trades. O f course I have lots of forex educational resources and books to read but my learning is more practical and comes majorly from my experiences on my trades.
Hi Lexys,
Which are the recommended good books that you refer to in the first point ?
Thank you
These are the books that most helped me, and enabled me to trade profitably …
Profitability & Systematic Trading (Michael Harris)
[I]Trade Your Way to Financial Freedom[/I] (Van K. Tharp) - an outstanding starting-point
[I]Beyond Technical Analysis[/I] (Tushar S. Chande)
[I]Understanding Price Action[/I] (Bob Volman)
[I]Naked Forex: High-Probability Techniques for Trading Without Indicators[/I] (Alex Nekritin & Walter Peters)
[I]Daytrading[/I] (Joe Ross) (this is an updated re-issue of an earlier book - “Trading by the Minute”, I think it was called)
[I]Trading The Ross Hook[/I] (Joe Ross) (I keep coming back to this one again and again, because it’s simple and logical and helpful, and the whole concept is based on one of the soundest principles of price action trading, namely “buy the dips in an uptrend and sell the rallies in a downtrend”)
[I]A Mathematician Plays The Market[/I] (John Allen Paulos)
[I]Fooled By Randomness[/I] (Nassim Nicholas Taleb - very worthwhile!)
[I]Why People Believe Weird Things[/I] (Michael Shermer) - this book and Taleb’s, just above, are hugely helpful - albeit indirectly - for “understanding what’s going on in forums”!
Trading Price Action Trends - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks)
[I]
Trading Price Action Trading Ranges - Technical Analysis of Price Charts Bar by Bar for the Serious Trader[/I] (Al Brooks)
[I]
Trading Price Action Reversals - Technical Analysis of Price Charts Bar by Bar for the Serious Trader[/I] (Al Brooks)
“Warning”!: Al Brooks’ set of three textbooks is kind of badly written and very badly edited (especially considering who the publisher is), and pretty difficult to plough through, but their content’s excellent, so those are a kind of “mixed recommendation”: I think his online video course is much, much better and more helpful and more approachable, but it’s also more expensive ($250, I think - but that’s still very good value, though, in my opinion, for about 37 hours of instructional videos): [B]https://brookstradingcourse.com/[/B]
1 Like
The first thing I did was to learn the basics. I bought a book about Forex like Trading for a Living. After that, I Demo traded for at least for 8 months to be familiar with the trading system.
Those are great recommendations, Lexys, thank you!
The above list posted by Lexys has been incredibly helpful in my quest for knowledge, and I highly suggest checking some of them out. The majority can be found on pdf.
The Michael Harris and Van Tharp stuff is an excellent starting point. I have especially enjoyed Tharp’s books.
I am currently going through [I]Understanding Price Action[/I] (Bob Volman) and it has also been an excellent read. There is a deal on Amazon for black friday and you get 10$ off a 25$ purchase, making this only 20$. If I had only that to spend on a forex book this would be the one for me.
Nassim Taleb’s stuff is interesting to say the least. A little verbose for me, however once I made it through and let things marinate for a bit it all made sense.
One other forex specific book that I have not seen recommended anywhere, is [I]The Art and Science of Technical Analysis: Market Structure, Price Action, and Trading Strategies[/I] by Adam Grimes. After heavily researching for a fx book that could serve as somewhat of a “trading bible” I decided to give Grimes book a shot. What sold me in part is that he has a free trading course (Adam H Grimes) and it seems to be pretty solid. I plan on going through his book in unison with the online course material. Having leafed through the text briefly, I can say that I feel I made a solid purchase. I have also checked out Brooks material and feel Grimes is a solid alternative if cost is an issue.(I do plan on reading Brooks material eventually and possibly shelling out the money for his course)
One last book I highly recommend, although not “forex related”, is [I]The Art of War: Spirituality for Conflict[/I] Annotated and Explained by Thomas Huynh. If you are familiar with Sun Tzu and this text then you will undoubtedly know how helpful it can be in so many facets of life. The annotations and explanations of the text by Huynh really help in understanding the basic fundamentals of what Tzu was conveying some 2500 years ago. I could go on all day about this book. Just buy it.
I certainly won’t argue with that! His second book, [I]The Black Swan[/I], is even more verbose - still very interesting, though. I see that Wikipedia, these days, describes Taleb as an “essayist, scholar, philosopher and statistician”. (He used to be called “highly successful professional trader and professor of math”).
I for one don’t mind verbose authors, I even enjoy them for the most part, as long as they have something substantial to say.
I don’t altogether mind them, and can now generally read them without a dictionary at hand.
I have one friend (with a philosophy degree!) who claims at one point to have “thrown [I]The Black Swan[/I] across the room in exasperation” at some of the verbosity. 
learning forex in general, i wont deny it, i started here at babypips way back in 2011… and i still go through it every now and then…
I’ve learned the hard way by wasting years on stupid strategies learning whta does not work: [B]Other People[/B]
Mate! You are doing well. To learn how to trade, you need to know the trading basics by core. And understand market psychology reasons behind how it is reacting that way. More you understand the market fundamentals; more will be chances to gain in the long run.
Get to know Forex market: Before making an investment tries to understand every single aspect of Forex market and how it works.
Clear your goal: People are fascinated for Forex trading due to its profit making potential but you need to clear your goal whether it’s a hobby or you want to opt as a profession and trade accordingly.
Try demo account: Before making real investment, practice at least for 3-4 months. Don’t think that you are wasting your time because it is the time you can improve your trading skills, build your confidence.
Accept reality: Most of the traders expect higher returns in a couple of months which is not a realistic approach. You should have realistic expectations and only then you can succeed in this Forex world.
That must have been a satisfying if unnecessary action. I can’t say I’ve done that, but I have certainly put reading certain books on hiatus until I gathered the patience to deal with the contents. I don’t mind verbosity, as I mentioned, but sometimes pretentiousness for the sake of pretentiousness gets on my nerves.
I agree with imbest, however, you have to spend lot of hours in front of charts. You need the ability to understand how the markets react and for which reason. Trading in not an easy way of earning money.
At the beginning a friend taught me all I had to know before I began my forex trading adventure. And till date he has been there when I needed him, and then of course forums on forex trading has proved helpful.
My gosh - I found this book incredibly difficult to follow, even at the best of times. However it was interesting
I first started with the Babypips school, watched lots and lots of videos, of course still watching. I am still learning, it takes a lot of time to develop those skills. I feel that I still don’t know so much but step by step I’m getting there. Never give up.
Try to treat your demo account as a live one, it helps a lot with the emotions and fear. Basically I am trying to learn from my mistakes and experience. Only the future will tell…