How do i start forex trading?

Beginner Questions
#1

Hello all,
I’m chris I live in belgium, I’m interested in in forex trading but not sure where to start.
I read somewhere use only money that you can affort to loose well that would be around the 100 - 200€.

I know there is a section “school” on this website to start with reading, but any recommendations on other books/websites?.

What software should i use using atm the plus500 demo account. some say it’s a scam other say it’s great so not sure about it anymore.

I have no background at all in all of this. But willing to learn it though.

Thank you

#2

Hey chris,

finish the school here. there they aswel have a list of good brokers. more or less their all the same so dont worry.

well. 100-200 is cool, use it for training, after 2 years ull maybe be profitable if u manage to stick that long to it and read a lot of stuff buuks info etc etc

#3

Hi Chris,

Indeed work your way trough the school. Less than 4% of the trader that start the school do actually finish it, so prepare to see if you have the dedication to put sugnifincant time in your education(hundreds-thousands of Hours).

From your name I assume that you understand dutch, so the book ‘leren traden’ by Steven Anthonis might be nice for you to read (I am still thankfull that was my first trading book). From that point there are many good english books. I reccomend ‘trading beyond the matrix’ by van K Tharp and all his other books. As for websites, try to focus on free education courses. I find the babypips school better than most other websites on education even though its free.

As for a broker I started off at plus500 aswell, but I changed to brokers offering the MT4 platform, so I was anble to use my technical analysis better ( fibbonaci levels). Also a lot of other brokers offer lower trading costs (spread,commission etc.) During the pipsology school you will learn about how to choose a broker.

I know you will get ‘sucked’ into the charts quite often, but please give yourself some time, and don’t be to hard on yourself if you make mistakes(every trader makes the typical beginner mistakes).

Dedicate at least 3 months on education, then at least 6 months on education+demo trading before considering going live.

Good luck on your journey!

#4

I think suggested for beginner to learn basic education, we can reading on babypips education class for learning as starter, then we can practice and choose certain broker to trying demo account, first time I am join in broker that using metatrader platform whih this platform is popular among trader and broker, practice in demo for learning how to analyze the trend market and implemented knowledge that already obtained.

#5

Hi,

I don’t want to scared you, I just want to give you some heads up: If 100-200EUR is what you can afford to lose than that is only good enough for learning purposes. If you ever think to make some real profits than you will need lot more to trade with.

#6

Chris,

Don’t worry too much. You are working with a demo account, so it doesn’t matter at the moment if your broker is scam or not. That is a concern for later when you will be trading real money.

As a start, don’t start a 50k demo account. You will get used to the huge numbers where you will start a lot smaller with your first live trade. It can be frustrating when you are used to the big numbers when you see those dimes rolling in/out your live account. :slight_smile:

Just try stuff with your demo and read through the school.

#7

Yeah1 Babypips School is amazing but you can also follow fxacademy, trading academy, investopedia. They got lot of things to learn. Try from the basics like how will to understand fundamental and technical analysis.
Put long-term trades on you demo account, follow the movement.
Check if there is some news and watch how market is reacting to that news.
As said by Toekan, trade is smaller lots and reduce your balance in demo account what you thik is suitable for you.
And don’t get attracted to higher leverage. It looks good when you are making profit but at the time of losses this is what kills you.
Rest stay patient during the time of trading. Trade Less but Trade Wise.

#9

While learning, you can start with babypips school section. First read it, then re-read it with checking the example shown on live chart. In this way you will understand quickly.
About investment, you have to invest what you can afford to lose, because you are going to lose. The journey is long but its worth taking.

#10

Hello,

  1. Pre set your goals and then choose a style of trading which you feel comfortable with and make sure that it suits your personality then you choose a methodology and be consistent in its appliance.
  2. Carefully pick your account type and leverage ratio accordance with your needs.
  3. Do as much analysis you can.
  4. Choose a good Forex broker with high level of functionality and ability.
  5. Keep your leverage minimum in the start and then slowly increase it.
  6. Start with small amount and embrace minor loses.
  7. Dont give up!!
#11

I too would recommend going through the School of Pipsology here on Babypips. Read everything in detail, then go out looking for other tutorials, there’s plenty of free information on the Internet. As for investing, I really wouldn’t recommend investing anything until you’ve gotten used to trading on a demo account.

#12

I’m new to forex too.
These advice were very interesting for me also.

#13

And make sure you open a cent account, which will allow you to trade small lot sizes. It’s great for learning. Once you get comfortable and profitable go to a bigger account.

#15

Do not engage with living trading in the start. Go for demo accounts. Check your abilities for 2 months. Then start with 100$ buck. Do not think about the earnings in the start, just learn it. After 3 to 4 months, start trading big and think mainly about the money, but play defensive.

#16

Simply, open a demo account> test the brokerage services> open a real account and trade with small amount in initial days and then increase your fund steadily. All the best!

#17

It is nice that you are willing to learn forex trading, I would like to say that learning is the key before the joining this business and for the sake of learning, demo is the key and no one can get the success without working on demo account, so my opinion is that start real trading after completing the demo trading for better results.

#18

Yes first as trader need learning in business that will joined, if any trader already getitng maps and understand how to start, they can use demo account as first to lerning in real market condition using virtual mney, ths is important for beginner step before investing real money in real account.

#19

Thanks for sharing ^^

#20

I think I would also recommend the school here, a good place to learn well. The is well known all over, in addiction there is the internet for research and online articles that can be of help. Then of course you have good traders here as forum members.

An advice I always give to newbies is the fact that they should get good understanding to what the forex market is, before the venture into it.

You can think of it this way;
What if you bought something (it could literally be almost anything…a house, a piece of jewelry or a stock) and it went up in value. If you sold it at that point, you would have made a profit; the difference between what you paid originally and the greater value that the item is worth now.
Currency trading is the same way…
You can learn more here: Understanding forex strategies: How do I trade forex? on the basis of forex

#23

FIrst time I am llearn forex only with seeking information use internet, so many article we can read about forex if we want to spent time in leanring, gather together in forum help much get motivation to learn forex business, and most important is practice even use demo account.

#24

Hi, I also want to learn forex trading. I worked in a small trading industry but I was able to learn the basics only.