please i need to hear from you all new to forex trade a month old though I work a 9-7 job and I want to make Fx my side job too how do I get successful with this
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There are two ways to trade long-term without doing a lot of live screen-watching and which are practical and profitable - swing trading and trend-following.
There are dozens of different ways to approach both. Google to find the simplest strategy of one or the other. I recommend using no indicators apart from one or two moving averages to help you confirm trend direction and consistency.
As its your first strategy it probably won’t make you a fortune but it will teach you how to judge different strategies, why they work and how to plan for the times when you have losing trades. All strategies have losing trades, so your risk management plan is essential to ensure you do not get wiped out before you can learn how to make your fortune.
When you have used your first strategy for a little time, it would be interesting if you would post any questions on it and your experiences.
Good luck.
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Persistence. Stick with it, as the longer you spend looking at the markets and the more trades you place the more you learn. Its going to take a long time so use evenings and weekends to practice. Pick your style and stick with it. Its not a get rich quick business, its a get rich over time busines
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Welcome to the forex trading community. First things first, have you opened a demo account? If not, do so. Starting with demo is the best way to familiarise and know the corners of the forex market so that you can be successful. Get as much information as possible about forex trading before you begin
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Hello 007Samani, I’m not intending to be a buzzkill, but after close to 15 years trading forex and hearing every story, I’ll share a few things. If you are a One Man SpaceCowboy and are ready to maximize your risk and to be the next James Bond of Forex and attain instant wealth…be my guest. On the other hand for the sake of newbies who don’t want to lose money but earn it, here is my suggestion for Spring of 2019:
Master 1 currency. Make it the Eur/Usd.
Make a plan and stick to it. Example trade bullish pennants on the Eur/Usd, anytime frame.
3. Forget Live accounts. Demo, Demo, Demo. You are learning a skill and you want it to be automatic like shooting baskets.
4. Have Risk Management and Money Management in Place. Skip this and you are doomed to failure. Spend the bulk of your time here and you will increase your edge and come out ahead.
5. Avoid all the products, get rich quick scams and advertisers who tell you that “you’ll go up and never down in the markets”, stay away from 100% foolproof. Know how scammers and Ponzi schemes operate, there are more than you realize. Are you the next victim of the trading genius with the 90% win system that can’t fail?
Good luck! Trading is a journey. Few people are music geniuses, most of us need training but with training we’ll make ourselves and others happy with our music.
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Couldn’t have put it better myself! Brilliant advice!
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Most people trade forex as a part time source of income, which is not strange considering that you wont just jump in and start getting enough prfits to pay your bills. Ensure you take Baby Pips programs to get more information and start trading on a demo or cent account. Your choice of broker also matters, so you can follow threads on broker selection here
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Thank you holltyholly141
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To be successful as a forex trader, the first thing that you must do is to have a resolution to succeed. That might sound abnormal, but then forex trading is also abnormally normal. If you have not resolved, you will give up with the first lose. Forex is not a get rich quick venture
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Now that’s some good advice Donald. Interested why you say trade EUR/USD. What is it with that pair?
wow thanks I would give this a try no indicators just moving Averages thanks mate
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Treeny, here are some of the benefits to trading the Eur/Usd
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It typically has the lowest spread. Many beginning traders over trade and rack up pip losses simply because they choose currency’s with 10x spreads or larger than Eur/Usd. Every Hamilton and Benjamin saved is money that is still in your account.
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By focusing on just this one currency, you will begin to intuitively understand when it is likely to retrace or continue and you will be aware of the Support and Resistance. Many traders just jump into a trade and don’t pay any attention to whether it is a “turning point” in the market that they might have used to create an edge in the market.
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It is the NUMBER one currency traded in the world.
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I’ve personally seen top traders at many, many leading hedge funds for Forex literally pull thousands of dollars per day out of the market on the Eur/Usd. It almost always has greater liquidity, except for the gpb/jpy and other cross pairs…but most novice traders lose on those currencies and lose big.
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At the end of the day you want profits and you want to see your account grow.
Demo first, demo second. Second Rule: Demo, demo. Third rule: Repeat rules one and two.
Second Rule: Protect your capital. Protect your capital.
Safe trading, you are on a journey to be one of the 99 percent who actually make money in forex.
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how do I practice trade in weekends when the market are closed during weekends
thanks mate I have been demo trading for a month now
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thanks Donald I have been demo trading for a month now i have my trading plan and system in my notebook
from what you said I should focus on only one pair and trade it bullish with my trading plans… is it a must it should be the eur/usd why trade it only bullish
thanks been following the school of babypips here and demo trading a month now
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mate I am determine to succeed in this game
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000Zamani.
The reason for trading Bullish only is to ingrain this into your brain and nervous system. Think of the field of neuroplasticity. You want to have enough repetitions that this is deep into your neural circuits. Some of the top experts say it takes 10,000 reps, lower estimates around 500.
When scalping you need to take the trade instantly without thinking it. Now, if you choose to work for a hedge fund or other investment group (real money and big dollars here while you are learning.
Most will “skip this step” to their detriment. The Big firms weed out the cowboys and become trade partners with those who show respect for capital and preserving it. Sooner or later, you will have to create a winning record using the company’s benchmarks: 1. how many trades did you take? Why did you take a stop loss? Were you following a detailed plan with money management and risk management your first concern? Were you focusing on entries and exits only and looking for the big moves, ala wyckoff, livermore, etc. Do you even know these traders and why they succeeded and more importantly why they failed with their foolproof system?
Now, if you just want to jump in a trade and take your chances, no problem. If you want to prepare first as if this is a business…it is, then this is strongly encouraged. My goal is to save your money and make sure you truly understand the basics so that your odds of being a successful long term trader are more likely. Don’t expect me to spoon feed. I’ve spent years of sweat and money learning the hard way and that can be the best teacher. And that process doesn’t allow for shortcuts.
Happy Trading! We’ve all been in your shoes. You’ve made a good decision to learn forex. It is a skill that can feed and provide for you throughout life, providing you really learn it. I have confidence that you will. Most drop out after 90 days in frustration…many in the first 30. Where will you be in 90 days?
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Use a demo account and backtest.
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You can’t go wrong with the babypips team.
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