I am really new to this forex business, please what advice do you have for me as a beginner in forex?
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Get a demo account and learn how to set orders and stop-losses, how to calculate the size/risk of your positions and how to exit trades. Watch how charts perform and learn a little technical analysis so you can see how price movements across the chart help us select trades.
Trade long-term using D1 charts, do not even try day-trading.
Find long-term trends and follow them.
Always set a stop-loss to limit your loss
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Finish the BabyPips course, open a demo account and keep reading and studying!
Good Luck!
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A looot of people showing up without reading the courses.
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Of course; start from the BabyPips School; where you’ll have beginner’s instructions for trading!! Besides; don’t try to make profit before your learning, it’s a long term journey! All the best!
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hop on Raja Banks’ LIVE trading stream every morning to get an idea,it’s amazing value. He’s LIVE now but probably about to end it soon. Go to youtube and look up WIcksDon’tLie , and you should see the LIVE stream
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Have you finished the babypips basic scholl? Do you run a demo account yet?
@Akrypto Hey Mate, Welcome to the community. I really hope you get what you are looking for!
just for the start, do the Forex course here, in the School of Pipsology, Open a demo account and learn how to do stop trading, how to use forex orders, learn charts and develop strategies.
Its a slow process but everything would start following soon!
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Go to the Babypips School right here on this site and go through its sections, they provide knowledge and advice in a very organized manner.
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The babypips school is nice in that it provides a lot of knowledge. Sometimes, though, a lot of widespread knowledge can be dangerous to someone that doesn’t know what they are doing. The ultimate general key to trading is consistency. The idea behind this is that you focus in and find a concept or pattern that you believe exists in the market, and you develop a consistent way of trading around it. This is something that you believe is high probability, you have not proven it. Certainly, there are many things in the babypips school that you could do this with. After you have written down your plan around this concept or pattern, you go out and trade it. You rate yourself by the consistency or your entry and management over time as it goes along with your trading plan. Particularly, you look at how your react to losses, and whether or not you continue running along a path of consistency with that trading plan. Over time, you prove whether this trading plan was indeed high probability, and whether you can be profitable doing it. You practice making up different systems like this, most likely on demo. After you show yourself to be consistent, and you can remain having a level of logic and consistency through times of loss, you start to trade real with smaller risk. As you show yourself to be consistent, you raise your risk level to be probably about 1 or 2 percent of the total account size that you can create with risk capital.
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People’s emotional tendencies tend to change on a daily basis. One day, you feel relaxed and logical. Another day, something happened in your life, and you are very illogical, and you can’t seem to take loss. Do you see how, if one is trading based on this type of thing, that one day they will react to losses totally different than the other. On that bad emotion day, it may be as if they have gone out of their mind. They trade up and down, and everything they do loses. Before they know it, they have given away large losses for the day. Unfortunately, I think this is a common story. If you don’t have some method by which you can stop trading based on emotion in that way, you will always have this story continue to repeat. People keep trying to find a new method of trading, thinking that the method they were using is not working. I could probably take a lot of the methods they were using that they thought didn’t work, and make some amount of consistent profit using many of them. What a surprise. The method did work. Now, on the other hand, some trading strategies do not work. But, it is not possible to know whether it works or not if you don’t developer consistency, even through times of loss. Most high probability trading systems where people have a level of success have a win rate of 50 to 80 percent. That means I lose at least 20 out of 100 trades on a consistent basis. And if I’m winning 80 percent, it becomes extremely easy for me to make money. The 20 losses are spread out on what I might call a probabilistic distribution. While it’s possible to have 20 losses in a row, it is extremely unlikely. Usually, they will be mixed up around the 100 trades. But, my risk management probably accounts for the possibility of having up to 10 losses in a row, even though, even that is unlikely. But, because I expect to have up to 10 losses in a row, I don’t take any more than 1 percent risk of account size per trade. This allows a consistent profit curve even through times of loss.
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lots of sources right now available for learning Forex but more suitable Babypips than others , go through all site in here and be knowledgeable.
knowledge is more important but according to me knowledge can be useless if there is no regular practice session.
That is why one doesn’t move from one section of the school to the next without having learned the current one well. Be steady and consistent not just about your trading, but about your studies too.
@Akrypto I would recommend getting on YouTube or watching some Bloomberg TV.
Personally having a foundational knowledge of the markets.
On YouTube I would watch SpreadBetting TV…I am not affiliated in fact they might be a competitor. I respect them as they are not trying to sell you anything.
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Get introduction about Forex. What do you do with trading on the Forex.
After that download MT4 trading platform and find a broker with which you will open account. First demo and later on live account.
Prepare MT4 charts for trading so you have all charts clean without messy indicators.
Start with opening an order and see what happens when you buy or sell trading pair. Is the market moving your way or you have made wrong decision.
That way you will learn how trading works.
From there you can start reading more or find a mentor so you learn next steps in your trading journey.
That should be understanding pips, leverage, lot size, trend lines, support and resistance lines.
Before going to live account you need to make a trading strategy which will guide you when and under which conditions you will open a trade.
After the trade is open and closed you need to make a journal to record your trades. That base of knowledge will serve you as a pool of valuable informations what you have done correct and where you have made mistake.
Expect to jump over some of the above steps but when you lose some or a lot of money you will get back to those stepyls and try to become profitable trader. :).
It is hard to tell someone to do something because we people tend to learn on our mistakes instead learning from others. I have done same mistakes but hey :). I am human.
Best of luck.
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What indicators do you use or you like?
pips school is good enough , no way to avoid , but despite of pre school level trading can be useless , if there is no regular practice.
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Well; use the demo account until are consistent & confident enough; please don’t be rush!
Generally there’s no point in learning forex theory if you’re not going to practice. 
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