Hello all,
I am new to forex trading. I have heard that I can make more money by trading in Forex. Can someone help me with usefull tips and tutorials if you have any . Please email me: shawn.wells1214 at hotmail.com
Thanks,
Shawn Wells
Hi Shawn,
You’ve come to the right place. You can find a lot of good info about Forex trading here.
Welcome!
Shawn, as you are new in forex trading then Babypips School will be the best tutorials for you. You will get all detailed information about trading there.
Welcome,
Haley said it all, take the classes. To me there is more than enough info in the school. As you will find out in doing research, everyone does things different in Forex. It’s what works best for you. Open a demo account and while you are going through the school “Practice” what you are learning. One thing you will here alot is " Trend is your friend". In my opinion the 2 best things to start learning 1st is of course trend lines and support and resistance, it all begins off that. Of course my opinion. You can make money, it just takes time. Knowledge is power and slow and steady wins the race. Take your time and have fun learning.
Peace
It is important you will know trading forex is risky and no one can guarantee you will succeed. It is important you are fully aware of the risks involved before head-diving into the financial markets. My best tip for you before learning any strategies is to understand what you are profiting from, what moves the currencies and how minimize your losses, any profit is welcomed 
So you heard that you can make more mon£y trading in Forex? I’m sure that folk will back me up when I say that you can certainly lose an equal amount as well. There’s a lot of learning to be done before any ca$h will roll in.
As everyone seems to be saying, you need to get yourself in to BabyPips School. It is jam packed with info & what you don’t find in there, you’ll find in the Forum.
Take your time & do things right, it’ll pay of in the long run.
Welcome & good luck!
It can be quite worrying when you see people apparently quite gun ho about Forex. As Baz said yes there is a lot to be made, but there’s also a lot to be lost.
I wonder if everyone had to pass a compulsory test to trade Forex is the “successful traders” % would rise. There must be a lot of people jumping in blowing accounts in a few weeks and never returning, rinse and repeat.
The worst of it is, I’ve noticed a strong trend in people that just jump in without learning actually winning BIG in relation to their deposit. They use zero money management, high leverage & a big position size & boom: beginners luck seems to prevail (done it myself). However without the education required, it’s not a repeatable feat so their account is blown out if the water in no time (thankfully I found BabyPips before I wasted my mon£y).
A quick quiz of even the basics before the broker lets you deposit the funds would be genius! However, like most pub-quizzes etc, google would soon ruin that.
Hello Shawn,
If you have not start to spend any penny in this risky market, my 2 cents advise will be, learn to trade in proper way before to late to safe your losses.
I totally agree that you should take your time and go through the Babypips school. I would also make a list of other forums as well, and read everything you can - it’s all free. Forex Factroy is also pretty good (though I prefer BP). Once you get the basics down, there is a fellow on BP called the Inner Circle Trader, who runs a couple of threads (see Millionaire’s Traders Guild and What every new and or aspiring forex trader… Still wants to know.) He teaches top down analysis from A-Z totally free, and has tons of free videos on youtube. He has a big following and people on his thread try to help each other out. There is also someone named Nikitafx, who has a great price action thread.
For me, once I started getting a feel for the environment, getting in to the following have helped:
- Daily / weekly Bias
- Understanding what times to trade and what price does at different times
- Horizontal support and resistance and trend lines and S/R by session, day, week, etc
- Fibonacci extensions and retracements (also watch a basic video or two on Elliot waves)
- Learn about risk management as it pertains to managing your account and trades - and always use stop losses
- When in doubt ask: Where would I want to take a long from, where would I want to take a short from.
- Until you are winning / making money, use micro lots. They’ll keep you excited but your losses wont hurt you.
- Initially, base your analysis off the higher (1m, 1w, 1d) time frames.
- Learn the basics of Candles. When do certain candle types seem to appear and what seems to follow.)
There is plenty more, but above is a good start in my opinion. There is also a fellow named Chris Capre who I think posts under 2nd Skies. His stuff is really good, and although he charges for formal courses, he also makes free videos and articles available.
Best of luck.
One important lesson: do not try to Get Big Money too fast. Trading is like a marathon. If you start too fast, you might not finish the race.
Candelsticks, Fibo, Trendlines, S/R, money management, Chartism, and try to practice them in big timeframes first.