Important Questions from a Novice

Beginner Questions Candlesticks, Chart Patterns, and Price Action
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  1. Where is the best place to start? Learner account or Active?
  2. Which training is the best and most affordable?
  3. Which FOREX Broker is best for a beginner, and what is the suggested amount to fund the trading account?
  4. Is there a phone number to call to talk to a live body?
  5. What are the requirements for establishing a FOREX Trading Account?

Thank you, in advance, for your answers.

Sincerely,

Charles Layne Horton

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  1. Babypips School of Pipsology via this site, and start with a demo account. It makes no sense to go LIVE when you haven’t learned anything yet.
  2. No other training is better than learning on your own, and learning from your own mistakes. If you happen to find a mentor that’s willing to train/motivate you along your journey, then that’s also good.
  3. I use Oanda, good for beginners, but there are a lot of brokers you can choose from. Each with its own pros and cons, so it’s best to just research yourself to see what works best for you. There’s a lot of threads on here that goes over a lot of them. The ‘search’ feature on this site is very useful
  4. My broker, Oanda, has a direct number to call, along with a chat feature if you need assistance. But, there was a recent post about someone having issues with their customer service about a week ago, so it just depends on the person really. I can’t fully speak on their customer service because I haven’t started my LIVE account yet, still grinding on demo. So, I can’t say if there are any issues with depositing or withdrawing funds, etc.
  5. There aren’t any major requirements. You just need to choose a broker, whatever amount you want to fund it with, and download the MT4 platform which is where you’ll be placing your trades. (PS… Do your analysis on the pairs on TradingView, not directly on the MT4app)
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Hi Charles, welcome to BabyPips!

If you have to ask, then you should start with a demo account. They are absolutely risk free and most brokers offer them. For example with FOREX.com, you can register for a free demo of our Advanced Trading Platform or the MetaTrader 4 (MT4) platform or both.

BabyPips offers free education. This is a good place to start. Learn How to Trade the Markets

As mentioned above, demo accounts are completely free. Before you think of investing real money, practice on a demo to get a better understanding of the market. Then you will be in a better position to decide how much to invest.

In regards to choosing a broker, this earlier discussion highlights the importance of choosing a regulated firm appropriate for your region: Unregulated brokers illegal? Whats the Risk? Help Please!

As mentioned above, you’re welcome to try a free demo with FOREX.com or more than one. Our customer support team is available to you 24 hours a day via phone (1-877-FOREX-GO) or online chat.

Regulations vary by region, but the online application process is comparable to most financial accounts. You have to verify your identity, possibly by submitting a copy of your ID along with proof of address.

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I think that the best start is to start learning in babypips school. Very good learning material. During learning process, open a demo account and practice your knowledge and try to fully understand what you are learning and its implications on your trading method and potential for earning