Hello everyone… Am new here. I would like to learn alot about forex trading such that I start trading because am now jobless. I would really like to succeed in trading
1 Like
Make a good plan and learn all the basics properly.
1 Like
Get your CV out there. Trading is not a “job” you walk into. I lost $10K in school fees before I made money. Go work wherever you can, however you can. Do not spend your last cash on trading. You will be slaughtered!!
1 Like
Trading FX is a negtive sum game. Which means you WILL LOSE MONEY, as does every trader on the planet. What saves those who consistently succeed is experience over many years, discipline and learning how NOT to lose money. That’s the hard truth.
IMO, being jobless, while that’s tough on you, is not the right mindset to trial FX trading. Ignore social media marketing hype, that’s fantasy land. Also you’ll need an account size of at least $500 to stand a chance of keeping it.
2 Likes
Every change in life is an opportunity besides a challenge. The opportunity is that you have a lot of spare time to start learning about Forex. But on the balance of probabilities it is far more likely that you will lose money as a beginner than make money. Use the opportunity of having more time available to learn more about Forex (start with Education - the School of Pipsology at the top of this page, but do spend some other time finding some other form of income that is more likely to keep you out of trouble. Forex needs a lot of time to learn, and a lot more time to practice. But you can get a long way with no money invested by using a demonstration account to get some practice and try out what you learn in education.
1 Like
Welcome to babypips.
1 Like
Hello and welcome to the forex world.
1 Like
Welcome to babypips remember education is key
Hey all, so good to be here!
Welcome to the community @Sharitah. Use the time to learn. But I hope you don’t jump in to trading live right away. Trade first with a demo account. Good luck on your fx trading journey.
that is a very solid plan.
i like it.
be sure to backtest before going live!
Learning to trade is like a job. That won’t pay you for a very long time. I would spend your time looking for a job that pays now. Learning trading in your free time.
Hey, I’m also new here but I have some knowledge of Forex trading. Looking forward to learn more and more here.
Hello @Sharitah. Welcome to Babypips! Forex trading is the act of buying, selling and exchanging currencies. Contrary to popular belief, it is not gambling but rather a skill that takes some time and study to master. All the best!
Well said. I am legally blind and make a profit of trading. If you can not see well, then social norms don’t interest you. You are a shark, nothing less. Most people with all their senses can not do that, so they can not trade without emotion. I feel the same when I lose than what I feel when I win. Nothing. All I care about is risk management. Even if I lose 60%, my 40% wins must outweigh my losses. Now this is where the trick comes in! Do not trade everything. I only trade AUD/JPY, AUD/USD and AUD/CHF. Nothing else! By doing that, I increased my % of wins to almost 70% with losses I don’t care about. If I had to add GBP, USD and EUR I would sit on the sidewalk begging since I will lose my ass off. My point is as follows:
Do not trade everything! Choose something and stick with it.
Develop your own system, ignore so called expert advice. Even they get it wrong.
Too much information is a recipe for losing. Dim out the info, keep the noise out.
Select info that is useful to your trading style, do not adapt your trading to info.
My biggest advantage is that I can not see. Your biggest problem is that you see too much!
Much appreciated response.
I found that EUR/JPY & USD/JPY plus AUD/USD very profitable in a trending market as they are consistent. By just relying on AUD it’s a 3 fold risk rather than onefold. However, I will add AUD/JPY and AUD/CHF to my list.
And yes, I agree I see too much. which is another emotional challenge.
May you continue to be profitable.
Hello there,everyone onboard… Am here. I would like to learn about forex such that I can
do trading on my own, because am now jobless. I would really like to succeed in trading. Thanks
Hello and welcome, for basic learning you can start with babypips. They have good resources. https://www.babypips.com/learn/forex . Also be careful about mentor. You might get scammed.
You do not understand!
AUD/CHF might be my most traded entity on my AUD pairs, but it is always my last resort after AUD/CAD. AUD/CHF will burn you if you do not understand the method! If you must trade AUD/CHF, then follow this, modify as you wish afterwards: Use the 4hour time frame to set your Fibonacci Retracement. Use Horizontal lines to mark the Fib lines in 4H timeframe. Switch to 1Hour Timeframe and only trade 4H Fib lines on 1H chart. AUD/CHF is brutal!, I only gave you 25% of the strategy. If you are a trader, you will figure the rest out. If not, Do not even try AUD/CAD, it will kill you, sliced and diced! AUD/JPY and AUD/USD are the easiest to trade, but they can turn on you like a rattle snake! I trade AUD/USD and AUD/CHF the most, I reserve AUD/JPY and AUD/CAD as heavy guns when I see a 200% profit opportunity.
Those 2 are reserved like the Ferrari of Forex, the GBP/JPY. Make no mistake, you play with rattle snakes if you do not understand them.