Is 'Currency Trading for Dummies' good?

Hi Everyone

I am new here, 100% noob with a very recent interest in forex trading.

I have nearly finished the babypips school, and am wondering what I should read next, while starting to put together my first trading system and thinking about opening a demo account.

I’ve read a lot of good reviews for ‘Currency Trading for Dummies’. Does anyone know if this is a good book to read next? Or does anyone have any other suggestions? The shear volume of books out there is quite intimidating…

Thanks!

Babypips should be sufficient to get the mechanics of trading down. The rest is experience and psychological. I would recommend any book dealing with trading psychology.

I agree. There’s nothing in a “for Dummies” book that the Babypips school hasn’t taught you already.

Get a demo account, head over to the Free Forex Systems section of the forums and pick a system, then start practicing! :slight_smile:

Ok thanks.

Wouldn’t it be better to try to develop my own system and see what indicators etc work for me, rather use someone elses?

Yes… and no.

As a new trader you don’t have the experience to develop your own system yet. Finding a profitable trading method involves a lot more than indicators. Theres money management, trader psychology, and a lot of other things involved.

You should try out various methods that others also trade, so you have people to help you along.

Then, after a while, you’ll learn what you like and don’t like and can start formulating your own trading style.

Whilst I’d agree with the others that the School of Pipsology is excellent coursework I’d also suggest reading the Dummies book.

I have it here and found it a useful adjunct to SoP and many other sources of information both in hardcopy and on-screen form. if nothing else it provides other perspectives on what is a big subject. It also has a lot more space to go into detail which you may or may not find useful. Indeed one of the “problems” of Forex is the sheer volume of information that is out there.

I am going to be using my own money. As such I’ll take any information from as many sources as I can manage. If you like the general style of the Dummies books then I would recommend it.

After BP school I went on to read a few for Dummies books; Currency Trading, Technical Analysis, Candlestick Charting and Economics - I think it was.

I think they’re well worth a read and the price is low so no big deal if you don’t find them worthwhile.

No not really its goes over basics like whats a pip and how its calculated and trading times.

I suppose it is.

If you are a Dummy!! :stuck_out_tongue: :stuck_out_tongue: :stuck_out_tongue: :stuck_out_tongue:

(sorry, long day!)

Perfect :slight_smile: