Hi! I’m new to trading. I’ve seen a few people on my social media boast about forex and I always thought it was a joke, simply because the people promoting it lacked professionalism. My husband has found success in day trading but I don’t like the idea of being bound to a computer basically “9-5”.
Lastly, I want to further develop my skills and grow my financial independence. I don’t know anything about forex, but I’m willing to learn and excited to be part of a community!
Let’s get it!
You don’t need to be glued to your computer unless you are aa scalper. The beauty of forex is that you can develop a strategy to suit your own lifestyle. Look up swing trading for example, you will mainly be using the higher timeframes like the daily.
There is a free course on here to get you going!
Hello and Welcome to the Babypips forum @anncakes!
As a beginner learning Forex you’re in the right place. Check out Education section here at babypips. (It’s completely FREE). Learn How to Trade the Markets There you’ll find School of Pipsology, Trading Quizzes and Forex Glossary. Everything you need as a newbie starting this field.
If you’re looking for good books to read check out this post by pipcrawler Pipcrawler’s Favorite Trading Books updated. Lot of book recommendations there find what you can and read them too.
If you’re looking for YouTube channels. TastyTrade, Adam Khoo, Candice B, Trading Rush, Investopedia has been recurring recommendations from many traders. Watch as much as you can and gather knowledge from them.
Investopedia and Forexfactory are another two great sites to learn the basics other than babypips.
One of the most important tools for a trader is Trading Journal. Check out the trading journal section in the forum to learn how traders keep track. Trade Journals - BabyPips.com Forex Trading Forum
Addition to these FX related channels invest your time to learn about Trading psychology, Risk Management and Decision making . Find any article or video you can and refer them.
Other than that, there are many interesting sections in the forum. It’s not time wasting to spend time there reading and learning. Check out every section you can and learn something from everywhere.
These are just a few tips to begin. There are many sources out there GOOGLE is the GOD if you have any question you just have to type it and He’ll give you not one by multiple answers.
Try all this and open a Demo account and trade at least for 6 months . Most people get confident around one month and start investing real money but most of them fail. One month of demo trading is absolutely not enough to understand anything. So trade demo at least 6 months to get a proper understanding of the chart pattern behaviors.
Having said all this, I also must tell forex is a risky business. It’s a High Risk, High reward situation. Many fail. From their own fault. Not spending enough time to educate themselves. Not understanding the basics. But with all the resources available you only need patience to educate yourself. Then you can go for the prize!
Good Luck
Nick.
Looks like you have started to feel that forex is really a worthy place. As a pure forex trader, I sincerely appreciate that. No one has to stick to the live feeds unless you are a scalper or a day to day forex player. There are plenty of resources available online to groom your skills.
Even the babypips forum is one such place. You can meet a lot of worthy forex traders here and get your doubts cleared. You can visit a lot of real time forex sites to get an experience. And to add, there are some forex sites which provide demo accounts. You can use that too if you wish.
Wish you to become a great forex trader in the future.