I’m Loen from the Netherlands and eager to learn Forex. First goal (not the path to) is simple: get a better understanding of Forex and how the market works… I assume this is a good place to start
Next goal is deciding what type of trading suits me best (time to trade is limited, so I guess it will be price action/swing trading) and after that I want to start trading on a real accound with micro lots. I know it will cost me (a little money), but in my opinion this is the way to go.
The only things where I’m in doubt is the following: would it be more efficient to have a mentor?
Anyone with experience in both (self-learning vs mentor) who is willing to share his/her experience?
If your time available is limited, you could try trend-following trades using D1 charts. Identify trends, rank them according to which is most consistent and place your entry orders in the evening, with stop-losses or trailing stop-losses. I like to set my entry orders at a level price passes through as it resumes the trend following a shallow pull-back.
My believe is that Forex trading is mostly about controlling emotions. This is imo not something what you can learn on a Demo account. But I should have added that I will start on a demo just to learn the trading software.
I also asked it before to Waltoncharles. Could you explain why a demo account is that important? Why not starting with microlots and learn from mistakes?It should not cost a lot of money when doing it right (with that I mean keeping it under control). If I fail controlling my losses I also know Forex is not the way to go (for me at least). When I succeed, I’ve proven a strategy and know how to control my emotions…or most likely, I cannot win, but keep my loses under control -> in that case I need to find a good strategy
Some people pay for courses etc, I want to learn from mistakes…I cannot tell what’s best, but I would like to hear your reasons to start with a demo.
