Hello!
I’m a 19-year-old guy here to learn on how to trade and earn a consistent income from forex day trading.
I’m kind of overwhelmed and it feels challenging to discern which resources are reliable or not.
So I’m on here to hopefully learn a lot more about forex and not only learn but actually open an account and start testing strategies to earn money eventually.
It would also be nice to get some starter tips from experienced traders to see where I should start.
I’ve heard to try divergence trading (which I have no idea what that is) but I’m eager to learn.
I’m also not here to make money quickly although it would be nice, but I’m mainly here to earn consistently.
Something I’m very confused about regarding forex is which broker to use. I know of Meta trader 4 which is the trading platform but got really confused when I also had to find a separate broker, (I’ve never day traded, but have a lot of invested blue chip and growth stocks and a small portion in crypto).
From the small time of looking at which Forex brokers to use, I mainly see Oanda and IG. I’m currently an immigrant living in the US (currently in a spot where I can’t get a job) so I’m looking to use a broker that is within the US, but I’m open to using any reliable and trustworthy brokerage.
I also am curious as to what I should look for in a broker as well. I’ve heard ideally its low spread and low commission (but not 0 commission because usually means high spreads or other forms of fees so the company can earn money) and a decent leverage range from 1 to 500 but in the US where leverage is more heavily regulated, I don’t really care too much on leverage because I plan to open with around 400 to 500 and instead looking to slowly grow my account (so pretty small account size).
Sorry for the long essay of an introduction, but I’m eager to learn and will be a uni student upcoming fall instead of being broke with no job, I rather go through all the challenges of learning how to trade forex profitably and consistently. Once again, I’m a 19-year-old with 0 knowledge of trading forex, I don’t know if there are market opens and closes (like other markets) and I don’t know how price movement is determined (like ticks in futures, my original plan was to scalping futures day trading, but I’ve had some obstacles to be unable to open an account) So I have some knowledge of trading and price movement in futures, but don’t know how well (if at all) the strategies and things I learned would apply here. Overall, I hope to learn a lot and grow patiently to trade with profit and consistency!