Hi all
My names kelvin and I am new to trading and have been advised this is a great place to start. Any help or suggestions would be grateful. I am looking at getting into trading cause I am intrigued with it and how it all works. My aim is to better my knowledge within the industry and hopefully be able to gain lots of experience. My dream would be to make myself a professional at this.
First and foremost learn HOW NOT TO LOSE MMONEY. Then focus on learning how to become a competent trader. Best of luck.
Hello and Welcome to the Babypips forum @Sneeks!
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.
This is a great place to start! The education section here is really good and free!
The psychological affects are probably the hardest thing to overcome for me! I read about looking at losses/wins in terms of percentages, that definitely helps!
A demo account will help you to learn all the basics of forex.
New traders should learn all the basics properly.
A demo is the best place to learn forex properly.
Practicing on a demo can make you skillful in this market.
Love TastyTrade and also Investopedia! Will have to look into the others.
This is an awesomely detailed post. I love it!