How do I start? Where do I start? What do I need to start?
Hello @BongiSilawuli!
Thanks for visiting and participating in the BabyPips.com forum! We’re happy to have you!
If you’re eager to start learning about Forex, we suggest that you make your way over to the School of Pipsology , our very own guide for teaching beginners how to trade the foreign currency exchange market. We start you off in Kindergarten, teaching you Forex basics, and you progress all the way to College, learning more complex subjects. This is all self-study, done at your own pace. Along the way, stop and take one of the 50 forex trading quizzes to make sure you’ve retained the knowledge.
Enjoy!
Start with the basic terminologies, create a demo account, learn about fundamental analysis. Babypips school of pipsology will help you in the right direction
Hello and Welcome to the Babypips forum @BongiSilawuli!
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.
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so many ways to start forex trading , its okay . according to me you can start with baby pips school which always contains all basic knowledge and experience. have a very good journey
You are welcome. This is a great place to start. How did you find babypips?
Since you are a beginner so I will suggest you to start with understanding the basic concepts of forex trading. Do Pipsology course which is a free coursse offered by Babypips. You can even watch various youtube tutorial videos. Once you are familair with the concepts then start trading on a demo account before trading with your own funds.
You should start with a demo account because that will help you to understand basic concepts of trading and you can even try using different strategies without having to risk anything. Once you get familiar with it then you can move to the live account
you can start trading as a new Forex trader by means of learning , there is a psychology of school which contains all basic knowledge and experience and very supportive for beginners level.
school is okay , no way to avoid it but honestly speaking by using just one time no way to bring good knowledge or anything , need to finish minimum for 2-3 times.
Where do I register for those demo accounts
You can register with any pure ECN broker and open a demo account with them… Where do you reside? I will suggest you accordingly.
Forex trading for newbies summed up
1: Learning the fundamentals (currency pairs)
2: Become familiar with the software (MT4, MT5)
3: Practice with demo accounts.
4: Look for a trustworthy service provider.
5: Make use of the resources provided by the service provider, such as tools and guides.
6: Make use of the provider’s customer service.
7: Research strategies and put them to the test.
Always use a trading plan.