I am totally lost and misunderstood in this and the weird thing is that I am normally a very fast learner… is anybody willing to sort of explain it all and walk me through it. I’m a beginner obviously but I’ve already dedicated myself to learning it even though its hard to understand anybody willing to explain it for me thankyou
Hello @kandelarose Welcome here. The first thing you need to do is go through the basic trading terminologies, next read about various trading instruments (Stocks, forex pairs, commodities etc.) After this go through the trading chats, learn how to read them, what is a candlestick etc. In the mean time, sign up with any broker and start practicing your learning on the demo account. Gradually you will be able to build you basics. You can also follow certain youtubers which offer free trading programs. It will help you alot.
Start by pressing the green education button above that will take you to the courses to help you learn how to trade forex properly. Take one step at a time, see if it suits you.
Best of luck.
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Hi @kandelarose - Welcome to trading.
Ask questions about everything. A lot of new traders visiting in the last few months - probably a side-effect of the pandemic - but they’re not asking many questions when they get started.
As they say, when you’re in a new job, the only stupid question is the one you don’t ask.
Now that I’m almost convinced of having gotten a good idea via Pipsology school, I was wondering if I should straightaway start trading. Most of my friends suggested I do it but wanted to confirm once from the experienced ones like you.
Yes if you want to lose money fast. But if it’s otherwise and you wish to stay in for a long time, go for demo account trading. Select a broker who offers you trading platforms with features like forex price or quotes, charts, technical tools, news feed, drawing tools, and different functionalities for buying and selling the currencies.
Both the Pipsology course and experienced users on the forum recommend demo’ing before start trading with a real account.
Go live trading if you can answer these questions. If not, you better play safe and go ahead with what Harrislo says:
What strategy to follow when placing a limit order?
How should I set the stop order?
Is it possible to set the limit and stop entry at the entry time?
Whether the platform offers fixed or variable spreads? What is the typical spread I should opt for?
What should be the ideal lot size I should go for?
Is it possible to mix and match the lot sizes?
In case the primary internet connection goes off, do I have another way to trade?
What brokers do go for?
When selecting the brokers, make sure you look into the features of the platforms offered. I trade with xm, oanda, and fxview and each of their trading platforms are different. It’s good in a way that I’m not restricted to one and get to learn and benefit from the different features and versions.