Please i will love to learn Forex Trade and be good in it

Hi, am happy to be here with you all. Am New in forex and I have had so much bad experience… I will love to no if I can make daily living through forex trading? …and I will also love to known the best strategy for a beginner… Am looking forward to hearing from you people

1 Like

For beginner, it better to get basic knowledge as well as start using Demo account.
Educate yourself how to develop strong and successful trading strategy. Spend quality of time on Demo trading account to decrease your lose rate.
Start trading with Real account when you realize you are able to decide correct trade volume. Most important tips, never use all your capital in one trade only. In Start just take a little risk which loss ratio can be manage easily.
Happy Trading

1 Like

We all have that dream when we start out. But please realise that it takes a lot of hard work patience and the ability to take the hard knocks. This game is not easy. You can always find a friend in this forum because in the market place no one cares about you. Everyone wants to take your money.

Good luck I wish you well.

Blackduck

2 Likes

Thanks a lot… I will read hard and try my best

Thank you so much… I will try to be patient

Have you taken time to read thoroughly babypips school site? They have explained very well on different topics related to forex in a very organized way, it is very useful for new learners. I would suggest you to start from there and then proceed on to trade with demo account to understand better.

1 Like

its a best place to learn Forex , so dont worry . just keep focus and be active in all section particularly per school level.

1 Like

no way to avoid the importance of learning , but without regular practice any level of learning can be useless.

1 Like

I would suggest price action strategies - now i guess anything could be called price action, but i mean specific patterns like Inside bars, pin bars, fakeys, also fractal patterns or demark trendlines work well and are simple.

Id avoid traditional chart patterns, Elliot wave, and divergence based strategies - they are not for the newcomer.

1 Like

Also take the time at the beginning to develop a probabilities mind set - it will save you a world of pain

1 Like

You are in the right place for the most time and it really should help you to get going with several things in your forex needs, for sure do finish our school, then select some REGULATED broker and it will work no matter what. I assume you do that.

1 Like

We’re happy to have you here, willyzo! It takes a lot of learning and practice for you to find the best strategy that will fit your trading style. Good luck!

1 Like

Oh, mate. Forex trade is about experience and your stamina. You should start with demo trading and it will take a long time before you will achieve a real success. The best strategy is to find a good and reliable source of information and try to trade in the long run. You need to move step by step and then you will develop your own strategy and trading style…

1 Like

Thanks all am at the school now reading and learning… I just hope I can make a living in forex

Don’t ‘hope’ or it will never happen… Treat it like a business or a job. Don’t slot in trading whenever you feel like it or have a bit of free time, make trading your priority. Plan in time to learn and understand the markets and commit to that.
I hope you do well :+1:

1 Like

Use that ultimate goal and disect it into smaller goals.

When doing small goals put these steps into them:

  1. Learn the basic about the metatrader trading station
  2. Learn how to open and close orders
  3. How to enter stop los into the trade
  4. How to risk 1-2% of your account balance on each trade
  5. Find the trading strategy on the forum and try it doea it fits you. If the trading strategy fits you then you will love that strategy.

You will not search any other because that strategy gives you enough free time and it gives you profit.

If the trading strategy does not give you that search for another one. You need strategy that suits you and you are satisfied.

  1. Make a risk management plan. That means you should know when you will exit the trade, how much loss you will accept if the trade is losing one, how much is risk to reward ratio

  2. Think about live account with small amount. You need to test your emotions how will they impact you and your trading results

  3. Make a journal of each trade you open. Write down everything you think of when you want to open and close the order. The journal is used for analysis to see what you are doing wrong so you can improve and what is correct so you can use it more.

Set these steps as your goals and define time for reaching them. That way you will cover all you need for trading.

Be persistent, be patient be determined, be the professional trader.

Good luck :slight_smile:

3 Likes

I think it makes sense to love the business you do. And you just have to prepare yourself for the fact that you have to work hard, and if you’re ready for it, it’s going to work. I wish you every success!

2 Likes

right now learning is not a tough game, its very easy and easy to capture in online . just need a general effort with minimum patience. thats all.

2 Likes

developing strategy is very important to bring profit consistently, but of course for that need most powerful money management, otherwise it will useless.

2 Likes

Learn as much as you can on the educational platform on this site.
I’d also recommend Forex.Academy - they’ve got some great resources for beginners:

I’d also recommend opening a demo account - I’ve used EagleFX for both my demo and live account, so far everything has been great :slight_smile:

1 Like