Hello Forex Fam.
Hope everyone is keeping well.
I literally, just completed The School of Pipsology 5 minutes ago.
What’s next?
Is anyone able to recommend forex books and/or other online resources for an absolutely newbie forex trader?
Cheers.
Mark
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What next depends on where you’re at - what kind of trader you are, practising on a demo account, or live? With how much capital?
Most newbies, not all, start slowly by trading the daily or 4hr charts. If the long term trend is bullish, buy, and if it’s bearish, sell. Only risk <1% of your capital per trade and not more than <5% on open positions per day. You can still make money on 0.01 lot size with a 100:1 leverage - and you won’t lose much either.
The rationale is to experience emotional responses to your trades and how to manage that. Which means you have to learn yourself inside out, and how to deal with your reactions.
best of luck.
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Start trading!! GO! GO!
Open a demo account and get familiar with it! Test out different strategies!
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Keep reading while you demo trade where possible.
Forex specific books:
- Currency Trading for Dummies, Brian Dolan & Kathleen Brooks
- Day Trading and Swing Trading the Currency Market, Kathy Lien
- Naked Forex, Alex Nekritin & Walter Peters
Technical Analysis:
- Technical Analysis of the Financial Markets, John Murphy
- Technical Analysis: The Complete Resource for Financial Market Technicians, Chales Kirkpatrick & Julie Dahlquist
Psychology:
Books by Mark Douglas and Alexander Elder (I believe)
There are many more books and good resources you can find on threads like this one
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Study finance, economics, or business in college. Besides this, computer sciences and mathematics can also help you work toward becoming a trader.
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Honestly YouTube is a fantastic resource and as usual it’s a question of asking the right questions.
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Start by applying what you’ve learned from the school. Open a demo account. This is important so that you don’t lose money while you’re still learning. Choose the broker that you plan to trade with live. Just ask if you have any questions.
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It is very rightly noted in the last posts - before starting to work in this industry, it is very important to get training.
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There are really a lot of such materials on the web, but the quality part is too small
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Trading in the zone.
My mentor Nick Deflorio from Onyx Forex sent me a copy when I joined.
Understanding the market is at complete random and all we can control is edge, was the mindset I needed.
Used to just throw my money at the markets.
Amazed at the fact that you finished the courses. Good job, man.
If you are feel you have no idea what to do next, then why don’t you start demo trading and see what adventure that you can look forward in it?
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Open a demo account or if you already have a stretegy in mind and some cash to spare, open a small live account.
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That’s great, now I think you should read real time charts for volatile pairs. Try to find accurate support and resistance levels that can help you in finding entry and exit points.
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If you have given the basic concepts a read already, I think you are ready to open a demo account. Reading alone won’t help. You must practice trading to understand better.
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