Hi Guys, i am new to forex trading. Any tips what to do or what NOT to do please let me know your advice. Experience is key, i am here to gain knowledge from you lot and share trading tips 
Molly x
Trade on a demo account for several years. And pay enough time to trade, do not be lazy. Learn more quotes, test manually, so that the movement of the market is postponed in your head.
1 Like
depending on your life, it might not take yearrsss to learn. If this is something you’re passionate about then you’ll fit in enough time everyday to learn the skill. Practice on demo for about a year, stay consistent, and you will develop a nice trading strategy
Golden advice right there…that’s always been my approach and it really really helps.
Molly, visit the School of Pipsology for a knowledge base at the end of every chapter,
1 Like
The best way is to go through Babypips Forex school and also read interviews in the Member Spotlight forum. You can see the ideas and experiences of a lot of Babypips traders. Member Spotlight - BabyPips.com Forex Trading Forum
Lastly, just spend time in the forums reading threads and if you have questions use the forums search feature to find others that have asked the same question and see what members responses were.
3 Likes
Good advise here, especially the part of not being lazy. There is no room for complacency in the market, if there is any hint of that your trades will suffer and you will be out of forex before you even began.
1 Like
Do babypips course. Then open a demo account and develop a trading strategy. Read and understand fundamentals and technical trading. Once you can make money on the demo account. Open a live account but keep working your job. Only put in a small amount, when you make 50% with good risk management put in more to make the account bigger. Keep doing that till you can full time trade.
It won’t take years and don’t trade demo for years if you have a profitable strategy. No need to waste time.
yep what Rick said but the sooner you risk a 100 bucks the sooner you will understand gambling and an edge.
Pick one system and stick with it till it works.
Have realistic expectations of how much you should be making. If you do more than 1% a month you are outperforming hedge funds.
Some great advice here for you already Molly.
I would echo the comments that say to demo first, learn your strategy and definitely go through the school of Pipsology.
1 Like
Hello @Molly141! 
Welcome to BP! Hmm. I guess the advice I would give is appreciate the process and not just rush into it. 
Like, don’t rush the learning part, don’t rush into going live right away. 
I feel like forex really needs patience but I’m sure you can do it! 
1 Like
This forum is being established with this objective. Here a new baby can acquire knowledge about unknown things, can receive assistance from the pro traders and take suggestions regarding new and difficult things. Even forex brokers’ reviews are also given so that traders can choose brokers after proper analyses.
As one of the well-known traders said, the trading success is based on three main points:
- Education
- Experimentation
- Establishing the track of records
And about the manual testing: as it was mentioned above, it is very important, as you will remember the price movemet. At the same time, sometimes it will be better to backtest the idea with the help of software (e.g.Tradnigview, Forex Tester) because manual testing takes a lot of time. To my mind, backtesting should be the first step to find out whether this strategy is profitable itself, and only then you can start manual testing to find out how it will work while connected to your psychology.
The last point on establishing your track of records is very vital as it helps to monitor your trades and progress in the market. You can learn from your mistakes when you identify them. I have started trading on mt5 platform using the Forexchief server, it is superbly fast. Thanks for the info.
1 Like
You know, you musn’t risk it all before you know you are doing something in the market. Although having a huge capital is good, you can start small and gradually increase your investments. The post above mention Forexchief broker; it is one of the brokers that gives you a good amount of free money to test your strategy or trading system before you invest huge amount.
Don’t be foolish as to experimenting with your funds in such a manner.
1 Like
Some do this with the believe that if they invest big they will win big, only to lose more at the end. risk management is very important in the market.
You can never go wrong with starting small and gradually increasing your investments, just be patient enough to trust the process.
Thank You. I am going to take my timer and learn all I can.
Overwhelmed with the replies guys!
Really feeling the love