Hi ya’ll !!! I am new to forex and looking to learn all I can to master it and make some money! My friend suggested it so now I am here to learn. I have looked into it in the past because another friend turned me on to it. But I got busy with working 2 jobs . But now I feel like it’s time because I ditched one of my jobs .I feel like this is my second chance at it. Since my friend assured me that this site is legit. Here I am🤩
Start with the education section
Welcome, but wrong mindset. First learn HOW NOT TO LOSE MONEY. FX trading is highly speculative and there’s no guarantee you’ll make money, ever - even with specialst skills.
Forget social media sirens, it’s mostly fantasy unless you get lucky by gambling.
For one thing FOREX is like everything else. It’s all about marketing: books, courses, buying programs, signals, trading bots, toys for your charts. You will spend $1000’s and $1000’s of $$$$ only to realize You needed NOTHING !!!
Learn a few lessons a day from babypips , trade a demo account**. If your one of the Smart ones** you will Compound $100 at 2% ( when ready)and in 3 to 5 years you will have made more money than probably 90 % of everyone here.
You will at this point be able to choose to Retire and live the forex Lifestyle
Be Patient and take Your time. If your looking to Get Rich Quick then Your 1000% Guaranteed to Go Broke. Ask anyone on the Top 5 Forex Forums.
video for example only I found
on YouTube I am not affiliated
Hello and Welcome to the Babypips forum @TheDeity9!
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!
You can earn money in your dream while sleeping.
5 Nights in a Row trading Asia Market I have had Wins NAS100/USD my broker its the ChinaIndex
New Bullish Pattern H1 Butterfly Entry 13598.594 Forex News has article says expecting to go upward to 14000 this week or next. I am trading the trend lines
I’ll bring you down to reality, because I think you need to be realistic in what forex trading has to offer. Money ns your sleep is definitely possible, but it doesn’t happen in days, weeks or months. It could take years. And if you follow sound risk management practices, you’d only be risking between 1-5% of your account on any one trade. That’s not enough money that will let you quit your job, at least not now.
Get that demo account and starting trading! You’ll learn plenty along the way hanging around here.
Making money in your sleep is reserved for people who either own businesses that run by themselves or have tons of cash earning interest. Unless you’re in either of those camps…
I mean trading is definitely a lot easier than the backbreaking work involved in more labor-oriented jobs but you’ll need capital and even if you already do, the risk of losing a good chunk of it is high. Either way, I’m not a fan of easy money – ALTHOUGH we all certainly could have made a lot of easy money buying crypto or meme stonks had we been early lol.