I’m new to forex trading. I have a brain and therefore I’m not going to sign up to the first course/mentor that presents themselves and asks me to “deposit with their chosen broker”…
I have a broker I trust, I have a trading platform and I have been dabbling in trades for about 3 weeks and to be honest I’ve lost a couple of hundred pounds (classic right!?)…
Now, I’m looking to learn how to read charts properly, I want an education and I have purchased to two books. However, I’d love to be guided by a mentor doing live trades (I’m a person who learns by doing) and I wondered what everyone’s recommendations are?
*not interested in bots promoting services. Interested in real posters’ views only.
Okay, start by pressing the green education button. Take your time to learn and digest the info. Then you need to construct a plan which is about you. What sort of trader you want to be, what suits your lifestyle, and how to get from now to where you want to go to become successful. Hard work is essential - could take six months of education.
While this could be a backward step, you could also open a demo account to practice and experiment on - but treat it the same as your live account. You need to keep a journal or diary to record every trade, how it went and what mistakes you made. The loss of £300 must contain a wealth of valuable info in what went wrong.
Also, forex trading is all about NOT LOSING MONEY. Tattoo it on your forehead. And then, before you get involved in chart patterns (give me Ichimoku every time) learn how to properly utilise Money and Risk management, so that you stay in the game while others fail.
There are only five outcomes to every entered trade - and it is critical to CUT losing trades ASAP, Never let them run to be stopped out in the hope they’ll turn. Wrong thinking. There are always better trades awaiting. Use the saving to fund one.
Hopefully, that’s lines up what you need to do first before anything else.
when you have good knowledge and experience only then you can choose the right platform for learning , its more appropriate to learn from own approach.
Keep it simple. Start with trading off the daily time-frame. Look for trends, not ambiguous patterns. Understand the uses and limitations of moving averages, not the complexities of Elliott Waves or MACD.
Its hard to be more categoric and highly detailed about what you should do, but here are some questions you might ask yourself - Do I want to buy this -
when its price is falling? And falling and falling…?
when its price has been flat for 8 weeks?
EUR pair when all the other EUR charts are falling?
Having a mentor is a good idea but you should first clear your basics and learn about forex trading. There are some courses here that you can go through as well. Try to put in more hours towards learning. You can then practice on demo accounts with some brokers. That is how I became a trader and I started with creating free accounts with Oanda and Fxview. It was very important for me to trade with a stable platform without any hassle. That’s about it.
The school of pipsology is undoubtedly one of the best forex trading courses that you will ever go through. It will not only help you clear your basics but will also prepare you for live trading. Remember that your knowledge is the biggest tool that you have when you go live. If you learn to make use of your knowledge properly, there is nothing that can stop you from making profits in the market.
I don’t know if books help. I mean I’ve gained genuine and good knowledge here at babypips school. I’m still here because people keep posting their queries and it’s great to learn new strategies from traders with answers. Keep up with the books but I’d suggest you try the school too.
Have you tried all of these groups? I’m looking at 3: Vertex, Phantom and Mentfx, trying to decide between them. It seems they all 3 use similar price action methodologies.