Tips and strategies for beginners

Hi i’m kane and i have recently been looking into trading and hope it will be something that boosts my financial stability. I am new to everything so any strategies/tips will be appreciated

Welcome Kane! There is immense opportunity in Forex, but also immense risk. The first thing to understand is that most Forex traders are not profitable. It is a wild, chaotic market to trade, and it can be affected by a great many things. Education is paramount to success, so is practice. Requires a lot of due diligence.

If you haven’t already done so, I’d recommend taking the school of pipsology course:
https://www.babypips.com/learn/forex

Never trade with money you can’t afford to lose

In my opinion, don’t trade if you have “bad debt”, like credit card balances and such. You cannot be sure the dollars you put into trading will yield any % gain, but you CAN be sure that your credit card balances will yield a % loss. Others may disagree, but IMO if you have high-interest debt, kill it before you start trading with real money.

Master your emotions

Read, read, read! The person who has taught me most is Kathy Lien. I would recommend starting with “The little book of currency trading” and then move on to “Day Trading the Currency Market”. There are others past that, but these two would be the best to start with IMO.

Practice, practice, practice. Even when you’re pretty sure you’re going to be successful, practice more. Everyone wants to jump in too fast. Practice accounts are free, and losing fake money is always preferable to real funds. I love this quote:

“Invention requires two things: 1)The ability to try a lot of experiments, and 2) Not having to live with the collateral damage of failed experiments”. - Andy Jassy

I think of Forex training much the same way. Learn, develop a trading strategy, and practice a bunch. Once you’re consistently successful with fake money, start a micro account and trade with very small amounts of money. Once you’ve bested that, and the psychological components that come with it, only then should you consider trading with any significant funds.

Finally, good luck, and have fun! We are here to help if you have any questions!

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Hi Kane the best to thing to do is start at the beginning of School of Pipsology. Then you can move onto more advanced stuff

Welcome Kane! Don’t forget to check out the School here. Good luck, hope all goes well for you.

Hello and welcome to the platform. Check out the School of Pipsology to start learning.