So I’m obviously very green to trading and am trying to soak up and learn as much as I can. I haven’t even opened a practice account yet as I really want to learn the basics and fundamentals (no pun intended) before delving into all this. My question for you guys is what resources or tools did you use to initally learn the basics of trading. In other words how did any of you who have been trading for a considerable amount of time and/or successfully get started? So far I’ve been using the “school” that babypips offers and reading through Forex Trading for Dummies. It’d be great to know of any other tools you guys have used and could recommend.
PS: if you can afford to pay for a Price Action course, I’d definitely recommend it (esp this guy)
Either way, one ends up paying for the knowledge ( either via structured trading course or a blown a/c; education is better and cheaper )
Babypips school, urban forex.ning.com and my favourite ICT (inner circle trader) content. If you want the complete content from market analysis to entry to where to put stops and where to take profits, he is the man. Its incredible what you can see on a chart after going through his materials.
Sorry Roberto but you didn’t put a link up. I would also HIGHLY recommend Inner Circle Trader’s thread and videos as Roberto has. You will see links to all of his videos on the first page of his thread. It’s totally free, located on Babypips.com and will keep you busy for MONTHS. But, I would STRONGLY recommend that you finish the babypips school first so that you have a foundation of knowledge on the world of Forex going in. Much of the information will be over your head without this prerequisite knowledge. Check out his thread below:
you can read 2-3 websites about the technical bits, and 2-3 books from the library about it too. shouldn’t take you more than 2 weeks. but the cold hard fact is that’s only 10% of what you need to learn.
the rest is psychology, pure and simple. find a few books at your local library about trading psychology (brett steenberger i think, come into my trading room) and others cover the psychological aspects quite well, so you ought to read a few of those types of resources - twice.
then, i’d suggest going into a LIVE account (skip demo, or only play demo for 1 week to learn how the physical interface buttons work), fund it with $100 that you kiss goodbye, and start making real live trades, 1k position MAX (100 position if you can). watch your reactions, your perspiration, your pulse, your eyes as they stare at the screen or fly around in panic. and write down each trade - not the entry / exit (because your platform will likely save those stats anyways), but write down how you felt when you entered, how you felt as it progressed, and how you felt after you closed it. then, at the end of the day (or week), analyze what you wrote and where/how you ought to improve.
studying yourself is probably 10 times more important than studying the market technicals.
Can I ask why people seem to prefer forex trading as opposed to spread betting? Spreadbetting is tax free and work on what I can see as a similar principal to forex…Clearly a newb question, however I am still very confused! :22: