Any Tips On How To Get Started With Forex Please?
- Thread starter SMART21
- Start date
Kingstone
Active member
There are many sources you can get forex tips from. You can download some soft copies online and read them. There are also spectacular videos to watch on Youtube. But what is best for forex is to master your strategy and know where to enter and exit a trade. If you can get a mentor in the process, that will be awesome. I began with a mentor's strategy until I learned about a style that works for me very well.
kayode10
VIP Contributor
You need to do three basic things if you want to get yourself involved in forex trading.
The first step you need to do is to engage in learning about forex trading. There are various ways to do this. you can go over to YouTube and watch series of videos which will introduce you to forex trading.
There are financial magazines in which an aspect is dedicated to introduction of forex trading. You can equally attend seminar on forex trading. But I prefer to learn any business for someone who has a vast knowledge about it.
If you can also get yourself a mentor that will teach you everything about forex trading and how to be successful with it.
The first step you need to do is to engage in learning about forex trading. There are various ways to do this. you can go over to YouTube and watch series of videos which will introduce you to forex trading.
There are financial magazines in which an aspect is dedicated to introduction of forex trading. You can equally attend seminar on forex trading. But I prefer to learn any business for someone who has a vast knowledge about it.
If you can also get yourself a mentor that will teach you everything about forex trading and how to be successful with it.
bryce
New member
There is many indicators helping us to cut out out the messy noice out there, most of the time i use EMA21, EMA50, EMA200 on different time frames, that helped me as a starter before
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eldavis
Guest
The first step in starting forex trading is gaining the knowledge about forex trading. There are various free and paid Platform you can join in to get all the required knowledge you need to start forex trading. I would also advice you open a demo account to practice as well before you finally start trading with a live account.
Jack Reacher
Verified member
These are additional tips for your broker that could make or stop you from achieving success. The brokers are dependable people, and they offer expert advice, so think about their advice before you decide to invest in it. I trade with Eurotrader which I am using their latest informational benefits for my own development.
D
Deleted member 28127
Guest
In the beginning, you start trading and in alternative time you make video courses about your forex strategy and experiences and after getting enough experimented you start earning money from being a forex teacher for the course fee, this is what most forex traders are doing these days.
Here is what you should do:
· Grab the basic forex essentials to know what it is and what you should do to achieve your financial goals.
· Practice on a demo account to obtain practical experience of trading with virtual money.
· Open a micro account to understand the ins and outs of the market with small amounts.
Going ahead step by step is the only way to stay in the race for longer.
· Grab the basic forex essentials to know what it is and what you should do to achieve your financial goals.
· Practice on a demo account to obtain practical experience of trading with virtual money.
· Open a micro account to understand the ins and outs of the market with small amounts.
Going ahead step by step is the only way to stay in the race for longer.
Forex is a very lucrative market, as it has a volume of more than $6 trillion, but at the same time, the market is highly volatile as well. So, trading forex can be a bit tricky for the beginners. So, you need to do your homework before stepping into the world of forex trading.
Study everything you can about forex. There are several websites and educational videos that explain the concepts of forex in detail.
Find a reliable forex broker and create an account with it. Don’t start trading right away, but open a demo account and practice on it. A demo account is a perfect way to familiarize with the trading environment and develop trading strategies, which can be implemented during real trading.
If you think you’ve learned enough about forex and practiced in the demo account, then you can move onto the live account. Start with a micro account, implement trading strategies that you have developed and see how it goes. If you lose, find out the mistakes you did and rectify those in the following trades.
Happy trading!
Study everything you can about forex. There are several websites and educational videos that explain the concepts of forex in detail.
Find a reliable forex broker and create an account with it. Don’t start trading right away, but open a demo account and practice on it. A demo account is a perfect way to familiarize with the trading environment and develop trading strategies, which can be implemented during real trading.
If you think you’ve learned enough about forex and practiced in the demo account, then you can move onto the live account. Start with a micro account, implement trading strategies that you have developed and see how it goes. If you lose, find out the mistakes you did and rectify those in the following trades.
Happy trading!
If you browse the internet, you will see that there are so many tips shared by experienced traders for a successful trading career. But applying them in real life is not that easy. You have to be focused and dedicated to working towards your goal because merely reading and knowing what to do won’t get results. For good results, you will have to work hard.
Learn emotional control because that can be the biggest barrier in your career. When you learn to differentiate profitable trades from the rest, you take an important step in your career. The other important thing to keep in mind is that others around you might have already become profitable but not you. If you see their journeys, you will realize that they have also struggled and it was not easy to get there.
So, keep patience and give your career some time and space to grow!
Learn emotional control because that can be the biggest barrier in your career. When you learn to differentiate profitable trades from the rest, you take an important step in your career. The other important thing to keep in mind is that others around you might have already become profitable but not you. If you see their journeys, you will realize that they have also struggled and it was not easy to get there.
So, keep patience and give your career some time and space to grow!
Critomancy
New member
- Read from valuable sources
You can start with the Babypips’ course on forex trading. There are some youtube sources as well-
1) Trading180
2)Trading with Rayner
3)TraderNick
- Demo trading
As a new trader, you should develop trading skills. Therefore, you should practise as much as you can. You can begin trading with demo accounts. They are risk free.
- Take small risks
When you begin live trading, take small risks. You should focus more on learning and less on money. You can place bigger trades once you start winning small trades.
- Understand psychology
Most new traders lose money because they can’t control emotions. You should make rules to prevent yourself from emotional trading.
Always trade with a plan
Jentacular
New member
@Critomancy I completely agree with your points. But, I would also like to add a point, which is regarding ‘risk management strategy’. Every new trader should have a solid risk management strategy to minimize their losses in case the market trend is in the opposite direction.
Setho
VIP Contributor
If you are just beginning your journey into forex trading then it is very important that you should know that forex is a very volatile market and in this way you can be able to make a lot of money from it within a very short time and on the other side you can be able to lose a lot of money also. You should always focus on the right education and you should not treat with money unless you are able to know everything about the market and you must have used a demo account and see that you have gotten everything.
tetramorium
Member
Getting started on your trading journey is not a big deal, the actual big deal is staying in the market long enough to become profitable. Everyone can open a trading account and buy and sell currencies even if they only have $10. There are thousands of free sources from where you can learn trading but not everyone gives enough effort to get deep into the learning part. The best way to get started is to learn the basics and then when you move on to the advanced topics practice those things on a demo account.
The process to start with forex trading is similar to how you would start with any other thing. You find information about it on the web, watch videos, and make notes of important things. Do the same for forex trading.
After obtaining theoretical knowledge, create a trading account with a reliable broker and start practicing on a demo account. Get familiar with all the trading tools and create trading strategies on the demo account, then move onto the live account.
Keep in mind to start small, so it’s better to trade a micro account initially before you are confident enough to risk big capital.
After obtaining theoretical knowledge, create a trading account with a reliable broker and start practicing on a demo account. Get familiar with all the trading tools and create trading strategies on the demo account, then move onto the live account.
Keep in mind to start small, so it’s better to trade a micro account initially before you are confident enough to risk big capital.
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