Forex What's the surest way to learn forex trading without regretting?

[Bookwormlux]

I am beginning to have interest in forex trading because of so much hype about it that some individuals have been doing which triggered my sense of curiosity and I believe it is worth giving a trial at least for once. This would go a long way in helping me to have a first hand experience to know what is working so as not to be left behind when other individuals are making money in forex trading.

The problem now is that there are so many suggestions about how to really figure out what is working in forex trading.
Some think I should go a paid class where I would get mentorship, or make sure I lay my hands on top notch e-books about forex trading that would give me a solid foundation before ever getting to start anything.
Another advice is for me to use YouTube as there are tons of video guides there which would make the process easy, especially for a beginner.

I want someone who really knows what forex trading is to enlighten me and others who would find this beneficial on what could be considered the surest method to getting a solid foundation on forex trading, so we do not go and do the wrong thing.

Any ideas?

 

[moonchild]

To be very honest with you forex is hard, it is not as rosy as it is projected by these online marketers, most of them just want you to patronize them so that they can make money with you and not to really teach you, most people have the idea that forex is a get rich quick kind of business.

But that's not entirely true, forex is a get rich slow kind of thing and to be on the better side of the equation you will need a large account.

I don't think learning forex is complicated at all, for starters, I will advise you to go to babypips.com and start learning, there are a lot of interesting information there free of charge all what you need is focus and commitment and you can open a demo account and start practicing right away.

If a concept is not clear to you, you can use youtube and watch a tutorial. If you immerse yourself in trading for the next 6months you will understand it very well.

You can start applying for prop funds funding and they will give you a large account to trade with which is better than starting with a small account

 

[Setho]

It is a good thing that you are beginning to pick interest in the forex market and I can say for sure that it is something that you can be able to make fortune from if you can be able to do it the right way . I understand your pain because I have also seen a lot of people who went into the forex market and they lost virtually everything because they could not do it the right way . The learning process of course is very important if not the most important thing .

You should take it as a step-by-step basis and the first thing you should learn about is the forex market in general and why it is even existing in the first place . You should then proceed to learn about various brokers and what they are offering in the market .

You should then proceed to learning how you can be able to make money from the forex market and this is going to be through technical and fundamental analysis .

It is also very important that you need to learn the process you should practice a lot and that is mostly with a demo account or paper trading.

 

[Ithedicious]

I don't really know about you but everyone have their own way of learning what they are interested . If you are thinking of trading the forex market the most important thing that will comes into your mind is technical analysis because that is very important for market movement prediction.

I have seen a successful forex trader who have paid so much money to get a course on Udemy on technical analysis and right now he is trading the market profitably with low losing rate .

If I have the money now I can pay for a course on Udemy, that is the most important thing just to get a better idea of what technical and fundamental analysis is all about. For me I believe that this is just the only way you can learn how to trade the market without losing because you will see a lot of reviews from the teacher you are about to get the course from.

 

[Jack Reacher]

The higher the volatility is, the riskier the market is. Avoid trading when the market is volatile.

 

[Gastrology]

You should not be afraid of making losses. Losses are good as long as you are learning from them. But if you are making losses because you are gambling, you need to stop right there and focus on your trading first because that will help you a lot in your trading. You should consider losses as an alchemising agent in your trading and not as a negative thing that makes you feel down. Websites like Babypips or Udemy are the best to learn forex trading.

 

[FXOchartist]

Now, later and forever will remain be risky business. My advise to starting out as beginning step is reading and practicing. Almost broker offer for the clients to access demo account, although this is can't give all trading environment, but still useful to improved experience and backtesting. Sometimes I also use demo ECN from FXOpen broker to test strategy trading, on other side also trade in real account when ready.

First, you need to pay attention with the risk, the golden rules investing money in high risk business included forex is only spend money that afford to lose. You will never know the future but you can try to prepare the future start from now. With spend money that afford to lose as first step to prevent from regret when you get failure.

Second, you need to backup, get another source of income to sustain daily necessity in life, because relying upon trading can lead full tension affected to your psychology, and all traders know psychology has high role in decision making. Don't bring emotion in trading.

 

[Petricolous]

Sure, you can read all the books and watch the videos on YouTube and do courses but if you don’t practice on a demo account and spend time backtesting different strategies by analysing the market conditions, are you really in sync with the market sentiment? So, no matter how much knowledge you gather, you must practice. That’s the only way to understand the process slightly better.

 

[ShyCube]

Get a trusted and reliable course like Babypips’. Follow youtube so that you have a reference to which you can see and learn. (Some good traders on Youtube I’d suggest are - Hannah Forex, and Rayner Teo). Most importantly, open a demo account.
Open a demo account and start practising as you learn. Simultaneously applying what you have learnt will help you remember the course matter better, and understand how the market actually works.

 

[Honkie]

The greatest approach to learn trading is to conduct independent research and study. Many free online tools are available, including blogs, forums, business publications, and explainer videos. The next thing you should do after gathering a lot of knowledge and learning everything you can about a certain trading strategy is to try it out on a demo account. By doing this, you will possess both theoretical and applied knowledge.

 

[Electuary]

Self-learning is the best method. You should practise what you have learnt in a demo trade in order to make the best out of your course/books.

 

[Spittle]

The best way to learn is to identify the market and its risks. Understand how the market functions and how you can make the best out of the market to get whatever you want from it. Learn the basics and practice on a demo account. Journal your trades and note what went wrong. Learn about trading psychology and risk management. Use a step-by-step approach instead of rushing the process. Know the best times to trade, and then learn more about the currencies you want to trade. Do not trade when the market is extremely volatile, or the market conditions are not favourable because, as a beginner, you won’t be able to manage your risks well during such periods.