How to start in forex
Hey,
A book or two might help, depends where you are coming from..... my first was " Technical Analysis for Dummies", I read the book and applied the my learings as I gained them.
Regardless of how you decide to trade....
Open a Live account, use a broker that will allow micro lots....trade small to start with....you MUST BE trading trading live...demo trading is not trading, it is playing a game and wasting time. Sure work out your system on the demo but trade it on a Live acc.
Next book " Trading in the Zone" this is what trading is all about....anyone can trade...it is easy, your mind is the hard thing to manage...and the weak link in your future system...you must address this this topic at the start of your trading....to do this you must be trading live!!!
Key for success- screen time, you need to study the charts...to apply your analysis and understand your system whatever it may be...Screen Time!!!
Forums and chat rooms.....you will NOT learn how to trade from these places. Sure you will find some people that will know what they are doing, but it is a very small subset of posters are actually trading for a living...and what works for them may not work for you....for the most part the bodys that make up bulk of the posting are the peoples that fall into the 90- 95% failure group...
And now for the number one thing that will decide if you make it....
Self belief!!! Trading for a living is demanding....You will need unshakable self belief.
Wish you all the best in becoming the best trader YOU can be.
Jarret
Jarret gave you a good reply. I have to disagree about the forums and chat rooms. Though there is a low probability of finding something very profitable , but reading the posts, watching how people try to develop systems, watching their attempts and reading comments gives you a good idea about what people use, how they try to create something, about the process. Generally forums and chat rooms give you food for your mind, something to think about, you have to filter all the information you gain and make some conclusions.
Second that. Chatrooms/forums are best places to learn trading. You meet all kinds of traders and watch them design their systems, talking about indicators and their applications. You won't get that anywhere else.
Fxfisherman, forex-tsd, forexfactory, strategybuilderfx, moneytec, oanda forum and many others are what you need to visit. There're lots of stuff you can learn from. You'll get to learn new tools to assist you in trading, i.e. economic calendar, forex news, etc.
Yes you gents are right....and I mean nothing against this very cool forum.
I just see the focus in forums been upon the wrong part of the game....reasons been that the posts are by non pro traders. Trading is a mirror...you need to be looking at yourself and not at what others are doing.
Perhaps a "Posts by Pros" compulsory beginners section....maybe? Who knows?....what we do know is that 95% of people fail and most painfully...the failure rate has always been that high in trading ...even before the IT age.
Once again no disrepect to this forum or its members.
Nah... you posted a very good reply. Any beginner would appreciate it. You're right on the fact that many forum members are not pros. In fact, you remind me that something should be done to survey member's trading skill like doing monthly trading contest and update their title through P/L ratio.
As for me, I would really advise you to get a deep knowledge on the fundamental technical analysis using the oldest tools like pivots, support and resistance, fibos etc. Without the real knowledge, you will be doomed. And also, dont expect to become a forex trader overnight because, if you think like this, its a forex loser that you will become.
Mastering the skills required for a serious trader will require time, patience and persistance. It may take up to months or years. Thats the true way, if you follow it, your success will be undeniable. Many failed because they think they will be making millions after a week.
There are so many free sources
look at the signature above (or below) this post (thx, bossxero). if you find the download process a little tricky the support thread below should help. there is enough there and in the aforementioned forums to keep someone busy learning for awhile.
I have been doing my homework in Metatrader and I wanted to ask if resistance and supports are the same thing as standard deviation?
Hello nicesurf, if you didn’t know than you can begin with a demo account. A real account would not be good to begin not even if you have all the money in the world
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Hi,everybody I'm Monann.Who can tell me about how to start in forex trading? Please advice me.
very thank you