New to forex trading

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Hello everyone

I am new to forex trading

I just wanted to know where you guys learned and also how long does it take for someone to get the hang of trading 

thank you

 
PennySeven:

Forex trading in a live account is like playing professional tennis. Playing tennis to earn money. How long does it take a person to be good enough to earn money from playing tennis? A number of years. 

So, never start trading in a live account till you are consistently profitably on a demo account.

I learned on the internet. Almost all the books about forex trading are available online for free. Just google the name of the book plus pdf and you will most probably get a free copy of the book on the internet. The best start is to read Technical Analysis for Dummies. Just put the name and pdf. Then you also have to read a book about Japanese candles. Also available free online. Name of book plus pdf. 

Then you have to open a Demo account, preferably with the biggest forex broker in the world. That would definitely be the best. I cannot give you the broker´s name over here. That is forbidden on this forum.

I have now spent more than 10 000 hours on the Demo. I am about ready to start trading live again. I lost money in the first few days of trading on a live account. Then I decided to follow the very wise advice to first be consistently profitable on the Demo, before you open and trade on a live account. Learning to trade may take you from three to five years, all depending on how much time you have available to learn to trade. 

It is generally stated on the internet that 80 to 95 percent of forex traders lose money over time. 

Good luck, hard learning and then consistently profitable trading. 

By the way, forex traders are not all male. Many women trade too. So, it is not just us guys who trade. :-)

 

Just some general links for newbies - 

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Just for newbies (if you are new to this website for example) - it is strongly recommended to read the following articles/posts/threads - 

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1. User Memo

Forum on trading, automated trading systems and testing trading strategies

How to Start with Metatrader 5

Sergey Golubev, 2016.12.30 17:26

Just some reminding about how to insert code to the post (for new users/newbies) -read here, and read whole the article:MQL5.community - User Memo

Forum on trading, automated trading systems and testing trading strategies

How to Start with MT5, a summary !

Sergey Golubev, 2017.03.12 08:23

MQL5.COMMUNITY PAYMENT SYSTEM

Internal payment system was initially created in MQL5.community for payment of fees to authors of Articles. But the community's life does not stay still, and plenty of services, useful for traders and implying commodity-money relations between two parties, has emerged on the web-site since the launch of the payment system:

  • Market — A store of applications written in MQL4 and MQL5 languages.
  • Signals — Selling trade signals at a subscription fee with monitoring trade results.
  • Virtual Hosting — A native solution for twenty 24/7 failure-free operation of your MetaTrader trading terminals.
  • Freelance — A meeting point for traders and MQL4/MQL5 developers.
  • MQL5 Cloud Network — Buying and selling free computational power of Strategy Tester agents to organize distributed computing.

The most popular payment systems WebMoney and PayPal are integrated for deposit and withdrawal. U.S. dollars are used as the currency unit. Eventually we implemented other ways of depositing to MQL5.community account: these are common plastic cards (CommerceGate), handy and rapid system not requiring additional confirmation (Neteller), and a solution oriented towards users from China (Netbanx).


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2. How to make a search on the forum/mql5 portal

3. Summaries

3.1. How to Start with MT5, a summary ! (incl the previous thread:How to start with MetaTrader and forex, the beginning) 
    MetaTrader 4 Help - Client Terminal – User Guide 
    MetaTrader 5 Help - Trading Platform — User Manual

3.2. All (not yet) about Strategy Tester, Optimization and Cloud

3.3. ASCTREND SYSTEM summary (incl 2 good EAs)

3.4. BRAINTRADING SYSTEM HowTo

3.5. PriceChannel Parabolic system (incl 2 versions of the EA)

3.6. Market Condition Evaluation (2 EAs were created)

3.7. Ichimoku

3.8. Financial and trading videos - Table of Contents

3.9. All about Calendar tab and Macro Economic Events

3.10 All about MQL5 Wizard : create robots without programming

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4. First key article:
MetaTrader 5 - More Than You Can Imagine! 

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5. The second key article:
Limitless Opportunities with MetaTrader 5 and MQL5 

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6. How to add the broker to MT5:

6.1. MetaTrader 5 Help - Open an Account

6.2. MetaTrader 5 Android OS Help - Opening a Demo Account 

6.3. MetaTrader 5 iPhone/iPad Help - Connecting to an Account and Opening a Demo Account

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7. Signals

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8. Market

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9. MQL5 VPS for MT4/MT5

9.1. How to subscribe to VPS https://www.mql5.com/en/forum/187872#comment_4851530 

9.2. You can move your VPS subscription from one account to another 
https://www.mql5.com/en/forum/172120#comment_4166892

9.3. MQL5 VPS description
https://www.mql5.com/en/forum/172553#comment_4185979 

9.4. Monitor VPS 
https://www.mql5.com/en/forum/188920#comment_4800677 

9.5. Synchronize - 
https://www.mql5.com/en/forum/211508 

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10. Brokers

10.1. Find a Server by the Broker's Name:
https://www.mql5.com/en/forum/9950/page88#comment_3981953  
https://www.mql5.com/en/forum/214820

10.2. Help for beginners
https://www.mql5.com/en/forum/214904

10.3. US brokers
https://www.mql5.com/en/forum/12423/page500#comment_4736742

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11. Promotion:
https://www.mql5.com/en/forum/9950/page88#comment_3982032  
https://www.mql5.com/en/forum/9950/page88#comment_3982030  
https://www.mql5.com/en/forum/9950/page88#comment_3982036  

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12. Freelance, decompilation, the rules, examples of the decompiled code:
https://www.mql5.com/en/forum/203200 

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13. General rules and best pratices of the Forum

13.1. Thread with the discussion

13.2. Forum rules

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14. The thread about threads: what's going around the forum everywhere  
Good thread if you are looking for something new and modern (and free one)

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15. MT5, mql5, mql5.com suggestions for improvement thread

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16. How to subscribe to topic or  invite a person into the topic - the thread

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17. I just downloaded MT5 I am not sure how to pull up Cryptos - the thread.

MetaTrader 4 Help
MetaTrader 4 Help
  • www.metatrader4.com
For making a decision to trade, reliable on-line information is necessary. For that, quotes and news are delivered at the terminal in the real-time mode. On basis of on-line delivered quotes, it is possible to analyze markets using technical indicators and line studies. Expert advisors allow to work off routine of observing markets and the own...
 
Suggestions on learning MQL
https://www.mql5.com/en/forum/224425
Suggestions on learning MQL
Suggestions on learning MQL
  • 2018.01.11
  • www.mql5.com
Hello fellow coders/traders...
 

And the last one - 

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Where Do I start from?
https://www.mql5.com/en/forum/212020 
MetaTrader 4 Help - Client Terminal – User Guide  
MetaTrader 5 Help - Trading Platform — User Manual

Where Do I start from?
Where Do I start from?
  • 2017.07.25
  • www.mql5.com
Hi fam! Am a total newbie in the forex niche... Just signed up here on this platform... Please where do i start from? I need help...
 
WARNING: do not get caught up in trading called "Binary Options". Its a mug's game that just losses your real money quickly. They may/will offer an amazing 'Bonus deal'. Don't be fooled, it's just a trap to lock your money into their bank account. Good luck otherwise. And remember, you have to beat odds of 95% against you in order to win at Forex.
 
also you have to be ready to deal with emotions.
 
Greco608 No Fear: WARNING: do not get caught up in trading called "Binary Options".
Agree. The best bets in a casino is Craps pass line with odds and Black Jack optimum strategy, both around 0.5%. One of the worst is American Roulette at 5.0%. BO is at 30%!
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