I am new to Forex trading and am taking a lot of time in learning the best trading strategies and other important things about the market. Accept and appreciate the importance of a loss. I would just like to add something regarding strategies and systems. Have a look in the next section of this forum, "Holy Grails", then in "Free Forex Trading Systems". Go through and pick out one you like the look of and follow it.
On a demo account, of course. You will learn a lot, and it will help you develop discipline. This is the way I have progressed until now: I opened a demo account, which I blew within two weeks. I opened another, read the school once more.
Blew that one also in a month. Still Wants To Know and started a third demo account. Some videos there were a real eye opener, but the basic knowledge of babypips school was needed before that.
The third demo lasted a little more that two months.
I then started applying money and risk management, started making a plan which I followed thoroughly in a fourth demo. Exactly like I would do in a real account. This went well, as soon as I started feeling a little confident I opened a live account this is my first "live" week actually. In the meantime I have spent countless hours studying the charts, looking for patterns, trying to understand support, resistance, trends, higher time analysis, judas moves etc, have read about 5 books on trading and psychology.
I still study as much as I can, it never ends. My target is NOT to loose actual money, I don t consider this a learning step. Being a professional engineer, I don t consider designing a bridge that will collapse a learning step either. And one more general point: So I would recommend starting out knowing that you are going to come across some knowledge that - while it might work for the person passing it on - is not going to be relevant to your eventual style.
So however you choose to learn, not everything you learn will have relevance for you, perhaps other than reinforcing that it is just not your cup of tea. So do be picky. In terms of where to learn from, you already have a range of opinion on here. There is also the relative merits of self-taught vs paying for tuition - but you probably don't want to turn this into another 'are training courses a waste of money?
Seriously, wherever you acquire your knowledge, as in among the good, relevant stuff you will find a lot of nonsense, as well as some good stuff that is ultimately of no use to you. Reading, reading, reading and off course "The School of the Hard Knocks", this is for the mentally though, here is where the line that separate men from children is set.
A good trader is the one who can tolerate pain, over, and over and over, and over, and after that over again. There is no light at the end of the tunnel.
There is not such a thing called "I get there now what" that does not exists. It is a myth that practicing will lead you to a better trading, well that is BS, trading is easy, just right click and buy.
The non easy part is to sit tight and let the profits run and cut the loses short. Most difficult is to like loses, you must to because is the only common thing i trading.
Took me four years to raly like loses. Some say "if i practice enough i'll be a good trader" well, instead think you are a good trader and work for train your mind to accept it and be formed to have a trading minset, that is not easy. Sorry, i didn't make the rules, is just the way it is. With that said, how I learned to trade was studying, researching, testing, and practicing ideas on a demo.
You need patience, and inspiration to hurdle through the roadblocks you'll face. And the Last thing I'll add is to read as much good information about forex you can like ICT's videos , and weed out the bad information through logic reasoning, and tests. You should believe that it is not very realistic that price will move to your stop loss, before you have a chance to respond to new information, if you are to place a stop.
I agree that you need to be mentally tough to trade. That is one of the reasons why so many fail. To reach the stage where you are a consistently profitable trader is something to be proud of, because very few people have what it takes. As for losses, they are just part of trading. I don't worry about individual trades, I only care whether or not my account is growing.
The best way to learn the basics of forex is right here at BabyPips - check out the "School" section.
No "miracles" or "secrets" etc. Read everything you can. The baby pips school here is an awesome educational tool, probably better than any paid for courses you can waste your money on.
Set up a demo and take your time.
While demo's are great and teach you much about trading in a safe environment, they do not teach you the psychological effect that trading and risking real money has on you. For this you need to trade for real, but I would advise that once you are ready to take this step, that you trade a very small amount of your trading capital with very low risk.
Not enough to harm you financially but enough that you care, to feel the effect of trading your money. At this step do not fall into the trap of believing that you are ready to trade profitably consistantly. You will learn as much trading small like this as you do in demo and should really take your time, learn patience and learn to develop a trustworthy system.
Trading is not hard in terms of understanding, just in terms of application. At least while you're going through the initial albeit long learning stage. Once you come out the other side, trading is not that hard.
It's easy when you know how - it's getting to the point where you know how that's difficult.
Their is a long process from the starting of the journey of Forex trading and becoming a successful trader. As it dawns it looks easy in the starting but then later trader gets to know that this is the most competitive financial markets in the world and much skills are needed for both survival and becoming a successful trader.
How Did You Learn Forex And What Is The Best Way To Learn? Hello guys, I am new to Forex trading and am taking a lot of time in learning the best trading strategies and other important things about the market. The key to becoming successful in forex is to have a winning trading plan.
The Best Way to Learn Forex Trading
Do not trade in the way that you wish but in the way that makes money. Neither enter nor exit at a single price. Even a short term trade should have long term potential. Trust retracements but be leery about projections.