New to forex trading, looking for some tips

[Stoosh]

 

Hi All,

I am a new to forex trading & have just setup a spread betting account. I would be most grateful for any useful tips to get me on my feet. I'd like to research the market, learn about currency pairs such as AUD/JPN, NZD/CHN as I trade in the evenings. I want to research the economy of those countries, GDP, inflation etc... all the things that affect the price of currency however I don't know where to start, any suggestions?

 

 

[dmedin]

The course (free) on babypips.com is definitely worth your time.  Forexfactory.com for upcoming events and Reuters good for fundamental analysis

[Guest PhilD]

Tread carefully. I read somewhere that you should use real money, a little, but enough to make it real to you. Otherwise its a game and you don't take it seriously and so don't learn. However don't go too far the other way and bust your whole financial future. Theres a whole section on money management and risk / reward.  

[Guest three dimensional approach]

the book "A three dimensional Approach to forex trading" is quite comprehensive (Anna Coulling). Gives you a general idea about the different markets and the interconnections between them. 

[Lucifer]

psychology first :) https://www.youtube.com/watch?v=gIM9o7KZb1I&t=8999s

[dmedin]

Also bear in mind the odds are horribly against you and you'll most likely lose money

[Nobility2020]

Be careful with Forex, study it before you start.

[Smormad]

Not everyone loses money, don't discourage him like that.

[Nobility2020]

If you are new start with demo account first and it will be great for you later. Trading with demo account is virtually the same like real forex trading and that is why it is helpful to have that experience. I recommend to start trading with FxOpen because they are great with beginner traders. I have been trading with that broker since the start of my trading and I had no problems. They have helped me grow and make good deals. There is a lot of information on that broker on https://tradersunion.com/brokers/forex/view/fxopen/ , you can check it out and see for yourself.

[JJP]

In addition to all the great education sites already pointed out (definitely do those free courses, you don't have to pay for a course, lie the one on babypips.com), have a look at these:

https://www.fxstreet.com/ - great for economic calendar and historic price ranges based on previous data news releases and variation of data released from market expectations... this is the real money maker in FX. The market generally only moves in a predictable direction if it has a reason to.

https://tradingeconomics.com/ - great for a comparison of all economic indicators across countries

https://www.dailyfx.com/ - great for finding out where all the other IG traders have placed their bets. It takes contrary positions to the majority of IG traders on the basis that most people lose, so bet the other way to the majority.

https://www.tradingview.com/ - great for making sure that you are getting a price, comparable with other providers  

[dmedin]

Prepare to get hammered into suicidal depression over and over again and lose a lot of money.

[JJP]

14 hours ago, dmedin said:

Prepare to get hammered into suicidal depression over and over again and lose a lot of money.

lol, you know me so well

[Forexgpd20]

 

Oftentimes, most beginners are not patient enough for Forex education. Most want quick return of investment while skipping the learning part which is by far the most important part. With the right knowledge and patience Forex trading is sure profitable.

 

[dmedin]

1 hour ago, Forexgpd20 said:

 

Oftentimes, most beginners are not patient enough for Forex education. Most want quick return of investment while skipping the learning part which is by far the most important part. With the right knowledge and patience Forex trading is sure profitable.

 

 

You've got a 75 - 95% chance of ending up tired, frustrated, suffering from a disastrous loss of self-confidence and being much poorer.

Don't like them odds.

[Caseynotes]

1 hour ago, dmedin said:

 

You've got a 75 - 95% chance of ending up tired, frustrated, suffering from a disastrous loss of self-confidence and being much poorer.

Don't like them odds.

which came first, the forum name or the website name? more signals for you to check out.

[Caseynotes]

On 29/04/2020 at 21:28, Stoosh said:

 

Hi All,

I am a new to forex trading & have just setup a spread betting account. I would be most grateful for any useful tips to get me on my feet. I'd like to research the market, learn about currency pairs such as AUD/JPN, NZD/CHN as I trade in the evenings. I want to research the economy of those countries, GDP, inflation etc... all the things that affect the price of currency however I don't know where to start, any suggestions?

 

 

Dailyfx recently updated their education section, could be worth a look;

https://www.dailyfx.com/education

[Guest forexgdp]

Hello i'm sharing some tips about Forex trading here 

[Guest forexgdps]

Well i'm sharing some tips for Forex trading here if you are interested in to trading. Forex signals are the live indication of Buy or Sell trading opportunities in the currency pair with entry price, take profit and stop-loss price. Live Forex trading signals from well-experienced traders will help you to increase your trading profits successfully.

[dmedin]

On 18/06/2020 at 19:49, Caseynotes said:

Dailyfx recently updated their education section, could be worth a look;

https://www.dailyfx.com/education

Their stuff isn't usually all that great

[dmedin]

babypips.com - do their course.

Miles ahead of IG's academy stuff.

Want some PDFs?  I've got PDFs! 

Edited August 24, 2020 by dmedin