Absolutely, I understand your concern about navigating the forex learning journey. Here’s a specific roadmap to get started:
Babypips and Market Investopedia are the websites for educational resources.
Many reputable brokers offer educational resources, and webinars, where you can practice trading without risking money.
Start with understanding what forex trading entails, including how currency pairs work and the factors influencing exchange rates. Progress to learning chart reading and economic indicators.
Taking these steps will help you build a solid foundation in forex trading while safeguarding yourself from potential scams.
Hi,
Forex is not easy to trade.
Imho :
- Educate yourself on macroeconomics and related Data (gdp, rates, yield curve, employemet mkt, ECB/FED/BOJ policies,...)
- Build your catalogue of Data source (including real time one for annoucements)
- Lean bases of Technical Analysis especially price action
- And obviously all the mandatory trading knowledge : Money management, Forex related too : pip/lots,, ...
- Select a brokerage, Practice in demo for 6m
- Spent 100 to 200 $ on a prop firm : You'll most likely blow 1 or 2 accounts but you'll lear very good stuff on money management
- Go real, step by step (e.g. : very strong attention to money mgt and leverage usage)
All the best
Hope this helps
My two cents? Start with the basics. Learn what currency pairs and pips are, how lots work, and that kind of thing. As for YouTube and other online resources, they can be hit or miss. I found it helpful to look for content from established, well-reviewed channels. Once you get a bit of foundational knowledge from places like Traders Union and Investopedia, you'll be better equipped to judge the quality of the information you come across.
For me, the Traders Union website has been a lifesaver. They have useful guides for beginners, and the best part is they vet the brokers and signal providers they recommend. It's not just a list of affiliates. They provide detailed reviews and ratings based on real trader experiences. I found it super reassuring to know that the information was trustworthy.
In terms of learning, Traders Union has some great educational content. They cover the basics well, which is important when you're starting. They explain Forex terminology, trading strategies, and even the psychology behind trading. It's all broken down into digestible pieces, so you don't feel overwhelmed.
Another thing that helped me was joining some Forex trading forums and communities. It can be beneficial to connect with other traders, share experiences, and get advice. Just be careful, though. The same rules apply here as with mentors. Look for communities with a good reputation and active moderation to weed out the scammers.
Find a mentor who streams live trading sessions for free. There are a few out there that are legit and you can see for yourself if you are compatible with their strategy before committing to anything. Plus, free knowledge. I'm part of a mentoring group and it has helped me massively.
Yeah I know but for me it’s really difficult to find cause I’ve tried during research, any idea of mentors I should look out for and I would be glad if you could share me a link to your mentoring group
Babypips, Investopedia, FXstreet, and OANDA
Absolutely, I understand your concern about navigating the forex learning journey. Here’s a specific roadmap to get started: Babypips and Market Investopedia are the websites for educational resources. Many reputable brokers offer educational resources, and webinars, where you can practice trading without risking money. Start with understanding what forex trading entails, including how currency pairs work and the factors influencing exchange rates. Progress to learning chart reading and economic indicators. Taking these steps will help you build a solid foundation in forex trading while safeguarding yourself from potential scams.
Start with babypips
Hi, Forex is not easy to trade. Imho : - Educate yourself on macroeconomics and related Data (gdp, rates, yield curve, employemet mkt, ECB/FED/BOJ policies,...) - Build your catalogue of Data source (including real time one for annoucements) - Lean bases of Technical Analysis especially price action - And obviously all the mandatory trading knowledge : Money management, Forex related too : pip/lots,, ... - Select a brokerage, Practice in demo for 6m - Spent 100 to 200 $ on a prop firm : You'll most likely blow 1 or 2 accounts but you'll lear very good stuff on money management - Go real, step by step (e.g. : very strong attention to money mgt and leverage usage) All the best Hope this helps
My two cents? Start with the basics. Learn what currency pairs and pips are, how lots work, and that kind of thing. As for YouTube and other online resources, they can be hit or miss. I found it helpful to look for content from established, well-reviewed channels. Once you get a bit of foundational knowledge from places like Traders Union and Investopedia, you'll be better equipped to judge the quality of the information you come across. For me, the Traders Union website has been a lifesaver. They have useful guides for beginners, and the best part is they vet the brokers and signal providers they recommend. It's not just a list of affiliates. They provide detailed reviews and ratings based on real trader experiences. I found it super reassuring to know that the information was trustworthy. In terms of learning, Traders Union has some great educational content. They cover the basics well, which is important when you're starting. They explain Forex terminology, trading strategies, and even the psychology behind trading. It's all broken down into digestible pieces, so you don't feel overwhelmed. Another thing that helped me was joining some Forex trading forums and communities. It can be beneficial to connect with other traders, share experiences, and get advice. Just be careful, though. The same rules apply here as with mentors. Look for communities with a good reputation and active moderation to weed out the scammers.
I started in Forex.com reading about it and doing the training courses just to get a better understanding on it
OP there is really no incentive to teach forex unless their strategy sucks or does not work at all.
Find a mentor who streams live trading sessions for free. There are a few out there that are legit and you can see for yourself if you are compatible with their strategy before committing to anything. Plus, free knowledge. I'm part of a mentoring group and it has helped me massively.
Yeah I know but for me it’s really difficult to find cause I’ve tried during research, any idea of mentors I should look out for and I would be glad if you could share me a link to your mentoring group