I am extremely new to all trading and investing. I have not exactly taken it up yet, and I am not sure when I plan to. I understand it can be stressful and extremely risky, but I have an interest in it. I currently cannot afford any classroom learning at the moment, so I would like to read as much as I can. Does anyone have any suggestions for beginners?
Heather
On Friday November 11th, 2011 at 11:44PM by saintpip - Like - 0 People
I'd start with the school of pipsology on babypips.com if you've not looked at it yet.
On Saturday November 12th, 2011 at 01:28AM by heather - Like - 0 People
Thank you very much!
On Saturday November 12th, 2011 at 08:49AM by KingCyrus - Like - 0 People
On Sunday November 13th, 2011 at 08:54AM by RazorX - Like - 1 Person
Hi Heather
Below are some links you might find helpful, from there it's a case of branching out, maybe reading a few books. Two I'd recommend are The 10 Essentials of Forex Trading by Jared Martinez, and FX Bootcamp's Guide to Strategic and Tactical Forex Training. Both are good reads, and will give you a solid base to work from. You'll still need to develop your own style and rythym with the market and the only way to do that is by trading. Try opening a demo account for 6 or more months first.
Links:
http://www.babypips.com/school/
http://www.vantharp.com/ (For Psychological aspects of trading - even the free material is really good)
http://forex-strategies-revealed.com/what-is-forex (This whole site goes through strategies you can employ, and has a good education sections - I'd recommend reading http://forex-strategies-revealed.com/forex-indicators to give a grounding in indicators.)
http://www.forextechniques.com/ (Nial Fuller and Price action - worth having a look at if you want to learn more about price action)
http://www.forexoma.com/category/technical-analysis/ (There are a lot of good Technical analysis articles here)
One last tip I have is to journal you trades, write down (Like we do in our blogs) what you are thinking, why you are doing it, why you made decisions etc... when you read over your trades each week you start to learn a lot from yourself.... even if it's what not to do at the start.
Good luck!
RazorX
On Sunday November 13th, 2011 at 02:11PM by heather - Like - 0 People
Wow...thank you so much!
On Sunday November 13th, 2011 at 03:42PM by Blades1 - Like - 0 People
Heather,
The website FxStreet.com - Tons of learning materials, and great instructional videos. Check out the videos by Sam Seiden there. He is a great instructor and focuses on supply/demand based trading.
An important thing to keep in mind as a new trader: Spend the majority of your time learning about price action concepts and trading over longer timeframes (4-hour price bars).
Spend a lot of time learning about support and resistance based trading, as opposed to trading based on breakouts. Don't get overwhelmed with indicators or chase indicator-based trading systems; only use indicators to verify price action based trading decisions.
Learn about how to use candlesticks together with price action. Most important of all learn about risk management and how to properly use risk/reward ratios. You want to take trades where your reward is at least 2x your risk.
Hope this helps
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