Getting Into Forex

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Revision as of 09:26, 28 August 2023 by Admin (talk | contribs) (→‎TLDR-2)
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The first think you'll need to do is at least learn the basics. More to come later on.

TLDR

  • Forex is putting a dollar value to the rise/fall of currency pairs.
  • Forex isn't for everyone.
  • Go to BabyPips and study - and watch the videos in the YouTube link.

You can do the cTrader and BabyPips courses and be ready to trade after. One of the best things to use is the Forex Hero site - their app is golden and free on Android and iOS. The recommendation is to use a demo account until you have a strategy you're comfortable with then go live. By "go live" I actually mean opening a small account with a broker (cent account) and earn a small amount for 3 months before going with a larger account or prop firm. While learning a concept runs at difference speeds for each individual, the suggested timeframe is:

  • 3-6 months of demo. More if needed. Less if you think you're ready.
  • 1-2 years of a small live account.

If after that timeframe if you find you're not progressing - get out of trading. It makes no sense to keep throwing money at it and not progressing. If you find that you're the slower learner, then continue to use small accounts (micro) with USD$10-$50 depending on your budget. Once you're able to gain pips, you can move up to a larger account.

BabyPips Course - https://www.babypips.com/learn/forex

ForexFactory - https://www.forexfactory.com/

ForexHero - https://forexhero.eu/