I am completely new to trading and I am so eager to get involved. I have so many questions I don't know where to begin.
I have it all to learn. So could people point me in the right direction of useful and also free guides, videos, courses that are going to really help and have helped them learn how to trade?
I'm new to Forex, have only take an interest in learning how it works in the past few weeks during UK lockdown! I recently finished an MSc, and my wife is unlikely to wear me enrolling in another economics/trading based degree at the minute. So as an alternative I've decided to set myself a 1,000 hour learning target before I decide whether to speculate with real money, whilst running a demo account to practice what I learn. I'm interested to know what the users of this forum would consider the top 10 texts (ideally ebooks) surrounding the topic of successful Forex trading? I bought Forex for Dummies 2 days back as an initial starting point, and am 25% through, but looking for some more advanced texts for future reading. Thanks in advance, James.
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Joined Apr 2018
|323 Posts
its a marathon, i know . but some time it brings profit very rapidly , but you have to wait for the right time , its all about patience salute at the end of the day.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your mony. Your capital is at risk while trading. You may lose all the capital invested. Forex profit and loss completely depends on the market movement.
How long should i spend on demo trading before going live ?
I do have some knowledge about forex and how the live trading works but have not actually done on my own, so should i just keep trading in demo for a while or start trading live ?
How long should i spend on demo trading before going live ? I do have some knowledge about forex and how the live trading works but have not actually done on my own, so should i just keep trading in demo for a while or start trading live ?
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It usually takes at least 6 months before one is able to understand how to place trades and the various functionalities of the trading platform. The more you practice on demo the more you will avoid unpleasant situations on a live account and it's perfectly okay to take your sweet time.
yes, and this marekt movement there is noone who can predict with certainly in spite of having most powerful analyzing trade knowledge and experience.
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We in forex trading analyze the market with the available tools and experience, then conclude either we step in as a buyer or a seller using protective stop losses because chances might be that our analysis went wrong and market odds move in other direction.
{quote} It usually takes at least 6 months before one is able to understand how to place trades and the various functionalities of the trading platform. The more you practice on demo the more you will avoid unpleasant situations on a live account and it's perfectly okay to take your sweet time.
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I completely agree. I am always suspicious when people start claiming how they started making big profits all the time within three months of trading practice. While some rare prodigies here and there may be able to achieve that, for most traders that is impossible within such a time frame.
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Joined Apr 2018
|459 Posts
in this lockdown issue so many beginners came into this market place and already become loser , in Forex trading i have seen lots of gathering among people. everything is shut down but the value of forex is growing day by day.
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Joined Apr 2018
|323 Posts
yes its very true fact , because people have realize that only online income can keep relax them than any others , so they are coming into this trading place but sad this market place never provides profit with no learning.
in this lockdown issue so many beginners came into this market place and already become loser , in Forex trading i have seen lots of gathering among people. everything is shut down but the value of forex is growing day by day.
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Yes, with the layoffs and pay-cuts people are looking left and right to find ways of making money and on the outset, trading seems like a promising way of doing just that because unlike other businesses there is no selling/ buying of product/ service involved; you are making money directly instead of through a long business transaction. Unfortunately, many such new traders are losing money in the absence of an understanding of how the market works.
