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janess1

Your experiance whit Forex Trading?

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I wanted to start with Forex Trading but I dont know f how to start trading, since I am an absolute beginner, could someone give me some tips? Would be very grateful.

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Forex trading is not easy, neither is hard. What matters is your understanding of the concept of forex trading. You must first do your research and read all you can about forex, mastering basic terms. Baby Pips is the best place to find everything related to forex education.

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Try GT247. They have a good demo account that you can try out and play around with. Then after you get the hang of things try with your own cash. But just be careful and make sure you practice a lot with the demo account.

Be warned, mostly everyone loses money forex and CFD trading and you will probably lose some too... Only use cash that you’re totally comfortable losing.

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Posted (edited)

I trade CFDs on the JSE but not Forex.

Trading is not difficult, but it requires a fair amount of learning and training. If you're serious about getting started, I would highly recommend that you study/read two books in the following order:

 

First study the book "How to make money on the stock exchange" by Ross Larter, which is a basic course in trading written by a South African for the South African stock exchange. This will give all the technical skills and knowledge you will need to get started.

Then, when you're done with that one, read or listen to "Trading in the zone" by Mark Douglas. This will teach you about the self-control, attitude and mindset that is essential in every successful trader.

 

The first you should get the hard copy of, as it's technical and there are many pictures that are very important. The second is available as an audiobook on Audible, and for this one, the audiobook is fine as there are no pictures required to learn from this book.

 

These two books will give you enough knowledge to trade successfully, and if you do what they say with regards to self-discipline and attitude, you'll do just fine.

 

That's how I started, and I now consider myself a successful trader, as I have a steadily growing equity curve in my trading account.

 

 

 

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Edited by SaurusDNA

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Forex trading, in my opinion, is neither hard nor a bed of roses. You need to do a lot of reading and analysis as well as risk management with a lot of patience before you start making consistent profits. The good part is that once you pick and start making profits, you'll be very rich. But get this right- forex is not a get-rich-quick gamble

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