From my experience Forex isn't easy to start off with and like many on this forum have explained before, the way to improve is to start low and build your way up. I spent nearly £2K studying from mentors, gathering material etc before I actually found my own edge in the markets. It has taken me a year, but everyone has different experiences with Forex, knowing I went from failure to failure, until now. I want everyone to understand there's a lot of work that goes into it, I made silly decisions, but we all learn from them.
From what I've learned in Forex, there are no one-size fits all approach, it's mainly what appeals to you, or what forms of analysis you can visualize the best when charting. Another idea would be to start at places like BabyPips, study books and material of the trading style you've chosen or wish to choose. Here is how my journey in Forex went;
1. Scammed by Binary Options guy - leads to my interest in Forex (NOT A GET RICH QUICK SCHEME)
2. Started University and was told about Forex by a friend, luckily he taught me the ropes of Technical and Fundamental analysis
3. Started the free course that is available on BabyPips, took lots of notes and backtested what I had now been learning, also used TheForexFactory to expand my knowledge on Forex from a variety of perspectives
4. Paid for a course and joined ThatFxTraders FVTC (Full Volume Training Course) and studied swing trading with fibs with him
5. Paid and Joined TheForexFamily with UncleTed and the various other mentors that were available at the time, I gained mounds of knowledge from here, because the google drive they offer is so vast with many different trading styles and contributions from the 2000+ members.
6. Paid for a mentor within TheForexFamily who taught me his personal approach to the markets and guided me when I needed help, this was hyper scalping and mainly trading reversals, how to spot them, where to take positions etc
7. Paid for another external mentor (PipseyHussle) to study and refine my approach to Supply and Demand, when to take entries in a zone, where to ride the position to, what my account size should be, where I was going wrong and various other ways to improve my zones (at the time this was my go-to method and I really enjoyed it - I still do at times)
8. Enrolled in another course from another external group to learn cloud patterns, harmonics, the various patterns that allowed me to sometimes trade reversals of trend depending on what pairs and the times I chose to trade
9. Yet another course to refine my basic technicals even more
10. Fibonacci Retracements course from an external mentor
11. Elite trading group who taught me where banks usually place their big orders and take positions on HTF and how they stop-hunt retail traders who trade simple patterns (S&R, B&R, RBR, RBD, DBD, DBR)
12. Enrolled on an even smaller trading group who trading patterns that they created themselves, and currently, I am using this current approach to trading
This is not something I'd recommend anyone to do, it confused me massively as I was studying so many different areas of Forex, and delving into the world of the somewhat unknown, with things I'd never seen before, my best advice to start studying would be Start on BabyPips, take notes there use FXStreet for Fundamentals and news trading etc, but don't rely on them, don't rely on indicators as their main job is to 'indicate' where trend is going, use a mentor if that method of learning appeals to you, but remember to ALWAYS ask questions, don't pay someone and expect it to be handed to you on a plate, you should do your DUE DILIGENCE as a student of the markets.
Simply put, Forex is like studying for a degree, it will be tough and there will be times you're confused, but always remember to look back, journal everything, for example, why you took a trade, when you took it, what were your confluences, confirmations, win/loss ratio, consistency over time. Start with a Demo account (I'm with ICMarkets due to their regulation with ASIC and other regulatory bodies) but don't rely on the Demo account too much, use REALISTIC lot sizes and apply this when you move to a live account.
And about brokers, I'm also with a broker who has 1:3000 leverage on standards, but that would be for high profitability trades.
At the end of the day, only you can improve, I've provided something here that I wish somebody had told me when I started off, I hope and wish the best for any and all if you wish to start your journey in Forex
LINK FOR TELEGRAM GROUP: https://t.me/joinchat/GgFMRg8bwEb6uetFp0BRzg
Best Regards, 🤗 🤗 🤗 🤩 🤩 🤩
From what I've learned in Forex, there are no one-size fits all approach, it's mainly what appeals to you, or what forms of analysis you can visualize the best when charting. Another idea would be to start at places like BabyPips, study books and material of the trading style you've chosen or wish to choose. Here is how my journey in Forex went;
1. Scammed by Binary Options guy - leads to my interest in Forex (NOT A GET RICH QUICK SCHEME)
2. Started University and was told about Forex by a friend, luckily he taught me the ropes of Technical and Fundamental analysis
3. Started the free course that is available on BabyPips, took lots of notes and backtested what I had now been learning, also used TheForexFactory to expand my knowledge on Forex from a variety of perspectives
4. Paid for a course and joined ThatFxTraders FVTC (Full Volume Training Course) and studied swing trading with fibs with him
5. Paid and Joined TheForexFamily with UncleTed and the various other mentors that were available at the time, I gained mounds of knowledge from here, because the google drive they offer is so vast with many different trading styles and contributions from the 2000+ members.
6. Paid for a mentor within TheForexFamily who taught me his personal approach to the markets and guided me when I needed help, this was hyper scalping and mainly trading reversals, how to spot them, where to take positions etc
7. Paid for another external mentor (PipseyHussle) to study and refine my approach to Supply and Demand, when to take entries in a zone, where to ride the position to, what my account size should be, where I was going wrong and various other ways to improve my zones (at the time this was my go-to method and I really enjoyed it - I still do at times)
8. Enrolled in another course from another external group to learn cloud patterns, harmonics, the various patterns that allowed me to sometimes trade reversals of trend depending on what pairs and the times I chose to trade
9. Yet another course to refine my basic technicals even more
10. Fibonacci Retracements course from an external mentor
11. Elite trading group who taught me where banks usually place their big orders and take positions on HTF and how they stop-hunt retail traders who trade simple patterns (S&R, B&R, RBR, RBD, DBD, DBR)
12. Enrolled on an even smaller trading group who trading patterns that they created themselves, and currently, I am using this current approach to trading
This is not something I'd recommend anyone to do, it confused me massively as I was studying so many different areas of Forex, and delving into the world of the somewhat unknown, with things I'd never seen before, my best advice to start studying would be Start on BabyPips, take notes there use FXStreet for Fundamentals and news trading etc, but don't rely on them, don't rely on indicators as their main job is to 'indicate' where trend is going, use a mentor if that method of learning appeals to you, but remember to ALWAYS ask questions, don't pay someone and expect it to be handed to you on a plate, you should do your DUE DILIGENCE as a student of the markets.
Simply put, Forex is like studying for a degree, it will be tough and there will be times you're confused, but always remember to look back, journal everything, for example, why you took a trade, when you took it, what were your confluences, confirmations, win/loss ratio, consistency over time. Start with a Demo account (I'm with ICMarkets due to their regulation with ASIC and other regulatory bodies) but don't rely on the Demo account too much, use REALISTIC lot sizes and apply this when you move to a live account.
And about brokers, I'm also with a broker who has 1:3000 leverage on standards, but that would be for high profitability trades.
At the end of the day, only you can improve, I've provided something here that I wish somebody had told me when I started off, I hope and wish the best for any and all if you wish to start your journey in Forex
LINK FOR TELEGRAM GROUP: https://t.me/joinchat/GgFMRg8bwEb6uetFp0BRzg
Best Regards, 🤗 🤗 🤗 🤩 🤩 🤩
