Forex Trading, where to start?

[drin101]

Excuse me for the double-post but I had to ask the following question after stumbling upon something related to it on a trading forum.

Do you guys think it would be a bit late to start this completely new/newbish journey judging by the fact that there is a new market such as cryptocurrencies? I stumbled upon a thread on one of these FX forums where people were discussing it. Saying, that cryptocurrencies will take over sooner or later, that many FX traders are switching over to cryptocurrencies, etc. Since I'm very determined to hop into the game I'm just a little worried and I'm having second thoughts of whether I should go for FX or maybe crypto instead? It's not about the profit or where can I make more money, really. It's more like that I value my time a lot.

It honestly matters which one you like most, in the end you're gonna be doing the same thing with both which is trading.
here is a helpful link that showcases the pros and cons of FX and CRYPTO.

https://trading-education.com/similarities-and-differences-between-crypto-and-forex-trading#:~:text=Crypto%20trading%2C%20just%20like%20forex,step%20of%20the%20trading%20process.

 

[RSO]

It honestly matters which one you like most, in the end you're gonna be doing the same thing with both which is trading.
here is a helpful link that showcases the pros and cons of FX and CRYPTO.

https://trading-education.com/similarities-and-differences-between-crypto-and-forex-trading#:~:text=Crypto%20trading%2C%20just%20like%20forex,step%20of%20the%20trading%20process.

After reading it, I began diving in deeper and I'm currently still doing my research on which market I should start with with the capital that I have. Currently, looking at several different options (definitely will be doing stocks after a while but in long-term monitoring/trading, not for daily trading) and so far it's literally between cryptocurrencies, CFDs and mini-futures. The thing is, I do have some legitimate knowledge when it comes to cryptocurrencies (I have invested in a few projects in the past for a long-term hodl), as well as simply been around Monero (XMR) and BTC due to the services I used to offer a while ago (my customers paid me in crypto). It's all interesting but I feel like I'd like to be closer to the actual/current global economy like Forex (something gives me that drive) than cryptocurrencies, even though I see a huge potential in them, don't get me wrong.

 

[borosOuro]

Start paper trading until you've hit a certain ROI

 

[drin101]

After reading it, I began diving in deeper and I'm currently still doing my research on which market I should start with with the capital that I have. Currently, looking at several different options (definitely will be doing stocks after a while but in long-term monitoring/trading, not for daily trading) and so far it's literally between cryptocurrencies, CFDs and mini-futures. The thing is, I do have some legitimate knowledge when it comes to cryptocurrencies (I have invested in a few projects in the past for a long-term hodl), as well as simply been around Monero (XMR) and BTC due to the services I used to offer a while ago (my customers paid me in crypto). It's all interesting but I feel like I'd like to be closer to the actual/current global economy like Forex (something gives me that drive) than cryptocurrencies, even though I see a huge potential in them, don't get me wrong.



That's literally what I do not want, to be honest, and I absolutely do not believe in "signals", as well as "chat-groups". I've been around the so-called "easy and fast money" back when I was kind of getting on the illegal side of the modern-day business and what I realized is that the quote "Easy comes, Easy goes" literally works. Never felt proud for myself after making money easily, never felt any type of emotions after spending it and throwing it around as it came in. You'd understand if you had experienced what I experienced. I'm currently on a path of changing myself and I've decided to put in work, get to the top the hard way and invest in legal assets as time goes on. Thank you for the "unique" offer, though.

yeah please don't join those kind of groups lol, there are groups and different trader gurus that share signals and of course they are going to be right sometimes but you cant rely on that solely

 

[GeeLark AI]

lot of tutorial on youtube i guess, or you can just type on google

 

[lowlyricz]

Pretty much the same in here, new to forex trading n I would rather value my time and not just rush in.
Golden value on yer thread, as I been going through the responses and adding them in my agenda
Cheers~

 

[ashish2112]

YouTube channel NoNonsenseForex by VP is gold. I learned most from there

 

[RSO]

lot of tutorial on youtube i guess, or you can just type on google

I’m currently on my knowledge gathering spree. I wouldn’t suggest relying on YouTube too much because there is so much bad quality information that it will eventually create a complete mess in your head. Instead, use YouTube to compare information or as a daily read/news paper but don’t take everything too serious. In the end, get a single mentor and get it going.

Pretty much the same in here, new to forex trading n I would rather value my time and not just rush in.
Golden value on yer thread, as I been going through the responses and adding them in my agenda
Cheers~

Most definitely. Good luck to you on your journey.

YouTube channel NoNonsenseForex by VP is gold. I learned most from there

Thank you, bud. The funniest part about this is that I started the thread as “how to trade forex” but after finding out how many markets to trade in are out there, I’ve found something what I prefer more than forex market. The concept is obviously the same (the trading part) but the amount of sources you can rely on is much higher and the market I’ve chosen is way more predictable than forex.

 

[Keep Up]

I used to successfully trade forex/crypto/commodities about two years ago.
Tbh it doesn't really matter what you trade, as they're all equally "hard" to be profitable in. commodities and crypto are generally more volatile, but you have forex pairs including GBP or exotics that are just as volatile. No matter what strategy you choose, or what "guru" to follow, the single most important thing (besides the obvious risk management) is backtesting. Go ahead and read articles, books, go through babypips and even youtube videos. When you have acquired enough knowledge about the market, go ahead and proceed to building your strategy. Write down rules regarding this strategy that all HAVE to be checked, in order for a trade to be vaild. Figure these rules out by BACKTESTING your strategy through a variety of different pairs. Make sure you are carefully taking notes on when your presumed trades are winners or losers, and write down WHY. This will help you create your ruleset, and eventually form your strategy. Please don't just go ahead and trade double tops/bottoms and H&S patterns.

Best of luck!

 

[RSO]

I used to successfully trade forex/crypto/commodities about two years ago.
Tbh it doesn't really matter what you trade, as they're all equally "hard" to be profitable in. commodities and crypto are generally more volatile, but you have forex pairs including GBP or exotics that are just as volatile. No matter what strategy you choose, or what "guru" to follow, the single most important thing (besides the obvious risk management) is backtesting. Go ahead and read articles, books, go through babypips and even youtube videos. When you have acquired enough knowledge about the market, go ahead and proceed to building your strategy. Write down rules regarding this strategy that all HAVE to be checked, in order for a trade to be vaild. Figure these rules out by BACKTESTING your strategy through a variety of different pairs. Make sure you are carefully taking notes on when your presumed trades are winners or losers, and write down WHY. This will help you create your ruleset, and eventually form your strategy. Please don't just go ahead and trade double tops/bottoms and H&S patterns.

Best of luck!

I needed this. Thank you very much, Keep Up.

 

[Keep Up]

I needed this. Thank you very much, Keep Up.

No worries - feel free to reach out if you have any questions, always happy to help.