Forex Trading, where to start?

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RSO

RSO

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Greetings.

The meaning behind the question is the following: I have some basic knowledge of what's forex about and I know that it could potentially take up to five years since this moment till I actually make a positive progress when it comes to income, understandable.

As somebody who's a part of this industry (speaking of You), what would be your suggestions to somebody brand new like me when it comes to choosing the right information-gathering sources (maybe a website, specific forex forums, a forex YouTuber who's actually providing valuable information instead of only chasing the ad revenue), as well as the trading platform suggestions (where I could learn the candles, stop-losses, everything around it instead of straight hopping to the business).

All replies are welcome as long as you know what you're talking about, just please - don't mislead me. Once I've gathered all the required information, written down a full-year plan with goals and expectations, I will start a journey to keep it all documented.

Regards,
RSO.
 
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I'm not into Forex trading, as most of my money has been invested in local stocks. But the thing that I've learned from financial markets is the fundamentals are quite similar; therefore, to get things going, start with Technical Analysis of the Financial Markets by John J. Murphy. You'll find the rest on your own.
 
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Why don't you start with a forex forum?
It's a SEO forum... you're in the wrong place if you haven't noticed.
 
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The Undefined said:
I'm not into Forex trading, as most of my money has been invested in local stocks. But the thing that I've learned from financial markets is the fundamentals are quite similar; therefore, to get things going, start with Technical Analysis of the Financial Markets by John J. Murphy. You'll find the rest on your own.
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YujinTan said:
One thing for sure, " Risk management. "
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Much appreciated, I've written down the provided information and I will dig deeper. Speaking of the risk management, I've encountered some articles regarding the subject and I know for sure that it plays a huge role in forex/stocks/crypto trading.

praetserge said:
Why don't you start with a forex forum?
It's a SEO forum... you're in the wrong place if you haven't noticed.
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I use this forum (BHW) as my daily news paper in order to gather at least some basic knowledge of everything you guys do talk about here (such categories as SEO in general, dropshipping, social media growth, graphic design) because I've got people within my circle who are working in these categories and it lets me to understand what they are actually talking about. Also, this is a great place for a dose of motivation, especially, the "Journey" sub.

If there are any legitimate or at least suggestable forex forums you know, I'd be really thankful if you could PM them to me.

Ezy501 said:
Start at the casino.
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What do you mean exactly by that?
 
RSO said:
Greetings.

The meaning behind the question is the following: I have some basic knowledge of what's forex about and I know that it could potentially take up to five years since this moment till I actually make a positive progress when it comes to income, understandable.

As somebody who's a part of this industry (speaking of You), what would be your suggestions to somebody brand new like me when it comes to choosing the right information-gathering sources (maybe a website, specific forex forums, a forex YouTuber who's actually providing valuable information instead of only chasing the ad revenue), as well as the trading platform suggestions (where I could learn the candles, stop-losses, everything around it instead of straight hopping to the business).

All replies are welcome as long as you know what you're talking about, just please - don't mislead me. Once I've gathered all the required information, written down a full-year plan with goals and expectations, I will start a journey to keep it all documented.

Regards,
RSO.
Click to expand...
used to trade forex for living in 2012, but found a better source of income. My advice: be a broker, not a trader. being a broker means passive income while a forex trader won't get money while sleeping (unless you trade stock)
 
RSO said:
Greetings.

The meaning behind the question is the following: I have some basic knowledge of what's forex about and I know that it could potentially take up to five years since this moment till I actually make a positive progress when it comes to income, understandable.

As somebody who's a part of this industry (speaking of You), what would be your suggestions to somebody brand new like me when it comes to choosing the right information-gathering sources (maybe a website, specific forex forums, a forex YouTuber who's actually providing valuable information instead of only chasing the ad revenue), as well as the trading platform suggestions (where I could learn the candles, stop-losses, everything around it instead of straight hopping to the business).

All replies are welcome as long as you know what you're talking about, just please - don't mislead me. Once I've gathered all the required information, written down a full-year plan with goals and expectations, I will start a journey to keep it all documented.

Regards,
RSO.
Click to expand...
I have same Idea , I am start forex at 0 :(, if u have any documents please share with me.
Thank you so much.
 
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Amphoric said:
I'd recommend you to start here, to be honest: https://www.babypips.com/

Make sure to paper trade a new strategy first, before going live with it. Be consistent for like 3-6 months and then take it live.
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Bookmarked for a daily use and I'm already on it. A very underrated but successful trader on Twitter with a low follower count suggested the same thing right after you replied to me here so I definitely know it's legit and one of the best learning sources out there for newbies like me. Thank you very much, Amphoric.

kitamain said:
used to trade forex for living in 2012, but found a better source of income. My advice: be a broker, not a trader. being a broker means passive income while a forex trader won't get money while sleeping (unless you trade stock)
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Appreciate your suggestion, thanks. In order to become a broker, it would still take me to go through the trader journey first. The thing is, I'm trying to stay as independent as possible before I continue reaching towards assets like real estate where I'll most likely need somebody to help me with all of that. But that's for future.

msman said:
I have same Idea , I am start forex at 0 :(, if u have any documents please share with me.
Thank you so much.
Click to expand...

Hop on the journey with me then. To be honest, all the information required to begin is already on this thread really. Did my research, bookmarked everything and I'm almost ready to create my first game plan.

Misan Kumar said:
I would say first read a book called "Trading in the zone" then get into it.... :)
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Will do. Thank you.

bossofthebosses said:
I would start by signing up to a fx site and ask this question there :p
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You're probably right. I just feel like people on this forum have a lot of knowledge and know some underrated but very valuable sources so I decided to ask here instead. I believe FX consultants would just give me some very basic overall information instead, they wouldn't show no real interest unless I invest right away. That's my opinion.
 
Read the Captain Jack's threads on forexfactory or Steve Hopwood forum.

Read it all a couple of times.

It will help you skip 3-6 years wasted on trading with indicators.

Learn how the Big Boys (banks, funds etc) trade, how to spot when they join the market. Fundamentals for naked trading.

Good luck.
 
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snorri said:
Read the Captain Jack's threads on forexfactory or Steve Hopwood forum.

Read it all a couple of times.

It will help you skip 3-6 years wasted on trading with indicators.

Learn how the Big Boys (banks, funds etc) trade, how to spot when they join the market. Fundamentals for naked trading.

Good luck.
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This is golden. Thank you, snorri.
 
Search up on youtube Swaggy C, I know the person and he is legit, he is sharing top tier knowledge on youtube videos and also has more advanced courses which you have to pay for those.

I highly recommend him.
 
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drin101 said:
Search up on youtube Swaggy C, I know the person and he is legit, he is sharing top tier knowledge on youtube videos and also has more advanced courses which you have to pay for those.

I highly recommend him.
Click to expand...

Even better, another one. Thank you.
 
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.
 
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