Forex Trading Knowledge

[davids9317]

I'm interested in becoming a successful Forex trader, could someone tell me the best areas to study to help give me the skill (once i have experience of course)? I would like to gain some core skills so i can practice with a demo account.

I'm thinking price action and technical analysis with use of some technical indicators plus some market knowledge but i'm sure you guys could help focus my efforts on the essential / beneficial

Cheers

 

[Bandiit]

I'm interested in becoming a successful Forex trader, could someone tell me the best areas to study to help give me the skill (once i have experience of course)? I would like to gain some core skills so i can practice with a demo account.

I'm thinking price action and technical analysis with use of some technical indicators plus some market knowledge but i'm sure you guys could help focus my efforts on the essential / beneficial

Cheers

My suggestions are to read less than you think you need to read about this topic. I believe people are very smart and peple call this beguinners luck that is often spoiled by others opinions.
If technical analyzes it is then spend more time behind trading screen and look at the right side of the charts for making desisions. Looking at historycal charts and dream where it Was nice to enter is in my mind waist of time. So invest Time into live screen trading.
Learn to master only ONE thing in markets and then it is time to learn something new.


-Cheers

 

[NVP]

Go to babypips and learn the basics....then all the core strategies (ma, price action, other indicators like macd, RSI, Stochs, Fibs).............and then experiment experiment experiment until you find your path

N

 

[ReaperKK]

I agree with NVP, go start at babypips. Then play around with a demo account.

I opened a $100 account and lost it pretty quickly when I first started trading but it was a great learning experience as trading with real money (even a small amount of money) is very different from playing around with demo money.

Really the best thing you can do is put in a lot of chart time IMO

 

[davids9317]

Thanks guys, i've been going through babypips and have opened a fantasy account...

 

[TTTC]

David,
Learn to stop a trend. Your best opportunities will be in markets where there is a definite trend.
Markets are either going up, going down, or going nowhere. Pay no attention to the ones going nowhere (range bound). Look for opportunities to buy a Market that is rising, and look for opportunities to selling into a falling Market.
Trading is about spotting good opportunities and trying to put the odds slightly in our favour.
Trading against the trend is suicide for novice traders in my opinion.

Best of luck

 

[ph_trader]

I always say the best thing to do in starting anything is to go through the basics and from there you can find a style that suits you, I suggest going through the pipsology course (google it) it really helps and best of luck

 

[The Leopard]

I would focus on learning to interpret price action. The best way to do this is to spend countless hours in front of your screen.

I wouldn't waste a second on indicators, because I view them as unnecessary at best and actively harmful at worst (others disagree, which is fine).

When you refer to "market knowledge", it depends what you mean. Getting to know your market or market is essential. Each has it's own quirks and oddities of character.

But if you are referring to general market knowledge, an understanding of fundamentals and so on, be very careful. Especially when you are new this can distract you from what you should be doing, which is reading your chart (or the ladder, if you want to use that). Fundamentals and news do not move the market, because it is physically impossible for them to do so. Keep your focus where it should be.