What is the most effective method for learning how to trade forex?

FinestNyc

FinestNyc

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Hello, thank you for taking the time to read my message.

I have some important questions that require serious answers. I am 21 years old and have a great interest in internet marketing, but I have not yet participated in this field. As such, I would like to know the most effective approach to learning forex trading and which app you believe is the ideal trading platform.

Thank you.
 
Begin with a demo account, avoiding the use of actual money. The prices within the demo are identical to live trading, but the funds used are not genuine. This approach is considered the most effective means of learning. Notably, eToro offers this feature, and other platforms likely do too. If you achieve consistent wins for three months, then you may consider investing actual money. However, it's essential not to become greedy, and three months should be viewed as the minimum timeframe.
 
What makes forex appealing? It heavily relies on macro factors and is often considered one of the most challenging assets to trade. Alternatively, I prefer exploring cryptocurrency trading due to its volatility, which can be advantageous in trading. For those interested in news trading, I recommend following Tree of Alfa on Twitter or checking out Hsaka for Alfa updates. Additionally, Cryptocred offers a free trading course on YouTube.

Moreover, it's essential to either use a paper account or invest an amount you can afford to lose entirely. Personally, I have attempted to delve into forex trading, but it demands a significant amount of time and can lead to becoming overly engrossed in the process.
 
Moreover, it should be noted that forex, commodities, and stocks represent more mature markets, indicating a higher degree of optimization and consequently, a reduced opportunity for gaining a competitive edge as "everything is priced in."
 
Trading and monitoring market reactions to news is an all-day, everyday activity. Avoiding demo trading is recommended as it offers no real-world learning due to the absence of stress, while psychology is a significant 50% aspect of trading. Being prepared to accept losses is crucial for making profits, similar to any other business. Achieving profitability may take years instead of months, an accomplishment that eludes many traders, just like in other businesses. Notably, forex trading follows the same pattern. Interestingly, even if you don't execute any trades in January, you will already surpass 90% of all traders in terms of success.
 
Sleyouot said:
Trading and monitoring market reactions to news is an all-day, everyday activity. Avoiding demo trading is recommended as it offers no real-world learning due to the absence of stress, while psychology is a significant 50% aspect of trading. Being prepared to accept losses is crucial for making profits, similar to any other business. Achieving profitability may take years instead of months, an accomplishment that eludes many traders, just like in other businesses. Notably, forex trading follows the same pattern. Interestingly, even if you don't execute any trades in January, you will already surpass 90% of all traders in terms of success.
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I would like to share a personal experience regarding the ftx fiasco. Prior to this incident, I had never made a significant profit. However, when some of my money got stuck there, I decided to trade it, reasoning that in the worst-case scenario, I'd lose it anyway. Surprisingly, I ended up making 3x the amount in just 2 days. I believe this success was largely due to my lack of emotional attachment to that money. It taught me that even if you think you're not attached, you might still be unconsciously influenced. This experience highlighted the vital role psychology plays in trading and financial decisions.
 
FinestNyc said:
Hello, thank you for taking the time to read my message.

I have some important questions that require serious answers. I am 21 years old and have a great interest in internet marketing, but I have not yet participated in this field. As such, I would like to know the most effective approach to learning forex trading and which app you believe is the ideal trading platform.

Thank you.
Click to expand...
The BabyPips program takes you from a beginner to an expert, and it's completely free. By the way, make sure to engage in paper trading until you discover a profitable strategy and maintain a completely emotionless approach throughout the process.
 
Cetical said:
Begin with a demo account, avoiding the use of actual money. The prices within the demo are identical to live trading, but the funds used are not genuine. This approach is considered the most effective means of learning. Notably, eToro offers this feature, and other platforms likely do too. If you achieve consistent wins for three months, then you may consider investing actual money. However, it's essential not to become greedy, and three months should be viewed as the minimum timeframe.
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Cool thank you.
 
If you head over to Youtube and search for ICT or Inner Circle Trader, access his playlists, and begin with the Inner Circle core content, you'll set yourself up for great success.
 
Braines said:
If you head over to Youtube and search for ICT or Inner Circle Trader, access his playlists, and begin with the Inner Circle core content, you'll set yourself up for great success.
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Absolutely, ICT is the finest trainer.
 
The playlist "Understanding Hybrid System" can be found on Tradersreality's YouTube channel (YT).
 
Forex trading is deceptive; many influencers and YouTubers promoting it are merely sponsored by forex brokers, earning commissions from new sign-ups. They showcase prodigies allegedly making millions, but it's all a facade to entice you into joining their platforms. Beware, as these platforms may trade against you. Anton Kreil exposes the unsavory practices of forex brokers.
 
It is advisable to avoid forex trading without any knowledge, as it is a highly risky venture where many people end up losing their money.
 
While day trading on Forex has the potential for profitability, it's important to bear in mind that only a small fraction of day traders, less than 10%, manage to make any profits. Although precise figures are unavailable, a cursory examination of major Forex brokers like OANDA reveals that over 70% of traders end up losing money. The proportion of people who achieve a substantial income is far from 30%, more realistically around 5-10% or possibly even less.
 
Cetical said:
Begin with a demo account, avoiding the use of actual money. The prices within the demo are identical to live trading, but the funds used are not genuine. This approach is considered the most effective means of learning. Notably, eToro offers this feature, and other platforms likely do too. If you achieve consistent wins for three months, then you may consider investing actual money. However, it's essential not to become greedy, and three months should be viewed as the minimum timeframe.
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For any form of investment trading, including stocks and options, I used to paper trade many years ago. It's essential to be truthful with yourself as well.
 
Greetings! I am a funded forex trader associated with FTMO and MFF, currently managing a capital of over $600,000. I noticed that some people here have recommended exploring ICT content. Indeed, the knowledge you can acquire from ICT is incredibly powerful, but it requires a considerable amount of time to fully understand. My advice is to concentrate on understanding market liquidity, as it is the key approach employed by banks and major institutions to execute their orders and actively participate in the market.
 
Learn on Udemy and YouTube, and practice while also joining a community of traders for their valuable support.
 
Prepare yourself to potentially lose money when trading Forex, as significant gains often come with significant losses.
 
Given that Forex Trading is a complex MMO approach, I strongly recommend opting for personalized ONE ON ONE COACHING!
 
Learning forex or trading from anyone else is not possible. It's not something that can be acquired through courses; only personal experience can truly teach it. While videos may aid in understanding the basics and how the market operates, to be profitable, one must use a demo account and embark on self-guided learning. Effective risk management is paramount. I hope this advice proves beneficial. Becoming a consistently profitable trader may take anywhere from 1 to 2 years.
 
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