Hey everyone I’m getting into forex and I was wondering if the book named “The Forex Trading Course: A Self-Study Guide to Becoming a Successful Currency Trader” was a good start??
If it has positive reviews, I’d say go for it as any knowledge early on will help. I personally picked up Trend Trading for Dummies. Read as much as you can, watch as many videos with visual examples as you can, and what I started doing recently with my knowledge gained is fact checking and getting a second opinion through ChatGPT. Using AI may be a controversial take, but all you’re looking for is advice from a tool that gathers all sorts of information based on questions that you ask. You can also send screenshots of charts and ask it to pinpoint certain key levels that you may have missed. Regardless, just do what I said before. Read read read.
Always remember this one piece of advice. It’s not a quick journey to becoming consistent. Profits are one thing, but consistency is key.
Always remember this one piece of advice. It’s not a quick journey to becoming consistent. Profits are one thing, but consistency is key.
Scratch that about remembering that one piece of advice. There is far more you need to remember. But to back up that comment as an important piece, here’s a story. I’ve probably funded my account 10 times after blowing myself out of the water. Luckily they were smaller accounts, except for the one. Two years ago I decided to jump the gun and fund an account with $2000. My first month were all profits. From the measly account, I was profiting roughly $1500USD weekly for 5 weeks. All was looking well because all I saw was profits. Then the cockiness came in to play. So once the week was over, I would of course take out my profits and leave in my $2000 starting balance to start the week fresh. On week 6, I took a plunder. I felt this incredible high as if I was sitting on top of the world awaiting the riches to come with complete cockiness of my trading methods. Please mind you that my strategy and analysis worked and still work for me to this day, however I lacked the most important part. RISK MANAGEMENT and EMOTIONAL STABILITY. I decided to up my lot size by far more than I had it at, which was already too high to begin with for any trader with that small of an account. I lost my whole account within 6 hours. So I decided to take a lot of time off to learn from my idiotic mistakes, which I know will happen to you too as well as anyone else that is starting out. Your journey to becoming consistently profitable will not come easy. Just understand that patience and learning from your mistakes through a demo account is really the only way to go. If you’re constantly losing, don’t be afraid to step away and clear your mind. I know every single person in this Reddit forum has had a similar experience whether they want to admit it or not. Good luck, and I wish you the best to becoming a successful trader.
Always remember this one piece of advice. It’s not a quick journey to becoming consistent. Profits are one thing, but consistency is key.
Appreciate it bro
Never read it. Could be awesome. Dunnno. If you’re brand new, Forex For Beginners – by Anna Coulling is also pretty good. Buy both, read both, absorb both… learn.
Side note, once you get to an intermediate level, these two books are mandatory reads:
- Trading in the Zone - Mark Douglas
- Trading from Your Gut - by Curtis Faith