Hello everyone, I'm new in forex trading

FTMO Trader Scouting

rupali singh

New Member
Hello everyone, Im rupali, I recently started with Forex trading, I'm using a thegoodoutlook consultancy service for learning Forex trading and Im doing well, do you guys can give any suggestion for Forex trading as Im new to this.
 

HeavLeighG

Well-Known Member
Hi Rupali! If you don't mind me asking, how much are you paying the consultancy service and do you feel that they are doing their job in helping you? My best advice is to start trading on a demo account and to be sure to go with a reputable broker. There are plenty of good ones (Trade245, Oanda, CedarFX, and the list goes on), but I've also been seeing a ton of people being scammed lately. Be sure to do a lot of research before choosing one.
 

LuckyMac

Well-Known Member
Hi Rupali, hope you are doing well and welcome :) be sure to post your progress or any questions you have
 

Johnnyjoe

Well-Known Member
Use all the free resources first would be my advice. Youtube has tons of free info
There's a few we'll moderated FB group too
 

gon

Well-Known Member
Hello everyone, Im rupali, I recently started with Forex trading, I'm using a thegoodoutlook consultancy service for learning Forex trading and Im doing well, do you guys can give any suggestion for Forex trading as Im new to this.

I would advice you to keep certain distance from anyone trying to teach you support-resistance (trendlines included) techniques as well as fibonacci-based trading. Being free or paid tuition. Basically, anything based on a breakout or breakdown, anything based in trading levels or random patterns with exotic animal or object names; I would avoid it.

I may be wrong, but it is what my experience and what I have observed from others tells me.

I basically trade an implementation of ICT and it does work for me. But ICT is I think too complex to be recommended as the first strategy to learn.

Instead, I think it is better for you to spend one or two years studying different styles, testing them using backtesting tools yourself always in demo or simulation environments, and then decide what works for you.

But I can tell you that support+resistance theories, with chart and candlestick patterns, that will probably the first thing you will learn and you will never see it working in any way.

As I say, I may be wrong, others could add to these ideas another perspective and a specific, repetitive, backtested by them and non-subjective set-up that works.

Another thing, what it is important here is the method, not the person who will teach you it. A trained chimpanzee could teach you a lot about trading even if that animal would not ever be able to trade.
 
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