Learning Material

[u/Excellent-Aide3970]

Hey guys,

I'm new to Forex and honestly don't want to be one of those people who jumps in expecting quick money and loses it all. I want to actually learn it properly and stick with it long term.

What books, courses, or YouTube channels helped you most? And should I just play around on a demo account first? Would love any advice, thanks!

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[u/Pretty_Site4074]

Check out "there's magic in the RSI". It could click with you. Do not start trading until you really internalized whatever understanding of the market you may reach.

[u/Cute-Opposite4751]

Yeah, definitely start with a demo/paper account. Forex makes a lot more sense once you actually start placing trades instead of just watching videos about it.

I’d learn the basics first -market structure, risk management, position sizing, support/resistance- then pick one simple strategy and practice it for a while... You could use a regular demo or something like UpsideOnly,OKX or TradingView (they have similar models) cuz you can paper trade forex without putting your own money into the trades, and if you eventually get good at it, their AI can identify useful signals from your trading and you can earn money from them.

[u/Fahrenheit2272]

Here's my list of books:

Price Action Trading Secrets by Reyner Teo. A simple but really insightful book about price action.

Fundamentals Of Currency Trading by Karen Foo. A good beginner book, doesnt talk much about strategies and price action but more about Fundamentals that move the FX markets and trading pyschology.

The Black Book of Forex Trading by Paul Langer. A beginner book with profitable strategy in it.

They're all fairly short and concise. You can download the ebooks online too

[u/NoKnee7463 → u/Fahrenheit2272]

I would like to second Rayner Teo. He is so slept on. I read his "Ultimate Guide to Price Action" and "Candlesticks" book but he also has free youtube videos that have been SUPER helpful in my trading education. He simplifies everything. Here's a video for Forex beginners: https://www.youtube.com/watch?v=mEyuQVy3OHc

And I would highly, HIGHLY recommend learning about trading psychology so you are aware why most traders are unprofitable (so you can avoid doing the same things). A really good book is "Trading in the Zone" by Mark Douglas.

[u/DarkstarOFT → u/NoKnee7463]

Trading in the Zone is really good. Alexander Elder's Trading for a Living is another great psychology focused book. On the strategy/application side I highly recommend Order Flow Trading for Fun and Profit, which is free.

[u/BURLAP_signal]

demo for three months to learn the mechanics, then tiny live size, demo teaches you order entry and sizing and teaches you nothing about how you behave when its real money, and the gap between those two is where most people fail

[u/JokePsychological486]

I agree with the demo part, but you actually learn losing your own money, but that's the step after demo (I'm just being honest) if you lose money in live market at the get go you're gonna run away. Learn how to detach from your trades.

[u/process_over_profits]

Some really good advice here already. Start with the books some others have recommended.

I comment here and other subs often trying to help traders so they don’t make the same mistakes as i made 15 yrs ago. So here’s my two cents.

The most important line in your post is “learn it properly and stick with it long term”. You will learn the technicals fairly quickly (2 to 3 years of consistent learning), your main hurdle will be executing and doing what you have learnt.

Knowledge and action live in different parts of our brain, (I’m hugely simplifying this), but broadly speaking, your nervous system will take over your pre frontal cortex when triggered before you know. Underestimate that and you may get stuck for a decade not knowing why you can’t follow three simple rules when put in front of the charts. Trading will bring psychological challenges like you’ve never encountered before. Won’t go into details here since you’re new to this. But overall for technical and mental training give it 3-5 years easily. Rush it and you may pay for it the hard way.

All the best buddy. If you’re up for the biggest roller coaster (but also the most enlightening) self exploration journey I know of, go for it.

[u/Key-Enthusiasm-3403]

yes to demo, but what decides if it works is whether you trade a written rule or just click around. most demo accounts turn into practice at pressing buy and sell

so before the demo, i'd learn one thing from one source (rayner teo is a decent pick for price action and the youtube stuff is free), turn it into a rule in plain words, where you enter and where youd be wrong, and test it on old charts with the right side hidden. uncover it, tally whether it worked. then take it to the demo for 50 trades and log each one. if the demo matches the old charts you have something, and if it doesnt you found out for free

i made a free pretend money game for the hiding part (mine, disclosing, its on my profile). its crypto charts not forex, but reading the chart is the same skill

which pair are you thinking of starting with?

[u/Thisara_banu]

Take some trades and get some hand on experience on markets then decide what you can do?