Forex Free Learning on Reddit
General Insights on Forex Trading
Hands-on Experience: Many users emphasize the importance of hands-on experience in trading. One user mentions, "Hands on is a must for me even with help of indicators."
Strategy Development: Users discuss developing their own strategies and EAs. One mentee shares, "if you have the time and patience to learn how to code on mql5, give it a try."
Emotional Discipline: Emotional control is crucial in trading. One user points out, "The reason why I said you need to LOVE trading because learning to trade properly and think and behave like a professional trader is one hell of a journey."
Social Isolation: Trading can be socially isolating, especially on bad trading days. One user mentions, "Agree, trading feels very socially isolating. Specially on bad trading days."
Forex Trading Strategies
Sticking to a Strategy: Consistency is key in trading. One user advises, "Find a style that works for you."
Timeframes: Users recommend focusing on specific timeframes for trading. One user mentions, "Use daily charts, TA is as you feared, largely bull****."
Pair Selection: Some users suggest focusing on a limited number of pairs. One user says, "Don't trade them all. Look for the markets that have the lowest spread."
Risk Management: Proper risk management is crucial. A user emphasizes, "Learn risk management."
Forex Courses and Resources
Online Courses: Some users recommend online resources for learning forex, such as BabyPips and NoNonsense Forex on YouTube.
Books and Mentors: Recommendations include books like "Understanding Price Action" by Bob Volman and finding mentors to guide learning.
Personal Experiences and Recommendations
Patience and Commitment: Users stress the need for patience and commitment in learning and trading. One user states, "if you learn low risk trading strategies and good fundamental and technical analysis tools, it can be one of the most profitable skills you learn."
Daily Commitment: Some users mention the necessity of actively watching the market during sessions and daily studying to succeed in trading.
Potential Rewards and Challenges: Users acknowledge the potential rewards of forex trading but also outline the challenges that come with it, such as emotional discipline and consistent learning.
Financial Considerations in Forex Trading
Starting Capital: Recommendations vary, with some users suggesting starting with at least $3k, avoiding high leverage, and focusing on consistent growth.
Financial Position: Users mention the importance of having adequate capital and investing wisely to succeed in trading.
In summary, Reddit users emphasize the importance of hands-on experience, strategy development, emotional discipline, and continuous learning in forex trading. They recommend resources like online courses, books, and mentors, and stress the significance of risk management, sticking to a strategy, and selecting appropriate timeframes and pairs. Additionally, users share personal experiences, highlight the commitment required for success, and discuss financial considerations in forex trading.
