Just imagine how much more quickly you might have figured it out, if you'd read a book first and knew what "support" and "resistance" signify and how they can be seen and interpreted on market charts.
What are the top books for new forex traders to read?
- Thread starter metsfan33
- Start date
Just imagine how much more quickly you might have figured it out, if you'd read a book first and knew what "support" and "resistance" signify and how they can be seen and interpreted on market charts.
In practice sometime not easy to implemented theory because psychology in trading also has high role which emotion like as greedy and fear often leading trader to making any decisionJust imagine how much more quickly you might have figured it out, if you'd read a book first and knew what "support" and "resistance" signify and how they can be seen and interpreted on market charts.
You're confusing two different things, here.
What you say about "psychology" is perfectly true, of course, but it isn't a reason not to read a book about the technical aspects of trading before looking at live charts: nobody can learn how to identify support and resistance without first knowing what they are!
It's very fashionable, these days, especially in forums, to attribute beginning traders' problems to "psychological factors", but that doesn't change the reality that most aspiring traders never make any money because they don't know what they're doing and the trades they put on never have any genuine positive net expectation at all. That's correctable by reading textbooks - not so much by gazing at charts or "mastering psychological factors"!
Last edited:
I quite agree. It's easier to quantify my books by the metre rather than count them, and I started by buying and reading books on the basics of trading. Elder, Van Tharp, et al. I then moved on to more specialised books, with a narrow focus, like The Logical Trader.
I think of it this way. The average book costs what, $50-$70? We risk more than that on a trade.
Mostly I look on a book as a way to open my mind to ideas I may not have. I trade alone. I don't discuss my ideas with anyone. Reading a book is like having someone saying "hey, did you think of this?" Well, this is often nothing I would use, but by taking my thinking outside the routine, I often get ideas about what I can look at with my own system. The same value I get from the better posters here on ET.
I'm more selective about what books I buy nowadays, but I'm still buying books. So yes, if you are a beginner, please help yourself and start with reading books, as many as you can afford.
Yes.
He uses the word "game" as a metaphor, perhaps, rather than literally; but he's clearly right about mastering risk-management being an essential.
I suspect that as many people go wrong through not understanding that as through not having an "edge". If you're not familiar with working out appropriate position-sizing, then an "edge" isn't much use to you, anyway.
Ralph posts here, occasionally, by the way.
You, yourself said that you acquired basic knowledge about Forex through hot forex and it is advisable to start demo trading after understanding some basic terms which you did before entering.
I think use demo account also useful, but will better if also already having knowledge like as how to analyze based on technical analysis might using indicator to learning purposes, and make sure if really understand easiness and difficulties in trading as early prearation
Definitely this one If you are complete newbie then try some forex webinars where you get information with hands down. For example these https://www.hotforex.com/hf/en/trading-tools/trading-webinars.html
I am often read some broker offer webinar for learning we based, but so far never try it and just curious, whether in webinar as participant will do like as chating or video call to listen webinar?