Hello! Welcome, this post is for those that are new to forex trading or beginners that want to learn how to trade forex. Babypips is indeed a very good forex learning platform especially for beginners; it has a simplified concept with a lot of examples.
We hope this article will offer you an idea of where to begin if you’ve always wanted to learn how to trade forex.
Babypips Forex Learning Platform
The courses offered by Babypips range from preschool to graduate level that is from beginner to expert level.
I started my forex experience with babypips and have never looked back ever since that’s why I decided to write about it and I also highly recommend it.
Babypips site is totally free to use so that gives you more money to invest when you decide to go live. Babypips is a very good place to learn forex easily especially the basics, and the topics are in chronology for beginners.
They will learn a lot and in fact, you can start trading on a demo account which further enhances your learning process. Remember, babypips is great for learning the basics and getting the terminology correct. However, you will be spending nights surfing through the web for more information as babypips is mostly introductory to the world of forex trading; you will really need to read and read.
What this will give you is the knowledge but implementation of this concept is what you really will require to be able to succeed in this forex trading game. On your journey, you can also try some other resources like investopedia.com.
How to Trade FX
Learning how to trade with forex varies from person to person but I think it is easier to learn by video tutorials.
One unique aspect of this forex market is that there is no localized marketplace for trading. Currency trading is done via electronic means, in the comfort of your home or office. This means that all transactions occur via computers, which include mobile devices among traders around the world.
Trading currencies which is what FX is all about can be risky and difficult to comprehend by many. The market has varying degrees of regulation, and some instruments are not standardized. In some nations, forex trading is completely unregulated by the authorities.
This is why you need to really learn this trade by the scruff, and learning with babypips is a great start.
Stages in learning with Babypips
In this stage, you will learn currency trading forex trading FX trading this stage is for those that are totally clueless about forex trading and it’s an introduction to the foreign exchange market.
- what is forex?
- how do you trade forex?
- when can you trade forex?
- who trades forex?
- why trade forex?
- trading 101 understand how your margin account works
In this stage, you will learn the basics of how to choose a forex broker and also how to analyze the currency market.
Outline for kindergarten stage
- forex brokers 101
- the three types of analysis
- types of charts
Stage 3 is the beginner’s guide to technical analysis in forex trading
- support and resistance level
- Japanese candlesticks
- moving averages
- popular chart indicators
4. Middle School:
This stage will teach you how to properly use chart indicators, spot chart patterns, and use pivot points.
- Oscillators and momentum indicators
- important chart patterns
- pivot points
5. Summer School:
This stage will take your technical analysis and charts skills to another level.
- heikin ashi
- Elliot wave theory
- harmonic price pattern
6. high School:
This stage will help you dig deeper into more technical analysis concepts like trading divergences, breakouts, and using multiple time frames when reading charts.
- trading divergences
- market environment
- trading breakouts and fakeouts
- fundamental analysis
- currency crosses
- multiple time frame analysis
7. undergraduate freshman:
You will learn babypips calculator, and how to gauge whether the market is bullish or bearish and also how to trade during news releases and how to potentially make money without price moving.
- market sentiment
- trading the news
- carry trade
The stages continued to stage 11 and at this stage, you are supposed to have developed the proper risk management skills and mindset so you don’t become the 95% of traders who end up losing their money.
You must remember that the key to every success is Patience. the same applies to using babypips to learn forex trading.
How to get started with babypips
visit babypips.com app or site, click on the “join” link from anywhere on the website. Use your email or social media accounts to register. It is that simple and completely free.
Generally, by using babypips you are going to get answers to many questions like what is forex trading or FX? what are currency pairs? etc…
Finally, depending on what you want to learn, babypips.com school has good information for beginners at least I used it much when I was in the learning stage. the article materials and quizzes do help a newbie go through the details of this forest market in a fun manner.
Their school of pipsology covers every topic, both basic and advanced which is very helpful for a beginner. Plus, their site is available for free and they’re not charging you anything for the course.
The New School of Pipsology is designed to help you acquire the skills, knowledge, and special abilities to become a successful trader
Also, watch out for our next article:
How To Trade Trends In Forex Market –
Forex trend is an important term of technical analysis which gives information about the overall market direction. A trend can be either long-term or short-term, based on fundamental economic, sentimental, and other influences. Trading through the trend is one of the best trading methods and a perfect forex strategy to maximize income (Ref).
Forex Trading for Beginners – The Maravi Post