For beginners I recommend -
- Get your psychology straight
- Don't fall for all the social media hype about forex trading most of them aren't making money they're just there to sell you their courses
- Don't buy/use signals
- Allocate enough time
- After developing some skills, backtest it in real chart then forward test it in real time with demo account (fake money/stimulated trading) for free
- Then and only then go to live account with small deposit like $50-$100
- Don't trade live for at least 6-8 months
- Just because you saw some strategy on YouTube and TikTok, doesn't mean it will always work
YouTube Channels
Beginners
1. Cryptoet -
https://youtube.com/@cryptoet4325?feature=shared
Their Telegram - https://t.me/ETCLibrary
2. Birr forex - https://youtube.com/@BirrForex?feature=shared
- Ethio FX trader Metages Getachew - https://youtube.com/@ethiofxtrading?feature=shared
Intermediate to advanced -
3. The Inner Circle Trader (ICT) - https://youtube.com/@InnerCircleTrader?feature=shared
4. Casper SMC - https://youtube.com/playlist?list=PLX-TZ1t0D_K0L0kKnt7lQxo6Dd9G-3M5L&feature=shared
Book -
'Trading in the zone' by Mark Douglas
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Forex and stock market trading is not a get rich quick scheme!
It takes a minimum of 1.5 years to start to get small profits if you're are extremely dedicated, disciplined and resilient. Otherwise, you will keep losing your money! If anyone approaches you on TikTok or Instagram with something like 'በአጭር ጊዜ ስልክና ኢንተርኔት ተጠቅመህ ትርፋማ የምትሆንበት...' punch them in the face and run for your life! They're all scammers!
Good luck on all your journey!
I will try to copy paste this answer in all forex related questions on Ask anything Ethiopia!
Dec 22, 2023