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Keep It Professional and Friendly! I was introduced to babypips to learn all about forex and such to get an understanding of it and I did learn a bit but I feel there is way too much of it.
1: No empty news articles without analysis
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The offer of currency pairs can also vary from broker to broker. Many brokers offer only the majors, and then a few minor pairs. There are, however, a great deal of less-traded pairs that merit attention, and it may be worth finding a broker who offers a great variety. Ease of use of the trading platform is another important offer from a broker. The platform should be easy to use, visually pleasing, and have all the tools that the trader likes to use.
The trader should have no difficulty working with the platform so that there are no mistakes when trading. One other factor that may affect your choice of a broker is customer service. This can vary wildly from one broker to another. Trading forex is a hour activity, so your broker should certainly offer full-time customer service. There should also be rapid intervention if you have a problem making a withdrawal of funds — one typical problem with forex platforms is that it can awkward trying to get your profits out.
Your platform should have a consistent withdrawal policy and, if something goes wrong, customer service should intervene without delay or any issues.
Similarly, if there is a trading problem — that is, if the trading software malfunctions — your customer service should unwind the trade for you without any questions. We have debated adding a review section to each of our broker pages, but in researching other forex site a trend is clear: It is easy for people who have been sold a 'make money online' dream to feel scammed if they very quickly lose their capital - but is this the fault of the trader, the broker or the website or mailing list who sold them on the dream to begin with?
Likewise, due to the vast sums moving through the financial markets each day, it is not hard to find suspect reviews, either absurdly positive ratings that suggest they were written by a member of staff from a small time broker, or aggressively negative posts that appear to be an attempt by unscrupulous brokers to smear their competitors.
In our view one of the best steps you can take is to choose a broker that is regulated by a organisation that actually has teeth. While the UK's old regulator, the FSA, used to take a lax approach to regulation, in recent years they have taken a particularly hard line with brokers. This may mean a more laborious sign up process, as they must now meet stringent money laundering requirements - but in turn it means they, and the partners that advertise them, are strictly limited in the claims they can make so you know you're not being oversold.
They must also meet much tighter licensing and accounting procedures so you know your money is safe. To choose between the regulated brokers, we suggest taking a good look at the spreads they offer and the quality of their trading software.
Sign up for a demo account or take a no-deposit deal and test the waters - can you see yourself using this platform every day?
Is it responsive to your trades, or do you witness slippage in placing or closing your positions? You must be willing to explain your analysis and reasoning for the trade.
Please do not ask for trading advice. Do your own analysis. There are a plethora of subs devoted to the various crypto topics.
This sub deals with fiat currencies backed by governments. Refrain from discussing crypto. Also, any conspiracy thought about crypto replacing Forex is considered a troll post and will see that poster escorted out. I was introduced to babypips to learn all about forex and such to get an understanding of it and I did learn a bit but I feel there is way too much of it. Should I stick to babypips and read all of it?
Are there any other good resources out there? I have a demo account and started doing very minor trades to get hands on practice, but the chart predictions kill me. You should read all of it and if out what works for you. It's a slow process but in the end it will be worth it.
Investopedia is a great resource imo for noobs. Im not trying to have a go at you but people need to realize this isnt an easy thing and some of these posts are pretty ridiculous. If very good for starting, however many of the things learned there are quite outdated. Certain things are not working as good as 5 years ago, and the pip movements became now a' days. One major problem I have with babypips is it's heavy coverage of indicators as being the base of your system and not touching on price action that much.
In my opinion if you want get serious about trading, go to babypips school but skip all the crap on indicators at babypips and when you're ready, learn in depth about support and resistance zones and pure price action elsewhere. Babypips is a really good place if you are completely clueless about forex. I would strongly suggest you read and try to understand all of it. It is structured progressively and the contents are easy to understand. Not really relevant but if you think babypips is way too much, you'll have a hard time picking up forex.