How To Get Started in Forex Trading - Beginners Guide
When you finally decide that you get into Forex and you have a reasonable strategy, the Forex and Futures market can be a very rich and rewarding experience for those who start off on the right foot. I have seen many jump in head-first with no previous training and no trading plan, failure will only be around the corner. In reality, if you have no trading plan and no real idea of what being a successful Forex trader comprises, then you will quickly develop and all the wrong habits since trading is not a normal emotion, you must learn. This article is written out of personal experience and will give you a guide to help you.
Building a Base Of Knowledge
In my 20 years of experience trading most traders will skip the important base rudimentary basics that work. Many see trading as a get rich scheme and think they can step in and start making money from the start. While it may seem like you can ignore learning about the basics of Forex, doing so is a very big mistake that many beginning traders make, and many don’t even realize they are making it.
You need to take some time to learn about the Forex market and get familiar with the ‘lingo’ and terminology used by traders. You would not expect to take a university physics class and skip ahead to the most advanced chapters; instead, you start at the beginning and work your way up, and everything builds off the previous information you learned. It is the same thing in trading, but for some reason many traders don’t seem to behave as if it is. Thus, if you want to properly prepare yourself for a career as a trader, you need to ‘pay your dues’ and start at the beginning, learn the basics and build a foundation to work from, you can get this introductory Forex and Futures Trading course to help you get started.
This is something I put together and it will save you a lot of frustration, and money by telling you this; all you need to make your entry and exit decisions. I do use indicators and when used right I find them to be excellent. Trading is mostly psychological and most people over emphasize the technical analysis side of it. This is why our course is the only course on the web that focuses on the mental well being of trading to help to cultivate your trading habits towards success.
When are you ready to trade Forex and Futures with Real Money?
Before you begin trading be sure you are in a situation where you can afford to lose the money that you are trading. If you are planning on funding your trading account with money that you might possibly need to live and support yourself like food etc... then DO NOT BEGIN TRADING! You must be in a position where if you lose this money you will be fine, it will also play on your mental trading decisions if you trade with money you cant afford to lose because you will make rash trading decisions on entries and exits.
Its best to demo-trade for a month or two or three before trading your real money in the markets. You must develop a good method for entries and exits so that you already know what to look for and what to do when you trade with real money. Its very important to know before you get into a trade where your exit may be and where your stop will be.
Just like anything in life the best learning tool in Forex is to learn from someone that has experience and is successful. The problem is that many people claim to be successful traders but few actually are for long periods of time. Forex Trading is full of people trying to make money by selling trading systems that just do not work. Simple methods work I have noticed.
So, do your research before trading real money in Forex or Futures, its important to have a good strategy and demo test this before using real money. You can try our Forex Trading Course and see the methods we use as I am sure you will be impressed.
- Posted by fx_Trader
- On May 21, 2020
- 0 Comments