What's the best way to learn about Forex Trading?
The best way to learn Forex is – do it step by step.
It is very important to understand that Forex Trading is a job and trader is not easy profession, but when you start making profit on Forex, you will feel like fish in a water, and become financially independent.
Most of traders wish to reach this aim. But unfortunately, due to bad thoughts “become rich quickly”, can’t reach success on Forex.
For reaching certain aim in any sphere or topic, we should to spend certain amount of time. So you must be ready for this.
By my trading experience, I can share the BEST and fast way learning Forex.
Step 1 – Find basic information about Forex in Internet, Google, Youtube, etc. You can read some articles, short books, watch videos. With basic information, you will understand what is Forex, how it works and main features of Forex Market. It will not take a lot of time, should take couple of days.
Step 2 – While you are learning basic information you download Forex terminal, where you can make trading on Forex. Same procedure, use Google and search for most popular platform – MetaTrader 4, there are many companies (Brokers) who provide this platform. Download any you like.
Step 3 – Go through the Forex trading platform, open DEMO account in the platform, check how it works, settings, open different currency pair charts, try to open orders, buy/sell, etc. So spend 1-2 days on checking how MetaTrader 4 works, maybe find some information in Google or Youtube and you will understand it quicker.
Remember, all this should be for FREE. Don’t spend money on it. All Internet is full about this information.
Step 4 – When you know already some information about Forex, made test trading on MetaTrader 4 demo account, you can move forward. You have to dive into Forex, but not too deep, as deeper you will dive, slower things will go.
You need to search some books where is described about trading, what need to know for trading. In short, here is list of information that is necessary to know for trading:
- Candlestick charts
- Time frames
- Classic patterns
- Technical and Fundamental analysis
Don’t need to download hundreds of books, it’s enough to check 1-2 books, as all information will be the same in all other books. If you will download 10 books, you won’t find anything new, so don’t spend time on it. Better way will be if you read 1-2 books and make trading.
Read these books several times and compare everything on LIVE charts of any currency pair. It is important to make daily practice, if you are unable to trade within the day, try to trade as minimum once per day, as you need to see the market every day, how market moves and compare all things from books.
There is another way of learning, check on Youtube absolutely same information, and watch videos. Make everything same, keep the information and compare it on the charts and trade.
Another way is to find a local company that provide this information by FREE courses. There you can also get same knowledge, write them down in notepad and while trading check and compare the information.
Step 5 – This step is additional. 99% of traders start searching for Forex Trading Strategies in Internet. I have passed this procedure as well, so if you decide to do this, I recommend you to get 1-2 strategies, test them and see results, it will be good for your experience. I wish you find something workable, but in my experience, strategies that I used, didn’t bring me good results. So I had to build my own strategy.
Traders that test different strategies, change them one by one, go deeper and deeper, they just spend time on hoping that there strategies will bring them success. BUT, imagine how many strategies you can find in Internet? Thousands… so thinks, how much time you will spend on them, and decide, you need it or not.
Step 6 – if you didn’t go step 5, or just made some tests of several strategies, try to build your strategy based on things that I wrote before, necessary things for trading. Make practice and use only these things, day by day, don’t give up. You will see that it is easy for using and don’t need to spend a lot of time on other things.
Step 7 – While you are practicing your strategy, strictly follow it rules and NEVER trade by your emotions.
Step 8 – Follow money management, to make low risks.
Step 9 – When you are ready, move to real account and trade!
Wish you all the best!