How To Start Forex Trading Today
Welcome to a new blog post. This blog post will be about how to start Forex trading the right way. Please remember I am not a professional trader and I am not giving financial advice. These blog posts are here to guide and give my own opinion on trading the markets.
How to start Forex trading today.
First of all you will need to make sure you are committed to actually learning how to trade. This is not something you can try and expect to make a consistent living with. The Forex market is massive and has banks and professional traders trying to take your money. If you want to go against these traders and successfully win. You need to make sure you put the time in and actually learn the basics and work your way up to trading a live Forex account. To make trading something that can be profitable and supply you with the lifestyle you would like to gain from trading, you need to give 100%. This is not Trading is not something you can give half effort and expect to have any success in. The odds for success in trading for retail traders is very low and the standard of trading is always rising as new traders come in a try to make their dreams a reality. You need to make sure that your own potential as a trader is fulfilled and that you give yourself the accountability to make yourself the best trader you can be. It’s easier to do this with fellow traders and being able to share ideas with fellow traders that can inspire creativity and feedback within the markets.
A great tool to share ideas with traders is called TradingView. It allows you to almost screenshot where you are and in the future you can see where the markets actually went. It’s a great way to not actually risk capital but see if your trades are accurate and your system actually works. People can give feedback and comment on our trade ideas which is a great way to improve over time.
I suggest going through babypips.com educational section and taking notes. If you don't understand something, make sure to search it and do your research. Once you have a basic understanding of the markets and how to trade using a broker or metatrader, I suggest looking for a trade you admire. Find someone who is either a trader you can verify the results of or a professional trader for an institution. Finding someone who is already doing what you want to be doing is a great way to learn. If they are willing to teach you what they know, It can knock years off your learning curve, saving you a massive amount of time and money. As well as learning a strategy that works from your mentor, they will most likely teach you about mindset and psychology within the markets, which is the most important aspect to trading profitable for the long run. You also do not need to know your mentor to get mentored by them. I see many people on YouTube that I would call a mentor of mine. They don't know me but I watch most of their content and learn from them on a daily or weekly basis. This can be a great way to learn without asking or paying for the mentors help.
Most new traders think it is easy to trade and make money. They are correct, it is easy to make money but its very hard to make consistent money from the markets. The whole purpose of trading is to make money and the markets are not here to make people rich. They are here to hurt as many people as possible and give money to the people who understand human behavior and have the patience to trade. The new trader normally has seen how much money you can make trading and thinks that its as easy and buy low and sell high. Many new traders are wanting a quick fix to their money issues but let's say you are here wanting to take a few years to learn the markets the right way. Even though there are many ways to learn how to trade, it is important to follow a few rules. One of those rules is to not follow any traders on social media. All you are going to do is mess up your mind and feel like you are getting nowhere. 99% of the traders on social media are fake and just make money from selling courses. They don’t actually know how to be a consistently profitable trader. You can have a 99% success rate for a strategy and you can still lose money. Have the patience to learn how to trade from the experts. It takes time to learn how to trade and that is rule number two. Make sure you put aside a few hours every day to try and learn something new in the markets.
Someone I learnt from when I started trading was Jason Graystone. He is a trader based in the UK and has some really good videos for beginners and intermediate traders. I will link a beginner video below.
If you have enjoyed this blog post then please consider subscribing so that you never miss a post! You can subscribe by going onto the home page and putting your email into the box and hitting the subscribe button.
I have a trading community where I post all my trading setups so if you are interested In joining, please use this link: https://discord.gg/gP4DNwe
Thank you for your time and I hope to see you in the next blog post.