What's The Best Way To Learn Forex Trading
Welcome to a new blog post. This blog post will be about what's the best way to learn Forex trading. 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.
What's The Best Way To Learn Forex Trading?
There's many ways to learn how to trade the forex markets but it mainly depends on your own situation and how you learn. If you have enough money to either buy a course from an expert or put money into the market and learn as you go, then this could be a great way to shorten the learning curve.
The first example would be buying a course from an expert. This can be good but you need to make sure you so called expert knows what they are doing. Especially in the Forex trading industry there are many traders that market themselves as experts but have no idea how to consistently make money trading. Do your research and make sure the person you're learning from actually makes money trading and not just selling the courses. I would suggest doing a price action course and then a psychology course. These are the only two courses I would recommend to any new traders. I believe that if you have a strong price action and psychology based strategy, anyone can make money trading the foreign exchange markets successfully. Take notes, re-watch the videos as much as possible and ask questions to the person who created it or if they have a community, put questions in the chat. Learning from other traders that have done the same course can be helpful and can give you a better understanding of what the course is about.
The second example is to put money into the market and learning on the go. This is an expensive way to do it but you will see how much psychology plays a role in trading and if you have the mentality to trade already. You will most likely lose all your money and get very annoyed so be prepared. I would record everything you are doing. Take notes. This will be a very valuable exercise in the future for you to watch back and It could be something that knocks years off your learning curve. I would suggest trying to find a mentor or do a course after this exercise though as just doing this on its own will not give you anything but frustration and cost you a lot of money.
The way I would personally learn how to trade the Forex markets would be to do a course similar to the first example, a price action and psychology course. Then I would reach out to mentors on Linkedin and see if I can work for one of them for free and they would teach me in return. I would only message traders that I know are actually profitable but I would not be afraid to message traders that are big. By big I mean institutional traders or bank traders. Most of these guys will ignore you or just won't have time to mentor you but if you don't ask, you don't get. I personally got my own mentor by reaching out and just asking.
The next steps I would take is to consume as much content on trading that I possibly can. I would not actually trade the systems that I see but I would take notes and see what people are doing. This will give you an insight into what works and what does not. If you learn price action, supply and demand and finally psychology I think you can be consistently profitable very fast. By very fast I mean between 6-18 months. I will link a very good price action teacher below so you can start learning the basics of the way I trade.
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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.