How To Start Forex Trading


How To Start Forex Trading

This is one of the most requested articles I've to write because everyone asked me how do you get started in forex? Because so many people from all kind of backgrounds can do this, so the first thing you need to know is we live in a digital age which means this is something you can do using the internet, your phone or your laptop and anywhere in the world

Let's go with a mobile phone for example first thing you need to do is download a piece of software called Metatrader4 from the App Store when you open the app it will look eventually like this below
How To Start Forex Trading

What that means you've got a list of currencies, they're pairs and there are buy and sell prices that are fluctuating with the time right now because it's a current market date

Usually, if you download the app on your phone it's not linked to a broker

What Is A Broker?

Broker in a very quick summary is the middleman connecting you to the bank. Because normally you cannot pick up the phone to a bank and say I'd like to trade some euro against the dollar

They're not interested in speaking to anyone unless you've got millions in the bank and that's it about the broker.

This is why Forex is such an amazing thing for anyone from any background because you can start from as little as $50 as long as you've got the right broker you're working with

Read: Forex For Beginners - How To Trade & Make Profit

Demo and Live Trading

There are two types of trading platforms "Demo and Live Trading"

Live trading is what I prefer because it's real money a real psychology everything else

Demo a lot of people try and play with to start because they're not sure what the market is doing and to be fair this is fairly ok if you've never had any education in financial trading and you just want to get a feel for it

Demo trading is fake money but realizes it's fake profit and it's also fake psychology because you can get trapped in thinking you're right, so I don't really like the demo so if you can try and avoid using the demo for longer than one month because it will get you into bad habits

Live Trading

Live Trading is something you want to do with real money as little as $50, try and get educated in the financial markets and go straight on to live as quickly as possible because live trading and live money make a real profit, and real losses really teach you a lot more than the demo account

Trading Education

Education is very important you can do that from ideally getting a good mentor and that is the best way to be good at trading financial markets, I would stay away from things like baby pips forex factory, anything that is teaching online forums, home trader etc

One thing about private traders they will talk about how good they are and unfortunately this market is full of fake accounts and they show fake results a bit more demo stuff

It's not so much about how good they are, a good educator will create better students

The most important things in your education that you must get is 

Risk Management

Risk management means how much are you willing to risk on your trade per day, per month, how long you look at it in a year or six months profile so you need to understand that whoever you learn your education from making sure they teach risk management very strongly

Constantly educate yourself take trading like a university degree or a lifetime challenge it's way stronger than a three year course it's a lifetime so really do trade and educate yourself throughout your years and not just for like a week or a month or even three months and think that you have know everything because the biggest journey in trading is learning your psychology of trading because when you start losing that's when people go crazy

They don't know what they're doing with themselves and that's when things go out the window

Author:

Hi, i am Micheal, the guy behind Roadtosuccesse. I share tips and tricks to help take a business to the next level, show which systems I personally endorse and use, share what I learn as a student of the game, and help people with personal development so that they can reach their full potential.

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