Thursday, 14 February 2019

Step By Step To Start a 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 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. 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 are 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


Two Types Of Trading Platform -  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 is not so much about how good they are, a good educator will create better students


Risk Management

Risk management means how much are you willing to risk 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 to 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

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