Forex Trading Lessons for the Beginners:
“How can I be a professional Forex trader from a beginner?” This is the most common question I often get asked.
Most of the time I referred them to a few Forex communities/blogs but I’ve noticed there is no single place or guide that shows step by step information and avoids less important topics. Sometimes they create complexity to the newcomers and they loose their primary focus (e.g. BabyPips School), and most of the free courses are design to benefit someone!
I have been requested by many traders and friends to create a knowledge base/guide for the newcomers who want to learn Forex trading seriously without wasting time. This is a mature guideline step by step which you will have to learn as beginners if you want to be a Forex trader. Please follow these information Step by Step and contact me if you have any questions which are relevant to Forex trading lessons.
Step 1:
Things you should know!
- Things you will find into a trading account
- When you will trade currencies
- Chart types which you will analyse
- Trading inistruments you will trade
Things into trading environment
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When you will trade currencies
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Charts types which you will analyse
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Instruments you will trade
Step 2
Types of trader you want to be
Very New or most experienced trader. Kung-fu trader
Smart Trader follow price action in lower time frame
Professional Trader and Fund Manager and medium institution
Corporate, hedge fund
Common trading platforms
Must know about Retail Forex Brokers
In developing nations Brokers often offer IB commission to the introducer who get Commission from broker based your trading volume and they encourage traders to scalp or trade large volume so that they can get higher commission from broker. This is the most stupid things in a retails trader. They wiped out their account in a matter of days!
Forex Entry/Order Types
All about Indicators, Expert Advisors (E.A.) and Forex Robot
Stay the hell away from robot. Its all about terminator and Zombie world. You don’t belong there. You are not the lucky one like others who sell Robot. Why would he sell Robot at the first place if he makes so much money. He doesn’t need your 50 bucks.
Look at Warren Buffett, George Soros they didn’t do it all of the sudden. They earned it. They grew old so they are not Terminators for sure. So you need to earn it not make it.
SMA EMA
Others Indicators as Pivot Point, Stochastic, On Balance Volume, True Range etc
Forex Analysis
Central Banks, MPC, Employment, CPI, GDP, Retails Sells …
Price behavior of forex market
Mostly depends on crazy retails crowed
Japanese Candlesticks
more are coming soon
Step 3
You Must Need Trading Plans or never trade
Double top, Double bottom, Head and Shoulder, Falling wage, Raising Wase, Pinbar, Inside bar, Morning star, Evening star
The technical chart patterns that you need to ignore as a beginner. But after 6 months of trading experience you can learn them. They known as Gartley Pattern. unique way to find the market with fibo level.
Bat Patterns, Butterfly Patterns, Shark Patterns, Carb Patterns, XABCD, more here
I made things much easier to M and W patterns.
Forex News Trading
All the news in the forex calendar don’t have the slimier impact find complete anatomy here
Central Bank Outlook
Learn more present Central bank economic steps, interest rate and MPC outlook Dovish/Hawkish here
Co relations
Learn currency co-relations with commodity, metals and indices here
Why 95% Forex trader loose their account?
Learn how Leverage can eat your account
How to set ‘Stop Loss’ like professional traders?
Learn more here
Step 4
Money Management: Position Sizing & Others
Find details here
Trading Phycology & Emotion Control
Trading Journal
Which blog/news event site to follow?
Demo practice
Practice demo account with a broker least 3 months before starting live account.
Thank you. Your moderate level of learning is complete. You know now 50% about forex trading. Rest you have to learn by time. You will need at least 1.5 years live trading experience to call yourself a forex trader unless you take my core price action course where you can be a smart trader in less than 6 months.
All the best wishes for you. Contact me anytime you need. I reply at every Saturday to all submitted questions.
-Shaon Bhuiya