If you want to start trading Forex and have chances of success, you need to stay away from these get-rich-quick schemes. If a trade doesn’t go in the right direction, the indicator just deletes the arrow. It means that a lot of arrows disappear after they appear. Well, those miraculous indicators that never fail, repaint. Sure, have you ever heard about repainting? “Oh, but I saw prints of the charts, and the arrows really appear before the markets start going up or down very accurately.” So why is that guy selling that Forex money machine? “Oh, but I saw a backtest of the indicator and he turned $1000 into 1 million in just 3 months.” “Oh, but I saw a guy selling an indicator that has a 99% of success.” Is someone trying to sell you an indicator that draws buy and sell arrows on your screen? There are no magic indicators that will give you accurate signals to trade. Here’s a hard truth that beginners don’t like to read. Get used to this as soon as you start trading forex and your chances of success will increase a lot. The rule is, if you don’t have a rule, you have nothing to do.īecause what’s the point of having a plan if you don’t follow it? The more details you have on your list, the fewer chances you have of not knowing what to do at some point. How many trades are you going to take every day, week, or month.Are you going to use trailing stops? How?.How are you going to manage your trade when it’s moving.How much are you going to risk on a particular trade.What time frame are you going to trade?.When to close trades when you’re right.Should you use a stop loss or close the trades manually?.
HOW TO START FOREX TRADING FOR FREE HOW TO
You’ll need to know how to act on every occasion. When you start trading, you’ll follow rules. 3 – Plan your trades and trade your planĮvery trading strategy needs a trading plan. That’s why the next step is to create a trading plan. Learn deeper the ones that you identify with.Look superficially at different strategies.When starting to trade forex, you want to: They jump from strategy to strategy without really mastering any, never.īecause they think that trading forex is easy.Īnd if a strategy doesn’t work after a couple of weeks, they just jump to the next one.Ī trader that keeps practicing every day.Ī trader that gets better after every single trade that he takes. When traders start to trade Forex, they act like kangaroos. 2 – Learn a trading strategy and stick to it Knowing the difference between forex vs indices vs stocks may help you to choose the right market for you when you start trading. Learn how the market works, how it moves, what are pips, points, and ticks, what is the bid vs ask vs spread.Ī good broker will have a small spread to trade meaning that you enter into profit territory much faster.īeginners are always attracted to forex because brokers provide big leverage to trade, but there are other markets that tend to be easier to trade depending on your trading style. They just think that they are going to be rich quick and that it will be easy.īeing a trader is probably the hardest job in the world.Īs a beginner trader, you need to learn the most possible and keep learning every day. Most people just dive into trading without knowing how the Forex market works. When you miss applying any of them, your chances of success decrease a lot.īut you are a winner, so here are the steps for you. I’m giving you here a set of rules that any new forex trader should follow when he wants to start trading forex. Trading is simple, but for sure that is not an easy thing.