Forex trading is a great investment avenue because you can make substantial amounts of money, in a very short space of time.
In this post, I am going to breakdown how to start Forex trading in seven days or less.
And at the end of the post, I am going to give you a free 7 day video course & a 7 day worksheet which can go hand in hand.
How to start Forex Trading Day 1
Follow very simple but effective strategies like trading support & resistance. By sticking to a strategy as simple as, only buying low & only selling high will make you some good money.
You should follow the steps below to have the best chance.
Building an education
Practicing your knowledge
- Trading live
How To Start Forex Trading Day 2
Day 2 is all about trading psychology. We need to get you into the position to know exactly what to think & believe. More than 50% of success in Forex trading comes down to your Forex psychology.
You need to learn to cut out all other voices contradicting what you know you should do. Avoid following loads of gurus and different trading styles. Learn to focus on what you can control and try to build your trading mentality every day.
Psychology is what separates winning and losing traders. Make sure you come to terms that trading success is a marathon, not a sprint. What you really want is long term consistent profits, not a quick big win one day to lose it the next right?
How To Start Forex Trading Day 3
Day 3 will be about all things money. In many ways an extension from day 2.
Focus on the following:
How much you will risk per trade
How much to aim for per trade
- Money to withdraw
These are the guidelines which should keep you in check. By already doing these 3 days worth of knowledge, you will probably be ahead of 50% of amateur traders trying to make it over the hump into profits. Most traders don't do these things, despite teachers consistently encouraging them to do so.
How To Start Forex Trading Day 4
Now we're moving to the charts and I recommend you read charts through candles and nothing else. They look the best & tell you the most information about the price.
Some of the things candles can help with are:
Finding key levels
- Potential reversal zones and potential reversal times in trades
How To Start Forex Trading Day 5
There are always things to consider in Forex and you should think about some important questions.
Will I trade more than I have to invest?
Am I afraid to lose money?
Do I analyse my trades on the weekends?
Do I always need to be right?
These are some of many questions you should ask yourself on a daily basis.
How To Start Forex Trading Day 6
Trading the news can be a hard feat for most traders. Are you going to trade during news?
If so, are you going to trade a reduced lot size? Will you risk more?
Will you only trade big news events or trade everything? Regardless of whether you decide to trade big events or everything. I strongly recommend you use a live news feed, I personally use the RanSquawk (link to the live news feed I use when I am trading).
How To Start Forex Trading Day 7
Before you make the final leap and become a live Forex trader you need to make a decision.
What type of Forex trader am I/ am I going to be going forward?
All the practice has come to an end now,
It's time to go live.
What are you going to do?
I know this article wasn't 7 days long but Click Here To Take Our 7 Day Forex Course Which Covers Every Topic We Highlighted In This Post & More.