If you want to learn forex trading, read this page! and I'll give nice tips how to learn forex in just 30 days or less ;)
First of all, before we learn something we need go to basic!the reason simple because we need to know forex basic e.g forex term, forex analysis forex strategy, forex Risk and money management, Forex platform and etc. without learning the basic you could be stuck and confused, when forex trader giving nice tutorial in their blogs! example, you read some forex site, and they said EUR/USD bearish because central bank giving a sign of dovish! first time I read those that kind of articles! to be honest I completely confused! and I said what the heck!
from that moment, I begin to search and learn about forex terminology and after that everything will go just fine :) every time some trader discuss about forex market in some forum, and they said! The fed, giving a sign of Hawkish! :) and then, I open my MT4 and then go long EUR/USD (buy) you see! :) Pro tips: every time you visit forex forum or forex blogs and having hard time to understand forex term, open Google ;) it works for me! cause to be honest, there is hundreds or maybe thousand of term in forex! I can't imagine if you have to memorize all that term in a week! :D lol!
well guys, to make this tutorial short and easy! lets get to the point shall we ;) bellow are a few forex tips that can be useful for you!
Learn Forex Term
Just like I said there is a hundreds or even thousand forex terminology, but if we learn and memorize each one of them one by one! it will take a lot of times so the solution is, every time we having trouble to understand forex term! go to Google, or visit Investopedia! Investopedia is like wiki finance! there's huge list of term from A to Z, but most of them are about Stocks, but they also have forex and other investment!
Learn Forex Term
Just like I said there is a hundreds or even thousand forex terminology, but if we learn and memorize each one of them one by one! it will take a lot of times so the solution is, every time we having trouble to understand forex term! go to Google, or visit Investopedia! Investopedia is like wiki finance! there's huge list of term from A to Z, but most of them are about Stocks, but they also have forex and other investment!
Learn about Analysis
there is 3 analysis in forex! technical, fundamental and market sentiment, but most of trader only use 2 analysis i.e technical and fundamental! the reason simple because market sentiment data is very different from one source to another! as you already know forex is Decentralized Market! it mean there is no one physical location to buy, cause you can buy/sell currency on different sources or location, e.g forex broker, Banks, forex merchant and etc.
Try MT4 Platform
before using real money, my suggestion is try MT4 first! from there you'll know your ability to read market! if not good enough or you not making good profit from virtual account! thats an indication that you not ready, using real money :) some people use MT4 about 2 years, just to learn market movement! but the result, are good! at least you know what you doing, and not just buy and sell without reason! remember loosing money is not good ;)
Find Strategy that works for you!
every trader have different strategy! some relay on technical or EA, some using fundamental and manual trade! and some times! strategy for A doesn't work for B, the reason simple because every people have different ability! some prefer with news, and some prefer with numbers! no matter what strategy that you use, as long it make profit and reach consistency! that's more than enough!
Have patient!
there is 3 analysis in forex! technical, fundamental and market sentiment, but most of trader only use 2 analysis i.e technical and fundamental! the reason simple because market sentiment data is very different from one source to another! as you already know forex is Decentralized Market! it mean there is no one physical location to buy, cause you can buy/sell currency on different sources or location, e.g forex broker, Banks, forex merchant and etc.
Try MT4 Platform
before using real money, my suggestion is try MT4 first! from there you'll know your ability to read market! if not good enough or you not making good profit from virtual account! thats an indication that you not ready, using real money :) some people use MT4 about 2 years, just to learn market movement! but the result, are good! at least you know what you doing, and not just buy and sell without reason! remember loosing money is not good ;)
Find Strategy that works for you!
every trader have different strategy! some relay on technical or EA, some using fundamental and manual trade! and some times! strategy for A doesn't work for B, the reason simple because every people have different ability! some prefer with news, and some prefer with numbers! no matter what strategy that you use, as long it make profit and reach consistency! that's more than enough!
Have patient!
Forex for sure will test your patient! if you don't have enough of this! you could lose your money fast! every time you trade buy or sell, don't closed that transaction in a minute! wait for a while about 1 hour or more! my suggestion is try daily trader strategy! cause most of them trade on larger time frame, from daily to weekly! the reason why they do that, simple because they see the major trend from higher time frame, e.g Tf daily chart, weekly and monthly! they see and match those chart! if daily weekly and monthly show down trend! some trader will hold their trade for a day or even a week! but of course they already set stop loss in their trade to avoid big loses! the idea of daily trader is not to make to many trade in a single day!
cause sometime it will make you confused with your own trade, because to many open position in you trading account!
I hope 5 tips above could be useful for you to learn forex ! learning forex is not easy, but it doesn't impossible, on thing that i know about forex! don't think fast or easy money!
there's no such a thing! no matter what forex is just like another investment! they need times to growth! but all depend on you, if you really good! I am sure your investment can stay for a very long time!
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