Get the right forex trading education and be determined to finish the course. You have to put in the effort and be willing to learn like you take on your first job. We recommend this trading course as it covers Forex and Options and it’s extremely detail. Click here to learn more
2) Only trade with a demo account no matter how tempting it might be to start trading with real money. To open a demo account, use the best broker out there and set your account size to exactly what you will start. If you plan to start trading with a $10,000 trading capital, then start a demo with a $10,000 trading balance. If you plan to start with $5000, then the demo should start with $5000. You should try to be as accurate as possible. Check out our broker review by clicking here.
3) Using the strategies from your course in Step 1, find a strategy that you like, master it, and start trading in your demo account at least once a day. Write down why you chose a particular trade and keep a record of it. You must understand why you won a trade when you win it. When you lose a trade, you need to figure out why you lost and make any necessary changes to your strategy. The key is to have a set of rules that you use and follow every time you trade so that you can use and refine your learning structure.
4) Calculate your monthly profit and loss and trade on the demo for at least 6 months, preferably a year. If you’ve been profitable month after month, it’s time to consider moving to a live account. Otherwise, keep working on your demo account. Remember, this is a lifelong skill and career path that necessitates practise, similar to how a surgeon must complete ten years of training before practising on live patients. So relax and take your time. If you rush, you may lose interest in trading before you even begin.
5) You should never use more than 400:1 leverage in trading, no matter how experienced you are. Stick to a leverage ratio of 200:1. The goal is not to get rick overnight but to build on something sustainable. If you can do that, you will be financially well for years to come.
6) Never risk more than 2% of your portfolio on any trade, no matter how appealing it appears. To do so, you must first determine your entry price, take profit price, and stop loss price before engaging in any trade. This is explained in detail in our course. You can also join our Profit by Friday Signals Club, where we provide daily signals with clear entry, exit, and stop loss prices even before we enter into any position, so you know how to calculate your risk.
How to trade Forex Successfully for Beginners
It’s really a Choice and a Decision!
There are probably a slew of other things we could write to provide additional guidance. In a nutshell, if you can do the above and stick to it for a year, we are confident you will be sharing your success storey with us. Is it possible and willing for you to invest time, effort, and dedication to become a Forex trader?
We hope you are able to do so. All you have to do now is decide on a path and stick to it, rather than jumping from one opportunity to the next. There is ABSOLUTELY NO WAY OUT.