Forex Trading Education
A good forex trading education starts with a beginners course. This should be a solid, well recommended course, that focuses on a thorough run through of the essentials. It certainly should not be flashy, expensive, or offer 'advanced' or 'unbeatable' techniques.
Once you have got to grips with the basics, and have whetted your appetite by practicing on a trial demo system, you're ready for the next step in your forex trading education.
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Get back onto the demo system!
Yes, that's correct - don't rush into real world trading. You must not fall into the trap of seeing your sessions on a demo system as merely getting your feet wet, before you take the big plunge. You must look at your demo trading system as the most important part of your forex trading education.
Use it, initially, to explore the markets, and to become familiar with the terms and concepts that your forex training course will have thrown at you. Then, when you're comfortable, sit back and plan a set of trading strategies to test.
Decide on the market cross, the indicators and charts, and the techniques that you will use; and make sure there is a strategy to fit the tempo and trends your market is likely to be in.
Once you're happy with the overall plan, you can start hitting your demo system with trades, using your virtual cash.
With my Forex Trading Education will teach you:
- Opening and operating a forex demo account, in detail.
- Brokerage and what to beware of.
- Understanding and becoming familiar with every aspect of the forex trading platform.
- Understanding the way the money is actually traded, including leverage, bid and ask, the spread and how we can make money with pips whether the currency is rising or falling in value.
- Money-management and a safe money management strategy.
- Building a personal two year forex business plan, based on a worst-case scenario. No ‘pie-in-the-sky forecasting.
- In depth charting and how to turn a chart into a ‘road-map’.
- Real trading strategies which work.
- Forex discipline, patience and psychological control over emotion. Forex trading is emotionally very different to normal life.
Validate the strategy
In this phase, you need to plan your trades as meticulously as if you have real cash at stake. Work out your entry, exit and stop loss points, before each trade is put on and stick to them, once trading is under way. Keep at your strategy for a number of days, to give it an opportunity to work, but be mindful of the bigger picture.
If the market switches trends, or changes tempo in a big way, so that your strategy doesn't fit any more, stop trading. Make a note of your virtual profits, and of what signals there were that your market was about to change. And then move on to test another strategy, that better fits the new market conditions.
You should aim to test the effectiveness of at least 3 different basic approaches, selected to be appropriate to the main trending conditions of your market.
If you have been careful in your planning, you might even have made money on all 3! Virtual money unfortunately, but at least your investment funds are still intact, and ready to be made to work for you in the real world – the next stage of your forex trading education.
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Unlike other courses, my 4-week course cuts out the overload and provides all the clear-cut information you need to earn great money from Forex. It's simple, straightforward - and you don't need the IQ of a brain surgeon. And YES - you CAN start from an absolute, know-nothing beginning. Many of our most successful live traders - started from absolute scratch.
Because everyone on the course deserves my full attention, there are only a strict number of places available each month. This is to allow me to ensure you fully understand the course and learn as much as you can from it. For this reason I advise you to enrol today to avoid disappointment.