Forex Trading for Beginners
Forex trading for beginners is a guide or tutorial where you will learn all what you need to know to stat trading on the Forex market.
This trading guide is the first part of your journey to start trading on the Forex as a beginner.
Here you will learn what is:
- Forex meaning for beginners
- Forex market structure
- Forex industry
- When you can trade on the Forex as a beginner
- How to start trading on the Forex market
- Tools you need to start Forex trading as a beginner
- How to become profitable beginner trader
- How much money you need to start trading on the Forex as a beginner
- How long demo trade as a beginner beore going to live account
- Can you get rich by trading on the Forex
- How much money can you make trading on the Forex
- How to become successful and profitable trader
- Is Forex trading SCAM or gabmling
- What is Forex trader salary
- Trading Forex for a living
- Forex beginners needs a trading mentor
- Holy Grail trading strategy in Forex
It is important to know all about Forex so you know what is done on the Forex and what is expected from you to make money trading on the Forex.
What is Forex? It is a common question so let me answer that for you.
Forex for retail traders, and that is you and me, is a place where you make money by predicting where the price of a currency pair will move. If you predict the correct way you make money and if you predict wrong you lose money.
This tutorial is written for anyone who wants to know what Forex is. Learning takes time because the Forex is a large place with many unknown terms to common people.
If you are a beginner this tutorial about Forex will help you understand what Forex is, its definition and what you can do on the Forex.
I will show you what Forex is in basic terms and later on how you move forward I will show you more complex terms that professionals use in their trading analysis.
If you do not know anything about Forex you will learn step by step all that is needed to know.
If you know something about Forex, this tutorial will enrich your current knowledge with new knowledge through examples I will show you. Those examples are based on the real situation on the Forex so you can be sure that you will encounter the same situation and you will be ready for it.
What you need to have when you start reading this tutorial is time and willpower. Those two things are only necessary to comprehend this interesting area in financial markets.
What is Forex Trading for Beginners
While you are here you want to know what Forex is in as simple terms as possible. There are a lot of articles about Forex where authors describe Forex as a place where exchange of currencies is held.
Even that is true, for beginners in Forex who want to know more about making money that information is not so important.
That is why I will skip writing in depth about Foreign Exchange Market aka Forex but I will focus more on simple terms needed for Forex trading.
In order to explain to you what Forex is and what does Forex means I have made one article that will reveal all that you need to know.
Do you know what Forex means? Do you know that Forex is a mix of two different words?
Forex Market Explained for Beginners
Forex as any market allows sellers or buyers to make a purchase. Through that purchase you can buy or sell something.
Will you make money by selling or buying, it is up to you.
While the common market where you buy groceries is a place where you usually spend money, Forex is a place where you can make money. And, of course, lose money if you make wrong decisions.
How do you make money and how do you enter into the Forex is an easy thing to do. Maybe you are not familiar with the steps needed to enter into Forex but now you will learn a little more about Forex.
You need to understand how the Forex functions and who are the participants on the Forex market.
If you ask yourself why market then you need to know that on the Forex you sell and buy currencies
Structure of Forex Market
Now it is time to start reading more about Forex where you can find your place and make money.
First let’s take a look at who the participants are so you can easily follow the next part of the article.
- Major banks
- Electronic Brokering Services(EBS)
- Medium size and small banks
- Retail market makers
- Retail ECNs
- Hedge funds and commercial companies
- Retail traders
On the upper side of the Forex you see large banks who hold most currencies.
On the next level we have hedge funds, retail market makers and retail ECNs who make transactions through commercial banks.
Because all mentioned participants are on the second level they have worse rates compared to top level banks. If you want to have the best rates you see where you should be, on the top level.
On the bottom are we, small retail traders who trade over retail market makers, also known as Forex brokers. While we are at the end we pay higher rates when trading currencies on the Forex but those rates are acceptable.
In Forex you trade and exchange currencies.Do you know who participates in Forex?
Do you know that you as a small individual participate on the Forex with large banks like FED and ECB?
Forex Trading Industry
While money is exchanged between many participants and I am talking about the largest sum of money you could think of, the Forex is also called the Forex industry.
Industry is a branch where many companies find their interest to make money. Are those banks or private funds or common people like you and me, it is the industry where the money is made.
Because it is so large all those participants are regulated in some way with laws in each country where the money is exchanged.
For more details I have made an article about Forex industry that will show you what is:
- Forex Industry
- what are Forex industry rules
- what are Forex industry trends
- Forex industry services
- size of the Forex industry
- worth of Forex industry
- Forex industry news and
- Forex industry Scams
yea, it is industry because money is made by giving services and not only trading or exchanging.
Which services are provided on the Forex? Read more and find out.
Forex Spot Trading for Beginners
Forex spot refers to the price of the currency at the time you see it on the trading platform.You can visualize it like “price at the spot”.
You will encounter someone who says that settlement for the spot market takes 2 days for most currencies. Settlement means that currencies change their owner. 2 days is referred to brokers and financial institutions not for us small individuals who trade over brokers.
Because of brokers, who are market makers, settlement for us traders does not last two days because brokers take both sides of the trade. This way, our trades and our account balance is updated instantly when we open and close orders.
On the Forex spot market currency pair is traded immediately by current market price. There is no waiting time for the exchange price until the contract expires. Trade is executed in milliseconds and trading is very simple and fast.
Forex, Options or Futures?
Do you know where the difference is? If not, then read this article and you will see why Forex is better to trade on
Forex Trading Time for Beginners
From Monday to Friday – that is the time period you can trade on the Forex.
But, there are other things you need to pay attention to when trading. As a beginner in trading you will see that there are few main trading centers in the world that have a large impact on trading.
Now it is time to read more about Forex trading.
When you decide to trade on the Forex market you will have times when the market is open for trading and when it is closed. Read more when you can make money and when it is time for resting.
Learn How to Trade
In this part you will be guided how to learn Forex trading as a beginner. You will see what steps you need to know from the start and up to where you have a trading platform and account for trading.
To become a trader you need the right tools and proper guidance. All of that you will get here so start reading and practicing.
Here is a short introduction what to learn about how to trade on the Forex
25 Best Forex Trading Books for Beginners
Read what experienced traders say when talking about trading on the Forex. You will see a lot of good advices, examples in trading which will help you start trading as a beginner.
There are some trading strategies you can use and learn and master them. As a beginner it is good to have someone who will show you what is needed and what is waiting for you.
Check these books and learn from the experts. You will see what are important things in trading to be more successful
Online Forex Trading Course for Beginners
When you start it will be hard. It will be hard to understand what others say when they explain what Forex trading is and how you should trade as a beginner.
To simplify the road from beginners stage up to where you are ready for trading with tools needed there is an online course that will help you.
Online course is a straight guidance where you will be guided step by step what you need to do in order to become a Forex trader as a beginner.
If you want to use trading course at the start of trading journey then read this article which will help you find the best trading course
How to Start Forex Trading as a Beginner
If you want a simple step by step tutorial to start trading as a beginner then here is a simple video lesson. You will see what you need to start trading as a beginner on the Forex market.
You will know the main points, steps, tools, basics you need to be a Forex Trader. The article is written with a beginner trader in mind so this will be great for you if you are just starting.
Let me show you what are the steps to start trading on the Forex market
Use FinTwit to Learn More About Forex Trading as a Beginner
FinTwit is a great FREE tool you can use in your trading carrer. It is Twitter part where many traders and investors are sharing their insights about certain symbol.
You can take their insight in your advantage and learn from them or to add more valuable information to your own trading.
If you need help using FinTwit here is an article with video hot to use FinTwit.
What is FinTwit and how to join and use it
In this part of a trading guide for beginners I will tell you what are the most asked questions about Forex and what are the truths in trading.
If you have asked yourself what are beginners mistakes, how much money you need to start trading then this part of a guide guide will be useful.
Should You Trade on Forex as a Beginner – 9 Reasons for – YES
If you have asked yourself should you start Forex trading as a beginner then this list of 9 reasons will help you make decision to start trading.
Do you need reason why you should trade on the Forex?
Forex Trading for Beginners With Demo Account
Demo trading have its purpose and you should do your best to practice on demo account before going to live account. The purpose is to teach you basics about Forex trading as a beginner.
Forex trading for beginners consists of learning what is Forex, what do you do on Forex and how to use the tools you need for trading.
After the basics you must learn next level where you need to know what tools you have to trade and how to combine them. By combining the tools you are setting the road for a trading strategy.
The final goal of demo trading is to get the trading strategy that is profitable. To get the profitable strategy you need to understand the basics, how to the market works and how to test that strategy.
Any strategy you create on the demo account must be verified on all possible aspects which you will encounter on live account. Most things you can test on the demo account and that is why it is so important to stay longer on the demo before going live.
After the trading strategy is finished on the demo as an output you should have strategy written on a paper with certain steps. Those steps should be written so you do not skip anything from the idea which order to open and all the way when you will close that order.
There should not be anything open in the air without writing down on the paper because you will not remember.
The Time Needed
I have written several steps that must be done before you go from demo to live. Each that step require certain time and each trader is individual.
Meaning, you maybe need more time than some other trader. Or you need less time than some other trader.
But any trader that is serious about trading should take at least 3-6 months before thinking going live. This time will depend on the free time you have to devote to learning how to trade.
If you are slow pace learner you might need a year or more. Take your time and learn all what is needed.
Now take a look in more depth analysis how much time you need to move from demo to live account.
Follow the link where I will explain all the above steps in more depth so you are prepared. I will show you what trading strategy you should have when you are building your own trading strategy.
Do not get too early into trading with live money, but also do not stay too long on demo account because you will have problems.
Which one? Read this article and find out.
How to be Profitable Part-Time Trader With 9 to 5 Job
This is one of the main reasons why trader start to trade on the Forex market. Well, among all other reasons where trader wants to be rich by trading, this reason is among top three.
And it is not so easy to give a straight answer because in Forex trading there are a lot of things that the trader must have to succeed as a trader. It is not only a money he can invest and earn a lot by trading.
I will point out few of them and you can find the rest of them on the link below.
- You need to invest money to earn money. Similar as having a business where you as owner must to invest to get the money. Invest in tools, people, parts, space and the rest that is needed to run the business
- To trade on the Forex market you need time devoted to market analysis. You cannot just come to the trading platform and open the charts and open an order
- Trading strategy
- Trading strategy will give you the steps when and how to open order. Without trading strategy you cannot succeed as a trader on the Forex market
- You have to be patient or you will not succeed. You will lose all of your money you invest on the trading account because of greed. Greed will force you to earn a lot in a short time. To avoid that be patient and wait for correct signal
As you can see there are some points you need to have to be profitable with daily job. It is not problem to make that happen.
To make that happen you need to be persistent. The willpower that force you to learn new things, to earn more money aside, to make money that will free you later on from your daily job, is the thing you need to have.
Without the willpower you will not make it.
After some time you will focus less and less on the trading because you are busy with you daily job and routine. Eventually you will close the chapter – Trading on the Forex.
There is a path to success and how to find the willpower, or at least a help how to succeed on Forex as a Forex trader with daily job.
Follow this link and I will show you what is there that can help you to be profitable with daily 09-17 job.
It is hard to combine Forex trading with daily job and daily tasks.
But, there is a chance to succeed and to make that happen I suggest you take the next steps
Beginner Trading Mistake – Stop Doing in Order to Succeed in Forex
Beginners in Forex have several things that they do and I will tell you what is that so you can succeed. It is not easy because there are some restrictions and maybe something will not suit you.
As a beginner you do not have any knowledge. That is why you are called a beginner. You need to increase that knowledge so you understand what you read, practice on trading platform and what you see that other traders do.
The knowledge is the key and it was always in all sphere of our lives. You should never start trading without proper knowledge.
What is a proper knowledge you should have?
Before starting trading you need to have guidelines how to trade. That is called trading strategy which should tell you how to trade. Also, it should tell you how to manage the money you have invested so you do not lose all at once.
To invest money you need to have a trading account. To have a trading account you need to have a broker.
Finding a broker is not so easy task because you can find a lot brokers which are scam and that will take you money. As a newbie you will not watch to much which broker is which and will it take you your money.
When opening account with broker you need to know which account to use, which leverage to select. Newbies makes mistake when using the highest leverage broker can give them. That is the thing you should avoid also because you want to earn money not to lose it.
And finally, newbies should have realistic expectations from trading on the Forex market. They should have a realistic goal that will give them return on their investment. Newbies usually wants a lot of money right away when they enter trading.
Take a look into eight beginner trading mistakes you should avoid doing in order to succeed in Forex trading.
Beginner mistakes sometimes can be crucial in Forex trading.
Not making them or not repeating them is also good to avoid losing money and time
How Much Money do You Need to Start Forex Trading as a Beginner
For any beginner I would say that the best starting capital in Forex trading is around $100 if you want to test trading strategy.
It is small amount which you can lose without making a problem to your daily life expenses.
Please take last sentence with reserve because some traders on the Forex have low monthly salaries where $100 is decent amount.
Many traders enter into Forex because they want to increase the money they have. They want to have better life and Forex trading is one way to make that happen.
Small investment at the beginning is the best because you will learn how to trade with real money. Real money will give you experience which you cannot get on demo account.
That experience will show you what kind of person you are. It will tell you can you be profitable on live account or you struggle to get even. Many new emotional characteristics will reveal what affects you in your trading.
If you want to invest more at the beginning be prepared that you will lose all of it. If you are lucky you will not lose all at once or maybe you will even earn something.
There are few scenarios that gives more insight which initial starting capital you should have. I have made examples with numbers to show you what benefit you have with larger starting capital.
As much as you have, but having $1000 would be good starting point
Can I Get Rich by Forex Trading With $100 Dollars
Short answer is yes. You can get rich with only $100.
Maybe that looks tempting, funny, unrealistic, but it is real. There are examples where traders with low investment have earned a lot. I have seen some traders that with $50-$100 go to $1,000 in a week. But they also lose that in one day.
To become rich with that small amount of money you need to have the right skill and knowledge how to do it. Some traders are very good in trading and they have correct signals where they earn lots of money.
Even though $100 is small amount of money you must start with small lot size and increase it as you increase the balance. To multiply small amount you must spent time to get to a larger balance.
With larger balance you can open larger lot size where each pip move will bring you more money. When the balance increase even more the goal to reach large amount of money becomes very realistic.
It is easier to increase $10,000 to $20,000 than $100 to $200. And I mean only in terms of time. In terms of trading it is difficult in any case because you need to know how to trade profitably.
You can find more information on the link below about the things that are needed to increase $100 to make you rich by trading Forex.
You can, but it will take some special skills in trading to make that happen.
But, it is always easier and better to have more money to trade with.
Do I Need 1000 Pips to Get Rich
You can get rich with less than 1,000 pips and there is a math behind that. To make yourself rich you need to find a proper trading plan and risk management plan.
The plan will say to you what you need to do and when in order to double your account each year. By doubling your account each year you can imagine what you can earn by trading on the Forex market.
1,000 pips are not so huge amount of pips if you know how much the pip is worth. If the pips is worth $0.10 they you can calculate how much you will earn. The pip value is defined by the trading strategy and the risk management plan.
1,000 pips x $0.10 = $100
$100 would not make you rich if you hunt for $1,000 000 dollars. But if you change the value of a pip to $10.00 then you would get something different.
1,000 pips x $10.00 = $10,000
$10,000 is quite decent amount of money but you can even earn more with those 1,000 pips. With compounding effect each year you would earn a lot.
Take a look what would look like if you earn 6-7% per each month and using the compounding effect.
It is not only about number of pips in trading. It is also about value of a pip.
How to Stay Consistent Forex Trader as a Beginner
Not so easy to stay consistent Forex trader in the market where the money can be taken in a second but also lost in a second. The market where trading signals lure you to trade on every website you visit.
Consistent Forex trader fights against bad trading signals, against scam people who wants to take the money from his pocket. He follows same trading routine each day and night and search how to be even better.
Consistent Forex trader is the trader that consistently take the money from the market. If you are consistent Forex trader then each month is profitable and your trading account balance rises steadily.
You can plan that each month you will have some amount of money on your trading account because your trades are more profitable than not. The risk management plan you have defines risk to reward ratio.
You follow your trading strategy that protects you from over-trading. The trading strategy demands from you to:
- follow your trading plan
- make an analysis of each possible trade
- define when to enter and when to exit from the trade
- protect yourself from over-trading
- record your trades
It is not only necessary to open a trade. There is more to it and I have prepared all the steps you should take to become one consistent Forex trader.
Now read more about all necessary things you should do to become consistent and to take the money from the market.
Staying focused is not easy part. Quick wins can trick you and losing strike can hurt you and force you to make wrong moves. You need something to stay consistent.
Why Beginner Forex Traders Fail? The Root Cause?
Many traders fail to be profitable and the most of the time they lose the money. There are certain things that all traders repeat all the time.
Those steps that they repeat makes them bad traders. There is a list of the possible problems and at least one of the problems from the list is causing you not being profitable.
If you start solving one problem after another you will eventually start trading with the profit.
It is not easy because it takes time and commitment. You need to improve trading skills and stop doing the wrong things.
Read the list I have made for you to see what you need to stop doing if you are doing something from the list. It will help you improve your trading skills.
Each problem will describe the situation in real trading I have also experienced which means you could find yourself in it.
There are few reasons why traders fail in Forex trading. It is possible to solve that problem, but it takes effort to succeed.
How to Be Successful Forex Trader When so Many Fail
To be successful trader you must to adopt to new surrounding and by that I mean you need to change yourself. You need to be patient, skilled, talented, strong enough to control emotions and greed.
To be successful Forex Trader you need to define what that means. In Forex you can be successful in more than one area.
You can be successful Forex trader if you reach certain percentage of profit by each month. Maybe certain amount of pips per day or a week will make you successful Forex trader.
Successful Forex trader is:
- Trader that have a trading plan.
- Trading plan guide the trader in the right direction when there are fluctuations on the market which could make harm to a trader
- Trader with risk management plan.
- The trader knows how much he will lose on the trade if the trade is losing one.
- He knows how much will earn if trade is profitable.
- He have stop loss and take profit level and he does need to watch the trade all the time.
- Trader with patience, discipline, knowledge, controlled emotions, skilled
- Trader that does not hunt for quick money but with financial goals on the monthly and yearly basis
Check what else you need to have to be successful Forex trader.
There are steps you need to follow to avoid failing in trading on the Forex. Being patient and focused can be starting point
What Really Turned My Trading Around as a Beginner
There were times when I feel like giving up and sometimes I have give up for few months and returned back to trading. I did not know does the trading can give me money or trading is useless where you only lose the money.
There was conclusion that the only thing that has changed was the experience I had acquired through time. I saw the trading with different eyes and I have confirmed what I was reading on the Internet from others.
Here are my findings and what do I think that you need to change if you want to see better results.
I will share with you what was the thing I have done to change my trading. You can also learn from my mistakes
Is Trading Forex a Scam – Lost All Your Money?
Forex trading is simple but not easy. It requires certain skills you can get but through time.
When you enter into something with unrealistic expectations you could get unrealistic result. That is the case with many traders on the Forex market.
They are searching for get rich quick solution and they end up with get scammed quick.
The reason why Forex is very often called scam is because people lose all the money. They lose it by trading or scammer really took the money from them.
Where is the money there are scammers. Forex is the largest market where over 5 billions is turned daily.
That information lure many scammers to offer you various services just to trick you and take the money from you.
If you are not careful, like in any area of your life, you can be scammed or tricked. You need to invest your time to investigate before trying anything that involves your money.
Trading on the Forex is not a scam and many traders can prove that. Many traders are living from trading but they are professionals who knows what to do to avoid being scammed.
There are ways how you can prevent being scammed. You need to invest your time to learn and to check before investing anything.
How to spot Forex scam, how to avoid Forex scam?
Read more on the link below. I am sharing FREE PDF with check list you can use to prevent being scammed.
If you ask yourself is Forex SCAM then I will tell you it is not a scam. If you have been scammed on the Forex then I am sorry, but you can avoid that
Is Forex Trading Gambling? Is Trading as a Beginner Pure Luck?
When you enter into Forex looking to be a Forex trader be careful because Forex can become addiction like gambling. It can suck you in and took all the money from your pockets.
Forex trading can give you a lot of money in a short period of time. Similar like casino.
But Forex trading must be considered as a business where you need to invest time and money. By investing in yourself through learning and practicing you will gain experience which is crucial in trading.
If you cannot afford to lose some time and money to learn then it is better not to enter into Forex trading. Maybe it is better to put the money into other investments.
At the beginning you need to start with demo account. Demo account will give you introduction how to use the tools on the trading platform. Through demo trading you will understand the trading concept.
On the demo account you will be able to open account with large balance. That balance is defined by you at the account opening together with the leverage you will use.
The one problem demo account have is that it cannot give you real example of trading with your emotions. You can open large trade where you earn millions with one trade. That way your ego will explode where you will think that you can repeat same results on the live account.
Then you turn to live account with real money and repeat the same steps and lose all what you have. You start gambling with your money looking for fast and huge profit.
How to avoid this problem?
Forex is not gambling, but it can become if you put all on red. Pure luck is always welcome, but in trading is not all in pure luck
Does Anyone Really Make Money by Trading Forex
Yes, there is someone who make money by trading Forex. And you would be surprised how many of them and how much money.
What you need to have like they have so you can also make money by trading Forex?
You need to change yourself in a way that you will be patient, disciplined, resistant to emotions. You will need to learn a lot if you do not know how to trade, acquire the right skills for trading.
Basic step to really make money by trading Forex is to know how to and when to open and close the order.
Trading plan is the plan that consist of steps and rules, or checklist, that defines when to enter into trade and when to exit from the trade. The rules are there to help you not to enter into trade with wrong signal.
Imagine having $100,000 as initial balance and if you are hunting for 1% – 5% on each trade that will be $1,000 – $5,000. And that amount is really nice in a period of a day, a week or a month. That period depends on you and your trading strategy.
If they are profitable and they really make money by trading Forex, day trading or swing trading, the questions is how much they make?
There a lot of traders that make money and you will not see them braging around. Would you?
Is it Possible to Earn a Lot of Money on Forex as a Beginner?
Earning a lot of money by trading on Forex is possible and requires certain steps from you to take to get on the right track.
Those steps requires that you define what is a lot of money for you. Is that on monthly basis $1,000 or more. When you define this step you will know what is necessary to do as a next step.
When you learn how to be trader and be positive in your trading you can set your expectation on any level you want.
How to set up expectations and be a trader I have listed in the post under the link below. Expectations should define how much money you want to earn by week or a month. And that is different from trader to trader.
Forex have few trillions traded per day and you can take some of it if you know how to trade. How much can you take depends on you
Trade Forex With Less Than $1,000 and You Will Lose Everything
There is a certain amount you should start Forex trading as a beginner so you do not end up losing all what you have invested.
$1000 is a good starting point where you will be able to have good risk management and where the profit percentage will give you a nice income on each trade. That way you will be protected and satisfied.
Why $1000? You will understand when you read an example I have prepared for you
Realistic Monthly Return for a Forex Trader
Your main goal with Forex trading is to make money. Make as much is possible and as fast is possible.
The ultimate goal is to leave daily job and only to trade on the Forex market.
Information about income they show as a percentage, 1%, 6%, 15%, 120% per month. What you want to see is the $$$ and not percentage. You need clean information in currency in which you receive your salary.
The income you make by trading Forex depends on many things. But I will not go into that direction but I will try to give you some examples how much you can expect from trading.
One important thing to remember is that everything depends on your initial account balance. The success and the results of trading Forex heavily depends on the account balance.
Each month with steady income? Yes, it is possible.
What is realistic? You can have $100, $500 or even more. But that depends on some criteria
How Much Does the Average Forex Trader Make
Average Forex Trader make around 1% up to several 100% of trading account balance. When you convert that into money as a deposit currency that is $1 up to several thousands dollars.
The amount of money depends on the account balance. If you have more money deposited for trading you can make more.
The time period in which average Forex trader calculates his earning can be divided into three periods.
Each time period can give different income amount and it can give similar income amount.
Open the next link and read further which three time periods you can have as periods in which you can make money and how much money.
Average trader makes few dollars which he loses very quickly.
But, those who do not lose they make a solid amount of money
Forex Trading for Beginners Towards Trading for a Living
It is possible to make Forex trading for a living. How much money you need to begin is a good question.
It is not easy but it is hard. Learning how to trade takes time and patience.
Define your goals for trading for a living. The goal defined will make the road with necessary steps you need to take.
You need to build your knowledge and experience by trading and trading. Learning from your mistakes you have made during trading is one of the best steps to improve trading results.
Not having enough money is why most traders cannot make trading for a living.
If you are looking to trade on the Forex for a living then you need to know few things.
How much money do you spend now will be the starting point to find out how much you need for trading
What do I Need to do to Build Wealth by Trading Forex as a Beginner
To build wealth in Forex trading there is only one way.
But, to get there, knowing how to be successful takes time, patience, discipline, consistency, emotion control, strategy, risk management.
Will you invest more time and trade steadily for longer period and build wealth or you will invest a lot of money and shorten the way to build wealth?
If you decide to invest your time to build wealth by trading Forex be prepared to invest years.
Or you can maybe find a mentor who will speed up the process and help you to build wealthy by trading Forex.
Building wealth is not easy with trading on the Forex.
One of the most important things is to ne disciplined
You Don’t Have a Trading Mentor as a Beginner? You are Wasting Your Time!
Trading Mentor is one great tool you can acquire while learning how to trade on the Forex market.
The decision which trading mentor to select is up to you. But you can easily make the decision which one suits you better at the time you are in the Forex market.
I have made comparison how much days would you need to learn trading Forex on your own and how much time you would need with trading mentor.
The results shows that trading mentor is 7x times faster than learning on your own. Also, there are benefits you get with trading mentor professional experience.
Read more detailed post I have wrote for you so you can see how to find trading mentor, how to select the best one and how much time you would spent on learning with or without trading mentor.
If you do not want to waste your time and not to lose money for nothing then read why it is good to have a mentor
11 Things in Forex That Annoys You Most
I have made the list of most annoying things in Forex that can happen to you.
It is a list with things that you will for sure encounter while trading Forex or you already have experienced them.
Some of them are less annoying and some of them are real pain in the ass.
Here are some of them:
- Waiting for the Trade to Hit Take Profit and Suddenly Reverse and Hit Your Stop Loss
- When You Have to go Somewhere Instead of Staying and Trading
- When You Still Keep Looking at Lower Time Frames
- Perfectly Thought Out Trades Turn Out to be Losers
On the link below you can see rest of the list with most annoying things in Forex.
11 things that annoys you or you can expect to annoy you in you trading journey. Read them and try to calm down and do not let them annoy you
Forex Trading for Beginners Holy Grail Trading Strategy?
You are reading all over the Internet about Holy Grail trading strategy but no one tells you any. They all say they are also looking for it but did not find one or they say they have one.
Holy Grail trading strategy is the system where you cannot make bad decision. All trades you open are wining trades.
This means you are buying on the low peak and selling at the high peak of the market. And this is something all traders are seeking but cannot predict 100% when it will happen and where is that spot.
There is no Holy Grail trading strategy because no trading strategy can give you 100% win rate without having losing trade.
Are you looking for Holy Grail in Forex? Do you what is that and does it exists?
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