Learn To Trade Forex | Learn Forex Trading | Learn Forex

Becoming a consistently profitable forex trader is obviously the main goal of everyone that tries their hand at trading the forex market. However, as all beginning traders quickly discover, making consistent money in the markets is no easy task to accomplish. In fact, most traders lose money, this is a well-known fact, and so as you learn to trade forex it is very important that you obtain a quality forex trading education that will prepare you properly for what it takes to succeed as a trader.

• Model yourself after a professional trader

The quickest and most effective way to make consistent money trading the forex market is to model yourself after a professional trader. When you learn from a professional trader you are essentially skipping months or years of trial and error that you would likely go through on your own. Some professional traders like Nial Fuller, have authored forex trading courses that take you from complete beginner to someone who understand what it takes to trade successfully. When you learn forex with Nial Fuller you are learning the exact same trading strategies that he uses to achieve significant success trading forex.

Learning to master any skill, profession, or activity is best accomplished from a mentor or a professional. Trading the forex market is no different; the most efficient and effective way to learn how to trade successfully is from a professional trader. This all seems very logical and obvious, but many traders refuse to get professional trading education because they think they can teach themselves. Well this may be true, it will take significantly more time and more money via losing trades, than if you were to simply employ the help of a trading professional, likely for the price of one losing trade.

• The internet is full of forex trading-scams

One very important thing to consider is that the internet is full of websites and companies trying to sell you forex trading software or other trading “systems” that are nothing but well-marketed hype. To put it succinctly, you do not need a complicated trading system or strategy to make money in the forex market. Instead, all you need is a simple trading strategy like price action analysis that has been used successfully by many traders over many years. You also need to learn exactly how a professional trader implements a simple yet effective trading strategy like price action. As you learn to trade forex it is going to dramatically decrease your learning curve and time spent doing trial and error if you simply learn a high-probability trading strategy from a trusted trading professional.

It is important to remember that forex trading is very deceptive; it seems exceedingly easy on the surface, but once you dive below the surface you see the rest of the “ice berg”, so to speak. It is because of this deceptiveness that many traders try to teach themselves to trade, and one of the main reasons so many aspiring traders lose money in the end is because they teach themselves to trade in a haphazard manner without the aid of someone who has already achieved the same success they are looking for. So, as you learn to trade forex keep in mind that one of the best investments you will ever make is to employ the help of a trusted forex trading professional.

As you learn to trade the forex market you will need to know all of the important factors that go into actually placing a trade. This seems simple enough, yet most traders overlook the benefits of learning how to place a trade properly, the result is usually silly trading mistakes that end up in lost money and time.

Placing a forex trade

• Trading platform / broker

The first variable you will want to consider before placing a forex trade is which broker you will use and which trading platform you will use. While there are many quality online forex brokers at this point, there are not many brokers that offer the “correct” charting platform. It is important use charts that close each day at the end of trading in New York; 5pm Eastern Standard Time. The reason for this is because closing prices are very important in all financial markets and the end of the New York trading session marks the settlement of one of the highest volume forex trading sessions, as a result of this many forex trading setups form around this time. Also, the end of trading in New York marks the end of one forex trading day and the beginning of a new one. So, make sure that the charts you use to make your trading decisions are based off New York closing times, not GMT. Here is a link that you can use to get the correct New York candle close charts if you don’t have them already: New York Close Forex Charts.

When it comes to brokers your options are a lot more flexible than the particular charts you should use. Competition and accessibility has resulted in many quality forex brokers out there. While you learn to trade forex just make sure that you use a brokerage that is trusted and well respected throughout the industry, you should be able to determine this by doing some research online and reading some user reviews.

• Forex chart setup and mental preparation

Setting up your charts is something that many traders become confused about and often end up over-complicating. Chart setup should be very simple and straight forward, this website does not recommend using many, if any, lagging indicators outside of a few simple moving averages. So, you want to use candlesticks instead of regular OHLC price bars because candlesticks give a clearer representation of price dynamics and they are also just more fun to look at. Start with your anchor chart, this should be the weekly or daily chart, it is the main chart that you use for trend determination and analyzing the overall market structure. Once you get your anchor chart setup you can then begin to setup and analyze one or two lower time frame charts, preferably the 4hr and or 1hr, but never go under a 1 hour time frame, as price data below this time frame is full of noise and “random” meaningless price movement, to the point where it makes accurate chart reading nearly impossible.

It is important to be realistic and recognize that trading success does not come easy; it takes discipline, time, and dedication. Before you enter a trade you need to make sure that your mindset is right and that your expectations are not too high about what you can realistically achieve given the amount of money you have to trade with. Obtaining and maintaining a realistic forex trading mindset early on as you learn to trade, while repay you many times over.