Learning how to trade the Forex market is something you should approach with patience and healthy skepticism. That may be surprising to hear, but you need to be a bit skeptical of any trading system or trading strategy that sounds too good to be true or that makes bold claims right out of the gate.
• What should you do first?
When first learning how to trade Forex, you should take your time to find a trading method that is logical and based on common sense, rather than one based on hope or big claims. Generally speaking, the less complicated a Forex trading system is, the better off you will be. You should aim to learn trading strategies that are built around classic technical analysis techniques like price pattern and price action trading, trend trading, support and resistance levels, retracements, and other “classic” trading techniques. Learning to trade the natural price movement and levels within a market is one of the most effective things you can do as a beginning trader. No matter what system or strategies you ultimately end up learning to trade Forex with, having a solid foundation in classic technical analysis will only help you.
• Where should you learn to trade Forex from?
The best place or person to learn to trade Forex from is an experienced and successful Forex trader. This may seem like common sense to you at first, but most traders do not get the help of someone who is already successful at trading the markets, this is a really big mistake. Trading seems to invite people who like to teach themselves and who may be a bit more independent than the rest of the world. However, while these are good qualities to have, they do not help you a whole lot while you are learning to trade. Just as with any other profession, when you learn Forex trading, you will greatly reduce your learning curve and make far fewer mistakes if you learn to trade from a professional trader.
If you’d like to learn how to trade with simple yet effective Forex price action strategies, one very successful price action trader is Nial Fuller. If you learn Forex with Nial Fuller you will get a very good education in the strategies that he uses, this will greatly help you on your Forex trading journey.
• What do you need to know going forward about Forex trading?
Probably the most important piece of advice any beginning Forex trader can learn, is that trading the Forex market is not a get rich quick scheme. You will have to actually do work and learn and study. You need to make sure you are realistic with yourself at all times, don’t rush. Many traders end up over-trading or over-leveraging their trading accounts, or they simply do not have an effective trading strategy mastered yet. These are all very common mistakes that if you learn to avoid, will put you well ahead of most other traders. These are all very important things to keep in mind as you learn to trade Forex.