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Forex Trading For Beginners: How Do You Get Started?

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Forex Trading For Beginners: How Do You Get Started?

hey hey what’s up my friend so in today’s episode I want to talk about forex trading for beginners how do you get started I don’t what stuff you write you don’t maybe have less than one your trading experience it just can’t wait to trade the forex markets right now install your your platform right click buy and sell buttons but before you do that right just hold your horses first because I have a framework right that I believe will prove useful to you and it would even cause you to risk a single dollar in the market so follow this framework and I believe right you’ll find much greater success in the markets instead of just diving hate straight come in and they don’t find yourself you know losing money day after day week after week right so the first thing that I wanted to do is to be open-minded absorb as much as you can because at this stage right let’s say I’m assuming you have less than ten year trading experience you don’t know what you don’t do okay let me repeat that you don’t know what you don’t know the only thing you know is forex trading but you do not know what are the different types of trading methods in forex you do not know what is the opening session the closing session session risk management trade management currency pairs you have no idea what all this is you do not know all this so this is why my suggestion first and foremost is to absorb as much as you can about this trading environment that you’ll be in right understand what is forex how it works three books on it right study books on it study the different type of trading methodologies out there you know they can be swing trading day trading position trading some traders even use fundamentals in their trading learn all you can about it learn about technical analysis right you have tools like chat methods candlestick pattern support resistance trend lines study all this just study everything that you can get your hands on okay so there’s a first thing that I wanted to do absorb as much as you can right can be really true books podcast blocks whatsoever step 2 so now once you have read so much your your knowledge about trading right would have level up right quite a bit if you actually did what I asked you to do okay so once you have level up right in terms of your knowledge in terms of what you know about trading this is where I want you to find a trading method right that resonates with you so what do I mean by this right so this is dependent on two things your circumstance and your goals so let’s say for example you get involved in forex trading maybe to help you to beat right the interest rates the banks are paying you maybe you’re just happy we don’t making additional 10% a year so find a trading methodology that allows you to generate say about an average of 10% a year okay and this could be those swing trading position treaty so can you see how first and foremost you define the goal that you want and then you find the right methodology to fit that code on the other hand let’s say you know you just graduate and you want to generate a consistent income from trading maybe you get into proprietary trading industry look for proper if that’s the case right then that’s where you want to be geared towards shorter term trading day trading scalping the markets because that’s where you generate a high enough frequency of traits right for the law of large numbers to work out in your favor we need a short period of time I know that’s a handful but don’t worry about that first alright so again same thing right find out what’s a goal then you’re after and then find the right trading methodology to video go and one more thing is also you have to see your circumstance let’s say for example you are in Singapore you have a full time job right you work from you know 906 every day so clearly right you you can be trading London breakout because you’re at work right you know in front of your work screen so for that circumstance then you eat right then possibly you have to adopt trading off the higher time frame the forwarder daily or even weekly okay so second thing is identify a trading methodology that you resonate with right so you have to be honest with yourself given your goals and your circumstance that setting right once you’ve identified the trading methodology that you want to learn more about this way I want you to dive deep into it right study all the the books right or even pick up courses right to learn more about net trading methodology so let’s say for example you find that hey swing trading is for me okay so what I want you to do is study all you can about swing trading right what is it how you works all right market conditions then you can’t capture a swing right the pros and cons of swing trading study books on swing trading for you I’ll go to Amazon and study and Google search I mean Amazon such a certain trading books or stuff like that 2 cup courses right there shares with you I switch swing trading methodology right study all you can about swing trading once you’ve kind of like learn a lot about swing trading the fourth thing that I want you to do is to develop a trading plan around treating so what is a trading play so in other words I wanted to develop a trading strategy right around swing trading so this means right you need to define right under what market conditions will you be trading what is the entry trigger will be buying breakouts or buying pullback a pullback maybe towards a 10-day low etc where is your stop-loss right how will you manage the trick if it moves in your favor what if the trick moves against you how will you handle the trick what is your risk on each trade right so this is what I mean right by developing a trading strategy developing a trading plan so once you have a trading strategy that you have developed if no idea where they works or not so this is where you move on to the fifth stage where you validate the trading strategy you want to train right the forex markets are using the trading strategy that you’ve just developed right rig strategy are a set of guidelines it’s like a rules right to cut your trading in the markets so this is where you can you know either trade on demo or open a really small life account and trade that strategy that you just develop and ideally right you want to get a sample size of you know 50 200 trades right and see how that strategy fair right in the real world of trading right if it’s working great right we can make tweaks to it and we keep what it look even better if it’s not working this is where you’re go to the drawing board again and find out we know where is your losses coming from right and how can you know improve on it right so this is just a very big overview right of how you should approach treaty in your first year of trading there’s a lot that I have covered try I don’t expect you to hit all what you know like 1 2 3 4 5 pointers immediately focus all right on individual steps are number one absorbing as much as you can number two identify your trading methodology that resonate with you number three dive deep into the trading methodology that resonated with you number four develop a trading strategy around it number five validated right so I hope this helps right and with that’s it I will talk to you soon you

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