So You Want To Be a Forex Trader

There are so many people wanting to learn how to trade in the Foreign Exchange market also known as Forex, which is the global market where one currency is bought, sold and exchanged for another. The Foreign Exchange market is the largest financial market in the world where over 5 trillion dollars is traded daily.

People send me messages all the time about wanting to learn how to make money trading currency. Unfortunately, many do not take my advice about investing time to actually learn and rather jump right investing their hard cash instead by taking trade signals from various people/groups -not to say all are bad- ahowever, new traders don't have a concept of understanding lot size and leverage and end up losing a ton of money. So my very first tip is to tell you, taking even profitable signals does not make you a trader.

You must be willing to learn.

To the beginner trader. There is a compilation of various things you must learn and come to understand in order to become a profitable trader.

Trading in the forex market requires patience, practice and persiverance. I strongly believe in the education of forex. You can not build a house without a foundation. And likewise, you can not become a strong, profitable trader without a solid foundation of understanding how forex operates in areas such as market structure, candlesticks, support and resistance, techincal anyalsis and fundamental anyalsis.

And lets not forget there are so many things in between to learn like when is the market open? What are the major trading sessions? What is a pip? What is a lot size? How do I place a trade? What is a stop loss? How do I set a take profit? What is top down analysis? What are the major pairs? How many pairs are there? How to read and understand candlesticks? What are confluences? What is a spread? What is a trend line? What is a demo account? What is a live account?

As you can see there is a lot to learn. And there is much much more. Learning is not as glamorous as some make it out to be. However, once you learn this skill set no one can take it from you and you will have the ability to make money from where ever you are on the globe.

Earning a living trading, can be the hardest way to earn quite a lucrative living. You absolutely must put the time in to getting educated to get to that point of financial freedom.

My advise is get a fantastic mentor and learn everything you can to create a strong foundation of knowledge and build that fiancial structure that will lead you to live the life of your dreams.

I will add there are different strategies in trading. What works for someone else might not work for you. That being said on your journey you will discover a strategy that you like. Stick with that. Master it and you will be successful.

Your first step will be finding that great mentor and/or education platform. Then you will open a broker DEMO/account to practice on. A demo account is essentially an account that gives play money for you to practice with. Once you have a decent idea of how placing trades and taking profit works you can open the LIVE account with your broker. Some let actually start with as little as $10.00.

Learn everything you can. Connect with people on Facebook or Instagram who are traders/educators and get in FREE groups.

Keep a trading journal.

Keep a notebook to jot down all information beneficial to your trading journey and success.

Watch YouTubeUniversity! I love YouTube. punch in what you have a question about and warch all the differant videos pertaining to that subject and take those notes.

Be patient.

And practice, practice, practice.