How to Trade Forex… your first steps
Your first steps when learning how to Trade the Market is to get some high quality Trading education. Remember even Benjamin Franklin said that an “investment in knowledge always pays the highest return”. Get the basics covered so that you know price action patterns, cyclicity and which are the best charts to Trade. But don’t forget the most important part, which is to make sure that you have a proven Forex Trading strategy.
While you’re learning how to Trade the Market make sure that you’re practicing what you’re learning with a Forex demo account. It’s important to put into practice what you think you’ve learnt, so that you can see exactly what you’ve remembered.
What to do next?
You’re next steps are simple, get your consistency by Trading price action patterns that work, and using a proven Forex strategy. Once you have this consistency make sure that you are Trading live and able to get similar results to when you were demo Trading.
Now simply rinse and repeat, only Trade when you see your edge in the Markets and continue to Trade price action patterns for profits. Make sure that you are Trade sizing so that as your account grows, you are risking more money per Trade, because if you are losing a little, you’re risking less per Trade. Use our Trade size calculator to do this.
Your next step now is to make sure that you get yourself in the proper environment and interact with other Traders, otherwise Trading Forex can become a lonely occupation.
It also helps to have a Trader coach or a Forex mentor who is more experienced in the Markets and can help you to refine your Trading approach and improve your Trading strategies. They should also be able to help you psychologically deal with Trading as the sums of money get larger.