Are you asking the best way to learn forex trading?…
If so, I want you to know that Forex trading can be a risky venture and you need to make up your mind and be prepared for anything before venturing into Forex trading. Why?
Before you can lose your hard earned money in a jiffy. However, at the same time, you can become a successful and profitable Forex trader — if you are willing to give in your best to learning.
To trade Forex is not difficult.
You need to learn the fundamentals such as learning how to analyze the charts.
You should be able to interpret the:
- Candlestick formations
- The Most Accurate Continuation Candlestick Patterns in Forex and Bitcoin Market
- The Most Powerful Bullish Bearish Candlestick Price Action Trading System
- Best High Accuracy Candlestick Patterns “Price Action” Trading System and Strategy Every Trader Should Know
- High Profits Forex Trading Dark Cloud Cover Pattern
- High Profits Forex Trading Bearish Engulfing Pattern
- High Profits Forex Trading Bullish Engulfing Pattern
- Chart Patterns
- Support and Resistance
And how to make use of some other mechanical indicators such as:
- Moving Average (MA)
- Average directional index (ADX)
- Advanced Forex ADX Moving Average Trading System With MACD and Stochastic Zone Indicator
- Forex Nihilist Ultra ADX Trading Strategy With Moving Average and BB-MACD Custom Indicator
- Forex Easy SWING Trading System Based on ADX and Momentum Indicators
- ADX Power Trend Forex Trading System (The Secret To Using ADX Indicator)
You also need to master some strategies along the way.
When I say strategies… I mean a set of indicates or technical tools you are most comfortable with. learn them and know how to combine at least 3 to 4 of them to generate signals.
Set a rule you must follow no matter what… see, once you able to master the art of spotting profitable trades — if you don’t have a set rule in place, believe me… in most cases, you would end up losing that trade.
Trading goes beyond what you see on the chart, forums, or TV.
It involves a lot of psychology… events that go on both in your mind, and also the market forces.
You can control yourself… but you can’t in anyway control the market force.
So, in other to be objective in your analysis you need to be able to manage yourself better.
You also need to learn a lot about risk management, how to set up a trading plan. All these will go a long in defining how successful you would become a Forex trader.
Open a demo account, and trade it much longer than you think you need to: I would suggest at least six months, in which you very carefully monitor your progress.
Set yourself a SMART goal (or a few), e.g. to make X pips per week or Y percentage per month – and do not open/trade a live account until you prove to yourself that you are CONSISTENTLY PROFITABLE.
Many experienced traders will tell you that there’s no use in a trading demo and that real trading, with your money on the line, is very different.
It is indeed very different.
However, there is still huge value in trading a demo account for the purpose you seek.
I would even advise keeping it and using it after you’ve opened a live account, as your learning will not stop them.