How to learn forex

by | Jun 23, 2022 | Forex Articles

How to learn forex

The forex market is one of the biggest markets having trillions of transactions happening every single day but do you know how to learn forex

Traders have increased since COVID started

When the lockdown was introduced, most people were working from home. Some people were also furloughed and were receiving paychecks.

During this period a lot of people began to invest in the stock market and also trade forex and got involved in other risky investments.
this is why we saw the stock market rally in the past two years after the massive drop in 2020.

Investing your money into the stock market or trading forex is some way you can grow your money. However, if you don’t know what you are doing then you are risking your savings and potentially losing the whole lot.

This is why it is always a good idea to research and do your homework before you get involved in something that is new.

People want instant gratification

Would the navy let you fly a F-35A fighter jet in your first week?

No, they wouldn’t. Why would they trust someone who has no experience with a $150 mn equipment?
You would have to go through all the theory, answer many exams, spend many hours in the simulator and only after you are confident they would let you sit in it.

The same applies to forex. It can take a few months to learn the theory, but it could take years to actually start becoming profitable in forex.

Here are a few tips on how you could start to learn forex:

Baby Pips

If you want free content and don’t want to spend money, then babypips.com is one of the best websites to learn the basics of forex.
They have many courses from beginner to advanced and cover all the terminology that you need to know.
It is a good place to start if you are new and want to experience what trading forex is.

YouTube

There are millions of videos on YouTube and thousands of traders sharing their strategies on how they trade forex.
However when it comes to trading you need a strategy that suits your personality.
What I mean by that is everyone is different when it comes to trading. Every person has a different risk appetite.

For example some people like scalping which is trading on very small timeframes such as 5 min up to 1 min. So you get in and out of trades quickly.
This might sound easy but you would actually end up spending many hours watching the screen. You need to be mentally prepared to cope with the volatility of trading on smaller timeframes as there is more noise on the charts.

When I first tried learning on YouTube, I got lost after watching a few videos as most of the people on there had different strategies.

Also I wasn’t sure if their strategy was giving them consistent profitable results every month. Anyone on YouTube nowadays can claim that they are making $40k every month.
therefore, you need to be careful who you are following on YouTube and make sure you do some background research on that person.
There are many scammers in this market who will make it look like they make thousands every month and get you to enrol to their course.

Then its too late to realise that its a scam and now you are a victim and you hate forex. So let me remind you again, do you research!
There is always money to be made in the forex market.

Buy a course

When I saw that there was opportunity to make money in the forex market, I didn’t waste my time on YouTube or trying to read books.
I bought a course as I was serious and I wanted to do this professionally and wanted to make a living out of it.
I wanted a another source of income.

Forex Mentor Pro offered a very good course which had all the material I needed to become successful at trading the markets.
Looking back at it now 2 years later I think it is the best course out there having tried a couple of other ones.

Reason is because they have strategies that have been tested out for around 15 years in the live markets. They have proven to give consistent results every month.
Remember consistency is the key if you want to be successful at this game.

Get a Mentor

This is of course the more expensive option, but it will save you a lot of time and Money in the long run. When I first began learning forex I had no clue how to read charts or find a direction to trade in. The course at FMP has all that they you need, but I wanted to accelerate my learning curve. So I paid Marc (CEO of FMP) for private mentorship; It has been the best investment I had done when I look back at it.

Marc helped me to read the charts and analyse them the way he does on a weekly basis. He showed me why fundamentals were important when it comes to trading. He also thought me a lot of other things and we discussed other business ideas too. Within 6 months I qualified for a funded account as I was able to prove consistent gains and grew my account.

While private mentorship can be very expensive, here at FMP we do offer affordable mentorship if you require on a monthly subscription too. However we do recommend the whole package as 1 month is not enough in my opinion. We cover a lot of topics and also show you how to trade in the live markets. Working with a mentor for at least 2 to 3 months will help you embed those good behaviours traders have. It will help you to stop making silly mistakes and also hold you accountable as there will be someone watching over you.

If you want to save your time and money, look no further. You can sign up using the link below.

We also have a free 14 day course in case you want to know what the course might contain. We are a genuine 5 star rated forex school who teach you how to trade.

 

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