Trading forex for beginners

by | May 22, 2022 | Forex Articles

Trading forex for beginners can be a difficult and confusing world.

Being in the market for many years, I have seen a lot of students being victims of scams and Ponzi schemes.

There are people there who promise you these unrealistic dreams and show you that they can make 90% returns with their tested strategy.
They also assure you that you will make your money back by the time you finish their course!

Did you know that the S&P 500 has been giving 10.5% since its 1957 inception through 2021.

S&P 500 average return

If it was that easy everyone would be investing in forex and there wouldn’t be any money to be made, because for every winner there is a loser on the other side.
Someone could scalp on 1 min charts and have an 80% win rate but then if their losses are much bigger they are not really profitable in the market.

We strongly suggest always doing your own research before investing in anything or buying any new courses. There is a high chance that a person has already suffered buying the course and is not able to get their money back. So save yourself some trouble before diving in.

Talking about trading forex for beginners, I remembered one of my private students and his inspiring journey of how he came across forex. The article was written and published for our members end of 2020. Ashley now works with us and also trades a funded account.

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Ashley joined us in February of this year (2020) just before the covid crisis hit.

He had made a lot of silly mistakes & bad decisions before joining us (like most of us do on this journey). He decided to work with me on a “one to one” basis and by October he started trading our client funds on an evaluation account.

SO his progress has been massive but goes to show what you can achieve if you are willing to put in the time and effort.

He has been a pleasure to teach. He is very diligent. Studies a lot in his spare time and is willing to accept feedback, both positive and occasionally negative šŸ™‚

Like all of my private students, he went through the same process as explained in the following post and video. Everything you need is here on the website. YOU need to follow them and TAKE ACTION.

How to become a professional trader

Ashley is now helping to run the forum and as his analysis is VERY good I hope to include him more in the member’s area with posts and analysis in 2021.

Here is Ashleys Story in his own words:

A short introduction about myself before I begin about how I came across Forex and Forex Mentor Pro (FMP).

My name is Ashley De Sousa, 25 years old and currently working in the Supply chain industry as a Material Planner. I moved to England from India (Goa) back in 2008 so itā€™s been a while and completed most of my education here.

I come from a poor background and when you have grown up most of your life seeing your parents do everything they can working hard to make sure you have everything you need, it makes you emotional when you realise they have been doing it for many years without complaining!

I don’t want to be in the same position so I decided at the end of 2019 that I needed to figure out a way to get out of the rat race. I donā€™t hate my job, I like what I do but I donā€™t want to work hard all my life making someone else millions/billions every year.

trading forex for beginnersAlso, I want to be my own boss and not work under someone else. To be able to travel and go on holiday whenever I want for as long as I want. The maximum holiday I am allowed to take at the moment is 2 weeks (10 working days) unless itā€™s a special occasion. When I get back the work is still there, all piled up, isnā€™t that crazyyy??

As you can see I have a lot of reasons why I want to quit my job somewhere in the future to get the freedom I want.

I kept researching online for ways to make quick money. One day in November 2019 on Instagram I came across a guy giving FOREX signals. I saw all his stories and customer replies and how people were making a lot of profit from just copying his trades. I looked into it and then contacted the guy, he gave me the instructions straight away and answered my questions.

In a couple of days I started copying his trades he posted in a group bearing in mind I know nothing about what Iā€™m doing with a Ā£250 live account. I was blindly copying his trades and I started making some profit so I got carried away and started taking most of his trades.

LostWithin a month I lost that Ā£250 and I funded my account again with another Ā£250 and then another Ā£200. 3 months later in January 2020 I realised I was actually not making any profit! The losses I was taking were much bigger than the profits. I lost around Ā£1200 doing this.

Then it got me interested and I decided I should learn this myself and get better at it as I saw there was potential to make plenty of money if I knew what I was doing. So I started watching a lot of Youtube videos. Youtube is a great place to learn new things but the thing with Forex is that there are so many traders out there with their own trading strategies so I was already confused who to actually follow and what strategy to use.

I then started to look for a FOREX course and eventually found FMP. I had a 30 min call with Marc and he showed me the things they did in his academy. He also advised me to stop trading on my live account and switch to demo, which I did. A few weeks later I joined FMP and began learning immediately.

It took me around 2 months to get through the education section because I only did it after work and the screen time got me exhausted at the end of the day.

Then I decided to invest some of my money in private coaching with Marc as I wanted to accelerate my learning and I was serious about it. I definitely donā€™t regret that decision. Marc helped me improve my trading psychology and also the way I looked at charts technically when we went through them on a weekly call. In addition to that, the weekly group seminars we have I think are excellent (other institutions charge nearly Ā£500-Ā£1000 for the same call) and have plenty of analysis.

I started in Feb 2020 this year and 6 months later today I qualified to trade for the funded account.

At the end of the day if you really want something you just have to put the work in and keep practising. Have a burning desire. Enough reasons why you want to do it so that those reasons keep you motivated and going every single day. If you are tired take a break away from the screen and then start again.

My Journey continues in Forex and I wish you all the best of luck!

Ashley

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