Trade Forex – A Guide

We often get asked questions by newcomers to the wonderful world of Forex, the main one being “How do I start to trade Forex”? We have put together this article as a guide to help you navigate this ever-growing website – there should be almost everything on here that you would ever need to know. One of the best places to start is to take a look at this article, which examines the five stages of a Forex trader and will give you an idea of where you are in terms of your development – Trade Forex: Five Stages of a Forex Trader

Hopefully you now know where you are in terms of your trading mindset and abilities. To say there is a huge amount to learn about Forex is something of an understatement. If you don’t already have Marc’s excellent free eBook (we aren’t just saying that, this book is an honest and thorough guide to becoming a professional trader, which makes eBooks that sell for $200 and more look poor), then you can get it here – Marc Walton’s How To Trade Forex

Whether you are a total novice or a trader of intermediate skills or experience, it probably pays to check the basics. You can find examples of trade setups and explanations of trading rationale here – Trade Forex: The Basics and ask questions of experienced traders on our Forum here – Trade Forex: Discussions

Hopefully, you now know what a chart looks like and what a pip is, or have brushed up on your knowledge (there is always something for even pro traders to learn, you never stop learning in this game) so what you may need now is a Forex system so you can start to trade Forex on a demo account. There are some systems on our Forum – if you have some trading ideas, why not ask us to start a thread for you so you can share them with other traders – Trade Forex: Systems

If you want to get into more complex ideas of technical and fundamental analysis, we can recommend some good books. By now, you probably are very interested in Forex (we certainly were!) and you are hungry for knowledge. Some of the books can be a little…technical and involved, but they are worth persevering with – Trade Forex: Books

If you want to skip expanding your knowledge for now, fair enough, it can be a time consuming process. In that case, you might be interested in outsourcing your signal generation and investing in a Forex signal service provider – we have some reviews and recommendations here – Trade Forex with Forex Signals

Alternatively, you may wish to try your hand at automated Forex trading with a Forex MetaTrader (MT4) Expert Advisor (EA). Don’t worry about all the terminology if it’s a bit daunting. We have the information and reviews you need here – Trade Forex with Expert Advisors

We have also extensively tested some popular robots, including live testing by our members, which you can read about here – Trade Forex Robots: Live Testing

Whilst it can be very tempting to rush in and start trading with your real, hard-earned money, we would recommend you get used to your trading terminal and at least try and understand how your chosen system/signal service/EA functions in real life by trading on a demo account. You may be spending $99 a month on a signal service, but it is far better to “lose” $99 getting to know what you are doing than blowing your account.

You will now want to choose a Forex Broker, and take advantage of their demo account. It’s worth trying a few Brokers to make sure you are happy with the range of instruments they provide, and that their spreads aren’t too large. We have found a few decent Brokers and you can read about them here – Trade Forex Using a Reputable Broker

Whilst you are practicing, you will need to understand both trading psychology (the most overlooked thing in Forex, and the second-most important) and money management (the second-most overlooked thing in Forex and the most important!). To know more about money management, there is a great article here by Marc – Trade Forex Using Proper Money Management

Once you have worked your way through this list, which shouldn’t take too long, you will probably be better armed and have a better grounding than most retail traders.

We hope this guide was useful both for your trading knowledge and navigating the site. If you have enjoyed what you have read, why not try Marc Walton and Dean Saunder’s “Forex Mentor Pro” service, which provides a great way to learn more about Forex trading from a professional, and at an exceptionally low monthly price?

Good trading.

Simon.

Tagged with: Trade Forex

Filed under: - Learn Forex • Forex Advice • Free Forex Lessons • Trade Forex

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