How To Start Out as A Forex Trader



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#547: How To Start Out as A Forex Trader

In this video:
00:22 – Do you want to start trading?
00:44 – Trading Forex – The Basics.
01:30 – Choosing a Forex Broker.  
01:56 – Forex Education.
02:23 – Your Trading Plan
02:50 – Start on a Demo Account.
03:12 – Technical or Fundamental Trading.
04:08 – Trading and Travelling.
04:44 – Blueberry Markets.
05:00 – My 1 Hour Masterclass and Book a Call.
05:34 – Comment, Like & Subscribe.

How do you start as a forex trader? I’m going to cover that topic and more for you over the next few minutes. So let’s get started.

Hi everybody! Andrew Mitchem here at the Forex Trading Coach.

Do you want to start trading?

So you’re interested in diving into the world of forex trading. Now whether you’re looking to supplement your income or to embark on a new career, starting out as a forex trader can be both very exciting and also challenging. And in this video and podcast, I’m going to walk you through the essential steps that you need to get started on the right foot.

Trading Forex – The Basics.

Now, first, let’s cover the basics. Forex trading or foreign exchange is a global market for trading currencies. It operates 24 hours a day, five days a week, and it’s the largest financial market in the world.

Now, unlike other markets like stock markets, which are based in specific locations like New York or London, the Forex market happens over the counter, which means that basically transactions are conducted directly between parties, usually through an online platform.

And to start trading, you need to have a reliable internet connection. Obviously, a computer, laptop or mobile device and just somewhere that you can sort of focus on trading somewhere quiet, you can focus on trading.

Choosing a Forex Broker.  

Next, you need to choose a forex broker and look for one that’s regulated and has high quality rankings as well. Competitive spreads and uses platform such as Metatrader 4 or Metatrader 5.

I’ll put a link on this page to a list of brokers who I use and suggest that you consider because that’s going to massively help shortcut the list for you.

Forex Education.

Now, education is also key to being a successful trader. You’ve got to learn the basics. The fundamentals of forex trading. Understand how currency pairs work, such as the majors like the EUR/USD and GBP/USD and then get into more like the minors like the AUD/NZD or EUR/GBP.

And you got to familiar eyes yourself with you know what pips are leverage margin. All those type of phrases which right now may not be familiar to you.

Your Trading Plan

Next you need to develop a trading plan, and a solid trading plan should outline your financial goals, your risk tolerance, specific strategies that you plan to use. You need to decide how much capital you’re willing to invest and of course, never risk more than you can afford to lose.

So a good rule of thumb that I use is I risk only half of 1% of my trading account on a single trade.

Start on a Demo Account.

And before trading the real money, of course, you should practice using a demo account. And most brokers offer a demo account to basically simulate real trading conditions. But it’s not real money. Now, use this opportunity to test your trading plan and your strategy and get comfortable with the trading platform without having that risk of losing real money.

Technical or Fundamental Trading.

Understanding market analysis is also crucial. There’s two types of analysis. There’s technical and fundamental. Technical analysis means looking at charts, using indicators, etc. to predict movements. Whereas fundamental analysis, it’s more about looking at economic indicators and news events to assess what’s likely to happen.

Now, over the last 15 plus years. I’ve been only solely 100% a technical trader. I have tried both. I started off looking at some fundamentals, but it just wasn’t for me as a technical trader. I find life much easier and more enjoyable.

so understanding the basics, developing that solid trading plan and continuously learning is something that you’ve got to do in order to trade the forex markets with confidence.

Now in other news at that, I’m heading over to Europe at the end of May, and while I’m away, I’m going to be making a series of videos and documenting and showing you the trades that I’m taking while I’m away and to show you how I trade and how you can trade and travel in less than 30 minute chart time a day.

Back five years ago, when I was in Europe for four weeks, I did the same thing and we made a 12.79% return over those four weeks. This time I’m going to be doing exactly the same for the two weeks while I’m away.

Blueberry Markets.

If you’re looking for a good forex broker, I can highly recommend blueberry markets. I’ve been with them for years and years since they started and I’ve sent fans into trade as to them, and all I ever hear back is positive reviews. It’s just absolutely fantastic.

My 1 Hour Masterclass and Book a Call.

Now, if you’ve not been on my one hour free masterclass, jump on it up a link here so you can do that.

If you’d like to book a call with one of my team. It won’t be with me over the next few weeks as I’ll be away. But if you want to book a call with one of my team, you can do that and our per link to their booking calendar.

So thanks for watching the video and listening to the podcast. I hope that those few forex basic will help you. Wish me luck by the way, next week when I’m on an 18 hour flight from Auckland to Doha and then I think it’s about another seven or 8 hours from Doha through to Nice in France, where I’m heading.

Comment, Like & Subscribe.

And if you find this video helpful, please make sure that you comment like and subscribe or send the link to other people who may be interested in learning how to trade the forex market. Remember those forex basics? If you’re out there, we’re here to help and to help make this work for you.

This is Andrew Mitchem at the Forex Trading Coach. I see this time next week when I will be just about to board an 18 hour flight. Bye for now!

Episode Title: #547: How To Start Out as A Forex Trader

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass

Click Here to Check Out Other Recommended Brokers