If you are looking for a place where you can learn about forex trading for beginners, then you have come to the right place. Starting out trading forex is a daunting task, and it is useful to have someone who can walk you through it. I am here to help.
To begin with, and I want to make this very clear – do not trade with real funds. Not yet anyhow. There are many online brokers out there who will offer you a free demo account with virtual funds. Try to choose one with an MT4 platform, which is a very popular platform and is extremely user friendly. Once you have your demo MT4 account, you can then start to practice.
Calculating ‘lots’
Getting to grips with forex trading is a steep learning curve for beginners. Before you can even think about creating a trading methodology and a plan, you must get to grips with how forex is traded – in something called ‘lots’. Now I could take you through the mathematical calculations of what a lot is, but you know you don’t need to know how to make a football in order to kick it! All you need to do, is work out how many lots you need to trade in order to risk “X” amount of money.
You can do this by searching for ‘forex lot calculator’ in your search engine of choice. Try making a few random trades on your demo account and try to risk $100 for a target of $200. Make sure that you are either losing $100 or making a profit of $200. You will not hit these figures exactly, but you should be close. If you are not, then you are not calculating your lots properly.
Risk Management
Forex trading for beginners is a slippery slope. You make a couple of profitable trades and you think you’re invincible! You start risking more than you should and soon enough, your trading capital is gone. Money management is key for beginners to forex trading and experts alike. This means not risking more than 2% on any single trade – and that is a maximum, and can be much less.
Setting Stop Losses
When putting a trade on, you should always set something called a ‘stop loss’. Stop losses are an insurance policy. If a trade moves against you, you should not hold onto it hoping that it will come good in the end. Beginners to forex trading often make this mistake. You should take the loss and move on. Stop losses help you to do this. Never risk more than 2% of your bank on any trade, and stop losses will make sure that you stick to this rule.
Be Unemotional
Forex trading for beginners is always an emotional affair – especially if it is with real funds. However, you must learn to take losses as a part of the process; and you must not get greedy with the good trades. Stick to your predefined stop losses and profit targets and be as unemotional as you can. You should not be feeling elation or gloom. Trading is a process and there will be natural cycles of peaks and valleys.
Forex trading is tough for beginners. Is it so easy to be attracted to easy options such as signals providers or trading robots, which do all the work for you. But in the end, the vast majority of these services are scams and it is best to learn for yourself. It will not be easy, and you will need to put a lot of practice in, but eventually, you will start to make some headway. Forex trading for beginners is not for the faint-hearted. Stick to a demo account for a while – at least until you can be profitable for three months in a row; and if you can do that, then you just might be ready to start trading with live funds.
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