Living with forex? Why do I use this phrase? Simply put, to be successful with any job, you must spend all your time on it, always think about it, and live with it.
Here are 6 steps to live with forex:
1. Forex basics:
- The basics of forex: First you have to learn what is Forex, can it be profitable or not, why choose forex what is the risk, should you join the forex market,...
- Concepts in forex trading: What is currency pair, what is take profit, what is stop loss, what is spread, how to calculate financial leverage, trading sessions, how to calculate profit or loss after when entering the order...
2. Forex trading tools:
- Forex trading tools, how to install Metatrader 4 and Metatrader 5 (MT4 & MT5).
- How to use metatrader 4 and Metatrader 5: How to view the chart of 1 currency pair, how to understand the chart by time frame, how to understand the price on the chart by time,...
3. Learn about technical analysis:
- What is technical analysis, 3 axioms in technical analysis, reasons to choose technical analysis to trade forex,...
- 3 chart types in technical analysis, advantages and disadvantages of each chart type, which chart type should be used,...
- Learn and understand important concepts in technical analysis: Trends, trend channels, trend lines, support and resistance levels, common patterns in technical analysis (head-and-shoulders, double top, double bottom, morning star,...), signal of volume for technical analysis,...
- Learn about popular technical indicators: MACD, RSI, Stochastic Oscillator, Ichimoku Kinko Hyo, CCI, Fibonacci,...
4. Applying technical analysis to analysis and forecasting:
- Practice forecasting: Open the MT4 or MT5 software, open the chart of the Eur/Usd currency pair, see the price movement, try to forecast the price will go up or down, then wait for the price to run and check prove the result is true or false. Then look for the right or wrong reason (from the point of view of technical analysis, maybe based on your favorite technical indicators). Repeat this step as many times as possible.
- Continually learn, practice, draw experience, to become more and more perfect.
- Continually learn, practice, draw experience, to become more and more perfect. Remember, focus creates strength, and persistence and perseverance bring success.
- Form your own trading system: The trading system is quantitative signals, helping you to make decisions with a high correct rate. After trading time, you will create your own trading system, it doesn't have to be like anyone else, it just needs to be effective.
5. Demo trading:
- Create a demo account and start trading: You can choose any forex broker. Think of a demo account as a real account, and trade with the utmost caution.
- More importantly, use your own trading system to trade on this demo account.
- Learn how to manage capital and apply it on this demo account.
- You can participate in forex contests with a demo account to practice trading psychology.
- When you trade on a demo account and make a profit, and maintain stability for at least 3 months, then move on to step.
6. Real trading:
- Choose a reputable forex broker and open a real account.
- Deposit and start real trading.
- Remember, more or less profit is not as important as how long it is maintained (stability is more important)
- Effective capital management (important).
- Constantly practice trading psychology (very important).
- Consider forex as a profession, take it seriously, when you have passion & choice, you need to devote all your heart to forex. Live with forex, you will achieve success.
Wish you success!
Best regards,
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