As a big forex training institution, we obviously get our fair share of complete beginners. More often than not, the people visiting our website or contacting us have had some sort of experience with forex beforehand. Either they already used a strategy they found somewhere else, they’ve read market reports, they opened a demo account a few months back but never really used it, and so on. Most of the time these people end up on our site because they felt that they needed to learn more and found us. Then they go on to our free forex course, skipping whatever lessons they feel they already know about (boo) and finally go through our strategies.
However, some of our visitors are complete beginners. For you, my dear complete beginners, I present this short article. We’ll go over what I believe should be your very first steps in forex. Fear not: most of these steps can be done through our website. That’s how we roll.
|Did you know? To help you in your first steps, My Trading Hub provides most of its training in videos. Have a look!|
Your first steps in forex
Alright, the very first thing I want you to do is… *drum roll* go through our forex training course! Did that surprise you?
The whole point of our forex course is to educate people like you. We go from the very beginning, taking you from knowing nothing at all to having all the basics down. It’s only fair that this should be your first link to visit so here it is: Step by Step Forex Course.
If you follow this course well, you should – by the end of it – have a demo account opened in your name. Good. The next thing I want you to do once you’ve finished the course is to open that demo account and play around. I want you to think back to everything you’ve just learned and try to mimick it all on your account. Pull up a chart and draw lines, zoom in and out, look for levels, draw resistance and support lines, try to find trend lines, look for candlestick patterns, etc. Basically, get to know your program.
Once you’ve done a good hour of that, you should be ready to go. The next step will be to go through our forex strategies. Now I know we have 5 of them on there and it’s very exciting, but what I want you to do is pick one (go in the order) and watch all its videos. While watching the videos, take notes. You’ll see we have the rules and all available for download but I want you to take notes anyway. By the end of the lesson you should have a good idea of how the strategy works and have the notes written down.
Do NOT watch another strategy. Take this one, open your charts again and do the same thing: play around. Apply the template, look in the data for entries and practice. Where would have been your stop loss? Where would you have been stopped out? How many pips would you have risked? How much would you have won or loss? Do that for as long as you need. Ideally, you should take a piece of paper and thouroughly back test at least a year of data doing exactly this.
Congratulations! You’ve taken your first steps in forex, look at you! I’m proud of you. Now you’re no longer a beginner. What’s next for you? What’s next is the biggest part of your education: practicing. Now that you have all of this down, you’ll have to spend hours practicing, trading, making mistakes and improving yourself until you become perfectly efficient.
Exciting stuff all around! Soon you’ll think back of your first steps in forex and think “What would have I done without these guys?”. Once that happens, come back to us and say hi!