Forex for beginners
Have you ever wondered what is so special about these traders who are successful? Do they have a magic crystal ball telling them what the market is going to do next? Are they super smart? Do they use a secret strategy that nobody else knows about? The answer is none of the above, the root of their success lies in the way they approach forex trading. They are called professional traders for a reason and that reason is the fact that they do not treat forex trading as gambling.
Mastering the technical aspects of forex trading is actually quite easy and it can be done by anyone and their grandma in less than 2 weeks, but the hard part is developing a trading discipline and sticking to it. This is the key that separates amateur traders from professional traders.
Having a trading discipline will allow you to control your emotions. Emotions have no place in forex trading because they are a destructive force that leads to chaotic trading.
Unfortunately the process of developing a trading discipline doesn’t happen overnight. It is not an easy task and the journey is full of ups and downs. You will have bad days and sometimes you will lose all hope. This is where most amateurs give up and abandon their trading rules opening the door to chaotic trading. When you trade without rules you are not a forex trader anymore, you become a gambler who plays a fancy roulette.
TABLE OF CONTENTS
A brief history of the foreign exchange market (FOREX)
Forex for beginners – What is forex trading?
Forex price quotes
Pips and spread
How do you make money with forex trading?
What is leverage?
Fundamental analysis vs. technical analysis
Support and resistance
To trend or not to trend
Fibonacci retracement levels
The 5 commandments of forex trading for beginners