5-Step Start to Forex Trading
Many of our users have started with this 5-step-guide and have begun learning the skill of trading on a part-time schedule and within a short amount of time had replaced and surpassed their full-time incomes. If you indulge in understanding how to profit in the forex markets and not trade for the sole purpose of creating capital, then you too can learn to be profitable and find success in the long-term.
Step 1 is to Open a Broker account.
Your Broker is the Middle-Man between you and trading your currency.
Now as you should look into various brokers, as margin level and leverage will be weighed in the future.
For now we will focus on opening an account.
What we reccommend is to sign up for an acount with Hugo's Way
For a step-by-step on signing up for Hugo's Way, Click here.
We recommend Hugo's way for begginers, Here's why.
Sign up and fund your account (We suggest starting with $10 or $20)
Step 2 is to download the Meta Trader 4 (MT4) and login to your trading account.
You can download the MT4 trading platform on:
****PC/Desktop/Laptop can download MT4 Platform here from Hugo's Way.
****Andriod phones and Devices can download the MT4 Trading platform here.
****Apple phones and devices can download the MT4 Trading platform here.
Once installed, Login to your new trading platform! You can access your trading login information in the My Account's Tab at Hugo's Way.
Need assistance signing into the MT4 Trading Platform? Click here.
Step 3 is to help you understand why we recommend starting with $10-$20.
Risk Management is the greatest factor in profiting from the market. Understanding and applying a well-managed risk management strategy will gaurentee profits in the long-term. Click here to understand why.
We are familiar with Demo Trading Accounts but we believe starting with a low balance will create habits that many traders may have missed when funding their accounts with their paychecks.
Some traders will turn a $20 account into a $400 account and some traders turn a 400$ account into $20. Click here to understand why.
Step 4 is to Introduce the 3 ways to analyze the market. All 3 steps are all important influences in the foriegn exchange so look as each of them as the triple threat to our trading game.
Fundamenal Analysis - Analyzing how the news will affect the countries currency.
Check out some events on BabyPips calander to see if you can predict how the news will affect the currencies. For better understanding of the news that moves the currencies, click here.
Technical Analysis - Analyzing the patterns and tendecies of the charts.
As there are many strategies to learn, we encourage you to practice one thouroughly as one strategy is all it takes to consistently profit in the markets. For the breakdown of our strategy. Click here.
Market Sentiment - Analyzing the motion of the currencies overall move. Basically we are not married to the market. The market can go up or down as it wants. We can only react to the market. We can take a sentiment-based approach by weighing our fundamental and technical analysis togeher. For a market sentiment checklist, Click here.
Step 5 is to spend time everyday reading and projecting the movements of the currencies. The strategy you decide to follow is entirely up to you.
Check out this 95% winning formula you must involve in any strategy you follow.
Completing steps 1-2 are the only requirements to being trading on the forex market. After positioning yourself to trade in the forex markets, you now must review steps 3-5 to start to develop your own trading strategy and understand how the forex market will be profitable to fit around your schedule. If you predict the movements daily, you will become familiar with a capital growth of your account.