This article will be the first of many that I am going to write on the subject…How to trade Forex in 3 Easy Steps…Though I will not get deeply detailed in this first article on how to trade forexI will be adding additional Forex training videos that will teach you more in-depth how to trade Forex.
Now, I am not saying that trading Forex is easy. Because it is not. But I am saying that there are 3 major areas of Forex trading, that if you can master these 3 areas, and really invest the time into learning how to trade Forex, you will start seeing the gains in your Forex account. This article is short because I have 3 detailed videos that show you the entire simple 3-step process that you need in order to learn how to trade Forex.
The steps you need to master if you want to learn how to trade Forex are:
Have strict equity management and risk management guidelines
How to find optimal trade entries and exits
How to manage your Forex trade once you are in it
STEP 1: Develop an Equity and Risk Management Plan
STEP 2: Learn how to find Optimal Trade Entries and Exits
Once you have your plan in place on how you are going to manage your account you need to learn how to trade Forex. This is where you are going to spend most of your time. We do not chase the market. We patiently wait for the market to come to us. And by doing so we sit like a hunter, rifle in arm, waiting patiently and attack only when the timing is right. Video 2 will show you more on how to find optimal trade entries and exits. But you will notice that I teach how to trade Forex without indicators on your charts. Simple support and resistance.
STEP 3: How to Manage Your Trade
Step 3 is actually the easiest step in the process. But here are some of the rules I follow:
Lock in your profits early and move your stop into break even or “in the money” as soon as you can to eliminate your risk from the trade.
Never let a winning trade become a losing trade
Know the key levels of support and resistance to know where you are going to have to pull out profits before a potential reversal or bounce.
Video 3 will give you a little more detail on this.
If you want to learn how to trade Forex I would follow the 3 videos below and begin to learn the process. As always, we are here to help. Add comments or post your questions below. I answer EVERY question on these posts.