IT TOOK ME 2 YEARS to learn how to trade forex.. Do I think you can learn it in 3 weeks? FUCK NO!
I have answered your question, now may I ask why you want to trade forex or better yet why are you researching about forex?. To be honest I don’t give a fuck! I am just gonna tell you a story about this guy I met in the university library last week. It was kinda late in the evening around 7 when I walked into the library.The library was empty almost, so as I walked through the computer room I couldn’t help looking at the screen of some guy who seemed to be trading forex. So I walked over to him and looked at his screen without saying a word, I wanted to make shit awkward as fuck while looking at his screen. My eyes quickly glanced looking at the top left right corner of his brokerage account to see what his account balance. I know what you’re thinking ‘ who does he think he is ? ‘ but fuck what you think cus right now you’re reading what I think. Anyway long story short it turns out the guy is trading Bitcoin on a sketchy looking binary option broker. At that every moment I realized this guy was a fucking idiot. The guy lost £200 in less then five minutes, I don’t care how much money you have, but wasting 200 on a sh*t like that is just ridiculous. I mean if you dont want the money you can always donate it to a meaningful cause.
Some people have a great difficulty keeping their card details to themselves for some reason. The first rule of making money is TO NOT GIVE MONEY TO SOMEONE WHO WILL TEACH YOU HOW TO MAKE MONEY I dont care how much money they make or claim to make, I dont care if he’s Jesus fucking Christ I am not paying a penny and neither should you. Some people out there are so fucking gullible that any loose effort advertising about some MAKE MONEY TODAY scheme will get them ransacked.
So I have stepped up to fight off those scammers! You can call me you’re Friendly Neighborhood Spider man if you’re still into that shit. Anyway I have made an easy approach to learning forex in 21 days if you really put in the effort. You can use that knowledge to build a strategy (a strategy in forex is the same as a recipe for pancakes or omelette) that will make you some money or shit loads of it depending on you. You can think of me as a cook book without instructions, only ingredients.
Week One; Trading forex is simple but not easy.
- Just like a baby you need to breastfed the right type of information. When you’re a beginner I know its frustrating especially when you are bombarded with information, but like anything in life you can control how much it can affect. Don’t over expose yourself to information in hopes of £1000 next week. What you need to is start small. I have been trading for over 2 and half years and I have only been profitable for a year but oh boy! it was worth all the headaches, anger, frustration, denial and fears. The forex market operates in a funny way, when you start off you will get lucky and that luck transforms into confidence, you cant lose and everything you touch turns to gold until one day you wake to a text message saying ‘please make a deposit to keep your positions opens’ all your profitable trades knocked out by one losing trade. Why am I telling you this? because it will happen to you too, and there is nothing you can do about it. So are you going to stick with it all the way to the end or are you gonna give up once you have been burnt a few times? Its that simple. If you want to trade forex for a living you have to put in hours upon hours before you start making any money, but I will guarantee you that if you get it right you will (and you will…eventually)be thanking yourself forever minute you spent working, why?because where else can you make money with a click of a button.
Go to youtube and search Tradempowered. Those guys know what they’re talking about and guess what? they are real traders who actually make money from trading, personally I have learned a lot from the free content they share on youtube. They also have a 12 week transformation course. I haven’t personally been on the course but based on what they teach I think its the only forex course on the internet worth paying for. I discovered by their channel by sheer luck about a year ago and I have been following their content ever since. I want you to go their youtube channel and watch their videos. After every video I want you test what you learnt on a chart so it sticks in your memory.
Tradingview is the best charting software for forex anyone else who says otherwise is full of shit.The reason I like trading view is that unlike think other charting software’s like thinkorswim or mt4, what you can do with it has no limits, you can draw all kinds of shit on there. If you want to talk to other traders it lets you do that it has a chat room full of people looking at charts. I like it because I can wake up look at the chat room get an idea for a trade, or I share my trade idea with fellow traders so they can profit or lose with me. Better with someone then alone I guess. But the most beneficial reason for using tradingview if you are beginner is that you can look at the work professional traders.
Week two; the mental side
During the second week I recommend you read the following books; Trading in the Zone
by Mark Douglas and Reminiscences of a Stock Operator by Edwin Lefèvre. I first read these books about a two years ago, and I read them at least once a month, because every time I finish reading those books I learn something new and its fucking awesome cus the more you know the more money you can make. You can get them off amazon for some change. Read as much as you can, if you get an idea from the book write it down somewhere so you can use it later. An idea is worth nothing if you cant remember it.
Week three; put it all together and more
On the final week hopefully you have learned something. By now you should know have gained some knowledge about risk &rewards ratio, good money management and the psychology involved in trading. This is the most important step of the recipe. Open yourself a trading account; chose one that suits you’re personality. I personally think these platforms are by far the safest and the best.
- Plus500 is for someone who likes their shit simple and organised. Their platform to takes simple to a whole new level, its well organised and structured in a way that my grandmother can short the FTSE from her grave. Its’ best attribute is that anyone can use it unless they’re retarded. Plus500 is compatible with most devices around the house, and it offers a demo account that you can practice with.
- IG Trading is for the sophisticated trader who wants everything at the tip of his finger. It has an amazing charting software and over all looks sexy. I would go as far saying it is one of the ‘high end’ trading platforms out there. It also offer a demo account.
- CMC Markets is for those traders who want to feel like they are in wall-street. CMC Markets is for those traders who want to be attached to their screen while trading. If you are planning on trading throughout day then this might be for you. Most trading platforms have a standard layout of feature, CMC markets lets you make your setup, basically you can move shit around until it feels right.
Chose the one that feels compatible with your personality. I personally use Plus500 because I can manage my position from my phone with relative with easy will I am in lecture or at the gym.
Finally, there two things you need to get right to make money in this business build your own f*cking strategy and Manage your money with your life. Get those two right and you can make forex your bitch, its that simple I swear!
- Money management lets you have a starting balance of £1000, now lets say you can afford to lose 100 on a trade, if you do that then you have ten trades before you go broke. But lets say you’re strategy is right about 60% and you want £300 in return for your 100 at risk. lets you had a bad week and only one 4 of your 10 trades. So basically you have lost 6 trades with 100 each, that puts back 600 and but you have won 4 trades with 300 on each trade, now all of a sudden you are up £200. So your balance went from £1000 to £1200 by only wining 40% of the time which is fairly shit to be hones, I know traders that have 89% winning rate, imagine that with 3:1 ratio. My strategy wins about 76% of the time which is slightly above average.
- A strategy that returns at least 40% win rate. This one is fairly simple. Go to tradingview, sign up for a membership (shouldn’t cost you mother than £20) when you signup they give unlimited amount of data all the way from the 90s’. Using this data scroll back in time and look for opportunities that keep on repeating themselves because the market behavior never changes and that’s because human nature doesn’t change.
Forex is a lucrative business for those who put in the effort and chose long-term return over get rich quick schemes. You really can make money from this because I did. Have faith and dont worry about how it happens and when it will happen. Do your best on educating yourself and you might find yourself educating others one day just like me. And I mean that in the humbles way ever. Good Luck on your trading journey and stay safe!