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How To Trade Forex
A Step-by-Step Beginner's Guide
Step 1: Understand The Basics
Forex refers to the foreign exchange market. 

It's where all foreign currencies of the world are traded and is one of the most actively traded markets in the world with an average daily trading volume of $5 trillion. 

In the forex market, buyers and sellers (individuals, companies and central banks) trade currency between each other at an agreed price. 

If you have ever travelled abroad, then it's likely you have made a forex transaction.

While a lot of buying and selling is done for practical purposes, the majority of forex trading is undertaken with the aim of earning a profit, which can be very profitable with the right strategies.
Step 2: Finding Your Forex Strategy
Successful forex traders develop a strategy and perfect it over time. Some focus on price action technical analysis, while others use indicators to determine their trades. 

The best way for beginners is often trying a combination of both price action technical analysis and indicators in order to successfully determine buy and sell points. 

That said, it is you who needs to decide what works best for you (most often through trial and error) in the end.

Here are helpful resources to find your strategy:



Step 3: Choose a Charting Software
Technical analysis is very important if you want to become a profitable trader.

To perform technical analysis you need a charting software.

Here's the best free charting software for technical analysis:
TradingView Trading View Best Free Forex Charting Software Technical Analysis
TradingView Trading View Best Free Forex Charting Software Technical Analysis
🥇 TradingView.com #1 For Technical Analysis
  • ​Free Could Based Software
  • ​Forex, Stock and Crypto Charts
  • ​Trade On Any Device
  • ​Trading Indicators and Signals
  • ​Smart Technical Analysis Tools
Step 4: Choose a Forex Broker
Before you begin forex trading, you’ll need to choose a broker that will allow you make trades.

Trading with a regulated broker with tight spreads can mean the difference between profiting and losing money.

Here are two good and regulated brokers with tight spreads:

🥇 FXChoice.com #1 For Forex Trading
  • $100 Minimum Deposit
  • ​20% Trading Bonus
  • ​Free Practice Account
🥇 PocketOption.com #1 For Binary Trading
  • $10 Minimum Deposit
  • ​$50 Trading Bonus
  • ​Free Practice Account
Step 5: Analyze Forex Charts
Here's a video with strategies and techniques I recommend you use to find more winning forex trades.

Making consistent profits in forex is all about accurately analyzing trends, support and resistance, and trading chart patterns and taking trades on accurate buy/sell signals.
Step 6: Make Your First Trades
Once you’ve decided from your analysis which forex pair you’re going to buy or sell, it’s time to place an order for your first trade. 

By consistently following your forex strategy you can make money trading forex.

The most successful forex traders develop their skills over time, trading is not a get-rich-quick-thing.

So be patient and don't risk more than 1% on each trade and you'll do great.

Happy trading!
Step 7: Join a Forex Community
Trading alone is never fun, connect with me and other traders!
Forex Trading Group Community
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