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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 Forex Broker
Before you begin forex trading, you’ll need to choose a broker. Your broker will allow you make trades.

Working with a reliable broker can mean the difference between profiting and losing money.

It's important to trade with broker with tight spreads.

Here's my recommendation on reliable broker with tight spreads:

  • 20% Bonus To Start Trading
  • ​Tight Spreads From 0.1 Pips
  • ​​Minimum Trade Size of 0.01 Lots
  • ​Leverage Up To 1:200
  • ​Trade Forex, Oil & Spot Metals
Step 4: Choose a Charting Software
MetaTrader4 MT4 Best Free Forex Charting Software Technical Analysis
Technical analysis is very important if you want to become a profitable trader.

To perform technical analysis you need a charting software.

Here's my recommendation on the best free charting softwares for technical analysis:

  • Free Live Forex Charts
  • ​Trade On Any Device
  • ​Try It With Free Demo Account
  • ​Forex Trading Indicators
  • ​Smart Technical Analysis Tools
Step 5: Analyze Forex Charts
Here's a video with strategies and techniques I recommend you use to find winning forex trades.

Making consistent profits in forex is all about accurately analyzing trends, support and resistance, and trading chart patterns and 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!
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Thank You!
Johan Nordstrom
Founder and CEO of Trading Walk
Bonus Tips
You can find more tips in our step by step lessons.

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