Trading foreign currency is notoriously difficult, so to learn to day trade forex is no easy task. Lets that get that straight, now. With that caveat out of the way, you can make it easier. You will hear time and time again in your life that belief in yourself, working hard and persistence are the keys to success. Not necessarily, it is better to have a proven system in place that you stick to, than simply sheer determination using the wrong system. No question.
There are generally three great ways to learn how to day trade forex. They all involve a different level of commitment and time. So picking the right one for you is going to depend on your personal commitments and the life style that you want. Do you love trading so much you'll dedicate hours in front of a screen every day, scalping or day trading? Or would you prefer to dip into the markets on a daily basis with a view to keeping your trades open for several days or even several weeks? It all depends on how much you intend to glue yourself to that screen.
Cross the T's and Dot the i's
The most comprehensive way to learn to day trade forex is to get involved on a training course from an established and respected forex tutor. Pricey, yes however you can shorten the learning curve, find out their opinion on the previous days trading and what they expect for the day ahead. You can ask about the technical side to trading (ie. indicators) and ask them about the fundamentals (eg. economic data).
A good forex membership course can set you back anything from a couple of hundred dollars to several thousand dollars a month and you should be looking to at least pay for that training with your own profits.
It's important to remind yourself that! In an industry where some claim to lose money for the first 2 years before making money, joining a good forex membership site offering training and a supportive, educational community should be a serious consideration. Especially if you intend to trade tens of thousands on the market.
The Lazy Approach
The lazy approach to learn to day trade forex is not really learning to trade forex. It is getting someone (actually something) to do it for you. Automated forex trading software has been widely used for many years by novice and professional traders alike. Ideally you should use the software as a 'second' opinion if you like.
If watches the market 24 hours a day (something you can never do) and identifies trades. They can be used to identify the trading signals to open or close a trade or you can even let them go one step further and place the trade.
Ideally you should have one of these forex robots (or more accurately Expert Advisors) in the background as they can help overcome irrational trading due to emotion and psychology or you can plug them in and let them go! Forex trading on autopilot, sounds great to me!
There are a whole host of great reports on these systems. So worth giving a go (unless you can program your own, the next step!)
Use Someone Elses Proven System
Modeling something that works is not new, it's common sense. Whilst every forex trader does develop their own style over time, that is something that comes with experience as you interpret the trading indicators. Until you have the experience, you need to work with a method that works, a method that makes you more than you lose (remember losing is a part of trading). This is so important otherwise you simply get demotivated and quit. It's like digging for gold only to stop when you've almost made it.
There are some really great systems in place and one of my favourites is a simple approach using very simple candlestick and indicators cal the 10 Minute Forex Wealthbuilder. It is used to identify those trades with a high probability of trading. A proven system, like this one, is patient and doesn't mean trading all the time, only when you have a good chance of winning and avoid being glued to the computer for 8 - 12 hours a day.
Before You Go
So there you have it, 3 steps to learn to day trade forex. You have the fully fledged university of trading, the lazy man's approach (you have to smile at that one) and finally my personal favourite, copying what already works. Give one of these a go, in most cases you get money back guarantees on them all so whats to lose?!
Pick a way to learn to day trade forex and stick with it, get some results and build you knowledge. Only then can you grow that beautiful account! My final tip, think big, think six figures (and write down that goal!).
If you'd like to learn more about huge forex accounts and profitable trades, find a forex trading system course that you can trial HERE |
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