In today’s episode, you’ll discover a simple framework to help you get started in your Forex trading journey.
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Hey hey, what's up my friend, so in today's episode I want to talk about forex trading for beginners. How do you get started? I don't what stuff you write? You don't maybe have less than one your trading experience. It just can't wait to trade, the forex markets right now, install your your platform right click buy and sell buttons, but before you do that right, just hold your horses first, because I have a framework right that I believe will prove useful to you and it would Even cause you to risk a single dollar in the market, so follow this framework and I believe right, you'll find much greater success in the markets instead of just diving hate straight come in and they don't find yourself. You know losing money day after day week after week right so the first thing that I wanted to do is to be open-minded absorb as much as you can, because at this stage right, let's say I'm assuming you have less than ten year trading experience.

You don't know what you don't do. Okay, let me repeat that you don't know what you don't know. The only thing you know is forex trading, but you do not know what are the different types of trading methods in forex. You do not know.

What is the opening session the closing session session risk management, trade management, currency pairs? You have no idea what all this is. You do not know all this, so this is why my suggestion, first and foremost, is to absorb as much as you can about this trading environment. That you'll be in right understand what is forex, how it works three books on it right, study, books on it study the different type of trading methodologies out there. You know they can be swing trading day trading position trading, some traders even use fundamentals in their trading, learn all you can about it, learn about technical analysis right.

You have tools like chat methods, candlestick pattern, support resistance trend, lines, study. All this just study everything that you can get your hands on. Okay, so there's a first thing that I wanted to do absorb as much as you can right can be really true. Books, podcast blocks whatsoever, step 2.

So now, once you have read so much your your knowledge about trading right would have level up right quite a bit. If you actually did what I asked you to do, okay, so once you have level up right in terms of your knowledge in terms of what you know about trading, this is where I want you to find a trading method right that resonates with you. So what do I mean by this right? So this is dependent on two things, your circumstance and your goals. So let's say, for example, you get involved in forex trading, maybe to help you to beat right the interest rates the banks are paying you maybe you're.

Just happy we don't making additional 10 % a year so find a trading methodology that allows you to generate say about an average of 10 % a year. Okay - and this could be those swing trading position treaty. So can you see how first and foremost you define the goal that you want and then you find the right methodology to fit that code? On the other hand, let's say you know you just graduate and you want to generate a consistent income from trading. Maybe you get into proprietary trading industry look for proper! If that's the case right, then that's where you want to be geared towards shorter term trading day trading, scalping the markets, because that's where you generate a high enough frequency of traits right for the law of large numbers to work out in your favor.
We need a short period of time. I know that's a handful, but don't worry about that. First, alright, so again same thing: right find out. What's a goal then you're after and then find the right trading methodology to video go, and one more thing is also.

You have to see your circumstance, let's say, for example, you are in Singapore. You have a full time. Job right. You work from you know, 906 every day.

So clearly right you, you can be trading London breakout because you're at work right. You know in front of your work screen so for that circumstance then you eat right. Then possibly you have to adopt trading off the higher time frame, the forwarder daily or even weekly. Okay.

So second thing is identify a trading methodology that you resonate with right. So you have to be honest with yourself, given your goals and your circumstance that setting right once you've identified the trading methodology that you want to learn more about this way. I want you to dive deep into it right, study, all the the books right or even pick up courses right to learn more about net trading methodology. So, let's say, for example, you find that hey swing trading is for me, okay.

So what I want you to do is study all you can about swing trading right. What is it how you works all right market conditions? Then you can't capture a swing right. The pros and cons of swing trading, study books on swing trading, for you I'll go to Amazon and study and Google search. I mean Amazon such a certain trading books or stuff, like that 2 cup courses right there shares with you.

I switch swing trading methodology right study. All you can about swing trading once you've kind of like learn a lot about swing trading. The fourth thing that I want you to do is to develop a trading plan around treating. So what is a trading play? So, in other words, I wanted to develop a trading strategy right around swing trading.

So this means right. You need to define right under what market conditions will you be trading? What is the entry trigger will be buying breakouts or buying pullback, a pullback, maybe towards a 10-day low, etc? Where is your stop-loss right? How will you manage the trick if it moves in your favor? What, if the trick moves against you? How will you handle the trick? What is your risk on each trade right? So this is what I mean right by developing a trading strategy, developing a trading plan. So once you have a trading strategy that you have developed, if no idea where they works or not, so this is where you move on to the fifth stage, where you validate the trading strategy. You want to train right.
The forex markets are using the trading strategy that you've just developed right rig strategy are a set of guidelines. It's like a rules right to cut your trading in the markets, so this is where you can. You know either trade on demo or open a really small life account and trade that strategy that you just develop and ideally right, you want to get a sample size of you, know 50 200 trades right and see how that strategy fair right in the real world Of trading right, if it's working great right, we can make tweaks to it and we keep what it look even better if it's not working. This is where you're go to the drawing board again and find out.

We know where is your losses coming from right and how can you know improve on it right, so this is just a very big overview right of how you should approach treaty in your first year of trading. There's a lot that I have covered. Try. I don't expect you to hit all what you know like 1, 2.

3. 4. 5. Pointers immediately focus all right on individual steps are number one absorbing as much as you can number two identify your trading methodology that resonate with you number three dive deep into the trading methodology that resonated with you number four develop a trading strategy around it number five Validated right, so I hope this helps right and with that's it.

I will talk to you soon. You.

By Stock Chat

where the coffee is hot and so is the chat

24 thoughts on “Forex trading for beginners: how do you get started?”
  1. Avataaar/Circle Created with python_avatars Kodakblak OYIZA says:

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  3. Avataaar/Circle Created with python_avatars Obekpa Matthew Ella says:

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  4. Avataaar/Circle Created with python_avatars Dan Trutron says:

    This friend gives solid information, no hype. You may agree with it sometimes, disagree with it at other times, and that's how a good education ought to work, you read and listen to more, think, compare, execute, repeat. This guy ought to be part of your forex education, no question. His new price action book is helpful as well. I have no connection to him other than buying his book and subscribing to his channel for a little over a year now.

  5. Avataaar/Circle Created with python_avatars Wisdom philips says:

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  9. Avataaar/Circle Created with python_avatars idris pabloe tension says:

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  10. Avataaar/Circle Created with python_avatars Taylor Gabrielle says:

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  15. Avataaar/Circle Created with python_avatars scott black says:

    I've literally just started in forex as in last week I'm playing it safe and using a dummy account so I don't lose real money until I feel I'm confident and well educated in forex to risk losing money but your channel is amazing. In one short week I went from blindly placing buy and sell orders and leaving them all day sometimes 2 without knowing why to using EMA and MACD to try and predict the market and find my entry points and where to place my stop loss and its ALL from this channel. Its absolutely amazing and so full of content easy to digest if your an absolute noob like me and best of all its all FREE keep up the good work my friend and Il update you all when I make the plunge into real forex trading 😀

  16. Avataaar/Circle Created with python_avatars Md Yeasin Arafat says:

    Hey raynar. You think aud/usd. If A news realeise aud GDP 12% down. How can i prepare? Audusd candle down or up?????

  17. Avataaar/Circle Created with python_avatars Jolly Moller says:

    I recently discovered your videos and have learned a lot from them, thanks! Have you made a live trading video? I'm sure it would be very educational to watch your actions live. Keep up the good work 👍

  18. Avataaar/Circle Created with python_avatars Carl Anthony Holmes says:

    Been studying trading for a couple of months now. Today watched an Anton Kriel lecture. Interesting on how brokers function. Reckon the man is exactly what he criticizes, but worth a watch.

  19. Avataaar/Circle Created with python_avatars Leonardo Buffett says:

    Hi Rayner, highly appreciated for the time & effort to prepare the video. I am one of your fans. Can you share with me the best combination of indicator for stock trading? Because i had go through all of your video and unable to found it. Thanks yar

  20. Avataaar/Circle Created with python_avatars drivendreamskev says:

    If you are new to Rayner, do yourself a favor and watch his material. His explanations are simple, easy to follow along, and actually work!

  21. Avataaar/Circle Created with python_avatars Bnm Bnm says:

    please write abook or make full end to end training Video containing he whole picture (TA (indicator/candle/pattern/elliot wave)/Fundamental/strategy/Risk/trade book sheet) or make training videos

  22. Avataaar/Circle Created with python_avatars Nitin Rohilla says:

    If you have any binary option strategy for 1 min or 5 min time frame and expiry 5 min or 15 minute .please create a video sir.

  23. Avataaar/Circle Created with python_avatars Life of daCEO says:

    I always love your video and am still new at forex am really interested in your frame work i mostly talk about business in my channel

  24. Avataaar/Circle Created with python_avatars CTL 2020 says:

    Very good points. I would say save yourself time and look for a good mentor to show you the basics in my opinion. Your time is valuable and self learning can take years. Learning with a mentor can save you many months and give you a head start.

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