It seems easy to start learning how to be a Forex trader because there are so many online resources, the problem is that only a few of them have valid information and trying to separate what is useful and what’s not has become a skill on its own!Before indicating how to study, I think it’s better to define what you need to study to become a trader (a beginner one):
What Forex trading is and how it works. It is crucial, otherwise you can learn to manage the best indicators but you will never make money if you don’t understand how prices move in the Forex market.
Basic terminology. This can be very annoying because traders and analysts like complicated terms. So instead of “I’m buying GBP/USD”, you will hear “I’m long on the cable”.
How you can open a position, calculate the risks, the potential profit and how to manage your position.
How to choose a reliable broker. Find a Forex broker is not complicated. If you search on google for a list of brokers, I can guarantee you that you will find thousands of different companies. But you don’t want just a broker, you want a top broker that can guarantee you that your money will be safe. Do you remember Scrooge Mcduck? He was very good at making money, but he was even better at protecting his money from the scammers!
How to manage your money and your risk. In my opinion money management is the most important skill for a Forex trader.
Create a strategy that works for you and test it with a demo account. Now that you have an idea of the path that you need to follow to become a trader, it’s time to focus on how to study.
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