5 Things Every Beginning Forex Trader Must Know BEFORE They Start Trading

(These 5 Things Will Either Make or Break the News Trader and How to Apply Them Right Away…)

At some point in your life you started crawling. It was new to you, but you did that enough and then crawling eventually turned into walking… terribly at first. It was tough to maintain balance, you were clumsy, you looked drunk, you would fall, and bump your head and make a mess of it. Then with enough practice, you walked, and you walked well, then you learned to talk, then you talked well. Now walking and talking, like any skill is second nature.

In today’s video and article I want to share with you the stuff you need to learn to Become a Professional Forex Trader, which will radically change your life. It will allow you to learn the skill of planting your very own money trees. And when you’ve got a money tree you could essentially go out and pick money straight from the branches of that tree. Whenever you want, however much you want, and this tree is always in season, growing its fruits.

Growing your very own money tree that produces fruit for you automatically, year-in, year-out, night, and day is the only way to true wealth. These money trees are everywhere, Jeff Bezos has his own with Amazon, Bill Gates has his own with Microsoft, and Warren Buffett has his own with Berkshire Hathaway. For me and you, that money tree looks like Becoming a Profitable Forex Trader, even if you’re just a beginner and have little to no experience. Because like walking and talking as a baby, anything can be learned.

On that same note, it’s important to remember that your money tree is a very dry tree and can easily combust into flames if you aren’t careful. That’s actually how the majority of traders treat their money trees. They’re careless, they burn their trees before they ever reach maturity because of mistakes that can easily be avoided..

Without further ado, let’s dive into the Stuff Every Beginner Forex Trader Absolutely NEEDS to Know Before They Ever Start Trading.

1. Take Notes

If you want to improve something, You Must Track it Properly. Tracking and metrics are the ONLY reason companies grow. How do I know I’m doing well? I can see it on paper. How do I know I’m struggling this month compared to last? I can see it on paper.

Am I up this month? Up this year? Down? What percentage did I make? What trades did I take? What technical/fundamental Analysis did I follow? Did it work? If you want to improve something, then you must know down to the last dime, how much you either made or lost. The same is true of your personal habits. how many times this week did I sleep in? Eat out? Eat junk? Have you ever seen a good personal trainer kind of just tell you to wing it? Of course not, they track everything with you, your weight loss goals, your workouts, sets, reps and diet. you can’t cheat the numbers and you can’t cheat reality, so pen to paper is a great foundation for starting.

2. Plan Your Goals (if you don’t have a goal, forex is gambling)

This point, coincides perfectly with our last. It’s not only important to keep track of where you’ve been, but to state where you’re going. It’s called goal setting. And in the world of business, Forex, and Trading, the more specific with your numbers you can be, the better.

Here’s the most important thing I can tell you about goal setting. It works. As a human being, setting an intention is one of the most powerful things you can do, and an intention holds power when it pulls you instead of pushes.

Let me ask you a question, does anyone have to force a kid to go out and play? To spend time behind a screen on a game or to create art? Of course not. Naturally they get better results and out flows more creativity. Why? Its a pull and not push. Have you ever achieved a “goal” that wasn’t your own or something you didn’t enjoy? Of course not, and if you did out of requirement, your work is never as good.

So set a goal that pulls you, one that excites you and one that you can realistically hit maybe even daily. Try for 1% gains per day. Or heck, even 10% gains per month. Then show up daily UNTIL you hit your goal.

3. Choose your broker carefully

NOTE: For those of you who don’t fully know, a broker is like a bank account that your fund which facilitates your trades in the Foreign Exchange

If only I knew back in the beginning of my career that the majority of Forex Brokers weren’t my friends, it would’ve saved me a lot of time, heartache, and money. But it’s true, picking a good broker is like picking a great friend who’s reliable, trustworthy, and won’t thieve from you any chance they get.

Sadly, that’s how the majority of brokers operate. They trade against you and capitalize on your mistakes even though you’re trusting them with your money. I’ll save you the boredom of logistics and how many brokers are essentially legalized crookes however, there are great

I always recommend a True ECN Broker. Basically they’re friendly brokers that only make money when you make money and never trade against you so they operate from integrity. The Broker I use to this day and have a great relationship with is: KOT4X. If you want to create your own account with them, Click Here to Check This Out << Link

4. Study the Markets

How do you learn anything? First you must be a student. How does the dictionary define a student? “A person who takes interest in a particular subject.” Notice that key word, “Interest.” interest is what gets you up the next day eager to learn more. Interest is what drives you to find solutions to problems. Interest is what compels you to learn everything you can about any one thing.

So you must be a student, one who pays close attention to the details, one who truly cares to understand the markets and what makes them move. As you study, you’ll begin to realize certain markets act more erratically to news while others are more predictable. You’ll start to learn that some markets are driven by certain exports and goods whereas others are driven by speculation.

When you do this enough you’ll start learning to trade certain markets better than others. Here’s my recommendation. First, be a student of a few markets of your choosing. Learn to trade a specific pair better than the rest and then it’s close relatives and be expert in those before moving onto every currency pair under the sun.

5. Understand Forex Terminology

This last little bit is a given but I figure I’ll dive into the topic a bit. If you’re going into a surgery, before the surgeon rips you open and begins working on you, wouldn’t you like him to know his stuff better than anyone else? It simply wouldn’t be acceptable if he started making mistakes right? In the very least it would be re-assuring if he knew the names of every single valve, artery, organ and function in your body right?

That’s his profession, why should you treat yours any different? If you treat this thing like a hobby, it’ll pay you like one. If you treat this thing like a business, it will pay you like one. I find it funny that people expect this market to pay them well when they don’t know the baseline terminology, the principles and the basics.

Pro level incomes are reserved for true pros, except the pros here can make many times more than most docs.

Did you take notes? This was your first test in note-taking here. If you didn’t and you’re just a beginning Forex Trader, I highly recommend you re-read this article and do that. Don’t be lazy in learning. Also, if you want a more in-depth guide to Forex Trading For Beginners be sure to grab your own copy of my newly released book titled: In The Money: Million Dollar Forex Trading Secrets From a High School Dropout