Beginners guide to forex trading, earn money today

There’s a first time for everything.

A first date, first day at school, first time riding a bike or traveling to a new country and many other things.

The issue with “First Times” is that they can often feel a bit uncomfortable and awkward. What if you embarrass yourself or make a gargantuan mistake? Where do you get started and how do you feel confident about your first steps. Will those first steps set you up for success or send you down the wrong path?

Well in this post, and in the video above, I’m going to be sharing with you The Beginners Guide to Forex Trading so you can start earning money today.

We won’t be diving into technical or fundamental analysis. So if you’re currently interested in those topics this post is not for you. Instead I’ll be sharing with you exactly how to get started trading forex from finding the right broker to creating your trading accounts and setting up the software nearly ALL pro traders in the world use to facilitate their winning trades and then how you can set up a Demo Account to trade with dummy money or “monopoly money.”

So with that, let’s dive in:

Step 1 – Choosing Your Broker:

By and large, one of the most CRITICAL things to look out for when you get your start as a forex trader is picking the right broker. But before we talk about the pitfalls and criteria, let’s answer the question:

“What is a broker?”

A broker is essentially an account, kind of like your bank account that you fund with money. Once you have money inside your brokerage account, they are typically licensed to facilitate trades between different world currencies such as the British Pound vs the US Dollar or the Japanese Yen vs The Australian Loon.

“The Key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.”

Think of it this way, with a typical bank account, they facilitate trades between you and your local grocery store or target. You walk in, use your debit card, they receive money from your bank account in return for a product. In a brokerage, essentially the same thing is happening. You fund it and then use those funds to place bets on financial markets. However, it’s important to know that just like bank accounts, you need to pick the right one, one that you can trust is responsible and safe.

Pick the wrong broker and you could be doing everything right and somehow you still blow your account and lose all of your money. This is the reason most people never actually make it as a foreign currency trader. And it’s not even their fault.

They seem to do everything right, follow the rules, stick to their analysis and set their win/loss ratios and then one day the broker decides to essentially steal all of their money by betting against them or manipulating their trades. Brokerages get away with it All The Time Too. How? Well, unlike your bank right down the street, most brokers operate out of countries that have very lenient laws around this industry and can get away with almost anything, including foul play and manipulation.

Their goal and game is to get you to fund your account with them and then let you get a bit comfortable by winning some trades with them and then go ahead and bet heavy against you till they suck every last penny from your wallet. Onto the next sucker they go.

Solution: Pick a True ECN Broker

A True ECN Broker is one that ONLY makes commissions off of the trades that you win. In other words, they are invested in your successes and not your losses.

The one I recommend highly is KOT4X because they are a True ECN Broker, very transparent, you can start with only 10 dollars, offer high leverage and are easy to use.

Here’s a link so you can create your account. Go ahead and follow the set-up instructions in the video starting at 3:25 to create your account.

Once you have this done, move on.

Step 2 – Downloading MetaTrader4 Software Through Your Broker

In upcoming months MetaTrader4 will become very familiar to you as it’s the software that almost every single broker in the world uses as their trading interface.

At around minute 2:17 in the video, I share with you exactly how to set that up and what to do. When you’re all done downloading the MT4 Software from your broker and opening it, you should see a screen that looks a bit scary and confusing. 4 Charts will appear, along with a bunch of tabs and options, ignore all of that, we just need to link your broker to the software.

To link both your new brokerage account to the MT4 Software, view minute 6:26.

Step 3 – Understanding the MT4 Interface:

Whether you started a demo account or went ahead and followed the instructions to fund a live account with real money, in this section of the video, 7:35, I’m, going to make sense of it all by walking you through the MT4 interface.

Here I explain how to customize your charts, how to pull new and different pairs to trade, where to find things and more. This section takes you through the rest of the video.

There you have it, The Beginners Guide to Forex Trading. If you follow all of the steps in this video, you’ll have the foundation to start your career as a forex trader and can start placing your very own trades.

“we Simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

Also, if you have any questions you can reach out through my “Contact Page” and to go more indepth into principles of trading Forex You can Download my newly released book absolutely free titled: In The Money: Million Dollar Forex Trading Secrets From a High School Dropout: An “insider” Short-Guide to Becoming a Pro-Forex Trader EVEN if You’re a Complete Newbie