First thing you want to do as a beginner trader is spend a lot of time Demotrading! to become a pro youll need to have tons of screen time and on the way you will learn every moment something new: New Forex Platforms,Pips and US – EU will be your new language and moving graphs will be your new addiction STRATEGY is something you will develop over time as you get more knowledge and experience you gather through the time of trading forex on a demo account.. Develop your set of forex tools and invest learning forex by reading forex books or watching Forex Video Tutorials or even find your Forex Mentor. do whatever it takes just make it!
Even if you traded forex before or you already have a forex account I want you to take the first step into
Trading forex right now and with me STEP BY STEP we are going right now to make money together!
I will TELL YOU What to do
- Open a free Forex Demo Account with ALPARI
- You should get a reply email that will ask you to deposit funds..
- Ignore it! dont invest any money yet..you have just entered the platform and there are so many things to learn. so wait with making your firs deposit until you prove to yourself that you can take a free forex demo account loaded with 5000 fake /demo USD and double it. then do it again and maybe just then you can go a head and invest real money and do the same doubling system.
So how do you get your Demo Account? after downloading of the MT5 software and clicking to activate it you will have the option to choose between a real money account or a free demo account. choose the demo.
You’ve now registered for myAlpari and have successfully opened a demo trading account.
you should have by now the MT5 Platform in front of you and looks something like that:
We are going to focus today on the EURUSD!
its always moving and there are always opportunities to cash in on this pair. so we want to make the window of that pair big on the whole MT5 screen and then zoom in on the hourly Graph and you can see that since Nov9 top 1.129 till today Nov16 the EUR is going down with few corrections here and there..
so we have two options to make money for our daily income.. (the goal is to make only 100 dollars today and every day so in ten trading days our account will grow into 6000USD form the 5000 we started with and in 30 days of trading we want to make minimum of 3000$) So going on a BUY when we think the correction is coming or surfing with the long trade of SELLING the EUR and going short with chances to stay even longer time on the position.. this is the most simple way to look on the graph. but we want to know when we should enter our position to have the most chances in making money today as quickly as possible but lets not forget that we need to decide also ..what is the risk we are willing to take.
Its a Demo Account but lets deal with it as it was our own real money
its much more easy to go a head and open a big option an some pair without caring too much when you are trading your skills on a demo account but we MUST train ourselves to treat that demo account as it was real.. so lets decide our risk we want to take..the rule on this completely depends on you but I recomand not to risk more than 5% of your account balance on any given time and right now that means for us not to risk more than 250USD. so we got the risk amount cleared? we dont want to play roulete here and crash that demo account quickly we have a plan and the plan is to add 3000$ to our account within 1-2 months. so lets dive in. we need more details about what is going on in the EURUSD pair and to get these details we will go to dailyfx.com/charts and use their best free forex tools and grphs when we are doing technical analyze for trading forex..its just better than the meta trader so we will use both
now I want you to watch this two movies explaining about the Japanese candle graph system and how to understand by it the behavior of the forex market
so now when you have your bit of understanding about reading and understanding of the graphs and candlesticks we can buy or sell and open our first position.
this is what i did: I opened two positions of
I got warmed up and decided to RISK MORE and open few more BUY positions:
But i got greedy and when saw that opportunity to go “with the trade” finally for long term trading when the one hour candle stick reached the pick of the one before him i opened another position this time SHORT… for now its still loosing but it need time to reach my TP settings…
and finally the price hit my take profit settings on the short position and im gonna call it a day! with all my inter day positions closed wining as you can see below:
How was your First forex trading day? tell us in the comment section. Good luck and have a great day trading and learning about the wonderful world of forex tradiong