Top 5 Experts Advice on How To Learn Online Forex Currency Trading The Right Way!

Online Forex or Foreign Exchange Currency Trading can be a true source of financial independence for many people from the diverse spheres of life all around the world.


Different people trade or invest in the foreign exchange market with different goals; for some, it’s simply a way to grow their retirements and savings, for others it’s a way to pay the mortgage and the kid’s tuition and for those who mean serious business, it might just be an exciting way to become the next billionaire on the block! :D
The Problem starts when interested persons seeking to learn how to make some cash from the currency trading market end up misinformed and mislead into believing that some trading robot, revolutionary trading System or probably some other hyped up product or service is all they needed to make a killing in this $4.5 Trillion/day financial market, which is in fact some really big load of !@#$%@^. Sorry about the language! 

So to clear up some of the misconceptions you might have about forex trading and also nudge you and other aspiring traders and investors towards the right path on your quest to forex trading riches, I researched the Top 5 Most Helpful Experts Advice for Beginner and Intermediate Forex Traders and Investors on the Right Way to Learn Online Forex Currency Trading, without further do, here goes;
Expert Advice #1

Stay Away From Robots/Automated Trading Software because that’s Just exactly what they are, Robots!

If some robot from the iRobot Movie walked up to you and said;

“Hey jack, I could quadruple your money for you even while you sleep for only $97, all you have to do is just invest with me, do we have a deal?”
Would you just Rush off to hand over your entire life savings to “Guy 100” (btw cool name for a robot right?  Guy 100 The Forex Avenger :D ) and trust him to deliver or would you logically analyze the situation and see that Guy here is in fact just a robot and being a robot, Guy wouldn’t have feelings, really though Guy couldn’t care less if you borrowed the money you’re giving it to trade from some mafia who’ll be all too glad to chop off your fingers if you didn’t pay back as promised. It’s not Guy’s fault, that’s how he was engineered.
The market isn’t just bars and candlesticks on a graph in your forex trading platform, the fluctuation or change in currency prices over time only reflects trader’s perceived value for a particular currency as quoted against another currency.

If the quote for the EURUSD currency pair is 1.3450/1.3453 at 1415 GMT, this only means that at that particular moment in time traders are only willing to buy the euro from their broker at 1.3453 US Dollars and sell back to their for 1.3450 US Dollar.

The fluctuation in price is as a result of influence of the forces of supply and demand, if the prices of iPads were to come down to as low as just $1 a piece all things being equal, the demand for ipads will soar and this will make ipads become scarce, gradually causing ipad prices to rise say $2 a piece, then $3 and then $4 and so on and on and on until ipads maybe cost the price of an ounce of diamond or something.  

When you think currencies and currency pairs always analyze price charts with the supply and demand mindset, this will help you understand why trading chart patterns, candlestick formations, psychological support and resistance levels along with a host of forex trading strategies and techniques work because they only tell you a story about the health and strength of a currency or a country’s economy.
Contrary to what you might have heard, price is driven by real people responding to live external as well as internal market dynamics in the forms of major fundamental or political news events, support and/or resistance levels breach and a host of other factors influencing the pricing of the currency of one country against another as discounted into the market and consequently represented depicted price moves on trading charts. 

The Lesson here is, stay away for automated trading systems and learn to understand why price moves and how you can position yourself to take advantage of such moves without risking too much, have the greed for knowledge, not pips, not money, not anything, just Knowledge!
Expert Advice #2

Enroll Into Some Quality Trading School

If you wanted to become a Medical Doctor you’d go to Med School right? What if you wanted to become a Lawyer? You go to Law School.

If it made sense to go to med school and law school if you were looking to become a doctor or a lawyer then it just wouldn’t make any sense to jump into trading currencies in the Foreign Exchange market without acquiring the proper trading education needed if you were looking forward to becoming a Professional Currency Trader.

I can’t tell you how many people rush into trading currencies without any idea what they’re doing or even what they’re up against, if you don’t know let me tell you now, you’ll be trading against the best of the best pro traders who do nothing but trade for themselves or major banks and financial institutions for a living, they happen to be very good at what they do, so taking away your money if you don’t know what you’re doing is just like taking candy from a baby.
Enroll into some forex trading school and give yourself the edge you deserve.
Expert Advice #3

Practice Trading on a Demo Account
Demo or simulated trading immensely helps newbie traders get a feel for the rhythm of price movement for different currency pairs (an important point to note, most trading robots or black box systems tend to ignore the average daily range and some other crucial characteristics of a currency pair like intermarket correlations and sentimental analysis in their trading decisions, this is definitely not good).

Practice or demo forex trading drastically increases the confidence level of any trader being that constantly doing the same thing at your trading desk every trading day and seeing somewhat predictable results using some trading strategy with strict discipline, the trader begins to trust his methodology and trading abilities (something like the forex Iron Man or probably Forexiro Nakamura :D), this makes for an easy transition when the trader is physically and psychologically ready to move on to live forex trading.

The only downside to demo trading is the fact that psychologically traders tend not to attach any real significance to the trading and most importantly risk management process because, I mean come on, we all know it’s play money anyways!
Expert Advice #4
Begin Your Live Forex Trading Experience on a Micro Trading Account
Leverage is the ability to control large sized contracts with only a fraction of the actual amount needed, say for example you had a $1000 in your trading account and you happen to have chosen the 1:1000 leverage, the highest offered by most forex brokers, this means that every single Dollar in your trading account has the power to purchase currencies worth a thousand dollars (Talk about some capital boost y’all).

Before letting the leverage thing get to your head where you start taking some super crazy stunts racing on some trading Nitro's with your investment capital aiming to make the Guinness book of records as the fastest person to become a billionaire in the history of the world, start trading on micro sized contracts, Here’s why!
Say you set a daily target of 20 pips a day each and every trading day, you get your 20 pips and you call it a day even if price were going to mars you’d probably ignore any trading signals and this rule you crafted when you were trading on demo, when you were familiarizing yourself with the markets.

If following this rule you’re able to bank consistent profits, transitioning to micro contract sizes on a micro trading account wouldn’t be hard because after all you’re just playing with pips and not actual money.

When Money has any major significance to us we tend to see what we want to see and not actually what the charts are telling us, a progression to live trading starting with a micros account helps keep our emotional attachments blinding our trading judgment in check freeing you from the shackles of trading slavery revolving round the pattern of trading disaster.
Expert Advice #5
Find Yourself a Mentor & Network with Like Minded Individuals, In one words “Other Traders” Ooops! 2 words, my bad!
Having a Mentor walk you through the entire learning process is priceless, seriously it has no price, well maybe a couple hundred dollars!

A mentor helps guide you as you’re learning to understand the currency pairs, analyze market trends, give you psychological support and a whole lot more, you should consider finding a mentor you can trust and learn a great deal from, it helps a whole lot.
Communities of forex traders where you get to share market insights, refine trade strategy ideas and concepts, ask trading related questions and actually get helpful answers can considerably shorten the learning curve and supercharge your trading capabilities.

Hang around trading forums and discussion sites just don’t get too engrossed because you could easily spend hours just chit chatting about trading and not actually trading, just you know, Socialize a bit, trading can be lonely at times.

Ok that’s all for now I really do hope you found this helpful and informative, please, please, please people comments, I want to hear your comments and questions don’t forget to drop them, I trust you won’t.

Cheers…

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