Privacy & Disclaimer Any Advice or information is General Advice Only It certainly does not take into account your personal circumstances, please do not trade or invest based solely on the information contained in this website. Viewing any material or using the information within this site means you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided by FXTCMagazine.com, its employees, directors or fellow members of the site. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don t trade with money you can t afford to lose. This website is neither a solicitation nor an offering to Buy/Sell futures, spot forex, cfd s, options or other financial products. No representation is or has been made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.
7 Steps to Becoming a Forex Trader A quick road map guide to getting started in making money as a Forex Trader My name is Cameron Parker and I am the Editor at FXTC Magazine and firstly just wanted to say welcome and thank you for downloading the 7 Steps to Becoming a Forex Trader (Quick Guide). Trading is not easy but the rewards can be high. It is a profession that has mesmerised and captured the imagination of many a person. People often see the rewards in trading based solely on the monetary value but it can provide so much more. Trading can give you the freedom financially to spend more time with your family, earn additional income to travel or simply provide you with enough income that you become your own boss. How do I know this? I know this because I have been there I mean personally where you are today. If you are reading this at the starting point of your Trading journey then let me tell you my story so you can see why I am giving you this e-book. A few years ago I started the journey to becoming a trader and was taken back by the sheer amount of information, false hopes and put simply the amount of rip off merchants trying to get every single dollar from you. That s why I have now created this e-book. It is my personal guide to help you know where to start and avoid the pitfalls that so many get caught up with. It s designed to get you moving in the right directions, quicker than trying to do this all by yourself. I also want to point out, in case you were wondering, we have absolutely no affiliation with any one on this list and I cannot be held responsible for their actions or any financial losses you incur. This is simply a guide to what has worked for me. Regards, Cameron Parker www.fxtcmagazine.com
1. Get a Taste of What this Trading thing is all about? So you want to become a Trader like Gordon Gecko? Well the first thing you need to do is understand what it is all about, how trades are made and what we can trade. The first thing you can do is find a Forex Broker but I stress at this stage do not pay them a cent, Zilch, Nada, and Zero!! Funding an account will come later much, much later! What I am talking about is opening a demo account. Nearly every broker offer them for free, I repeat nearly all of them are free and most will offer you an account with up to $100,000 worth of Play Money / Monopoly Money. Now remember it is play money and not real so the way you trade this type of account will differ than when you have real money on the line why? Well simply you will take massive risks with fake money, risks that you will never take with real money (well I hope not). My advice is utilise the account as a learning tool rather than looking at the results. There is a rule floating around trading circles that you should aim for 3 months profitable on a demo account prior to trading your own hard earned money and it is not a bad way to look at things. Anyway at this stage you don t know what type of trader you want to become so this will give you a feel for what you like and what suits your personality. I have used both of these Brokers and they are my personal pick - Oanda or AXI Trader. #Important Note Make sure you check out any local regulations before you open an account and do full due diligence before parting with any hard earned cash. As was seen not so long ago, even the safest brokers had a few issues with the Swiss crash. 2. Learn what type of Trading floats your Boat There are three (3) major types of Forex Trading; Day Trading, Swing trading and Position Trading. Each require a different type of personality and you need to really sit back and take stock of this before you jump in. Let s quickly cover that in more detail: Day Trading This is the sexy trading most people think about when they want to become a trader. Day trading is a type of trading wherein traders buy or sell currencies for a single day. Meaning that all trades are opened and closed within the same day. The main objective is to benefit from price movements over a short period of time with small profit targets but multiple trades. Trades can sometimes last for seconds, minutes or hours. Trades are normally taken on 1 minute, 5 minute or 15 minute charts with direction often viewed on hourly charts. Swing Trading Just like Day Trading, it is another form of short-term trading, however the timeframe and profit targets are larger. Swing trading stretches over more than just one day and the trade s normally remaining open for hours and overnight. The profit targets are normally higher given price has more time to move. Trades are normally taken on Hourly, 4 Hourly and Daily charts, with entry and exit points often identified on 15 minute charts. Position Trading Positional traders generally hold positions from days to weeks and look to benefit from price making larger movements over time. Positional traders normally like to utilise a mix of both technical and fundamental factors to make decisions on overall direction and entry / exit points. Trading is normally viewed on chart timeframes of Daily, Weekly, Monthly and even yearly. #Important Note The most important thing is to also match your personality type to the trading style. If you are patient and don t have much time to trade, then longer term trading is best for you. If you can handle the stress and ups and downs of getting in and out of the market quickly then Day Trading may be the best fit. Have a think about it, you know deep down who you are.
3. Listen, Watch, Read, Learn & Repeat Let s talk about the elephant in the room, by now you are starting to realise that this whole trading thing may not be as easy as you first thought? Let me share this with you; I have interviewed some of the biggest names in Trading today and I can tell you that they all say the same thing; To become a successful Trader and to start living life on your terms It takes dedication, immense learning and time & effort. The good news is that you will be rewarded based on your effort and the ability to earn a substantial income is REAL. Not only is it real but it is attainable I know that if you dedicate yourself you can and will be successful. This next part is really starting to get down to the nuts and bolts of trading working out how to trade and who to connect with to make this journey easier. Listen - Podcasts Podcasts are such a great way to plug in and get some great tips and advice. The best thing is you can listen on your way to work, while you are exercising, while you are travelling and take the tips and put them in to action during your trading time. Here are a couple of our favourites and mainly available from the itunes store. The Traders Podcast with Rob Booker & Jason Pyles I love this podcast and is my all-time favourite. At the time of writing they are well over 450 podcasts episodes and still going strong. We actually interviewed the Producer of the Podcast Jason Pyles in Edition 1 of the magazine and he is a really funny and witty guy. Get as many back editions as you can as some of their best stuff was right at the beginning. Forex Answers The Forex Answers podcast is a daily Forex Trading Podcast, dedicated to helping new Forex Traders grow trading the forex markets. They teach Forex Trading Strategies & Loads of other usefull content. Check them out by seasrching within Itunes Podcasts. Chat with Traders by Aaron Fifield Not specifically geared to Forex trading, however it will give you a great insight in to the trading practises of full time traders. How they started, what they trade and how they have made it. This is just some of the questions you will have answered through Aarons Podcast. We have interviewed Aaron for the magazine and he has some really amazing guests and detailed some great conversations he had with some big name traders. Trend Following with Michael Covel Micheal Covel is the man behind the voice of Trend Following Radio that has a whopping 2.5M+ listens and growing. Micheal is a best-selling author of Turtle Trader & the Classic Trend Following. The topics explored with this podcast are everything from Trading, economics, human behaviour & entrepreneurship. At the time of writing there was over 360 episodes so plenty to fill your ears. 2 Traders Podcast Two professional traders discuss trading psychology, trading systems and how to consistently win trading the markets. It is only fairly new at the time of writing but one of the hosts is none other than Walter Peters who is well known for his Naked Trading technique. The Trading Lifestyle Podcast Hugh Kimura from the Trading Lifestyle Heroes Blog interviews professional independent traders and industry experts to help you learn, trade and live better.
Watch - Webinars & Videos Webinars allow you to see how professional traders trade and the strategies that they use in the market. It gives you an insight in to what they look for, patterns in the market, educational topics and even just question & answers. There are so many out there and the best thing is a lot of them are absolutely free, allowing you to find a trading style that suits you. FXTC Magazine *Warning - Shameless Plug - We hold monthly Webinars that are free. All you have to do is be on our mailing list and stay tuned for regular updates and webinar invites. You will be on the mailing list if you downloaded this e-book but if you got it from another source just click on the Learn More button below; The Ultimate Online Trading Festival This is another one of our events, but this time it is a quarterly live trading festival that usually has 4-5 traders presenting over the course of a weekend or a week. It does cost some money, but we do put you in front of some of the biggest names in trading and give you unrivalled access to how they trade, their strategies and provide the opportunity to ask direct questions. YouTube The ultimate tool that I just loved getting stuck in to whenever I have some free time. There is just literally countless hours of Trading Videos, Techniques and even Trade updates. I used them every time I wanted a little more clarification; for example when I wanted to understand support and resistance levels better a quick search showed enough search results to allow me to find a technique that worked for me. I have listed a few of the YouTube channels you should think about subscribing to as a great starting point. o o o Akil Stokes - https://www.youtube.com/user/t2tratioroom 50 Pips FX https://www.youtube.com/user/50pipsfx Jarred Johnson Day Traders FX - https://www.youtube.com/channel/ucprnp4eddrohaykr4srahbg Keep in mind that a lot of trading sites that will be mentioned further on will also have free videos available, so hunt around and search for some free content. Blogs Follow Others When I started out trading one of the best things I did was to follow a number of Traders and their blogs. After many years of following them and connecting with them I have actually become great friends with a lot of them. It really is a great way to connect and become part of a larger community. FXTC Magazine - BLOG Now there are so many choices of blogs out there, right! And if you have looked around for any short period of time you will know that to be true. So to make things a little easier for everyone we have brought a number of different bloggers together to provide awesome content in one place and with one email a week rather than you needing to be a member of multiple blogs. This is the FXTC Magazine Blog Page.
Books Holy Cra% there is so much to learn!! There are so many books available it is really hard to narrow it down, but here are just a few of the must read titles. Once you have read them let me know and I will be happy to give you another reading list, I have a feeling this will take a while. Don t let that stop you though as a lot of these books go hand in hand with the journey so pick a couple and get started. If I had to pick 2 to get started today I would go with Adventures of a Currency Trader and Day Trading the Currency Market. Currency Trading for Dummies By Cheap, Easy and a Really Great Starting Point for your journey. The guide is a user friendly guide that explains how the foreign exchange (Forex) market works and how you can become a part of it. Currency trading has a number of different benefits including financial reward so this is a great starting point to get the basic information requirements. Reminiscences of a Stock Operator By Edwin Lefev re The book tells the story of Jesse Livermore and his progression as a trader, day trading in the then New England Bucket Shops. It s the story of the progression from market speculator, market maker, market manipulator and finally to Wall Street where he made and lost his fortune several times over. There are so many great lessons to learn within this book. Day Trading & Swing Trading the Currency Market Kathy Lien Discover a variety of technical and fundamental profit-making strategies for trading the currency market. In this book Kathy Lien describes everything from time tested technical and fundamental strategies you can use to compete with Bank traders to a host of more fundamentally-orientated strategies involving intermarket relationships, interest rate differentials, option volatility, news events and central bank intervention. The New Market Wizards By Jack D Schwager In the new market wizards successful traders relate the financial strategies that have rocketed them to success. Asking questions that readers with an interest or involvement in the financial markets would love to pose to the financial superstars, Jack D Schwager encourages these financial wizards to share their insights. This is just another book in the Market Wizards list of books so once finished here check out the others Adventures of a Currency Trader By Rob Booker A truly easy, unique and enjoyable read! Rob has done it once again to teach us in the funniest way possible how not to make the most common trading mistakes. If you are tired of reading how-to books this is the perfect book for you. I highly recommend this book to all traders. Everyone will learn something about themselves by reading this book. Kathy Lien, author, day trading the currency market. Inventory Trading By Shonn Campbell Great friend to FXTC Magazine Shonn has created a book that details how he looks at the market from a different perspective than what everyone else tells you to do. The book is essentially the road map to using the age old business model of turning inventory in any retail business and applying it to trading for a living. Learn The basics There are so many courses out there it is very difficult in knowing what ones are reputable and which ones are not. So to help you narrow that down a little I have added my top picks for you to choose from. Some have a cost involved, which are completely independent from FXTC Magazine and I must stress we have NO affiliation with any of the choices below so any decision to join or part with money is your responsibility. Baby Pips To be honest these guys are a little basic for most Traders but they definitely offer a great Beginners school that will give you the basic info about the Market. It is free so why not check it out http://www.babypips.com/school Brokers Most brokers will have a series of learning articles, videos and even face to face presentations to assist with either using there platforms or some basic strategies. This is a really good starting point to get the Basics, remembering though that Brokers will always want you to sign up at some point. #Important Note - Repeat, Repeat, Repeat Keep listening, Watching, Reading and Learning. Build up your hours and learn from the best, forget the rest!
4. Find a System and get in to Bed with it Learning How to Trade Continued By now you will have a really good understanding of how the market works and will have a pretty good understanding of what type of trader you want to become. This is where the fun really begins and that is choosing a strategy and starting to get serious. There is simply not enough time to cover off trading systems here and we are not going to attempt to even begin so don t worry though as we are going to point you in the right direction and provide you the details of a few Traders that have Membership sites that outline and can train you on the specifics of the system they use to trade the market; Strategy 10 This is a little e-book that is a really simple strategy that has been downloaded over 100,000 times. Based on this it may not work as well as it use too but it will definitely give you a really good insight in to how to put together a trading strategy. Google Strategy 10 Naked Forex - Book Written by Walter Peters, it is a great starting point book on how to view the market based on price action alone. I haven t enclosed a link here but you will be able to buy it at many places, just google the title. There is a blog that is linked to Walter Peters the author so is worth checking out www.fxjake.com/blog Shonn Campbell s - FX Inventory Trading If you have read the FX Inventory Book or are looking for a different way to trade that is fresh and unique then look no further than the FX Inventory Membership site. The site provides its members with the Weekly Inventory Report that highlights exactly what Shonn is Trading or looking to trade and lists the daily levels workbook highlighting each pairs to be traded. Check it out at: http://www.fxinventorytrading.com/ 2 nd Skies Forex Chris Capre Started and operated by Chris Capre, he specialises in his own unique brand of Price Action Trading that he has used to trade the Market for over 15 years. Chris offers traders the ability to learn a completely different way to trade price action beyond the carbon copy, cut-and-paste retail version taught by most. Chris boasts In my price action course I am not just giving you information, I m teaching you trading skills that can be applied to any instrument, time frame or environment. Given there is a free starter course get over there. Pippin Gypsy The FX Brick Road Keith Harrington II or Pippin Gypsy as he is known in the trading world offers his unique way of trading the market with a mix of traditional candlestick analysis and price action signals. Pipping puts out regular trade videos and is very active on social media. Pippin does offer both Mentoring and Candlestick Trader Courses but his trade updates are free of charge. Pippin is a great friend to the FXTC Magazine community and we recommend that you check out his blog - https://fxbrickroad.wordpress.com/trade-blog/ Learn to trade the Market Nial Fuller Nial Fuller is a Professional Trader and Author who is considered one of the authorities on Price Action Trading. He has a monthly readership of 250,000+ traders and has personally taught 15,000+ students since 2008. He also has a load of free information online at www.learntotradethemarket.com so check it out and see if this style of trading is something you feel comfortable with and want to take further. Ps: Nial sends out a great weekly email on different trading topics that are great and I personally look forward to them every week.
5. Create a Trading Plan or Steal Ours Now that you have a little strategy you are going to need a plan. But before we get in to that, what is a Trading Plan? The Investopedia definition of a Trading plan is: A systematic method for screening and evaluating stocks, determining the amount of risk that is or should be taken, and formulating short and long-term investment objectives Good news is that we have created one for you that is free and best of all we are going to send it directly through to your inbox. What does it do? It documents your goals, Objectives, What you Trade, Risk Tolerance and overall Strategy. It is our idea of a trading plan so I encourage you to change it to suit you and your style. If you are not on the email list get on it! Click the learn more button below: 6. Back Testing This is the process of going back in time and trading with historical data. It allows you to trade as if it was live but with the ability to rewind, fast forward and refine the way you trade without the risk. There is only one system that I use and recommend; this is Forex Tester. Forex Tester is a software that simulates trading Forex, so you can learn how to trade profitably, create, test and refine your strategy for manual and automatic trading. It does cost approximately $199 but is well worth every penny. 7. Take Notes to Improve your Trading Journaling your trades is the most important part of Trading! Understanding why you took a trade (reasons), what happened to the trade (result), how much you risked (risk vs reward) on each trade and what could you have done better (review & reflection). In addition to those critical points you simply need to know the numbers behind what you are doing, what works for you, what doesn t and where to focus your future energy levels for maximum results. The FXTC Magazine Journal provides you with the statistics ensuring you are fully aware of your Profit and Loss at any time, what pairs are profitable, your average risk / reward is, win percentage, average time in trades, best trade timeframes and the list goes on. We even added a built in Position Size calculator to ensure you are trading the correct Lot sizes for all of the different currency pairs based on how much you are willing to Risk. No more costly order errors or manual calculations. Best of all I am going to give you this for free as a bonus and to say thank you for reading my ebook Keep an eye out in your inbox as it will be delivered after a few days of you downloading the ebook. Again.. and I don t know how much more value I can offer for free, but if you are not already on the mailing list then please click the little button below. I don t want you to miss out on the free stuff.
Don t be upset that the ebook is over, please! We give away so much great content on the FXTC Magazine site and via the Magazine itself that you will never be far from each other. We aren t breaking up we are just getting started! I really hope you have enjoyed this 7 step guide to learning how to trade Forex, I appreciate you taking the time to read it and I know that you are on your way to making it! I also really want you to know you are not alone in this journey and I am personally here to help you and I encourage you to connect with me directly by selecting any of the Social Media icons below. Regards, Cameron Parker Editor FXTC Magazine CONNECT: