HOW DO I START TRADING FOREX?

How to trade forex?
1. Forex trading can lead to financial losses, so the first step to trading is to learn about for forex. LEARN before you EARN. There are a lot of training PDFs online and experienced traders that can teach you. Brokers like ForexTime, Exness and Binary have libraries of training materials that can be useful to a beginner.

2. Set up a trading account with a online broker. First open a DEMO or Virtual money account to practice before investing real money

3. Develop a trading strategy and rigorously back test it on different time frames until you learn its strength and limitations

4. Develop a trading plan with daily and weekly profit targets and stick to the trading plan. Consistency is key

5. Analyze your closed trades and ask yourself why it was profitable or a loss and what can done better in future. Most traders hold a long time on losing trades and close quickly on profitable trades hence why they always lose

WHAT IS FOREX RISK MANAGEMENT?

Without risk management you will always lose your money trading forex. Here are a 10 risk management tips, follow these closely

1. Learn before you earn. Study the currency markets and risks. practice trading on a DEMO / Virtual money account until your confident to trading on a live account

2. Develop and follow your trading strategies, back test them before trading on a live account

3. Stick to your trading plan

4. Trade the money that you can afford to lose, never risk more than 10% of your account

5. Understand the account leverage and limitation and change amount depending of risks involved. Do not over leverage

6. Use stop loss and take profit orders to lock your gain and limit your losses.

7. Psychology, learn to control your emotions while trading. This you will not learn while trading a demo account

8. Do not over trade. Most traders, trade until they have lost all their money. Exercise restraint

9. Use trailing stops on profitable trades to protect your profit

10. Be mindful of news events and analyze the market on different time frames before placing a trade

IS FOREX A GAMBLE?

Forex trading or trading forex is not gambling. Foreign exchange markets assist international trade and investment by enabling currency conversion. It allows a business in the United States to import goods from European Union member states and pay in euros even though its income is in the United States Dollar. It set currency exchange rates between nations. By following tested strategies, trading plans and risk management traders are able to make profit consistently. Without the above forex may be seen as a gamble. Remember you do not need much capital to get started $500 - $1000 is enough to grow your account to $50k in a year thank to leveraging

Ecclesiastes 11:1 'Invest your money in foreign trades and one of the days you will profit

Trading is a business and like any other businesses it has risks. Trading without learning first is foolishness and foolishness is not immorality nor a sin. Learn before you earn.

Proverbs 21:5

The plans of the diligent leads to profit as surely as haste leads to poverty.