Forex trading basics

Now I am looking to discuss and share any forex trading basics. 

When trading, attitude is king.


This might sound unimportant to beginners, but I believe it is the important basics of forex trading.

Forex beginners were wrong from the very beginning. They only want to earn cash in the nest hour! But, professional traders treat the forex trading as a business.

Before you start to trade forex, you should read the best forex trading tips online. For example, these top 4 basic tips everyone should know. They can help you make smarter and trade better!

First, you must write a forex trading business plan.

Second, you must keep a forex trading diary. It can help you measure, track and improve your trading performance.

The first two tips are the basic ingredients of trading discipline.
Third, you must demo trade until you develop a solid, profitable forex trading system. 

Next, open your eyes wide and I will expose my forex trading secrets - one direction grid trading 

I will draw a trend line to identify the main trend on the daily chart. For example, on the daily chart of the GBPUSD, it would look like an uptrend.

grid trading on GBPUSD 4 hour chart

1. I trade GBPUSD on the 4 hour chart
2. My grid spacing is 47 pips
3. My grid lot size is 0.01 lots
4. My take profit is 47 pips and can't set stop loss order.
5. I place buy limit orders near support lines 
6. I place sell limit orders near resistance
7. Every day I will set new forex limit orders
8. When the forex market is trending, I will use a buy-and-hold strategy.

Will it be good enough? No, you have to develop more basic forex trading systems on the MetaTrader 4 platform. For instance, the forex day trading strategy, forex RSI trading systems or the 4 hour forex trading strategy.

Once again, you should develop as many currency trading strategies as possible.

Fourth, there are two main ways to learn basic currency trading.

• learn how to trade forex with Babypips. It offers free online forex trading courses.
• read the best forex trading books to make big profits. For example, Bird Watching In Lion Country 

At last, let's review the basics of forex trading.

• Make a forex trading plan
• Keep a forex trading journal
• Develop a forex trading system.

Now You have the forex trading basics, the rest is up to your hard work and execution.