Learn forex trading

Many beginners must learn forex trading basics. Because they even don't know how to write a forex trading plan checklist, forex trading diary excel and develop a forex trading system.

Here are my favorite forex trading tips.

First of all, I have read a lot of books on forex trading. For instance,

1. Currency trading for dummies
2. Trading Systems and Methods + Website (5th edition) Wiley Trading by Perry J. Kaufman
3. The Daily Trading Coach - 101 Lessons for becoming your own Trading Psychologist by Brett Steenbarger
4. Market Wizards, Updated: Interviews With Top Traders by Jack D. Schwager
5. Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market by  Greg Michalowski 
6. Reminiscences of a Stock Operator by Edwin Lefèvre
7. How to trade in stocks by Jesse Livermore

So you have to read the best foreign exchange books too. Through the books, you will learn profitable foreign currency trading systems and successful forex trading secrets.

Second, you can also learn forex trading with BabyPips. It is one of the best forex trading sites.

Third, you should learn to make a forex trading business plan and a checklist before trading forex. There are the following advantages:

• It can define the real profit targets for a successful trader
• It can define the currency trading strategy before enters into a trade. For instance, grid trading strategy, 4 hour forex trading system or day trading system.
• It can define the entry and exit points
• It can define the money management rules.

Fourth, you have to learn to trade forex with a demo account. It can help you develop a solid, profitable system.

A lot of professional traders take demo forex trading more seriously! They think there is no better way to learn than a hands-on experience.

Fifth, you must learn to write a currency trading journal spreadsheet. It can track, measure and improve my trading performance, especially help me build the disciplines.

At last, let's repeat - trading is a business and run it on business principles.

Keep in mind that the first step is to build a lifelong habit of learning.

Learn forex trading

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.

Forex demo trading is important

Here I will discuss the importance of forex demo trading. 

Nearly 90% of forex traders lose their money. But they are still looking for a simple forex trading secret to make money easily.

I think the main problem of losing money is novice traders never try to use a forex demo account. But on the contrary, experienced traders are testing and practicing their forex trading strategies on it.

It is important that "success comes from hard work and execution". 

Therefore, I think beginners have to take forex demo trading seriously. 

The following five forex trading tips are things that I wish someone had told you

First of all, many beginners only open a $100 live account, but they test the forex trading strategy on a $50000 demo account. So you must trade the same amount of capital in the forex demo account as will be traded in the live market. 

Second, many beginners trade carelessly on forex demo trading. In fact, you have to write a forex trading plan, a forex trading checklist and keep a forex trading journal. 

Third, many beginners just open or close a position on the demo account. As a matter of fact, you should develop a solid, profitable forex trading strategy while on forex demo trading.

Fourth, novice traders don't have enough patience to develop a new forex trading strategy on a forex demo account. In fact, you should make profit consistently on it over the past year. 

In a word, Forex demo trading is very important for beginners.

• You should take forex demo trading seriously.
• You should write a forex trading plan and keep a trading journal with the demo account.
• You should develop a forex trading strategy with the demo account.