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How to Trade Forex

Let’s start with the most basic questions. What is forex trading? Is it possible to earn money by trading forex, and where can we learn how to trade forex successfully? As a beginner in the forex market, you probably have lots of questions that you want answered. In this “how to trade forex for beginners” style article, we’ll answer all your questions, and get you started on the path to becoming a successful forex trader.
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Forex trading is simply

The buying and selling of foreign currencies for the purpose of making money on fluctuating exchange rates. Foreign currencies and a well-functioning currency market are important for people all over the world, whether they know it or not, as currencies need to be exchanged in order to trade goods or services across borders. For example, if you live in Australia and want to buy a football shirt from England, you need to pay for it in British pounds, which first must be exchanged from your Australian dollars.

The forex market is therefore an important market that the entire global financial system depends on. It is also important that the market is liquid, meaning the ease at which a trader can buy or sell any given currency at any given time.

Without liquid markets, it would be impossible for banks to exchange currencies with each other, or for companies to make international transactions. This is where you come in – the retail trader. Retail traders around the world provide plenty of liquidity to the markets so that all the other participants are able to accomplish what they need to do, 24 hours a day.

Forex Trader Lingo

As a new forex trader, things can easily seem a bit overwhelming. Experienced traders like to toss around complicated words like leverage, spread, or short. To help you clear up the confusion and appear more educated when meeting these guys, let’s explain the meaning of some commonly used terms:

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Long and short

Can be very confusing terms for anyone who is new to trading. In the world of finance, long basically means buying and short means selling a financial asset in an attempt to make a profit. If you are going long, you will make money when the asset goes up in price, and lose money when it goes down in price. If you are going short, you will make money if the asset goes down in price, and lose money if the asset goes up in price. It’s as simple as that!

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Stop-loss

Is another term that gets tossed around a lot by forex traders. Now, this one is important so there is a good reason traders are talking about it. The stop-loss is the price level where you have decided to get out of a trade that is moving against you. The order will automatically be sent to the market once the price crosses this level. This is key to proper risk management and preservation of capital in trading.

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Bid-ask spread

Is the difference between the price you are offered to buy an asset at and the price you are offered to sell it at. Forex brokers usually make their money on the difference between the buy and sell price.

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A pip

Is sometime referred to as a “point in price.” It is basically the smallest possible price move in any given currency pair. Forex traders often measure their wins and losses in pips rather than percentages or dollar value.

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Leverage

Is basically borrowing money from your broker to increase your buying power in the market. In forex trading, leverage is always part of the game, and brokers will by default let you take much larger positions in the market than the cash in your trading account would otherwise suggest. Keep in mind that leverage is a double-edged sword; on one hand it’s great because it boosts your profits when you’re right, but on the other hand it also increases your losses when you’re wrong. Be careful and learn to manage your risk properly!

Unique characteristics of the forex market

The forex market has a set of unique characteristics that make it unlike any other financial market in the world. To be an informed trader, you should know what these are.
What to trade, and when
4 simple trading strategies
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Discover Forex Day Trading Strategies

Trading Forex is risky without a quality education and applying comprehensive risk management techniques. So ensure you have the best start before day trading in volatile markets and learn professional strategies, simplified to work for you.
At our FREE Introductory Forex Workshop you will Learn
How to break free from the time vs money trap and learn to trade for less than 1 hour a day
How you can profit from the world's largest, most liquid and recession proof market
How to harness the latest technology and trade on state-of-the-art charting software
Learn professional Forex Trading strategies and risk-management techniques
1
FREE Workshop
Register for our FREE Global Award Winning Workshop Today and receive a FREE eBook written by Greg Secker, valued at $199
2
FREE eBook
Download and Read The Sure Fire Route to Trading Success that you will receive in your 2nd email from Learn to Trade
3
Cutting-Edge Strategies
Attend our Free Forex Workshop to learn proven strategies applying comprehensive risk management techniques
4
Amazing Support
Learn from the best real-life traders in our immersive Sydney Trading Floor to get the best education into currency trading
Our day trading strategies have inbuilt risk management, stop-loss and take profit targets that you can access via our cutting-edge charting software.. Learn to Trade’s expertise allows traders to implement day trading strategies with the confidence to identify good trading opportunities and after discretion is applied, not always take the trade!

What is the best Forex Day Trading System?

Day trading strategies are simply strategies where the execution and closure of the trading happens within a 24 hour period. These short term positions are executed by people who are able to spend a substantial amount of time in front of their computer screens trading, and have a solid understanding of technical indicators.
day trading

What is day trading?

Day traders are looking to execute high frequency strategies while trading. For day traders it's all about making profit by trading often in a day, earning smaller portions trading each time which for successful day traders, adds up to higher profit margins in the long term.

Who is Day Trading Suitable for?

Generally, day trading is reserved for people who are trading on the Forex market full-time, because it requires you to always have your finger on the pulse and your eyes on the charts.

At Learn to Trade

We equip you with four robust trading strategies that cover both end of day and day trading systems. A day trader will typically not have any open positions held overnight or over a few days. If this does happen, it’s referred to as swing trading. Most day trading professionals will use both approaches to currency trading.
Day Trading
One of the biggest mistakes made by beginner day traders is over trading. We understand this, and ensure you are equipped with the trading strategies and know-how to ensure this doesn't happen to you.In our immersive trading floor environment you will learn from a equip team of trading professionals who have had firsthand experience in fund trading, growing other people's money successfully and safely.Having access to their trading minds through our Forex education allows traders to implement day trading strategies with the confidence to identify good trading opportunities. Preserving your capital to cherry pick the ripe fruit as and when they appear on the charts is just as important as being able to know when not to trade.
What do you need if you want to become a day trader?
In order to become a successful trader you need to develop a trading strategy and stick to it.When getting started in day trading you'll need to ensure you have a high speed internet connection.On top of this, you'll need at least two monitors, some day traders even have more. The multiple screens are helpful because they allow you to bring up the different charts and technical indicators that will tell you whether to buy or sell.You'll also need professional charting software to scan the market for the right trading opportunities and help you trade with ease.However, computers are perfect for crunching huge quantities of data, they are not able apply to offer discretion or judgment, that is still the forte of the trader. In order to become a successful trader you need to develop a trading strategy and stick to it.Take the first step today to achieving your financial freedom. Call us on (02) 8412 6000 and speak to one of our Forex trading education specialists and find out if our Learn Forex Course is right for you. Alternatively, you can attend one of our FREE forex trading workshops and find out more about the Forex market first before taking the next step. Register your interest and secure your place at our next workshop near you.
  • Vahid

    Here's Why You Should Attend!

    Our Graduates Know Best:

    I work full time as a Chief Executive of a Public Company, working 100 hours a week. I was really attracted to trading as I want to spend more time with my family and kids. Buying back time is the most important thing for me. I see this as an opportunity to keep learning, to me trading is a life long journey – you have to consider yourself a student for your lifetime and you never stop learning. I recommend investing in the program to invest in your future.
    Vahid – September 2017
  • Greg

    Here's Why You Should Attend!

    Our Graduates Know Best:

    My journey started 2 ½ months ago, when I did the Learn Forex course with Adam Truelove – I’m very happy as I’m 9.5% up this month!. I put that down to great coaching and a great team here. I chose Learn to Trade for their coaching expertise and their education.I would encourage anyone that isn’t happy or comfortable with what they are doing right now in terms of making money – you’ve got to have the courage to look outside the box – trading is an exciting platform!. You can do a couple of hours in the morning or a couple of hours in the night and still make a good returns of 10% and when you get good that could be 20% a month!. I encourage you to come in and immerse yourself – then you will understand the potential of what trading can do with your life.
    Greg – September 2017
  • Michael

    Here's Why You Should Attend!

    Our Graduates Know Best:

    I had no idea what it was that I'd do, but I knew it was time to leave my comfort zone after the mass redundancy from the docks. After attending an Anthony Robbins seminar and seeing Greg Secker talk about forex trading and his company Learn To Trade, I was hooked. Probably the toughest, most emotional, stressful two years of my life when coupled with other things going on at the time. But today I woke up paid, with no alarms. I'm still alive and it's the only job that upsets me when it's Friday and makes me happy when it's Monday.A big thank you to James Mathews and the Learn To Trade team in north Sydney.Believe to achieve, achieve to succeed.
    Michael – April 2017