You are done. This is it. This is the last level of your forex education. You are now ready forex trading demo accounts before you start playing with real money. But, before all that, we are going to go through a few things that will make it clear what to expect in this graduation level.
As you conclude learning about the forex market and head out in the hopes of being the best in forex trading, you need to keep in mind that even with the best forex broker, things can always go wrong unless you do something about that.
So, we are going to go through the most important parts on how to trade forex without failing so that we can wrap this up and let you get started.
FX online is all about knowing what is best for you and what to avoid.
Contained in this level are the following topics to look through:
1. The most common trading mistakes newbies make
It is to be expected in the foreign exchange market as in any market, that the newbies will have trouble adjusting and nowhere is this truer than in the currency trading business. Under this topic, you will learn:
- The 5 deadly O’s of trading that guarantee you will fail.
- How people lose money in their trading accounts in ten days or even less than that.
It is all in how you approach online trading. If you go in with too big a head and too little patience, you will most certainly fail. The forex market is not in the business of allowing you much breathing room when it comes to conforming.
You do not sway it, it controls you and if you don’t flow, you will lose.
2. Forex Trading Scams to Look Out For
There are many scams in the forex market just like in any other scenario where the money is involved. As a new trader, you will need to be very careful not to fall into one of these traps. That is why we will go through some of the things that you will have to look out for.
As always, we insist on one thing as the best shield from scams: EDUCATION. Always know your facts and make sure that you do not walk into anything blindly. Apply some common sense. Learn to trade on your own to avoid scams.
If you do not give away control of what you do, then you will be safe. Giving out control is what makes scams possible.
Under this, you will be taken through the following topics:
- Forex scams
- Forex robots
- Forex signals
- The regulatory agencies in the U.S.
- Broker scams in forex
- Foreign regulatory agencies
At the end of this lesson, you will know how to protect yourself from scams in the forex market. As always, your greatest weapon is to have as much first-hand forex education as you can get.
Finally, before all the finishing Quizzes, you will learn something about binary options. This is the last topic of all in the series. You need to know what binary options are and how they work.
We have two types; call and put options.
Under this topic, you will go through the following crucial subtopics:
- How you can make money by trading binary options
- The three main types of binary options
- Market analysis concerning binary options
- You will learn whether binary options are regulated or not
- You will also understand the difference and similarities between binary options and forex
That is it. What comes next after this is a slew of quizzes that you should be able to ace, seeing as we have gone through everything that has been taught here. To be specific, the quizzes are mostly to determine your personality.
They will include:
- Which trading style best suits you
- Which currencies should you trade?
- What your level of trading experience is
- What your trading style is
- What kind of mechanical system suits your personality?
- What your attitude towards risk is
- What kind of stop suits your style of trading?
After this, we will go through a section in the graduation speech.
This is the final piece of education that you will be going through. It sums up all the important stuff that will protect you as you try to figure out what kind of trader you are going to be. It is all about knowing who you are and now that you know your personality, it is time we reminded you of some very basic but crucial things.
Under the graduation speech section, you will go through:
- Trading like a dealer
- Knowing never to make the first move
- Focusing on the process and not the profits
- There is no holy grail in forex
- Being patient and disciplined
- How to love the forex game
As you will have figured out by now, forex education is how you get to know what is forex trading. That is the reason why we have gone through all these things. It is all about making sure that you know what to do if you find yourself out there in the real world.
Nothing will hurt a trader more than being clueless. And you sir/madam are most certainly not clueless now.
Thank you for getting this far, now dive into the lesson and get it done.
The Most Common Trading Mistakes New Traders Make
Forex Trading Scams
Binary Options 101
- Quiz: Which Trading Style Is Best For You?
- Quiz: Which Currencies Should You Trade?
- Quiz: What Is Your Level of Trading Experience?
- Quiz: What Is Your Trading Style? Discretionary? Mechanical? Both?
- Quiz: What Kind Of Mechanical System Suits Your Personality?
- Quiz: What Is Your Attitude Towards Risk?
- Quiz: What Kind Of Stop Suits Your Trading Style?