I will start telling you that it is not something easy neither is it something you are born with or without. It is a skill you can learn. Like everything else you learn, it takes time to learn Forex trading as a beginner as well. So time is a thing you need for sure, but you need more things. You will also need a computer and internet. In the world, we are living today a lot is possible with the use of technology. In this case, it is a computer and internet. Your phone can be used too, but for me, it is too small to read and really grasp everything. I can not see the whole picture.
There are more things to learn for beginners in Forex Trading. Even before they start. I will go through some of these topics with you. Most of the topics I will go over has to do with the mental part.
What I mean is why do you want to learn Forex trading, the reason why you want to learn of all this, go through all the trouble and investing to learn. I can imagine answers like l want some extra income, just to learn a new thing. But the question is, is this why good enough to keep you going through rough times?
We have a lot of why’s in our lives. Why do we get up in the morning and go to work every day, day in, day out. Where do we get the strength? We get it because of our why. Such a why is needed to keep going when you learn Forex trading as a beginner. I do not mean that it is very hard to learn, but sometimes you need something to keep going to be a successful trader.
Learn to know yourself better
Another mental thing is learning to know yourself better. I must add to this in relation to money. I have been on this earth for almost half a century now and a teacher for half of that time. Someone or I describing me would say that I am a very calm and a very patient person. The word revenge was not to be found in my vocabulary. This was until I started with Forex Trading. I know exactly what is revenge trading now. As in normal life revenge in trading will lead you to losses. Sometimes big losses. Fear of losing will also surface. Realize when you get those feelings and think how you can dominate them.
Control of your feelings is everything in trading. When you talk to professional traders or the educators they will tell you that all the technicalities can be learned easily, but how you handle yourself is the most difficult part. The first and top female educator was in Curacao, January 2018. She is Adaeze Duncan (right in the picture) next to me. She came to teach us and we learned nothing new about stop loss or drawing floor and ceilings in the charts. It was only about our feelings and how to deal with them. One of the things that will help a lot with that is following a trading plan. In another post, I will be talking about a trading plan.
Like with every discipline you need to learn the words used. As a beginner in Forex trading, you will learn a lot of new words. Adaeze will learn you all there is to know in the IML Academy of iMakets Live. Adaeze will start with the basic courses. It will start in Basic 1 with how Forex started, the market participants and who are the players in the biggest financial market are. In Basic 2 the basic words will be presented. Like pips and trends. Things that happen when trading is explained in Basic 3. How to set up a trading plan is also discussed. Basic 4 has a lot do with risk management. This is so important.
After the basic things, you will get videos on Technical Analysis. What to see in charts, how to draw support and resistance lines and so much more. There is also info about tools you can use.
You cannot follow IML TV before going through IML Academy. Can you imagine watching movies in Chinese and you do not know a single thing about Chinese? It will give you a feeling as if you will never learn it, you are not that smart after all, you can better do something else. Even your why will not look that strong anymore.
That is why I recommend you to go through IML Academy first. When I started out with iMarkets Live, there were only a few educators and like 30 hours of TV. Now it is like every hour of the day there is a coach live on TV. Did you miss an educator you like? Just watch the recording.
After going through IML Academy, you will know what kind of trader you will be. This will give you direction to choose an IML TV educator that suits your style best.
Open a demo account first
There are various ways to open a demo account. A demo account should be with a broker. You can open a demo account in MetaTrader4 or directly through the website of the broker. There are a lot of brokers all over the world. This is the bank where you can put your money to trade with, fake money or real money. For the demo account, it doesn’t matter much which broker you use. You can use different so you can find out which one you like the most.
Even in this part, there are a lot of words you probably never heard of. They all will be covered in the Basic part of IML Academy.
What to do now?
Get a computer, internet, some time and a why to start to learn Forex Trading.
Then start learning with iMarkets Live.
Enjoy the journey!!!