#2 Forex Basics: Trading Tips that Worth Your Time | Hana Stejskalová | Skillshare

#2 Forex Basics: Trading Tips that Worth Your Time

Hana Stejskalová, I always look for doing the things better way

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8 Lessons (20m)
    • 1. Why to Enroll

      0:59
    • 2. Learn from the Past - Trading Diary

      2:41
    • 3. Choose Your Partner Wisely - Broker

      3:21
    • 4. Beware of Spreads

      1:37
    • 5. Choose a Trading Type that Suits You

      1:54
    • 6. Stay Away - Announcing

      3:22
    • 7. Stop Risking Your Money - Demo Account

      4:23
    • 8. The Next Stop - Other Sources

      2:07

About This Class

I started trading because I believe that times, when you went to school and found a good paid job, are long gone.

Don't get me wrong, it is not the only way how to make money today, but I was pretty good when working with numbers and trading appealed to me.

The aim for FX Basics series is to make you stop devastating your trading accounts and slowly increase your profits.

We will talk about, what I learned so far, 3 basic topics of trading:

PSYCHOLOGY

MONEY-MANAGEMENT

STRATEGY

I will share with you all my experience, what influenced me and what I find most valuable when heading for success.

Today, we're going to focus on tips for trading when you are a beginner, where you'll find out:

  • what FOREX is about and what it is not about
  • what should you focus on, if you are a beginner trader
  • how to practice without risking money

Next stop you can have a look at are those courses from FX Basics series:

  1. Winning Mindset that Brings Profits
  2. How to Start on Forex
  3. Trading Diary
  4. Money-Management

I wish you good luck when working on your way to financial freedom.

Don't stop until you succeed - you can't lose if you don't give up! :)

Transcripts

1. Why to Enroll: thanks to the Internet, I believe that everyone has a chance to change their life on the very day are earning money . Today, everyone can make money from their homes, beat teaching online courses, selling e books or monetizing their block in our gaze. It is trading for it. It is not hard to learn how for experience. Stale according Toa fastest sticks 95% forex traders lose money during the first trading. I've been waiting for it for almost two years and I'm here ready to help you if you're beginning in the scores. Video focus on basics off foreign and few common mistakes. Beginners, traders and how to avoid them to increase their profits. If you want to find out, click Enroll and see you inside, of course. 2. Learn from the Past - Trading Diary: I can't even tell how important it is to make diary part off her trailing in your diary, you will find all your mistakes, which would be reduced, and also we are winning traits. So what? You should focus on within your next right, but it is not as easy for diarrhea to be useful. It has to contain all different kind of information. You will find every piece off information, which usually include India touch. Pdf file. But the short answer is it has to contain your money management strategy or psychology, and your trading set up the first. And the biggest mistake off begin traders is that their diaries can give them enough information for evaluating their results off reading and that they are focusing, especially on trading set up or strategy. As you can see in our trading diary, we did the same thing. There are no notes about the traits. In fact, there are no notes about anything, so we didn't focus on set up nor psychology nor money management. And in fact, your trading set up is what matters. The East I took this part of book psychology off trading from bread Steen Bargor, where he said, 80% off. The traders made money in the very realistic simulations, but only 20% were successful. Once the traded real money do different, he observed, Rose the emotional impact of having actual money on the line, and this is it. It's not about your trading set up. It hasn't changed. It's your psychology will change it. What matters. So be sure to include your feelings during the trade in your diaries. There is another thing in your diary that can help you, and it is when you will record. Also, we are unrealized rates and their development. That's how you will get more data and you will find out sooner. Vettel the strategy and your rules work or not right down. Also a reason why it was unrealized. It will help you focus, for example, on your feelings. Or you can shift your Great Inc levels in order not to be tested before 3. Choose Your Partner Wisely - Broker: broker is another significant friable, especially on your trading beginnings. Broker gives you data for trading. He fills your orders and stores your money when you pick wrong broker. Even if you have trading set up cycle and money management that works, you can lose your money several times according to future data or another broker. My level have already been tested and felt its profit target. But my broker didn't fill the order, and even if I didn't lose the money, neither I earned them. There are several things which you should focus on van selecting broker, and it is blood farm support regulation and experience off other traders. Those are which can improve your work with broker and make it easier for you. There are things that make better comfort for you, but on the other hand, there are things which can destroy you according to your trading strategy. Be sure you know what are the fees and swept at your broker. Be extremely aware of bonuses the broker will be offering to this can look your money and broker forever. Broker can offer you that he will give you for example, 50% Bono's on your first deposit, but you will have to roll over the deposited amount off money several times. It may be easy to say, but if you decide for example to stop trading, you have no option to withdraw your money from your bro. There are so many websites where you can search for the info about brokers and experience off other traders. You can just type into Google, for example, for eggs. But all of us and do you have a lot off results where you can look for but my favorite website for this searching ISS for XPS Army. It is very well organized and you have there a lot off information. If you are at the website, you click or reviews and ratings and they'll and there you click on forex brokers. You can order it according to ratings, for example. And here you go. There are really a lot of brokers. You can read reviews about them, how long he want, but unless you drive on off them, you don't know if it is good or bad. But if you realize that the broker you have chosen is not the best for you, don't stay there too much longer. It's always better to go to another one, then to pay insane commissions. For example, 4. Beware of Spreads: spreads are an example off your brokers. Hidden fees. There is a difference between the price when you are buying and the price when you are selling currency pair, and the difference is called spread. The bigger the difference, the bigger do fees and the smaller the earnings spreads are big problem when you are trading on lower timeframes. For example, I'm training on Five up to for dominates some fast rates. When I am in a good mood, my success rate can be about 70% plus, and I have 1 to 1 risk river ratio in a long term. This should be a winning strategy, and I should earn money. But I didn't include spreads into this strategy. Spread run 0.5 tapes plus additional commissions can make disaster for my winning strategy so focused on your spread when you are trading close time frames. Oh, it is also better from spreads point off view to trade majors because they have better liquidity and also because off over spreads also be careful about so called over trading. If you can't stop to Drake, spreads and other fees are going toe kill you. In that case, it's better to trade on majors because you won't pay as much as on exotic powers. 5. Choose a Trading Type that Suits You: there are different types of trading, not only on for eggs about in Genero, they are divided according to how often you great and how many traits you make. We have sculpting intraday trading, swing trading and long term trading, which is rather cold investing them. It is up to you which one you choose. But for different type of trading, you have to prepare for different conditions like time, demand, capital demand and even choice off broker depends on what type you choose. You can see the general differences in the table, but remember that the conditions are very individual, so they always depends on the trader itself. Most demanding and difficult is, I think, scalping where you have only a few seconds to decide what to do with your trade. And it is the most time consuming because you have to sit there and to decide and prayed from intraday trading on. You can prepare your levels of head and set, for example, alarm in the blood form when the price is free papers before it. So you have time to do other things. I do intraday trading and swing trading, but personally I prefer swing because I prepare levels in the morning place limit orders and then I just check a few times a day. If I have a trade or no, If I do, I manage the great like that. I shift. Stop close, close one position. If it is not so good and so one. If I do not, I have a lot of time to do my other things. 6. Stay Away - Announcing: when you trade, you have to be careful also about announcing important economic data off the particle counter. When you are swing crating, you will be interested in different news than when you are training intraday First link raiding que watch mainly interest rates and inflation. But if you are intraday traitor, you must follow. Also other data like GDP or C P I. When days and announcing the volatilities on the market changes. And it can happen that in a second your stop loss is felt out also in this time that there are bigger spreads and you can get bad feeling from broken. Generally render is going to be some data news from United States 15 minutes before and after death stop trading and the major barrel. It is really dangerous and I can say that for my own experience, if we look to our trading diary, you can see here that I forgot to cancel my orders on Australian dollar Basu's US dollar when there was announcing off interest rates and it finished with Stop close and then I was lucky that my broker filled it correctly. In this case, there was also a problem that the data came out at night when I was asleep. So be sure to check if there is some announcing before you go to sleep. There are different websites where you can find these news, but I use for ex factory. It is well organized and you can filter of what you want to see which currency won't rage data or which important I lived there. Everything because it often happens to me that there was only some orange importance on it moved with market in huge right. Other advantage of forex factory is that you can display charts off the most traded pairs on the website. So, for example, you were all U. S dollar and there's also a four room where you can check with other traders about the announcing strategies or you can find their reviews and experience about brokers. Do you experience a power? Brokers is under broker discussion and here you see, two frets. There are a lot off them, so if you search for particular broker, you can type it here for example, F c m. And you go 7. Stop Risking Your Money - Demo Account: demonstrating account is a great helper, especially when you start grading. It is an account where you get virtual money and you can drink. Catch here is that if you great with you money, you have almost no feelings within the trade, and then you can become extremely self confident. It means that you immediately go to real account and start trading big positions. However, when it comes to a real money, it is not as easy as in demo. So be careful about that and finger ation Aly And remember this quote from a book Psychology Off Trading by Bread Steen Bargor. 80% of the traders made money in the very realistic separations, but only 20% were successful once they traded real money. No difference, he observed, was the emotional impact of having actual money on the line. Demo account is good even for more experienced traders. If you, for example, have a new set up or rule, you don't want to try it with your own money. You can set up with the my account and try there. That's how I do it. Now let's see how to set up a demo come for this purpose I've chosen over Try tive broken on It is a demo account with unlimited duration and you get big from five platforms. So at first you click on a open a demo account and then you have toe fill in your personal details. After death, you click on sign up and then you can choose a platform. A fixed rate is the on dust platform And Meta Trader four is the most used platform on the world. So we will choose Mata trader It has downloaded, so we will install it immediately. You have to agree with terms off the license agreement. Click next and then you have to write. After that, you quick finish. Andi, you have it on your desktop. We will open it. You have to choose one of those servers and you have to choose one off the practice practice servers because you have only a demo. Come. So I, for example, choose this one. Then you have to choose an option, create new demo account. Then you feel lin your details And here you can choose Ah currency off your account. But I loved their U S. Dollars. Here you can choose your leverage. Ah, the bigger do leverage. The smaller are the margins. So I laid there. Run to 50. And here you can choose deposit amount. Oh, I will choose 303,000 because I don't want toe start Very big positions. So I quit. Next on Dhere, you can see your log in details, your number and your password. So it's good toe. Write it down somewhere. And after that, you can click. Finish. Andi, Here we are. The prices are moving. So we are online. And this is the platform where you will place your first rate. 8. The Next Stop - Other Sources: last thing I want to mention in alcohols are other sources where you can learn further because your journey to become a successful forex trader is just starting. I gave you basic information, but the rest is up to you. There are some recommendations where you can find other important information. Most of the books and websites are focused mainly on trading setups and slightly own money management. That's why I love D stubble by Modern Douglas, Trading in the Zone and disciplined Trader where he focuses, especially on psychology. Off trading. Joel Rose and his book Day trading gives you information not only about his setups but also about money management, filtering trays and psychologists. How to trade in stocks by just liver more is an immortal classic. There are stocks in the title, but the roof, he explains, can be applied Also on forex. The book was written in 1940. However, a lot of traders ticket to now, and here come the websites I have already mentioned for expect story, which is a great source off an hour, think and reviews. If you are looking for some news adopts and strategies, definitely try trading crew. It's a website where other traders share their race were set up and money management. Last but not least, is the FX channel. There you will find daily views on currency pairs. It is under mundane names now, but so it will be back again. Now, I would like to say goodbye with this Aristotle quote for the things we have to learn before we can do them. We learn by doing them, so stick to it and to you in another course.