HOW TO CREATE A FOREX TRADING PLAN | Gerrit Gerber | Skillshare

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HOW TO CREATE A FOREX TRADING PLAN

teacher avatar Gerrit Gerber, Professional Forex Trader

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

12 Lessons (1h 34m)
    • 1. Introduction

      2:31
    • 2. Bracket Orders

      5:59
    • 3. Risk Management

      10:31
    • 4. The RR Ratio

      7:21
    • 5. Backtesting

      3:56
    • 6. Keeping a Trading Journal

      10:51
    • 7. Ghost Trading

      11:35
    • 8. The Power of Longevity

      11:08
    • 9. Automating Your Trades

      14:07
    • 10. Placing Trades in the Market

      9:22
    • 11. Choosing a Forex Broker

      5:46
    • 12. Class Project

      1:17
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About This Class

Hi there and welcome to my class!

How to Create a Forex Trading Plan

Whether you are a complete beginner with no background in Forex trading, or have some prior knowledge in the Forex markets, this class is sure to provide you with the necessary tools to successfully create your very own Forex trading plan!

By the end of this class you will have a clear understanding of the different components required to create and start implementing your very own Forex trading plan.

You will know how to make use of bracket orders to determine your Stop Loss and Take Profit levels when trading.

This class will show you how to correctly incorporate risk management in your trading, as well as how to calculate a trade's position size.

This class also covers the important Risk-to-Reward Ratio required to provide you with a statistical edge over the market, and shows you exactly how to make use of backtesting, a trading journal, ghost trading, automation orders, and the power of longevity, to improve your overall trading ability!

After this class you will be able to successfully open and close trades in the live markets, and will know how to choose a suitable Forex broker to connect you to the financial markets.

This class will tremendously shorten your learning curve and will help you avoid the mistakes that 90% of new traders make!

So if you are ready to take the first step on your way to mastering the art of Forex trading, then enroll in this class today!

I look forward to connecting with you inside!

- Gerrit

Meet Your Teacher

Teacher Profile Image

Gerrit Gerber

Professional Forex Trader

Teacher

Hi there, my name is Gerrit Gerber and I'm a qualified Civil Engineer and a professional Forex trader from South Africa.

I am really passionate about the world of Forex, and have been trading the Forex markets for over 4 years now.

I love to discuss and teach Forex trading to all my friends and family, and I probably drive them nuts by now with all the Forex talk to be honest.

So that is why I decided to branch out to a much larger audience on skillshare, to connect with anyone who might be interested in learning more about Forex trading.

I look forward to sharing my passion, knowledge and experience in the Forex markets with you!

See full profile

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Transcripts

1. Introduction: Hi guys and welcome to another for extra Writing, educational gloss of mine out to create your very own Forex trading plan. Now for those that don't know me, my name is Harold harbor and IMF for extra from South Africa. And I will be your driving instructor throughout this gloss. So let's quickly go through exactly what you will learn in this class. Firstly, we will take a look at bracket orders containing your enterprise stop loss and take profit levels. Moving on, we will discuss risk management in depth, how to successfully incorporate risk management in your trading and how to determine your position size. Moving on to the very important risk to reward ratio. So just as there is risk involved in for X, writing this also potential reward to be made. Then we will take a look at backtesting. What is back-testing and how do you incorporate backtesting in your trading? Then keeping a trading general, what is a trident general and everything that you need to include in your trading gentle. I also provide you with your very own downloadable trading journal in this clause that you can make use of. Moving on to ghostwriting. What is ghostwriting? What it entails, I'd go through it in detail in this clause. Then the power of longevity, how you can make use of longevity to always ensure that you have a statistical age over the market. And remember the aim of the forex game is longevity. Then moving on to automating new traits. So I go through the four different automation orders, namely your bys, stop cells, stop by limit, and CR limit. How far you can make use of these different automation orders. And moving on to placing your trades in the market. I go through some live examples, how you can buy at market charlotte market. We discussed them in this element of your Forex trading plan. And then lastly, how to choose your very own Forex broker to connect you to the different forex markets. So this is quite an in-depth cause. And I go through each of the different elements that is required to create your very own for extracting plan. So if you're interested in learning how you can create your very own Forex trading plan. Then I look forward to connecting with you inside of Mike loss. 2. Bracket Orders: If you try that, you will always have two possible outcomes, either profit or loss. And way you decide to enter and exit the tribe is very important and determines who rated the Trie results in a profit or a loss. And successful for extra writers, always ensure that they have clear entry and exit plans in place before taking it right. And therefore make use of bracket orders, which implements both entry and exit plans. So a bracket border contains your entry price. So we decide to buy or sell it, right? As well as to potential exit prices, we try it automatically closes who have either profit or a loss. So bracket or this contain three different price levels, namely an entry price, the price where you buy or sell the dried stop-loss price, the price where the tried exits with a loss, as well as a type profit price, the price weighted tried exits with a profit. So let's take a look at how you can implement your bracket orders for both long and short positions. After performing some technical analysis on the Euro USD jot you expect prices to increase Indian yet then say you decide by the area is dy at 1.1850. So this is the new BioEnterprise for the long position. So now that you know exactly we want to enter this long position, you need to decide where you're going to place your stop loss in the market. So after performing some more market analysis on the Euro USD, you decide to place your stop loss at 1.1830 and that is 20 pips below your By entry. So now that you have your enterprise, your ads, as well as your stop loss price for your bracket older, you need to decide where you are going to place your take profit order for this Euro USD trait. And you decide to place your take profit at 1.188 in the market, which is then 30 pips above your By entry. So now you have you exact entry Bryce, stop loss price as well as type profit Bryce reached, then complete your bracket order. So it's important to note that you type profit price level is always above your By entry for long positions, just as your stop loss price level is always below your By entry for long positions because you are looking for price to increase in the near them. So after you've entered the stride over here, if price decides to go against you and then around lower and heats your stop loss price, then you are automatically closed out of your trade with a loss. Similarly, if price decides to go in your favor and go higher and reaches your take profit level in the market, then your trie, it automatically closes with a profit. So that is an example for long positions and for short position. Similarly, after performing some technical analysis on the USD, you know, I expect price to decrease in the short term, so you decide to sell the area is dy at 1.1850. So this thing becomes UCL Enterprise for this short position. Now, you determine that you would like to place your stop-loss at 1.187 in the market, which is 20 pips above your cell entry. So now that you have your exact enterprise and stop-loss Bryce, you determine that you want to take profits at 1.1 I2 in the market, which is fairly pips below, you will sell entry. So you have u exact enterprise stop loss price and profit price to enter in your bracket order. So it's also important to note that your stop loss price level is now above. You will sell entry and you take profit price level is now below your cell entry because you are looking for price to decrease. And yet, so if you enter the cell trade or via, and price tends back above and reaches your stop loss price level. They know Trade automatically closes with a loss. Likewise, if price continues lower and reaches your take profit price level, Daniel tried closes with a profit. So this shell entry is then your entry plan where you decide to enter the market with the stop loss and take profit price levels being your exact exit plan for this specific short position. So that the incomplete the bracket orders, which contains both your entry and exit blends for you to implement whenever you decide to enter tried in the market. 3. Risk Management: In this lecture, we will be discussing one of the most important parts, if not the most important parts, of having a trading plan, which is risk management. Now, risk management is used to protect your trading capital by minimizing losses and ensuring that you're still, I will try it in the event of a few losing traits. So if you're going through a bad week or bad month in the Forex markets and implementing your risk management successfully for each trait that you take, then you ensure that you don't blow your entire trading capital of the few losing trades. And our risk management is implemented by controlling the amount of capital or percentage risk you take on any given trait. And it's important to only risk money that you can afford to lose in the Forex markets. So don't risk the foam guys. By learning to control your losses as a trader, you improve your chances of becoming profitable in the Forex markets. And by keeping your risk consistent over time, you always ensure that your winning trades more than covers you losing trades. And so they like to look at an example. So let's say if you're count is $10 thousand and you want to risk 2% of your capital on trade. Daniel, maximum potential loss will be $200. If they tried, doesn't turn out in your favor. And by implementing an appropriate risk to reward for the trade, you ensure that your potential return on a tribe is always bigger. Daniel, potential loss, in this case BY adding the potential loss of $200 and the percentage risk you choose to take on together with your account and stop-loss size is used to determine a specific triads, decision size, and risk management is all about the position size that you're entering the market. Now to successfully implement your risk management, you always need to determine the position size that you can enter for your specific risk strategy. And to determine the position size of a tribe, you require the account size, risk percentage, stop-loss eyes, and specific currency pay. He wanted to try and help you determine the position size. We will be making use of the my effects book website that has its very own both in position size calculator that automatically determines your risk management for you for any trait that you want to take. So before I even enter tried in the market, I always determine the position size for my specific risk strategy. And to do that, you just select your specific currency that you're trading in. We will be sticking to US dollars and type in your account size. Let's just make it $100, your risk ratio or your percentage risk that you want to take on for this trait. And we're going to stick with 2% risk on the strike stop-loss. We're going to make it the stop-loss. The contract size. You can just leave it as is, depending on the specific trading account you opened on your broker. And in an earlier video I said one standard contract size is equal to one hundred, five hundred units like this. So if you, if you open the standard trading account, you can just leave it as is if you open the micro or nano continued, just adjust your contract size depending on which I'm trading couch open with your brokerage, but we are just going to leave it as is done, you can select any currency pay that you want to try it. So they all year and we're also going to stick with the areas D. And then you can just click on Calculate. And as you can see over here, it, it shows you how much money you will lose if the Strait goes against you, which is $20.2 percent off $100. And it shows you the amount of units that you need to enter, which is 4 thousand units of this one hundred, ten hundred and a half of this 100 thousand standard contract size, which translates to a position size of 0.04 lots. So and remember when I showed you emit a trailer for how you enter it, right? You type in this 0.04 in the volume that on May the trade-off for that is Daniel position size. That is equal to a 2% risk on this euro-USD tried with a 50 stop-loss. So that is how you can determine your position size for this specific tried that you take. Let's compare the effects of proper versus improper rest management on a five tried losing streak. And to do that, I am using a 2% risk that equates to a proper risk management and a 10% risk bed, right? For an improper risk management. And we have starting a count of $10 thousand for both scenarios. So let's take a look at the 2% column and beginning with a $200 risks for the very first trait that we take and eat gradually decreases of the each losing trade because we always calculate a 2% risk for the total accounts or as the total account decreases or risk. Also, the amount of capital that we risk for 2% also decreases. Likewise, for the 10% account, we start out with a 15V and the risk for the first strike, and it gradually decreases to $656 for the fifth dry. So after five Dr. losing streak, you can very clearly see that by implementing 2% risk, you have a lot more trading capital lifted tried with thin. We need risk 10%. And that just shows you guys the importance of implementing proper risk management in your trading. So if your risks 2%, you will have only lost $960 after five consecutive losses or 9.6% of your trading account and you would have had 9 $540 left to try. But so still a lot of training capital lift off the five consecutive losses. On the other hand, if you risk 10% betray, you would have lost over $400 thousand, reaches over 40% of your account. And you would have had $5,905 lift to try it with. So that's almost off of your account, gone off the five traits. So that's not the way to go guys. And I recommend that you always incorporate appropriate risk management, each trait that you take. Now, there are some risk management rules to always remember when you implement risk management in your trading plan. And that is to always risk a fixed percentage of your capital per tried. So I recommend one to 2%, maximum 3% per trade. And especially when you are starting out in the Forex market and you don't want to go anywhere near 515, 10%, you're going to wipe out your entire trading account before we even know how to try it for x. So I recommend you stick with one to 2%. And when you start out and to use that my forex book position sizing calculated the LP you implement your risk management. Now, it's always important to save a stop-loss order when you enter trait, as well as a tight profit order to ensure that there's always an exit strategy. Implies to any internet, right? And always ensure a fiber Bo, risk to reward is possible before entering a tray. And it's important to always determine your stop-loss size before implementing your risk management rules. So before I even look at my risk management, I get an idea of where I would like to place my stop loss in the market. And then I used that stop-loss size in the my FH book, precision side calculator to determine my position size. Now just some quick tips that I can give you guys. Is the bigger your stop loss, this Morley opposition size becomes an potential reward. So you'll see when you calculate your position size on the website, the bigger you into your stop loss, this Morley opposition size becomes for your specific risk percentage that you take for given trait. So this Morley apposition size equates to a smaller potential reward. Likewise, for smaller stop-loss, you have a bigger position size and a bigger potential reward for the sine 2% or 3% risk that you implement. And remember, the only thing that you have control over in trading is how much money you are willing to lose on any given trait. And the aim of the forex game is longevity. Baraka sate, you don't want to wipe out your entire trading account of the five or ten traits that I am off the 4f chi M is longevity and do reach longevity, you have to incorporate proper risk management, you know, trading in your trading plan. Because remember guys, you don't want to just try it for a week or month. You want to try it for as long as possible and you want to stretch your initial trading account as long as possible and that's the proper risk management comes in. So hopefully this shows you guys just how important risk management is and how to incorporate risk management for each trait. 4. The RR Ratio: Now that you have an idea of how risk works in the Forex market and how to successfully manage your risk as a four extra to it, starting to take a look at the opposite of risk, namely, reward for extracting is all about risk versus reward. And in order to make money as a forex writer, you need to risk money with each strategy type. And that is where the rest of the reward ratio comes in. Now the risk reward ratio evaluates a triads potential risk against its potential reward. Try this, use this ratio to determine the waiter tried set-top is valid or not. Now before I enter tried in the live markets, I always ensure that a favorable risk reward ratio is possible for my specific trade set up. And that gives an added validation to my tripod setup. And when I know that a fireball ratio is possible into the trade, the rest of the reward ratio also provides an indication of what they can expect to profit from the amount that they are willing to risk on any given trait. So based on your risk management and the amount of capital you're willing to risk on any given trait. You can use this risk reward ratio to determine your potential profit that you are going to make when you take profit level is reached for a trade, as well as the amount of capital that you'll potentially lose. We knew stop-loss is heat for your specific trade. So try this also make use of the risk reward ratio to better manage the capital and risk of loss during trading. So for example, with a rescue, a road ratio of one to two, a trader is willing to risk $10 to potentially make $20. Oh, he's willing to risk $100 to potentially make $200. Likewise, with a risk reward ratio of one to three, the risk $10 to make $30. Now risk can also be measured as a percentage. So for a risk reward ratio of one to two, if you risk 2% of your capital, then you can potentially make 4% of capital, 4% growth back. If you try, it is favorable. So therefore, your risk should never be more Daniel, potential reward. You should always ensure a favorable lester reward ratio is possible before you enter a trade in the market. And an ideal arrested reward ratio in forex trading is usually one to 1.5 or one to two portrayed. So it's important to remember that the bigger you risk reward ratio, that harder and less likely it becomes four tried to turn out successfully. It's important to remember to not be too greedy when you or determining your risk reward ratio. Because the big a or ratio becomes, the less likely you are to be two for the tried to turn out successfully. Let's take a look at the rest of the revolt in action. Now most for X-ray this referred to risk in variables of R. So you are risking one or two potentially my free or in this example, or you can either also referred to it in capital, sorry, risk $100 to make $300. Likewise, you can use percentages, your risking 2% to potentially make 6%. So that is, I can define risk either as variables of R, as capital, as risk percentages. So let's take a look at this example. This is the US dollar, Swiss franc, and you decide to ain't a bitrate via, so this is your entry point. And then your stop loss is one or 0, 2% of your trading account depending on your specific risk management. And let psi for this example, it's 20 pips away from your entry. Now, when price reaches your take profit one level, it's one, our life from the entry 11 times you'll risk. Why from the entry. So in percentage terms, that's a 2% growth on your account. And perhaps that is a 20 gain. We need reaches your take profit one level in the market. Likewise, when it reaches type profit to it is two R or two times your risk away from entry. And in percentage term, that's a 4% growth on your count. Or in perhaps that's 40, guiding in the specific tried. And then lastly, you can have a tight profit free, which is free or, or free times your risk and it's 6% growth and 60 PEP GYN in the specific trade. So that is how you can make use of the RR ratio in your trading to determine the potential profit that you can make a tight profit one, type two, or type profit free. And you can even decide to make use of something called a moving stop-loss. So let's take for example this also, this is the strike for example. And when price reaches tight profit to you decide that you want to mitigate your risk on the straight and you move your stop-loss to the entry point. So you ordained currently on 0, risk tried or risk free trade. So if price decides to go back to your entry and eat your stop loss, then you don't lose or gain any money. Likewise, when price continues to take profit free, you can move your stop-loss do type profit one over here. So this thing becomes your stop-loss. So you automatically lock in stupid growth or 20 pips. So you can keep on moving or stop-loss up and up and up the painting on the strength of the trend. And we need to eventually price when the price eventually turns around and he chose stop-loss, then you can lock in some nice profits and you don't have to exit the trait too quickly and you can write the wife out for as long as possible. So that is how the risk reward ratio works in forex. And I hope that you can make use of this very powerful ratio to help you in your life traits. Thanks. 5. Backtesting: So what exactly is backtesting? Back-testing is a methodology that tastes trading ideas using historical data to see how a specific strategy would have performed in certain market conditions. Tasting evaluates a strategies potential by simulating trading ideas who have paused price movements. And also that determines the win right off a strategy. So in essence, backtesting involves faking a specific trading strategy and implementing it with paused price movements and number of times to determine whether the specific trading strategy is likely to be successful, as well as to determine the winner of that specific strategy. So if backtesting yields positive results, it gives us confidence to start implementing the strategy in live markets. So after you have practiced it, certain strategy using past price movements and number of times and you found that the strategy is successful, then it gives a tried to, that added Kung Fu confidence to use the strategy in the live markets to put your money. We'll strategies in the Forex markets. It also gives try this and indication that the strategy is likely to withstand future market conditions and you profits when implemented. Now we all know the saying that history tends to repeat itself. And that is especially true in the Forex markets. So if you have successfully back tasted strategy using past price movements, then it's very likely that that strategy is going to be successful with future price movements as well. It is important that back testing should be conducted with historical data that reflects a variety of market conditions to determine whether the strategy will hold up in the long term. So what I mean by a variety of market conditions is to do taste your specific strategy, not only focusing on one currency pay, but on a number of currency paste. So not only focusing on, for example, the year USD, but I'm tasting your strategy on the boundary which did pound JPY, The Australian, New Zealand dollar, all of the strategies to get the different conditions that each strategy that each different Forex pair has, as well as to test your strategy on different market directions. For example, tasting the strategies, profit but profitability on an upstream and downstream or consolidating market. So the more variables and market conditions you add your backtesting. And if the strategy is deemed successful of the back-testing Ginny, No, it's likely to withstand the changing conditions of the future. Now I'm gonna give you guys a short story about backtesting. Mike back this, that strategy x 100 times and found that 60 out of a 100 trials were successful. So it gave him a 60% when right? If my only risk $10 on each trial, he would have my $200 profit at the end of a 100 back this debt trades. Mike is happy and starts to implement strategy x in real life in the live forex market conditions be like Mike and back this before you start trading. 6. Keeping a Trading Journal: In this lecture, I'm going to show you why keeping a trading general form such an important part of any trading plan? How to create your very own trial in general, and how to use your trading general to not only improve your skill set, but also your profitability as a forex trader. Now a trading journal keeps track of all the trades you take and trading decisions you make and is used to improve your trading performance by monitoring your account activity over time. So whenever you enter tried on a live account, demo account, or you want to back this a certain strategy to determine the win right off that strategy, you can enter all of the specifics surrounding the triads that you took over a period of time, as well as the trading decisions that you made before you entered a trite into your trading general. And you can use your journal to monitor your progress as well as the progress of the specific strategy that you are back-testing. And you can decide whether certain improvements need to be made in your trading journal and in your trading strategy. So the I am of a trading General is to improve your trading abilities by reflecting on some of the mistakes and successes you might in the Forex markets and shows you how to improve and replicate, as well as how to avoid or repeat in the case of successful tried these same traits in the future to become a more successful and profitable tried to say by making use of your trading general, you can determine whether certain improvements is still required. For example, when you are back-testing and strategy. And you see that the wind right, isn't too high. You can decide when you need to improve on the strategy or weighted to entirely just scrap the strategy and to start with a new strategy. And you can also reflect on your personal traits that you took over a time, a specific time period. And you can improve on certain mistakes you might as well as replicate the successful traits in the future. So you can use your trading journal to improve your overall profitability as a forex trader and to determine with a certain improvements or acquired for future trials. So what to include in your trading gentle? Now, the first thing that I include is opening and closing dates and times of each trait that you take. So you want to be able to track the opening and closing types. So for example, how the trading duration, during which day you took to try it, for example, Monday, Tuesday to Friday. Then you also want to include your opening and closing price levels and the position, size and specific currency you tried it. So. This also gives you an indication of radar. You perform beta for specific currency pays. For example, whether you are more successful on the Euro USD or the Australian USD, or whichever currency pay you trade it. And as well as the position size, to really feel more comfortable with a certain position size. And video material more success using that same position size of a specific period of time. Now you can also add your stop loss and take profit levels with the specific tried closed to indicate whether the triad was successful or not. And as well as the Profit and Loss amount for each specific tried to keep track of your current growth as well. You know, trading journal and then any general comments that you might have surrounding the trading decisions that lead up to that specific trial. Duke, whether they were good decisions or bad decisions, just general comments to reflect on when you are looking to either improve or replicate certain tried in the future. So to give you guys indication how a trading general Look, I am going to show you guys my trading general that I used and I attached and attached the trading general that I created for you, for you on Excel in this course. So you can download that specific training in general, you can use it and you can reflect on some of the traits that you take and you can use it as well for your backtesting of the specific trading strategies just to improve your skill set and profitability as a full X-ray. So let's dive into my trading journal that I use. So here's a good example of how trading journal usually should look. And I attached the specific Excel spreadsheet for you guys to download and make use of. You can make modifications and adjustments and use it to keep track of all of the traits that you take with this specific strategy and we're certain improvements or unnecessary or not. So this is just the trading General and I started with a specific starting gash and option as well as your current current cash and the total profit and loss in your account. The ending split, right? So it's your target TO profit divided by total traits due solely to average earnings for tried your title Wednesday, the losses as well as your win percentage. So you can use this win percentage whenever your backtesting certain strategy, as well as you can monitor specific triads, eddy type, to determine how profitable you were in the past and you can use your win percentage to get an indication of are profitable. You are likely to be in the future when you implement the sign trading ideas that you did in the past. So you have your entry date, entry time, the specific currency that you took, really bought or sold. The specific currency, the lot size in US entry price, stop-loss in purpose. Specific stop-loss level type profit in perhaps like profit level. The extradite, exit time, then the profit or loss of your trade, then the suggested Equity column. So each time that you made a profit in the profit is added to your stored in cache. And each time you might have lost, its deducted from the total equity in your account just to keep track of the overall count growth. And then, yes, just some general comments surrounding each stride edgy Duke. And it's important to be as honest and descriptive as possible as you can. And remember it's your own training in general. You can keep it private so you can write anything that you like. And this is just to give you guys some examples of the comments that I might surrounding a triumph that I take. For example, this is my shade, the IRRI, a trained continuation strategy. And this is an use straight that I took the Mac D And yeah, I give an indication that my risk was to I, so I know that whenever I see the same setup in the market in the future for Mac D tried is to always implement the appropriate risk management like we discussed in an earlier lecture. And yeah, I just said over my stop-loss was eat this MAC, the trade was Klaus divide too early, so I didn't let my trade heat my type profit area. I let my emotions to take control of the specific trade. And then I say the perfect setup, stop-loss weighted clouds. And then just below stupidity in this one. Then my Mac D bringing home the bacon in this case. And then just some general comments, guys. So it's important to be as honest with yourself as possible so that we know how we need to improve, how to become a beta and more profitable for x-ray. And then just lastly, this lost and one column. This is used to create your wins and your total losses and just to visualize your account activity over time. So as you can see, this account improved over these specific number of traits. And you can see over here, we made a total profit of almost $260 over these triads. And this is how your equity curve should look. It's not just one straight line upwards. There's gonna be ups and downs. But as long as the overall trend is upwards, then you're gonna go for as a forex trader. So this is also not a visualization of my total wins and losses that you can use, just two for added motivation and in your trading. So like I said, you don't have to worry about creating your own training general. I attached the specific trading General for you guys to make use of. You can play around with it. You can edit it and modify it at your own data that you want to. And you can use your trading General to improve your chiding abilities and to become a more successful for X-ray. So at the end of the day, that is how important trading journal is for your progress in the Forex markets. So that's it for trading General. And I'll see you guys in the next lecture. 7. Ghost Trading: So you're probably wondering exactly what ghostwriting is all about and how to implement it in your very own trading plan. Now ghostwriting or virtual trading is just another form of pipa or Demode trading. Trading without real money in your account. And the IMF ghostwriting is to monitor potential trading setup without physically entering the trade in either demo, live account. So in short, to taste radar, specific trading idea would have been successful or not had you in the trade. Now, ghostwriting, again, performed on trading platforms like trading view and works by implementing a risk to reward Bach's writing instrument as shown below. So you enter the exact entry price, stop loss, and take profit levels into the instrument. And it allows you to visually monitor how your trading idea plays out. So let's take a look at how ghostwriting works with this example below. And this is an example for a short trip on the US dollar, Swiss Franc. So the first thing you do is you open up the box writing instrument on trading view and you enter your exact energy price, which is ten over year, together with your stop-loss level at the top over here. So this entire red area then becomes your risk. And depending on your risk management that you implemented, this disdain equates to a certain percentage of risk on your capital as well as one or. And then lastly, you also into your take profit level on the instrument, which is ten below over here. So this entire green area then becomes your reward. So depending on where your take profit level is on the specific trade, this reward then also equates to a percentage growth on your account and as well as a certain variable of r. Also. So this box writing instrument is also a good way to visualize your specific risk reward ratio that you take for a trait that you own monitoring. So it's probably worth mentioning that I came up with the term ghostwriting to describe the specific methodology of demo trading. Just because I thought it was a fun way to describe this box reading instrument on trading view. So to give you guys some more examples of how to implement ghostwriting, We are going to be looking at some live markets. So after performing some really quick technical analysis on this Australian dollars, Canadian dollars chart, you see that price is currently struggling to break boss this 61.8% Fibonacci level. And you recall that an impulse of wave is usually followed by advertisement wave. And if Bryce struggles to break past any one of these Fibonacci levels, then it's usually a good. Area to enter in the preceding mock-up direction. In this case, for price to move higher. So you see this in the live market, but you're not feeling a 100% confident in the striking idea. And he didn't want to enter it in a live gun to even edema icon. And you're just curious, really destroyed is likely to play out in your favor. And you decide to implement the ghostwriting methodology that we discussed. Now to do that, you make use of this left hand toolbar via you click on the long position because we're about to enter bitrate for a move to, for an impulse of wife Haya. So you decide you want to enter your tried at 61.8% Fibonacci level because price is currently struggling to break pause this levels obviously good entry price. With your stop loss. You can either put your stop loss below the next Fibonacci level, which is 78.6 level. Or if we want to be more conservative, you can place a stop loss below this stream. And you decide to target the minus 27 Fibonacci level above via. So let's see how this trade idea would have played out had you taken it in a live account or the IM account. So I'm just going to play this trading video so you can see how the market would have played out, hadn't taken the strike and boom over the target area was hit. Record this impulsive wife off to this retrenchment and bounds from this very important 61.8% Fibonacci level. So the specific goes straight, rough without had you taking it in the live market or Damon market. And you are happy. You now know that if this exact same training set up happens again in the future, then you can confidently take this exact same tray on a live demo account. So let me just go to the real lifetime real quick. And I'm gonna show you guys another example in this, in this example we are going to look at a short tried. So after performing some analysis again on the sign of Australian dollar, Canadian dollar chart, you see that price is again struggling to break. Pause this 6161% percent Fibonacci replacement level. You can see that the candlestick is just consolidating over moving sideways. And you remember that often this impulsive wife, lower retrenchment or corrective y follows. And as you see, price is struggling to break past this really strong Fibonacci replacement level. And you decide to take a short tried on this specific spreading setup. But again, you're not very confident in the strike. And you decide to only into ghostwrite. So again, we go to relieve them. Tab over here, click on short position this time because we want to show try. So after this closure of this bearish candlestick, you place your entry point i with a with your stop-loss either below the next Fibonacci level or above this recent string I areas is to be conservative. And then we are going to target this negative 27% Fibonacci livable once more. And you see that the strike was fiber Bo, you caught this impulsive wife. Lower of this retries meant wave. And by using this ghostwriting methodology, you saw that just like with the previous example, had specific setup taking place in the future, you would have had more confidence entering the strike on a live account or Damo count. So just one last example to show you guys is on the US dollar Swiss Franc shot. I'm going to show you guys how to try it. Short Patton using a ghost, ghostwrite. So let's take a look at and this chart over here. And if you don't know the chart pattern that I'm looking at, I'm looking at a triangle chalk pattern. So we just connect all of these eyes. We're as much as possible like that. And then the Laos or via as many lives as possible. Life debt as you can see. Just connecting all of these different touches to indicate your awkward train line as well as this bottom train line as many touches as possible. So this is a triangle chart, Patton. And you know that how to try a chart, a triangle George Patton issue, right, for price to break out of the chart over a year. And it's, it, it broke post this support line as well. So that's an added confluence that this is a good entry point of the day. Now, again, you might not be 100% confident in the straight, or you simply just don't want to enter physically introduce strike on your account. So you just want to make use of another ghostwrite. Again, clicking on this left-hand tab, go to short position. We are entering at this closure of the scandals stick because it closed outside of this chart button as well as below the support area with our stop loss just above the most recent swing high of this triangle. And then our target for this goes straight. We are just going to take the link from this I two this year or the start of the triangle. And we are going to move this line two over here with the price broke out of this triangle pattern, just a day. And then we can, we can target this exact link. So let's just move or target area to that level and see how it played out. Drag this ghostwrite everyday. And you can see that the strike was also x-axis. We caught this impulsive move lower of the break of the triangle chart pattern. So now you know this is a really good chart pattern to try it in the future if you want to try it on a live account and make some good profits. So, and just like I said previously, I created the ghostwriting just to, just for fun, just to show how this methodology of the image writing works on trading view. So I highly doubt that for extra days. Outside of this course is gonna know that ghostwriting. So it was just a phantom, phantom for me to use. So that, that is how you can make use of this box striding instrument on trading view to assist you with your virtual trading and Joe trading ideas which you can then implement on your trading plan. 8. The Power of Longevity: Forex trading is all about longevity with time after time being, I will to Stein the forex markets for as long as possible. Now it said that over 90% of all new for extra writers file and blow day trading account within the first few months of starting. And the majority of the remaining 10% of new traders file of the one year of training. So the odds are stacked against you when you start your forex journey. Now for extra riding isn't easy, but it isn't hot either. And by leveraging the power of JT fruit layout of statistical edge in the market, you turn the tables and you stack the odds in your favor as a four extra data. Now to ensure that you reach longevity as a trader, you need to have a statistical H over the market. Statistical age is created with your trading plan and provide you with an advantage in the Forex markets to ensure that you end up profitable in the long run. So by making use of this statistical age over the market, it ensures that you can leverage the power of longevity to stack the odds in your favor as a for X-ray. So just as poker players have, have their own poker strategy for profitability against our silicon, you make use of your very own strategy and you can leverage the power of longevity with the statistical age that your strategy provides you. Now, the power of longevity and action can be shown through the odds of flipping a coin. So what would you say? Are the odds of a going landing on hates Of the one coin flip. Now it's obviously 50-50 or 50% Jones that the coin hands on lands on heads and a 50% chance that it lands on dials. So there isn't really a statistical age. You can either visit 50% John's whenever you flip a coin, that it will turn out fiber bow for you. So let say you bet $1 for each coin flip and you went $1.5 every time it lands on aids, rigid type this bait. So if you flip a coin and it lands on tiles, then you lose you $1. But if it lands on heads, you win $1.5. So would you take this big thing? Now, what would you say are the odds of being profitable of the 100 consecutive coin flips? Do you still think it's 50-50? Do you think it's less than 50-50 or more than 50-50 of the 100 consecutive coin flips. So you risk $1 and you get the potential reward of $1.5. For each one of the 100 coin flips, what are the odds of being profitable, often a 100 traits. Now, to show you guys the answer I created and Quick and easy Excel spreadsheet with the 100 different traits or a 100 random outcomes that coin flip can provide you. So let me show you guys how the power of longevity comes in place when you are flipping a coin for 100 consecutive times. So the odds of you being profitable of the 100 consecutive coin flips is close to 99%. And this is all based on probability. The probability for the coined either land on heads or tails over 100 consecutive coin flips. And like we said, you risk $1 for each coin flip and your potential reward is $1.5 if the coin lands on the Haidt's. Now to showcase the random outcome of a 100 consecutive coin flips. I populated this random outcome column with 100 different coin flips, as you can see, with the one representing coin landing on heads and the 0, the coin landing on tiles. So if the coin lands on aids, then we went and we went $1.5. Likewise, if the coin lands on tiles, we lose a bit of $1. And this is also shown in the profit and loss column via. So let me just show you guys that each time a new random variable, random outcome is produced. So I just simply click on Enter. And then as you can see, each time the random outcome and the profit loss column changes. So let us quickly take a look at the profit of the paint rights. So the profit in the short term. So after ten traits, you will have made a profit of $2.5 with a percentage one of 5% and the percentage loss of 95%. So that is way off, that is y against you and it's not in your favor. So this is not what we should focus on because in the short term, the outcome is random. So often tamed traits, you can have a losing streak of ten traits. So the outcome in the short term is irrelevant. So to show you guys the power of land longevity, we will be taking a look at the profit of the 100th rights. So the profit after 100 trades in this example is $25 with a percentage one-off thirsty and the percentage loss of 50% as well. So it's a very, very big improvement of the percentage one from the profit of the tin traits. So let's just create some random outcomes again once more. And as you can see, the profit keeps being positive of a hundreds, right? So just keep an eye on this. Profit off the 100 flights. This 0 profit. So if you have a losing streak or you owe, your strategy is 40% to win, right? Then you'd end with 0 profit for this specific coin flip. Now, let's play around with, sorry, let's play around with it some more. Training dollars, forty two dollars, seventeen, thirty. So as you can see, your the chances of you being profitable is 99% LacA state, so there isn't a negative profit. So let's just add some more. And as you can see, it tends to be a positive outcome all the time. So even if you st, each one is less than 50% in, you still end up being profitable. So that is just the power of longevity and the power that statistical age over the market provides you in the Forex markets. So let's draw it like this example of the flip of the coin into the forex market to successfully leveraged the power of longevity in the Forex markets, there are some rules that you need to follow to create your very statistical H in the market. With the first rule being, keep your risk assigned for each strike that. You take, for example, 2% risk. So the terminal risks that you feel comfortable with and stick with it, don't risk 1% on one trait, then got into present day and become greedy and risk for percent. Keep the rest assigned for each stripe that you ain't in the market. The second rule is to ensure that your risk to reward ratio stays the same for each trial. So a good risk reward ratio is one to 1.5 or one to two in for x. So we, we risk $1 to make $1.5 in the coin flipping example. And you do the exact same thing for your, for X-ray. You keep your restaurant wat the sign, like we did in the consequent consecutive coin flips. And that is to ensure that your average wins more than covers your average losses. To ensure that you are profitable, tried to in the long run. And by making use of the statistical age and by keeping your risk management and you'll rest to reward levels the same for the consecutive triads, you ensure that you can leverage the power of longevity for your own, personal, for extracts. And the last rule to follow is to only use trading strategies with favorable when rights and determine the dendrite of the strategy, you can perform backtesting on it. So I recommend performing backtesting on anywhere between 50 to a 100 traits due to determine with a certain degree of accuracy. Though when right, of any given strategy. And that went right the indeterminates and assist you fuel very own statistical age in the market. So these are just some three rules to keep in mind and to follow. So when you have statistical age in the market, then you will always be profitable in the long run. So by applying these rules, do your trading plan, you will always have a statistical H over the market and ensure that you are a profitable tried to in the long run. So remainder, the outcome of any tried is always random in the short term, like I showed you guys, we have to obtain the profits of the thin consecutive coin flips. And it's not the individual traits that met, but rather what happens of large number of trades that determines really benefit from the power of longevity. So don't focus on the short-term, the random outcomes focused on the longevity of trading because that is way the profitability lies for you as a full X-ray. So that concludes the power of longevity. 9. Automating Your Trades: Automating or triads provides you with an added confirmation of your directional bias that you have in mind. So if you believe prices in an upturned will, prices in a downtrend, or that price is likely to reverse in a certain area in the market. But you're not show radio directional bias is correct. And you don't want to jump the gun and enter dried to prematurely, then you can make use of automation traits to assist you with your trading ideas. Likewise, you can also automate your traits when you aren't able to be physically present in the market. So for example, when you're at work or when you're out and about and spending time with friends and family. But you still want to be able to enter the trie that you've been monitoring for a while, then you can also make use of automation. Orders that will automatically trigger when price reaches that specific entry or the of yours. So there are four ways to try it without having to be present in the market. Now the first two that we'll be looking at or by stop and sell stop orders. Now a buy stop order is placed above the current market price and price then to remain bullish. So let me just quickly draw an example for you. So let's say price is currently aided in this upward direction. And you know from boss lectures that often impulse of wave, Eritrea basement wave is likely to follow. But your looking for added confirmation of your directional bullish bias because you see that price is currently making higher highs, but you don't know for certain yet, beta, this is going to be high or low in this previous low. And then for price to continue I or you aren't able to be physically present in the market like the strike. And you have been monitoring the specific dried setup for a while now, and you still want to be able to enter the strike, then you can make use of a buy stop order. And you can place you buy stock or the over year, sorry, a buy stop order is above the current market price and the IMF Dane for price to move higher, trigger your buy order and then to continue Aja. And then hopefully eat your take profit area that you've set for yourself so that this band stop ordained to assist you with added confirmation. And when this or the string it and we made an higher and higher level than we are now on an upturned and it added confirmation to you trading idea. Likewise, you can make use of a sell stop order. This order is placed below the current market price, with the IMF price staying bearish. So if we are in this downward move. And you expect retry basement of this impulse of wave, but you are still looking for added confirmation that we are in a downtrend or you or you've been monitoring is tried for a while now and you don't want to miss out on this potential profit from, move lower. And you see that prices making lower lows, but you don't know for certainty a to beta, this is going to be a lower high. So you can make use of a sell stop order and you can enter your cells stop order below this Swing Low via so that when price reaches this sell stop order, it automatically triggers your cell order. And then with the aim of price continuing lower and in eating your profit area of the. So that is how you can make use of cells, stop and buy stock orders with the intention of a bio stop order being placed above current market price and the full price to hate in the same direction. And in cell stop orders being placed below the current market price for price to move in the downward direction. Now, the audit to automation or this or by limit and sell limit orders. Now, by limit order is order that's placed below the current price and price in the bullish. So for example, if we are in this downward move over a year and you spot a really strong support area in the market over the strong psychological level. And you know, that price is likely to react and reverse at the strong support area. But you are looking for added confirmation. That price is likely to ten at this area or you're at work or family and you aren't able to be present. Price reaches this area, seeing as price is currently over a year. And you also don't want to enter to prematurely and miss out on potential profits. So you make use of a buy limit order. Now by limit order is thin, placed below the current market price, with the intention of price moving lower, eating your buy limit, entry or the triggering your tray, and then with the intention of price to reverse and then bullish. So that is how you can make use of by limit orders when you place your order below the current market price and in the IMF price, turning around and heating higher in your favor. Likewise, for cell limit orders is an order that's placed above the current market price and the price to ten bearish. So let say we are on this op, trained over here. And you also spot a very strong resistance area in the market or psychological level. And you know that price is likely to taste and react at this resistance level and largely to ten around lower. But you're looking for adult confirmation or you own physically present in the market. So you ain't a sell limit order, which is above the current market price with the intention then for price to move higher, trigger your cell order and then reverse and then bearish in your five and in ego profit area. So that is how you can make use of these four different automation orders to assist you with added confirmation to your directional bias. Or they try when you aren't able to be physically present in the market. So let me show you guys ON meta trade-off for how you can make use of these automation or this to assist you with your life trays. So to implement any one of these full automation or this, you simply go to this new order tab on your meta traded for trading software. You can click on this order and you can select the specific currency pair that you want to try it. You can entail volume, stop loss and take profit. And then over here, instead of choosing market execution, reached just helps you to sell by Moffitt and bye-bye market. You click on this, go to painting or the Ricci stain your automation older and OVS type, you have the four different orders that we discussed. So let's go with a buy stop order real quick. And lack of CEDAW by stop is when you enter trading order or bitrate higher than the current market price. And let's just do this by stop order. Currently, I see currently price is at 1.3 to 12. So let me just say that 1.3 to one for, for example. And then you can just place your order. So as you can see over my voice, stop order is placed over here. So when this price heats this by stop order, I'm automatically entered into this long position. And when price is higher on the money and profitable, so do modify the specific order. You can again just double-click on this order below, and you can enter the stop loss and take profit levels for this specific bitrate as well. So I'm just kinda delete this order and move on to the sell stop order. So four cells stop, you just do the same with a sell stop you entering at a price below the current market price for price to remain berries and it lower. So let me just end at 1.3 to 12, for example, everyday. So as you can see, or sell stop order is now in. And if price heats this order, we automatically in the short and the info price to continue lower, hopefully reach our target area. And likewise, you can modify this order and enter cells by stop-loss and take profit levels as well. So let me just stop loss of 1.236 real quick and then target area of 1.3 to just click on modify. And if we zoom out a bit, you can see our traits. The bracket order that we took with stop loss and take profit order. So as you can see now, the strike automatically just triggered. Now we are negative ICT dollars. So or sell stop order triggered without us having to be even physically present are good off the shelf.org and our Go. And it would have triggered, and I'm in the traits and now I just wanted to write for the trait to play out as it's, as it's going to do. So I'm just going to close the strike two different tried for you guys. So the next automation or there is a buy limit order. So a buy limit order is when you place a or the below the current market price 15 tension for price to reverse and it higher. So let's just ain't that 1.3 to 12, for example. As you can see, or bys, by limit order is over here. So if price reaches this VI limit order, we are automatically triggered into this long position with the IMD info price to move ie, hopefully in the reach of target area. So you can also again into your stop loss and take profit areas as well. So let me just lead us order and then show you guys the lost automation order, which is then the cell limit order. So with a limit order, you enter cell tried above the current market price with the intention that price reaches the shell or the and continue lava. So let me just ain't real quick sell order via 1.32. Do for example, the day. So if price comes back, reaches this sell limit order, you automatically entered into the short tried with the IMD info price to continue lower and in hopefully reach a target price. So that is how you can into any one of the four tonight automation trades that we discussed. And you can modify it. And then as soon as it's triggered Danish Justin, regular shell by trade life you can do at market, for example. So new order when you just want to sell or buy at market, then you can just sell at market. So that is just the difference between automation traits. So this charlotte market is, I have to be physically present at this moment, or I already know we prices locative A2 and the automation or this or just a four added confirmation or when I'm not able to be physically present in the market. So hopefully that clears. Automation tries, but our guys, and that concludes at the end for this lecture. Thanks. 10. Placing Trades in the Market: So I didn't go about placing or triads in the live markets. Now, you can make use of metal tray to fall to execute your triads on either your laptop, your pc, or on your smart phone. Now, the way that I personally go bar it is outperform all of my market analysis on trading view. First, I did them and my stop-loss take profit levels. And then I use my stop-loss to determine my position size. And then I simply op onto the metadata for app on my phone and execute and monitor my trace through my smart phone. However, you can use metal, try to fall on your computer or your tablet, your smartphone, whichever device you'd like. And you can place your rights through metal twitter fall on any of the devices. So to assist you with your process of placing your traits, I'm going to run through three examples of cell and bitrates. And we are going to simply sell and buy at market. And I mean, to sell at market is to simply sell at this current market price over a year. So wherever it is, market price is going to be, we are simply going to execute at that market price. So as you can see on this Euro USD one, our chart, I perform my technical analysis on MATLAB sweater for we are currently in this down, downward trend line. The market has tasted the stream line and the line a few times. And we are currently at this drain line again, as well as this Fibonacci replacement level of fairy 8.2%. So this is both valid indications together with the three moving averages, both pointing to possible lower moves. So this is clear signs that we can proceed to enter or sell entries for a potential drop in price due to near future. Now the first thing that we need to do is to determine or stop loss and take profit areas industry. And we will use that to then precede to determine or position size. So I'm going to simply place my stop loss above this swing I and above the 61.8, same Fibonacci replacement. So I'm going to simply drag this stop-loss to a nice round number of 1.21834. And that is roughly about 16, but above the current market price, 16 or 17 books the painting, so let's just make it 16 books then. So the stop-loss or risk to the current market price is 16 pips. Then for my type profit area, I'm going to, I am for a risk reward of one to two. So I'm going to target. The area of the, so roughly then 32 pips from entry. So depending on weight as current market price is ferry, two pips below is the anode target. So I'm going to enter this 16 chips into my position size calculator based on this equity in my demo account for this course, we are going to then determine or position size that we can use for this, right? So let's hop on over to our position size calculator on my FAX book, and we will be sticking to our dollar account currency. The account size is 99892 with a 2% risk, the stop-loss is 16 books and you can simply leave this contract size as is, and you can proceed to calculate. So all lot size for this trial is 12.5 lots to round that to the nearest decimal. And we can now proceed to enter this 12.5 lat position size. And this equates to a 2% risk on or trade. So to do that, you can simply go to made a trailer for go to New Order. And as you can see, this symbol is already over here. And we calculated at 12.5 position size, which is just type in at this volume. And stop-loss will be at 1.1 I free for a year. And tight profit will be at 1.17913 in the market. So this is just some quick stock wasn't tight profit areas just for this educational lecture. So the type is marked execution. So we are just going to sell at market and just proceed to click one market and we are now entered into the straight. So over year is stop-loss and tight profit area. So whenever, so if price decides to hate AIA and against us and trigger or stop-loss, then we exit out of the striped with a loss. Likewise, if it is lower target area, then we are automatically closed RF strike with a profit. So that is the cell setup. So for example, we are going to taking a look at this US dollar, Canadian dollar for our job. And as you can see, the processes currently reacting to this upward trend line, Bryce dots and reacted and is hearing higher as it seemed. So we are simply again, just going to execute a bitrate at market sell exactly at whatever the current market price is. So before we can start, let's just quickly determine valid stop-loss level for the strike. So just placing our stop-loss below this swing low will be sufficient for our bitrate. So let's just take a nice round number for this example to send, to simplify things a bit. So this will be sufficient in. So our stop loss is then about 100 pips away for, at market execution for the strike. So this is then our stop loss value. And I would like to dog that reward of 1.5 R. So a quieting day into 150 pips away from the current market price. So, which is then roughly going to be, let's just quickly determines how it's roughly going to be at 1.3 to 80 will be a sufficient stop-loss. 1.3 to IT is the 150 pips away from our current market price. So let's execute this striding. Let's first determined opposition size for a 100 pips using opposition Size Calculator. So account size is again ninety nine thousand, eight hundred and nine and ninety two. Rest to reward good percent, stop-loss, 100 pips. Keeping the context size is same for the US dollar, Canadian dollar currency pair, which is at the end, you can simply calculate. So there's grades do a 2.6 LOT O position size with a 2% risk. So hearing back to metadata for we can now simply enter this bitrate. And of volume was 2.6. So this is a 2.6 billion in size or stop-loss at 1.331, orthogonal at 1.3 to 80. So one to 1.5 restaurants. And you can simply buy biomarkers. So we are now integrated into the straight. As you can see. We have our stop-loss and target area above the day. And to monitor both of these strides we have or sell ordained place and or by order. And OVA, We are currently this is profit currently for the strides sonar. You can just allow the strides to do the thing and you can just go fishing, go out with friends or family. And this triad will either in a profit or loss and you have done the hard work, you have to perform your technical analysis. So now just allow these tries to play out as they should. 11. Choosing a Forex Broker: A Forex broker is basically the middleman between you and the forex markets. And in order to be able to try the different currency pays, you need to make use of a Forex broker that connects you to the world of forex. So it's important to choose the best Forex broker for you to use and to have a very good relationship with your brokerage of choice, seeing as you will be making use of them for each tray that you enter in the live markets. So in this lecture, I'm going to share with you guys some key aspects to consider when you choose your very own brokerage to use. So the number one aspect and the most important aspect is to always make sure that you're broke reach of choice is regulated with the appropriate financial institutions of your country so that they are above board. And to save you guys from any headaches down the line. So always, always, always make sure that your brokerage is regulated with the appropriate financial institutions now. Or you can also make sure that they charge 0 or little transaction costs. So ideally, now Commission charges on traits and no hidden fees. There are some brokerages that charge commissions on each trial that you take. So the brokers that I use don't charge me any fees. So that's ideal. So rather go for broke reach. That doesn't charge you any conditions. And that's going to save you a lot of profits in the long run. So the third thing is to make sure that the brokerage office tights praise for the different currency pays. So anywhere between wanted to blips, but currency is very good. So make sure that your brokerage office, Laos braids to ensure that you can be more profitable in the long run. Because some of the brokerages have very high speeds and the higher the spreads that less profit you make from the given trade. Fourth is to make sure that your brokerage has hassle-free deposit and withdrawal process so that there isn't any glitches we need deposit or withdraw your money. There isn't any headaches, especially when you withdraw money. The brokerage that I use has sine DIE withdrawal. So we know I withdraw in the morning. I usually received my money in the bank at, at the afternoon or by nighttime. So it's important to also make sure that your brokerage has hassle-free deposit and withdraw Priuses. Now, another thing to consider is that the brokerage is user-friendly and has a reliable trading platform for you to use. So there isn't any glitches on the trading platform is very user-friendly and easy for you to navigate. And so it is also important when you choose a 4H brow ridge. And the last thing to consider is that the 4H broke as excellent customer service because I can almost guarantee you that you will have a question or two regarding the brokerage or the Forex, specific forex currency PE looking at. And you will need to ask your brokerage of choice the equations that you have. So make sure that I have an excellent customer service. The brokerage that I use are very good to have the customer service. I can just email them or even WhatsApp, DEM and I reply and they helped me really quickly and answer all my questions. So that is also another very important aspect when you are choosing a Forex broker. Now, you awesome Forex brokers that you can consider before you open your life trading accounts and start your training journey. So the first one is XM. If some experience, if XA marched out of AIG, same, they are very popular brokerage for you to use. And other one is IG brokerage. I'm also plus 500 is a very popular brokerage. So depending on which country left also impacts the brokerage that use goes. I like to use local brokerages because my experience with international brokerage is that the withdrawal prices takes way too long. And when I discovered my local brokerage, luck, I say sine DIE withdrawals and that's just so much better than having to write a week to receive my money and my withdrawals. And then lost for X to consider is IFA brown case only recommended for South Africans. And this is the brokerage that I use and I have been using them for over two years now. And I highly, highly recommend this brokerage for South Africans. So I would recommend that you choose your specific countries loco brokerage to improve the withdrawal Priuses and to give you hassle-free withdraw prices as well. So that is some of the key aspects for you to consider when you choose your very own Forex broker. 12. Class Project: So to conclude this clause of mine, I'll provide you with a quick multiple choice quiz that you can make use of to test your understanding of how you can create your very own for extra adding plan. So feel free to have a look at the different questions in this quiz. I go through all of the different elements that we discussed in this clause and feel free to share your answers in a class discussion. And I will let you know whether you are correct or not and whether you are ready to advance to the next stage of your Forex Training. So I really, I hope you found this clause enjoyable and insightful. Please feel free to provide me with some feedback regarding this course, whether you would like some additional material, anything from my side to help you improve your Forex Training and often disclose if you're still hungry for some more Forex trading education, then feel free to check out some of my other four X writing educational clauses to assist you with your forex journey, as well as keep an eye out on any additional future clauses from my side. So thanks again for coming through my class and I hope you have a lovely day.