In today forex faq, we have 2 questions from our fellow traders asking me to advice them on how to go about learning forex trading and eventually make consistent profits from it every month.
Below are the question:
Dear Koon Hwee,
I have zero knowledge on forex trading but am very interested and would like to know where do i start it from.
Would appreciate if you could advise/guide me how do i go about doing the same.
Hi, I start trading 2 yrs ago. what can I do to generate consistent profit every month in forex. pls guide me.
Personally, I see these 2 questions as the same and therefore decided to answer them together in one post.
For the trader in question 1, he is completely new to trading and for the trader in question 2, he has been trading for 2 years already. The similarity for them is both of them wanted to make money from forex trading and both of them is still not making any money from trading.
For the trader in question 2, I think that the main problem you are facing is you do not have a good strategy on hand and what amazed me is that you did not try to learn any good strategy for the past 2 years.
In fact, a lot of traders are trading without a good strategy and they are trying to make money by gambling on the direction of the market and this is why they are still struggling.
The fact that you are willing to spend 2 years in forex trading even when you are not making any profits from it tells me how determine you are. Therefore I will advice you to use this determination to learn a good strategy and practice it on a demo account for at least 3 months.
Once you are able to make consecutive months of profits on your demo account with the strategy, then you can start to make real money from trading forever. If you had put in the effort to take up a good forex course and learn some good strategies, you will have succeeded by now.
However it is still not too late to do it now. I will advice you to read this post that I have written sometime back and put in effort to learn a real and proper forex strategy be it from me or anyone else that you can trust.
I hope to hear your good news one day.
As for trader in question 1, since you are totally new to forex trading with zero knowledge in trading, I will suggest that you go to your nearby bookshop or library to grab a book on forex trading. Do not worry as all the books in the market start by teaching you the basic of forex trading as well as introducing you to the chart and indicators.
You just need to read one book to know the basic of trading and then you can move on to read my blog. At this point, you can either opt for formulating your own strategy and you can read about how to do it from the post that I have written sometime back
Alternatively, you can opt to get a forex course from anyone you trust. No matter which method you decided to go, you must remember to practice what you have created or learned on a demo account until you are able to make consecutive months of profits with those strategies before you move to trade real account.
The problem with most new traders is they tend to skip the part on demo account as they feel that it is a waste of time. In the end, they will get their hard earn money burned in trading due to their inability to execute the strategy perfectly.
I hope that I have answered both your question and do feel free to contact me if you have any more problem.