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How to Start Trading Forex
I have always found the financial market to be
fascinating. The fact that you can gain financial freedom
just by thinking was just baffling to me. But it seemed
easy. TOO easy. You only need a laptop or computer and
an internet connection!
Well, you know what they say. If it's too good to be
true, it probably is.
If you search on Google for how to trade, you'll
find more than 2 billion results. You'll discover that the
subject of trading isn't as simple as it would seem. There's
also a whole culture of misinformation in this matter.
People promising impossible results over a very short
period of time. Or gurus saying they have "cracked the
market" and the lavishing trader's lifestyle.
The game of trading can be approached in two main
ways: either you want to gamble with your money, or you
want to transform trading into a mean to acquire your
financial freedom that will last you a lifetime.
So, the first thing to do, before doing any research or
going any further, is to have the right mindset. Then you
can start working on the other aspects of trading.
Trading can be divided into 5 categories that are
considered the pillars of every strategy:
• Trading psychology:
It's not easy to think like a trader. Many advanced
traders still struggle with their emotions. Because we're
all emotional beings. From a young age, we're wired to
think in in a deterministic manner: If you want to have a
good job, it's good to have an education. If you work for
someone, you will get paid. And the list goes on. That's
what I call thinking in certainties.
However, trading is a probabilistic game. A grinding
machine with a size of approximately $5 trillion according
to the Triennial Central Bank Survey of FX and OTC
derivatives markets. It's a "zero-sum game" where the
flow of cash goes always from the losers to the winners.
And if you stay in the game long enough, all the principles
and absolute truths that you live by will crumble and fall
apart. Because they just won't work.
You'll need to learn a whole new way of thinking that
will arm you with the confidence and endurance
necessary to face the up's and down's of the market. In the
words of the great Mark Douglas:
“You create your own game in your mind based on your
beliefs, intents, perception and rules.”
• Fundamental analysis:
Fundamental analysis is the interpretation of the
market based on economic indicators, news releases and
political events. It is a qualitative approach that gives
great insights on the big movements and trends, on a long
But, it doesn't offer an objective and defined way to
look at the market. Because, everyone looks at the market
differently. And nobody can predict the movement of the
crowd when reacting to a certain event. The number of
variables is just too big to be taken into consideration.
Bottom-line: Fundamental analysis can only serve as
a vector for trading decisions. It only gives insights.
Nothing more, nothing less.
• Technical Analysis:
Technical analysis is based on a number of tools,
indicators, chart patterns and other methods of
evaluating and forecasting the direction of prices.
Contrary to fundamental analysis, technical analysis
IS an objective way to interpret the movements of the
market. The main downside to this approach is that it only
rely on collecting past data to project it onto probable
• Money management:
To accomplish your goal effectively you need to
manage your money. There's no other way. You can win
80% of the time and still, if you don't have a good money
management strategy, you won't make it.
However, if you take the time to think about your
trading decisions. Including entering the trade, exiting
the trade and managing it while in execution. You'll find
yourself capable of generating a descent return on
investment. Sometimes even while wining only 40% of the
trades you take.
• Risk management:
Are you the type of person that goes to Vegas, plays
it all in one night and goes back broke the second day.
Because, that's a person with no risk management.
Here, you'll learn the know-how that will allow you to
identify your risk and to plan your trades accordingly in
order to stay in the game as long as it is viably possible.
Each section should be considered with the same
degree of importance as the others in order to develop a
strong and profitable strategy that will endure the test of
We will go through all of them in details, as well as
many other subjects that will, hopefully, provide you with
a reliable reference and a source of inspiration.
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