Forex Training – Learn How to Trade Forex Within a Week For Very Little Cost

Becoming an expert in forex trading is easier and faster than you think. If you follow our ideas you can also learn forex trading virtually for free.

Getting a solid grounding in the basics first is vital if you’re to avoid finding yourself out of your depth with your forex education, and is easy to achieve if you follow our simple guide to the who, what and where of forex training.

If you’ve never traded in stocks, shares, commodities or indeed forex, the mystical world of trading must at first seem very confusing indeed.

The internet is full of companies offering to help you learn forex trading, but if you don’t know your bulls from your bears how do you know which forex course to begin with? Many forex courses are very expensive, and it doesn’t help that so many are sold by high pressure sales people.

It’s fair to say that we stumbled our way through the learning stage, and through luck rather than judgment happened to go to the right forex training places in more or less the right order.

Along the way we certainly bumped into many less fortunate who had inadvertently booked themselves onto an advanced forex trading course before they knew the basics, and looked completely lost within the first 10 minutes.

Here we’ll try to help you avoid doing the same, and we’ll tell you from our own experience how and where to quickly learn to trade forex without losing a fortune in the process.

Free forex training (virtually)

Let’s begin by clarifying one key point – the principles needed to learn currency trading are the same no matter whether you are trading stocks and shares, commodities or forex.

If you have been on a technical analysis course that teaches you how to read candlestick charts, to understand the fundamentals of support and resistance, and a few indicators like MACD, RSI and moving averages etc – you should then be able to trade anything, as forex technical analysis is no different.

In our experience trading courses fall into the following broad categories;

  • Free tutorials given by brokers (either live or online)
  • Free “complimentary” trading seminars given by training companies
  • “Learn to trade” general basics courses (normally billed as stock trading courses)
  • Specialist courses e.g. options, futures, forex etc

Brokers – Most good brokers will provide some forex free trading tutorials for their clients. Not surprisingly these forex training seminars tend to focus on how to operate the broker’s own software, but nonetheless provide a good forex trading guide and are worth seeing. However, do not expect to walk away from a broker’s free forex training tutorial with expert knowledge in how to trade profitably.

Free events – Many of the training/education companies will introduce you to their services with a Free “complimentary” forex training seminar. We can honestly say that having attended several of these from various companies we’ve never yet met anyone who walked away from one of these sessions having learnt very much at all.

The sole purpose of these sessions is to introduce you to the company and to sell you one of their forex trading courses, rather than to teach you anything particularly useful. However, if you attend with your expectations set at this level you won’t be disappointed.

Currency Trading Basics – To learn forex basics you will need to book onto one of these courses, and in a moment we will show you how you can have the course paid for by being clever about when you attend.

It is vital that you begin with a course that teaches forex trading basics, as there is nothing worse than finding yourself on the wrong course and out of your depth from the beginning.

Basic level courses tend to be billed as “learn to trade the stock market”. Most people have never heard of forex, but everyone’s heard of the stock market, hence the education companies focus their basic trading courses on stock trading. Remember, most of the principles are identical, and at the end of a stock trading course you will be just as able to trade forex as anything else and will also have learned the vital skill of trading money management.

Even for these basic level weekend courses the education companies will charge you a couple of thousand, and although they do usually offer to let you bring a partner or friend along for free, even still it’s expensive

- but what if you could have it paid for?

Forex Signals services enable even the novice trader to trade profitably almost straight away. Our suggestion if you’re on a tight budget (and we wish we’d done it this way around ourselves) is to proceed as follows;

  • Select a broker
  • Attend / view online the broker’s free forex training tutorials so that you know how to place and manage trades
  • Subscribe to a full-service forex signals provider and 2 – 3 other signals services (around USD $100 per month each – but should quickly pay for themselves)
  • Purchase a few forex robots (one off cost of around $100 each – but should also pay for themselves quickly)
  • Test the signals and robots on your broker’s demo account, to make sure they’re profitable, or make adjustments until they are. Once you’re happy, trade them on your live account and starting reaping in the profits.
  • Then use the profits you make from trading signals and robots to pay for your forex course – effectively giving you free forex training.
  • Thereafter either continue to trade the signals and robots, or develop your own educated trading style aided by the prompts from the signals and robots. Hence your forex training is paid for and you get the best of all worlds.

Subscribing to a full-service signal provider from the outset really is forex made easy and has the added advantage of giving you daily access to an expert trader’s screen and a regular forex trading tutorial on what he’s doing. Hence you will have already seen in practice many of the concepts which you will then learn in depth on your forex course, which will hopefully make learning forex much easier for you.

After you’ve been through your forex trading education, you will have new skills, but you must be aware that you will still lack experience. The worst thing to do with your new skills would be to ruin your own confidence in them by immediately trading a string of losing trades. Therefore we recommend that you subscribe to a full-service forex signals provider straight away if you have not already done so, so that right from the outset you are trading alongside your own personal forex consultant.

Think of it like when you learnt to ride a bike – you used training wheels first didn’t you ? Only when you had your balance and had learned to fully control the bike did you ride off on your own. Your trading should be no different. Don’t expect to be a profitable expert trader after just 3 days or even a week in a classroom learning forex trading.

It’s important not to think of signals as extra cost – quite the opposite, they’re a way of keeping loss-making trades to a minimum and optimising your profits.

How To Trade Forex – The Best Way To Trade Forex

Introduction

As a professional in the Forex industry, I’m often asked by my friends and family about the best way to trade Forex. Well, the first thing I tell them is “Don’t”, because Forex trading requires a serious commitment that most people can’t follow through with most of the time. Of course, there are always the persistent ones who don’t give up that easily, because they are serious in their desire to learn how to trade Forex.

If you’re not going to give up on your desire to learn how to trade Forex successfully, then I want to let you in on a couple of little secrets that Forex educators and ‘experts’ will seldom talk about. By the end of this article, you’ll be clued in on the best way to trade Forex that most people don’t even know about.

Challenges Every New Trader Faces

Every new trader has one massive obstacle when they begin to learn how to trade Forex: themselves. Who you are as a person and everything that you’ve learned from your life experiences up to this point is not an asset in the world of Forex trading, in fact, it is a massive liability. If you try to bring your normal, everyday decision making processes into the world of Forex trading, you will experience a lot of frustrating losses.

Let me give you an example to illustrate how hard it is to learn how to trade Forex. Traditionally in life, and I know that this is an oversimplification but do bear with me here, we grow up learning through positive and negative reinforcement. In the case of positive reinforcement, it means that when we do something, and the result makes us feel good, then we’ll keep doing that something. In the case of negative reinforcement, it means that if we do something, and the result makes us feel bad, then we’ll stop doing that something.

Pavlov’s Bell In Forex Trading

That’s all well and good to keep you from burning your hand on a hot stove, but if you allow positive and negative reinforcements to dictate your trading, then you’re in for a real baptism of fire in the markets. That’s not the best way to trade Forex… it’s the worst! That’s because the Forex markets have a certain element of randomness to them. That means that one day, you might decide to take a long trade based on your analysis of certain indicators or patterns, and if it is profitable that day, you’ll associate that pattern based on the good feelings you have for winning.

Now comes the part that gets traders stuck for years in a cycle of failure and despair. Tomorrow, when you see the same pattern or come to the same conclusion for a long trade from your analysis, then you’ll take the trade again. Only this time, the price falls and you get out of the trade at a loss. Now you’re feeling bad about your trade, and all these negative feelings get associated with the previously successful pattern or analysis. Now imagine this dynamic in play for hundreds of trades and dozens of combinations of patterns etc., and you have a real recipe for confusion and frustration.

The Best Way To Trade Forex

Many people don’t even realize that they’re being affected by the reinforcements that the Forex markets dish out, which is why they run around for years from Forex expert to Forex expert, trying to find the best way to trade Forex so that they don’t have to lose, because in their minds losing is bad. Well, the best way to trade Forex isn’t actually to avoid losses at all! The best way to trade Forex is to find a pattern or trade opportunity that is profitable in the long run.

The best way to trade Forex is to overcome the natural tendency of your mind to think in absolutes, and start thinking in probabilities. That means that instead of considering just one trade or a handful of trades, you analyze the same trade opportunity over a hundred or even hundreds of trades. If by trading this ‘long run’ of trades you end up with a substantial profit, then you keep trading it. If not, then you forget it and apply this same analysis and line of thinking to other trade opportunities.

Don’t Learn How To Trade Forex From Scratch!

Obviously, this entire process gets very tedious if you’re always doing it manually, because there are thousands of combinations of indicators, patterns and market conditions to test! That’s where you can save yourself a whole lot of time and money by piggybacking on someone else’s efforts in finding these profitable opportunities, and even have a pre-programmed system in place that can trade these opportunities for you. As a trader wanting to learn how to trade Forex, you’ll get where you want to be a lot faster if you get yourself a simple Forex trading system rather than to develop and trade one yourself.

That said, without overcoming the challenges of positive and negative reinforcement in Forex trading, you’re no better off with a system than trading on your own. The system is not the key, but your understanding of the best way to trade Forex is. So, switch your thinking from absolutes to probabilities, and once you’re ready, save yourself a whole lot of time and effort by investing in a simple Forex trading system.

Learning to Trade Forex in Seven Steps

If you are interested in learning to trade forex successfully, then the most common path for an aspiring trader these days is to search the Internet for information to apply immediately to their live forex trading account. The problem is that their search often leads them to destinations where there are plenty of false promises, bad ideas, negativity and an obsession with indicators.  Many of the EBooks on sale today are filled with recycled concepts or incomplete strategies which the authors themselves do not use.  Many authors do not earn money from forex trading but they earn their living by selling these EBooks to the novice forex trader.
 
This easy access to forex guru’s who fuel the idea that forex trading is the holy grail of easy money, then financially feed off those same people they have sold this idea to. At the end of the day what many of these forex guru’s sell is a gross misrepresentation of what it takes to trade forex for a living. 
 
Forex Trading is not easy.  You can become a good forex trader though dedication and by treating forex trading as you would any other skill.  The reality is that it is hard work and must be treated with the same amount of seriousness as you would any other career.
 
The effect of all these gurus is that many forex traders start off overly optimistic with unrealistic goals.  Whilst there is nothing wrong with a positive mental attitude but this positivity must be built on strong foundations and realistic expectations.
 
New forex traders normally start their career by purchasing some secret set of indicators and they are quickly punished for their naivety.  Many of these forex traders then purchase a different set of secret indicators until they become disillusioned and then quit trading.
 
In fact, many forex traders that are now successful went through this learning process, including myself.  This is only a problem if you refuse to learn from your mistakes.  You need to break from this cycle of reliance on secret indicators and guru methods to be successful.
 
You help yourself in the beginning; by learning to think for yourself and understanding that whilst anyone can trade forex, to be successful, you must learn to BE a forex trader.

To BE A Forex Trader
 
To trade forex is easy, all you need is a forex trading account with money in it and then you enter the foreign exchange market and start trading. 
 
To be a forex trader is more work. You need to grow from the starting point of having very little knowledge to the stage where you have a trading plan, understand the concepts and behaviour of the forex market and be able to trade with a cool head and understand that wins and losses are all part of being a Forex Trader.
 
Learning How to Trade Forex by thinking like a Forex Trader in Seven Steps.
 
 
1. Understand your place in the Forex Market
 
This is very important you must understand that you are very small fish in a big ocean. 
 
 In the Foreign Exchange Market the majority of the liquidity is coming from big banks and experienced institutional traders. These are the big fish.   The big fish will happily enjoy you as a little snack.
 
You are only fooling yourself if you think it will be easy to take money off these big forex traders.  
 
You have to learn to swim alongside these big fish and catch the same currents they do.  Swimming against them just marks you as prey and sooner or later you will be eaten. 
 
 
2. Learn to read the Forex Charts and Understand the Foreign Exchange Market.
 
Many novice forex traders believe that these big forex traders have access to some secret forex trading strategy or use a secret set of indicators, but the truth is this is just not the case.
 
These major forex players are using simple, but proven technical analysis techniques – most commonly horizontal support/resistance, identification of trading ranges, Fibonacci these are then coupled with fundamental themes. 
 
Begin by accepting that the other major participants are highly experienced in the market and they make money because of experience and by a complete understanding of the core skills and not because they hold a holy grail of secret indicators.
 
3. Money Management
 
It is crucial that you understand as a novice forex trader the emphasis is not on how much you can make from forex trading but on how you manage what you have.
 
This is the most common downfall of all novice traders.  It is common place to see a starting trader risk the majority of their account on one or two positions. 
 
This style of trading is not sustainable and professional traders do not trade in this manner.  Everyone sometime in their career will have a string of bad trades.  A typical number might be 10 losing trades in a row.  The question is do you have a money management plan in place that enables you to survive this?
 
4. Focus on the Market
 
Many novice forex traders open their forex charting software and activate their latest hot indicator or tool and proceed to place their trades as per the tools recommendations. This style of forex trading is unlikely to have much long term success.
 
When these indicators fail to generate the required profits then these traders then move rapidly on to another set of indicators.
 
You must focus on the forex market and understand what the indicators are telling you so that you can pick the forex trades which have the best probability of being winners.
 
Successful forex traders use indicators and tools as Fibonacci, Pivot points, price channels, MACD, RSI etc.  These tools by themselves do not make a successful trader.  There are many successful traders and unsuccessful traders who use the exact same indicators.
 
The key is that successful traders understands how the market behaves around the indicators and understands what the signals actually mean.   
 
The best way to achieve this is to stop swapping between tools and select those that compliment your trading plan, understand how they work, and then spend time in the market experiencing them.

5. Plan your trade and trade your plan.
 
This is a common saying that seems to get lost on novice traders.  It should be every trader’s goal to make pips on each forex trade as per their trading plan.  Forex Traders must treat each trade as a business decision by calculating their risk and defining their entries and exits points, those that do not   open themselves to big losses when a trade goes bad.
 
Many novice traders seem to lack the discipline to follow a plan for each trade.  So what happens is typically the following; a novice trader will see a potential set-up, they decide on some arbitrary sum to buy or sell with a quick guesstimate, then place the trade without analyzing any risk and having an exit strategy. 
 
Of course this way of trading can be profitable over the short term, more down to luck than skill.  But eventually the luck runs out and the trader is caught napping and a common result is a wiped out account.
 
The first question novice traders tend to ask themselves how much will I make on this forex trade?
The first question experience traders tend to ask themselves is how much is my potential loss / risk?

6. Your mind is your strongest asset and weakest link.
 
Entire books have been dedicated to the subject of psychology and its role in trading. That doesn’t mean they are all going to help you, but you should take this as a sign that the subject is not to be ignored. 
 
First you must understand the role psychology plays in trading.  You must learn to understand your personality traits and how they might affect your trading style.  
 
A trader I know is a bad loser and when he has a bad trade, he had a habit of going straight back and trying to win those pips back with even worse results.  But he understands this as a weakness and when he has a bad trade, he takes a break of 20 minutes before he goes back to trading so that his emotions do not affect his trading decisions.
 
Second you must make it your aim to never stop learning. You cannot get yourself to a certain level and then become complacent. Every day is a learning experience in some way or other and you must be prepared to learn lessons and invest time in improving your skills and experience. The day you stop learning is the day you should stop trading.
 
7. Understand The Forex Market is always right or Expect the Unexpected.
 
The forex market is an interesting place, but there is one thing every trader needs to learn.   Always expect the unexpected and do not get wrapped up in past successes.   No matter what your charts or indicators tell you; sometimes the forex market will just do the opposite.  
 
Whatever happens in the market you must maintain an objective outlook on your strategy and the forex market and ensure that bubbles and crashes do not derail you in the long term.

By following these steps and learning to become a forex trader rather than just trading the forex market, you will put you on the path to ultimate success as a profitable forex trader.  This is something that 90% of all novice traders fail to achieve.

Learn How To Trade Forex – Can A Beginner Make Money In Forex Trading?

Introduction

Contrary to what every Forex ‘expert’ out there would have you believe, it’s not easy to learn how to trade Forex at all. Trading Forex is one of the most challenging skills you can ever set out to learn, which is especially daunting if you’re a beginner just starting out to learn how to trade Forex. If you’re finding it hard to learn how to trade Forex successfully right now, you’re probably wondering: “Can a beginner make money in Forex trading?” By the end of this article, you’ll know what you can do to make money in Forex trading right now.

Can A Beginner Make Money In Forex Trading?

If you have a look around the many Forex websites, forums, seminars and magazines, it seems like everyone’s making millions of dollars trading Forex! The thing is, Forex traders love to talk about their winning trades and make themselves out to be wildly profitable traders, but the reality is that only 5% of Forex traders are consistently making money. Yes, even a beginner can make money in Forex trading, but there’s a big difference between making money in Forex and making a full time income, achieving financial freedom, and building wealth through Forex.

What Stops Beginners From Making An Income

So what’s stopping beginners from making a consistent, long term income from trading Forex? Well, unlike the professional Forex traders working for the big banks and hedge funds, most beginner traders learning to trade Forex aren’t paid a full time salary to immerse themselves in the markets. If you’re just starting out in Forex, then you’ve probably got a full time job that you spend at least 8 hours a day on, and a family and social life outside of that. That means that you have a very real shortage of time to get yourself to the level where you can trade like a pro, and believe me, it takes a lot of time and consistent effort.

It takes years of study, practice and real experience in the markets to learn how to trade Forex successfully, and get to the level where you can consistently make money in Forex trading. Not to mention that you’ll be taking on, for all intents and purposes, an unpaid part time job that will chain you to your computer while you are trading. It’s something that will alienate you from your social circle, and put considerable strain on your family relationships as well. It’s no wonder that most traders wanting to learn how to trade Forex will give up within 3 months, and never make money in Forex trading.

What You Can Do To Make Money In Forex Trading Now

So what can you do to make money in Forex trading right now? The best shortcut I know is to buy a proven Forex trading system to do your trading for you. I’m not going to look you in the eye and tell you that you can just go out there and pick any system and make millions, because that’s simply not true. Profitable trading systems are rare, and you need to choose very carefully. That said, if you can find a trading system that works, you can overcome the biggest challenges any trader faces while they learn how to trade Forex. You’ll be able to gain valuable Forex market experience, preserve your personal relationships and most importantly make money in Forex trading while you learn how to trade Forex.

When you’ve built up the capital and income of your Forex systems operation, and have gathered up valuable trading experience, you may decide to try out trading Forex for yourself. Regardless of whether you trade with an automatic Forex system in the short, medium or long term, it’s a powerful solution that will enable you to make money in Forex trading even if you’re a beginner.

Homemakers’ Comprehensive Guide to Trading Forex Using the Aid of Forex Trading Signal Service

Do you know that more and more homemakers today are trading Forex?

It’s no longer a secret and as a matter of fact, the number of homemakers who later become successful traders is rising fast. Despite the busy days managing everything at home, these homemakers still manage to trade Forex without abandoning their tasks and not only that, these homemakers also contribute enough to the their family financially. This story is not exaggerated at all. It’s pure reality. The good news is, believe it or not it can also be your life story.

Before you can get to their level, you must go through the whole process. Fortunately, you can choose from one of two paths-the difficult way and the wise way. The two scenarios below will help you understand the differences:

Scenario A-the difficult way

Maria is a housewife with two kids. Her husband is the backbone of the family; financially speaking. He takes home a good sum on his check every month and provided his wife and their kids all of their needs. Nonetheless, being so effective and efficient at doing her task, Maria felt that she is having too much free time around the house. As a result, she began searching for something that might be worthwhile to do and found Forex to be the suitable one for this purpose. So she started buying DVDs, home coaching, and even attended online seminars hoping that she would be able to make money consistently. Eventually she ended up spending $5,000 for the whole thing before she even started trading Forex with real account. She diligently practiced everything that she acquired from the resources that she bought. With great discipline, she finally had the confidence to trade using a real account. Maria told her husband that she is ready to trade with real account. Her husband supported her and gave her another $6,750 to open a real account. So she started her Forex trading journey carefully and conservatively because she did not want to waste her husband’s hard earned cash. A month later, her account is already up $500 making a total of $7,250. Her husband and children were very happy about this. The next month, she lost $75 so her total is now $7,175. The month after that, she added another $730 to her account so the new total is $7,905. So far, the money she spent as an investment is $5,000 (in terms of business, this is not classified as expense because you hope to bring more money by spending it) and the amount of money gained for three months is $1,155. All this happened in 6 months-3 months in training and honing her trading skills and 3 months in real trading. She relied on herself to do the trading and managed to do so and more importantly her husband and children are proud of her. It is indeed a great job.

Scenario B-the wise way

Jennifer is a homemaker with two little boys and a daughter. Her husband work from 9 to 5 and he never missed a chance to take additional tasks in order to impress his boss. Meanwhile, Jennifer herself is pretty busy with her three little ones. They are very active around the house and so, Jennifer doesn’t really have that much time to take a break during her hectic time. One day, her friend introduced her to online business and told her that she could make money from the convenience of her home without abandoning her kids. Moreover, her friend told her that she can do this even without any skill or knowledge. Out of curiosity, Jennifer asked them how. Her friend told her that there’s a service that can help her achieve this. Not only that, the service also comes with a learning opportunity. Jennifer spent some time to think about it and convinced herself that she can do this because even though she is busy she yearned to be able to do something to help build her children’s future and take some burden off her husband’s shoulder. So Jennifer talked about it with her husband and he handed her $6,200 because they don’t really have that much cash for this. Jennifer then setup a real Forex trading account with her $5,500 and subscribed to a trading signal service just as her friend told her. She paid $100 for the trading signal service and she get the help of Forex professional to do the most difficult part in trading for one month. She wanted to gradually build her account and don’t want to be reckless and greedy so she traded Forex conservatively. At the end of that month, she managed to bank $520 making her balance $6,020. It’s a good start. And then she paid another $100 for the next’s month’s service. During that month she took home $300 and raises her account balance to $6,320. Not bad. She took another $100 from the $700 that she set aside to pay for trading signal services. This time around, she added $683 and ended up with $7,003. Summing up, Jennifer set aside $700 for the purpose of paying the trading signal service and already spent $300 from it and the amount of money she added to her trading account so far is $1,503. Everything happened in a short period of 3 months and Jennifer is now getting better in her learning and soon she might be able to trade by herself and more importantly she can contribute to the family financially. Great job, Jennifer.

The moral of the story is you can do it on your own and spend a lot more time, effort and money (she needed $5,000 to prepare herself and another $6,750 to fund her real account) or you can cut the time and only prepare almost a half less money ($700 for the purpose of paying monthly subscription fees and $5,500 for the opening a live Forex trading account). Both of them aim to become a proficient Forex trader and needless to say, both of them have the same opportunity. The differences between the two paths are clear. You decide which one to choose. Now, assuming that you choose to go with the wise way, you only have to follow 3 simple steps below:

Step 1: find yourself a trusted Forex trading signal service and pay the subscription fee. This fee will grant you the ability to use their service for the next 30 days (one month).

Step 2: for the most part, you will have to wait for the trading alert to hit your email or cellphone or trading platform. Whenever good trading opportunity emerges, the service will send you a trading signal complete with entry and exit point and also stop loss level in the form of email or text message (SMS) or trade alert. This can be twice a week or even more depending on the market condition. In the mean time, you can browse the website to find trading tutorials and resources so you can learn how to become a successful trader yourself.

Step 3: once you get trading signal you need to enter the orders (open a buy or sell position and the stop loss or take profit level) exactly as written. A trading alert will include where to open a buy or sell position and also where to put a stop loss or take profit level. If the trader(s) from the service sees some changes in the market after you enter the position they will update you with another alert telling what step you need to take. Sometimes the recommendation is to exit the position or to modify your stop loss or take profit levels. This will help secure part or whole profit you have from dropping so you can maximize your profit.

Those are the only things that you need to do. To be bluntly honest, nothing is even near this level of ease and comfort in the Forex trading world. The convenience is why many people use a trading signal service. So, if you are ready to go with this path, there are several tips that can help you maximize the use of the trading signal service:

Some prerequisites before you continue…
Before you can make money or expect to do any analysis you must first familiarize yourself with the new environment. Learn as much as you can about the terms used in the industry and try to understand the basics of how the market works. You don’t have to go too deep just as long as you know how things work. Much of the information you need can be found simply by using Google and enter Forex glossary as the keywords or term. Also, you need to familiarize yourself with the trading platform that is widely used in the Forex world. Meta Trader 4 (often abbreviated as MT4) is no doubt the most popular trading platform in Forex trading. Meta Trader 5 is already on the market but the basic function is the same and MT5 is still not widely used compared to MT4. To familiarize yourself with MT4, you can go to Alpari U.S. (or Alpari UK if you are not a U.S. resident) to register a demo account and download their MT4 platform. The familiarizing phase will usually take about two to three weeks at most.

Make sure you use the same price feed or Forex broker.
It is essential that you use the same price feed that the Forex trading signal service uses. Of course the reason is because there is no central data center that feeds Forex brokers with prices. Other trading market such as the futures market has central data feed/clearing service like CME (Chicago Mercantile Exchange) that acts as the sole price feeders to futures brokers on ES (S&P 500 futures). Thus, you will the same price for ES even though you use different broker. Unfortunately this is non-existent in the Forex market. You will definitely see different price on different broker. The difference might vary from 1 to 5 pips and this is huge. It might not seem huge in the first time but over the time the difference will accumulate to a gigantic amount. If you are trading using a standard account (100K contract size) 1 pip is equal to $10 so 5 pips is equal to $50. Now, if you have a big account and trade 5 standard lots the amount that you will lose can be anywhere from $50 to $250 in a single trade. Suppose that you trade once a week with 5 standard lots the amount that you will lose over a period of 1 year is anywhere from $2,600 ($50×52 weeks) to $13,000 ($250×52 weeks). That’s a lot of money. This is why it’s crucial to use the same Forex broker that the service uses.

Stay close to your computer or cell phone.
This is also important. There are three main delivery methods used by Forex trading signal services: email, text message (SMS) and pop up alert via your trading platform. You can imagine what will happen when you are not near your computer or cell phone, right? Chances are you will miss a good trading opportunity or two. Also, you need to be mindful if you use a laptop or a notebook because there is a chance that your laptop will run out of battery so make sure you plug the cord. A blackout is rare but it is also good if you have a UPS. Sound is also important so you can hear any incoming email or text message. Last but not the least is to make sure to monitor the battery of your cell phone or smart phone’s.

Never doubt a trading alert.
The rule of thumb is to enter a trade when you receive a trade alert. Do not hesitate. Hesitation can lead to procrastination and procrastination can lead to missing trade opportunity. This is why the number one rule when you use a signal service is: never doubt or hesitate to enter a trade recommended to you. One thing that is clear in Forex trading is you never really know for how long a trend will last but you know for sure is the amount of risk that you can take. This is why you should treat every trading opportunity the same no matter how you feel about it. Riding the trend is only possible when you are in the market not outside the market.

Don’t try to modify a trading alert/signal.
This is the one subject often overlooked. You should never try to modify the trading signal. The signal comes from trader’s analysis and you might not understand his method of analysis and therefore, you should not attempt modifying the signal. When you receive a trading alert that recommends you to buy EUR/USD as 1.3000 it means you should buy at the exact price. Every pip is important because there are considerations behind every trading signal such as trading technique, risk levels, the currency pair’s unique behavior and current market condition. Thus, modifying any element in the trading signal will affect the trade outcome. That is why it is better to enter the trade just as recommended and leave the trade unless the trader update you with some changes due to market condition. The only time you can modify the entry or exit order is when you already understand the trader’s trading method.

How to measure the trading performance?
A good Forex trading signal service can deliver anywhere from 5% to 30% per month. Those figures are the average and therefore, the actual result will vary depending on your risk tolerance. If you are a risk taker, you might gain more but there is also a chance to lose more and if you are conservative trader, you will obviously gain less with reduced chance of losing. One thing you need to avoid is jumping from one trading signal service to another trading signal service. There is really no guarantee that the other trading signal service will perform better. High risk always equals high reward. The one thing that you should seek out in this business is consistency. It is far better to subscribe to a service that can consistently deliver 10% to 25% than to go with the one that deliver 50% this month and then -20% the next month. Remember, consistency is very precious in this business.

Only subscribe to a genuine Forex trading signal service.
The task of finding a genuine and great Forex trading signal service is not easy. The fact that the internet is filled with hundreds of Forex trading signal services makes it even more difficult. Every Forex trading signal service claims that they are the best and it takes time to really find the one that stood up to the claim. Picking a genuine, great service involves evaluating several factors such as reputation, result and proof. Of course it is not necessary to subscribe to each one of those services just to find the genuine one because it will cost money and time to do so. If you choose the wrong service you will not only end up in disappointment but also you will lose money not because of the fee but in the form of losing trades. Moreover, you will lose good trading opportunities and time. This is why you should only deal with a genuine Forex trading signal. A great service will benefit you in the long run and there is no substitute for a successful Forex journey. One last note, don’t fall for services that claim they have lower fee because lower fee does not equal higher profitability. You might save some bucks but you might lose a lot in unprofitable trades.

Trading Forex is not easy and it is even more difficult if you don’t know where to start. Acquiring good information is always the first important step and you already have it. The simple steps and guide provided above will help you greatly in your Forex journey as they did to other homemakers around the world.