Forex Journey: The Complete Masterclass Course For Traders

Risk Management and Psychology are the core principles of the financial markets (example forex trading) Strategy is just the beginning but I suggest spending more of your time improving your skills on risk management and trade management psychology and trading habits to find long term growth and consistency

There are different types of traders depending on personality, schedule and experience. The scalpers day traders, swing traders, and position traders are a variety of mix. However, you have to learn to choose one.

Personality:

Do you follow rules or you make the rules?

Are you a fast driver or slow driver or average (as long as you get to your destination)?

What type of music do you listen to (Rap, Rock, RnB, Jazz?

What type of car would you buy if you have a choice to pick any?

Babypips is a website that teaches you forex (or generally the financial markets, including Crypto) in a fun and easy way, you can learn the basics while the practical applications are what I would be focusing on in Masterclass 1, 2 and 3

Why I added babypips to my course is because Forex is extensive and I can't focus on everything for beginners you would have to read up on some of the theorical parts such as margin call, swap fees, barter system and gold standard, types of patterns and indicators and so on. But, don't get lost in trying to know everything, start with what is necessary then continue growing.

However, I do know that you would need more practical guidance than basic theorical knowledge (which is still important) but would not get you the results you need. Most importantly, your growth curve would continue to develop the more you understand the fundament concepts about Risk Management and Psychology, Your Emotions while trading, Keep good trading habit. These factors would improve your trading decisions and in the long term your trading results.

A lot of traders use MetaTrader 4 (commonly known as MT4) to access their brokerage accounts. Once you receive a login details from your broker you can use the MT4 to access your account and trade in the global market. But first learn the basics using a Demo account or better still use a small capital when you want to start after learning the basic concepts I have taught you in Masterclass 1 to 3.

List 10 different minor currency pairs

The general idea of choosing a timeframe is to follow the overall direction and its best to understand that your edge when it comes to strategy or trading style is to choose one timeframe that would serve as the basis for your overall decision making process. There is no wrong or right timeframe, there is only a timeframe that you choose for making informed decisions. It should give you, your direction and where the general sentiment of the market is moving towards. You only go down to your entry timeframe to execute what your overall timeframe is guiding you with.

Your timeframe is like your guide in making decisions. Let's give an example using sports (golf) no matter how many times you train if you don't have a golf stick that is customized for you personally your aim would always be average. Golf players know that it is easy to hit a ball but it is not easy to hit the docket and that's why their golf stick is made for their height, weight and other composition.

Similarly to football (soccer) you can play all positions from the goalie to the striker but how much better if you maintain a position and be skilled at that position. Even in midfield, you can choose defensive midfield, holding midfield, attacking midfield. The more you are skilled at a specific position the most your ability to perform better in the game. Forex is the same, maintain a timeframe and your is to be skilled in that particular timeframe.

One of the best ways to simulate a good trading system or test the win rate of a strategy or trading style is through the use of the Tradingview website. On the daily timeframe you have access to free backtesting mode (replay mode) and the advantage of this is that you don't need to make a lot of mistakes or waste money on trying out different strategies on a Live account. You can simply test out all the process before you start trading with a Live account. Although backtesting does not solve the emotional aspects of trading but it gives you a head start and confidence you need to believe in your strategy, system or style of trading.

Backtest at least 5 pairs and figure out which pair works best for you. Next check the win rate of the pair and the best session to trade that pair.

Focus on building your skill around one good pair that you can easily understand and let it be your pair for a year. Don't accumulate pairs or commodities all assets in the financial market move. You just need to be patient to wait for your pair, if other traders are taking trades and cashing out with other pairs and your pair is not moving for that day it does not mean your pair is a bad pair. You would get your opportunity it may not be that very day but all pairs move you just need to be patient.

Follow your trading plan it is far more important than the urge or hunger to make money. If you keep breaking your rules you would only be going in circles. But if you are consistently following your rules you would be happy even if you don't find a good opportunity that day and in the long run the money follows a good trading plan or trading system.

It is important to know exactly how much you are risking per trade and be able to calculate the value before placing a trading position. Your ability to be disciplined to follow proper risk management systems is critical to you succeeding in this business. Know the exact range before you place a trade. Accept the risk (win or lose) and keep repeating the same process.

This website helps you easily calculate your risk in less than 30seconds and you can choose a variety of pairs or commodities. Always check your risk before the start of your trading for the day. Be sure about the lot size and the percentage you are willing to risk per day and how many days you can take in a day before you hit your maximum risk for the day.

The challenge traders have when it comes to trading from a general point of view is less about learning how to trade. Every one can learn how to trade but not anyone can follow good trading habits.