Online Forex Trading Course podcast

#425: Things to Know as a New Forex Trader

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Things to Know as a New Forex Trader  Podcast: Click here to learn more about Blueberry Markets Click here to Learn More About Echo Trade Copier #425: Things to Know as a New Forex Trader In this video: 00:22 – Are you brand new to trading? 01:01 – You can do well from trading, if you know where to look 01:58 – Start with a small demo account 03:53 – Choosing a good broker 04:40 – Echo Trade Copier is at +30.7% in 6 months 06:32 – Tips for new traders – find the right people 07:24 – We’ve helped over 3000 traders from 98 Countries over 12 years How do you start out as a brand new Forex trader? let's talk about that and more, right now. Hey, traders, it's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 425. Are you brand new to trading? And I want to make this video for you if you are brand new to trading or if it's something you're just looking at getting into and you don't really know where to start because the Internet's an absolute minefield. There are so much information out there online about Forex trading. Unfortunately, most of it's not particularly good, and most of it's written by people who are not really traders. So you got to be a little bit careful out there. And it's almost like if it's too good to be true, just don't go there. If it's all showing you flash cars and Ferraris and people sitting on their laptop on the beach, don't go there. You can do well from trading, if you know where to look But the good news is, is that you can do extremely well from Forex trading, but you just need to know how to get there first. So when you start out, it looks flashy. There's flashy results, there's flashy indicators, there's all these cool things. But just take it back a step and treat it real. I really encourage everybody to do research. Don't just jump in head first and think you're going to become a millionaire by next week, because you're not going to make that work. It's going to end very, very badly. Do not treat it as a gamble either. Now, if you think about starting something new, new sport, hobby, whatever it is, job, anything at all, you've got to start at the beginning and find someone to help you, coach you, and that's important as well. You've got to have support around you, and there's nothing better than basically to sort of fast track yourself by getting some good help and good support. Start with a small demo account Now when it comes to the charts, I would suggest that you get onto a demo account and you start with a small demo account. Don't start with $100,000 demo account because reality is, is that for almost everybody, you're never going to start with $100,000 live account, so don't start with a demo account of that size. It's just going to fall you and get you into a false sense of security. Look, I made that mistake myself 17 years ago. Back then, there weren't people like myself helping other people like you out there and giving you the realities of training. So I've made all the mistakes. Trust me. It took me about four years of going round and round in circles making these mistakes and I can help shortcut those for you. So when you get onto a demo, treat it like it's real money and try and work out what's actually happening in the market. Look at candles, what they're doing, what they're telling you. Look at correlation between different currency pairs. Look at the price on the right-hand side axis on your charts and just see where the price is moving to and why, where it's stalling, where it's changing around, see how different timeframe charts interact with each other. What time of the day do different things happen, and what's happening at that time in New York or in London, and actually figure out what's happening and why. If the Australian and U.S. moves up, does the Australian yen move up with it? Does something like the pound Australian then move down at the same time? So you're getting the correlation,

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