THE BEGINNING
The Forex market is regarded as the biggest financial market in the world with a never-ending stream of opportunities to make money, the advantages of being a successful, profitable trader are obvious. Money, time and having all those things that you dreamed of having.
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It’s important to say it’s just as easy to lose money as it is to make money. REMEMBER THIS!
Without the right training it can be a very dangerous, volatile place with no such thing as a certain trade. Fortunately within this Keirtrades beginner course we cover all the major mistakes/traps and help maximise your chances of success.
The freedom you can have from trading when you want, means you can get up when you want, go on holiday when you want and have the finances to back any of your decisions. You can have the life you want. This isn't a scam or a fairy-tale! You can have the freedom you truly desire. However forex trading is NOT a get rich quick scheme. It takes a person anywhere between 2-8 years to become profitable and gain the title full time trader.
The way technology has advanced over the years means it’s now easier than ever to open a personal trading account with as little as £100 and start placing trades. Or if you decide you want to go the proprietary fund route it can cost as little as £10 to start trading
Anyone can trade the market and take their chances but, having the right mentality and knowledge will make you stand out from the rest and increase your chances of being consistently profitable.
Profitable traders are strict and stick to their trading plan/strategy, they back-test their strategies and they understand the psychology behind trading, they use risk management effectively and they don't give up.
CHOOSE YOUR ACCOUNT
Firstly you have to decide on a budget that your willing to give towards your new trading journey. This should be below £100. You're just getting started! No need to go big just yet!
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Options: Personal account or Funded account.
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Lets look into these options a bit closer.
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Personal account is great way for a trader to begin trading their own money straight away within as little as a few minutes.
To have a personal trading account you have to sign up with what's called a "broker" You can find a list of decent brokers within the main menu of this site.
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Pros:
You can deposit as little as £10
You trade your own money with the brokers leverage.
Deposits are usually instant and withdrawals take about 1-5 working days.
There is no challenge to complete, you can begin trading right away.
There are minimal rules - check the brokers site.
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Cons:
You use your own money to trade.
You can lose all of any money deposited to the trading account.
If you don't have much trading capital it will be difficult to make any large returns.
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Prop firm
You can buy challenges for as little as £10. The idea is you trade with their simulated funds (paper trading) usually a demo account. If you pass the trading challenge the prop firm will reward you with a real live simulated funded account. With this live funded simulated account you can make real money which they give to you by means of a "performance fee".
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Pros
Its not your money! You only lose the cost of the challenge.
You have much more capital to trade with, therefore possibly enlarging your returns significantly!
They have strict rules, which can help with your risk management.
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Cons
You have to complete the prop firms challenge (test) before being rewarded with a funded account to make real money.
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8 out of 10 traders fail prop firm challenges.
Prop firm challenges are designed for traders to fail, this is how the majority of prop firms make their money. Only the better traders who follow all of the rules and have a strict risk strategy will succeed.
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COMPLETELY NEW BEGINNER TO TRADING?
If you are completely new to trading then firstly you must open a demo trading account.
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Most personal brokers offer a free demo account, here you can get used to trading without the worry of losing any actual money!
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Some prop firms also offer demo accounts for free so you can try their challenges without using your money.
To begin head to the main menu and click funded trading. Find either the link for FTMO or Alpha Capital and create a free demo account.
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If you don't know how to create a trading account please refer to YouTube.