In this blog post we are going to explain what you need to learn to make consistent money with forex and keep growing. Now straight to the point, no wasting time here.

There are six key things to master, after that you are good to go and you can try trading with a real account where its a bit harder because you are probably gonna get a bit more emotional about your positions.

First thing is to learn the basics which are pretty simple stuff, if you are a fast learner you can get them from day one. But practice them for at least a good month on a demo account before you go live. The best timezone to know your strategy is good and consistantly profitable is around 6 months to a year.

1. When to BUY – simply put when you place a buy position it means when the price goes up you will make money
2. When to SELL – simply put when you place a sell position it means when the price goes down you will make money
3. If you are serious about long term success you will need to use proper risk managment, use 1 to 5% of your account balance at a time. For example if you are a day trader and are doing 5 trades per day you need to use 1% of your account balance per position. If you are more of a long term trader you can use more per position it depends on your gameplan.
4. Learn to use SL(stop loss) and once you set it on the correct place don’t be tempted to move it more.
5. Learn to use TP(take profit) important part of a good trading strategy and make shure to not be too greedy.
6. Finally decide what your strategy is gonna be, everyone is different but you can start with simple stuff which are really effective at the same time like using trend lines.

If you think this is too much of a hassle but you still want to try forex trading there is a simpler way to make money with forex – you can learn more here.