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7 Steps to Becoming a Forex
Trader
“A quick road map guide to getting started in making money as a
Forex Trader”
My name is Cameron Parker and I am the Editor at FXTC Magazine and firstly just wanted to say welcome and
thank you for downloading the 7 Steps to Becoming a Forex Trader (Quick Guide).
Trading is not easy but the rewards can be high. It is a profession that has mesmerised and captured the
imagination of many a person. People often see the rewards in trading based solely on the monetary value but
it can provide so much more. Trading can give you the freedom financially to spend more time with your
family, earn additional income to travel or simply provide you with enough income that you become your own
boss.
How do I know this? I know this because I have been there … I mean personally where you are today. If you are
reading this at the starting point of your Trading journey then let me tell you my story so you can see why I am
giving you this e-book. A few years ago I started the journey to becoming a trader and was taken back by the
sheer amount of information, false hopes and put simply the amount of rip off merchants trying to get every
single dollar from you. That’s why I have now created this e-book. It is my personal guide to help you know
where to start and avoid the pitfalls that so many get caught up with. It’s designed to get you moving in the
right directions, quicker than trying to do this all by yourself.
I also want to point out, in case you were wondering, we have absolutely no affiliation with any one on this list
and I cannot be held responsible for their actions or any financial losses you incur. This is simply a guide to
what has worked for me.
Regards,
Cameron Parker
www.FXTCMagazine.com
1. Get a Taste of What this Trading thing is all about?
So you want to become a Trader like Gordon Gecko? Well the first thing you need to do is understand what it is all
about, how trades are made and what we can trade. The first thing you can do is find a Forex Broker but I stress at
this stage do not pay them a cent, Zilch, Nada, and Zero!! Funding an account will come later … much, much later!
What I am talking about is opening a demo account. Nearly every broker offer them for free, I repeat nearly all of
them are free and most will offer you an account with up to $100,000 worth of Play Money / Monopoly Money. Now
remember it is play money and not real so the way you trade this type of account will differ than when you have real
money on the line … why? Well simply you will take massive risks with fake money, risks that you will never take with
real money (well I hope not).
My advice is utilise the account as a learning tool rather than looking at the results. There is a rule floating around
trading circles that you should aim for 3 months profitable on a demo account prior to trading your own hard earned
money and it is not a bad way to look at things. Anyway at this stage you don’t know what type of trader you want to
become so this will give you a feel for what you like and what suits your personality.
I have used both of these Brokers and they are my personal pick - Oanda or AXI Trader.
#Important Note
Make sure you check out any local regulations before you open an account and do full due diligence before parting with any hard
earned cash. As was seen not so long ago, even the safest brokers had a few issues with the Swiss crash.
2. Learn what type of Trading floats your Boat
There are three (3) major types of Forex Trading; Day Trading, Swing trading and Position Trading. Each require a
different type of personality and you need to really sit back and take stock of this before you jump in. Let’s quickly
cover that in more detail:
Day Trading
This is the sexy trading most people think about when they want to become a trader. Day trading is a type of trading
wherein traders buy or sell currencies for a single day. Meaning that all trades are opened and closed within the
same day. The main objective is to benefit from price movements over a short period of time with small profit targets
but multiple trades. Trades can sometimes last for seconds, minutes or hours. Trades are normally taken on 1
minute, 5 minute or 15 minute charts with direction often viewed on hourly charts.
Swing Trading
Just like Day Trading, it is another form of short-term trading, however the timeframe and profit targets are larger.
Swing trading stretches over more than just one day and the trade’s normally remaining open for hours and
overnight. The profit targets are normally higher given price has more time to move. Trades are normally taken on
Hourly, 4 Hourly and Daily charts, with entry and exit points often identified on 15 minute charts.
Position Trading
Positional traders generally hold positions from days to weeks and look to benefit from price making larger
movements over time. Positional traders normally like to utilise a mix of both technical and fundamental factors to
make decisions on overall direction and entry / exit points. Trading is normally viewed on chart timeframes of Daily,
Weekly, Monthly and even yearly.
#Important Note
The most important thing is to also match your personality type to the trading style. If you are patient and don’t have much time
to trade, then longer term trading is best for you. If you can handle the stress and ups and downs of getting in and out of the
market quickly then Day Trading may be the best fit. Have a think about it, you know deep down who you are.
3. Listen, Watch, Read, Learn & Repeat
Let’s talk about the elephant in the room, by now you are starting to realise that this whole trading thing may not be
as easy as you first thought? Let me share this with you; I have interviewed some of the biggest names in Trading
today and I can tell you that they all say the same thing; To become a successful Trader and to start living life on your
terms It takes dedication, immense learning and time & effort. The good news is that you will be rewarded based on
your effort and the ability to earn a substantial income is REAL. Not only is it real but it is attainable … I know that if
you dedicate yourself you can and will be successful.
This next part is really starting to get down to the nuts and bolts of trading … working out how to trade and who to
connect with to make this journey easier.
Listen - Podcasts
Podcasts are such a great way to plug in and get some great tips and advice. The best thing is you can listen on your
way to work, while you are exercising, while you are travelling and take the tips and put them in to action during your
trading time. Here are a couple of our favourites and mainly available from the iTunes store.
The Traders Podcast with Rob Booker & Jason Pyles
I love this podcast and is my all-time favourite. At the time of writing they are well over 450 podcasts episodes and
still going strong. We actually interviewed the Producer of the Podcast Jason Pyles in Edition 1 of the magazine and
he is a really funny and witty guy. Get as many back editions as you can as some of their best stuff was right at the
beginning.
Forex Answers
The Forex Answers podcast is a daily Forex Trading Podcast, dedicated to helping new Forex Traders grow trading the
forex markets. They teach Forex Trading Strategies & Loads of other usefull content. Check them out by seasrching
within Itunes Podcasts.
Chat with Traders by Aaron Fifield
Not specifically geared to Forex trading, however it will give you a great insight in to the trading practises of full time
traders. How they started, what they trade and how they have made it. This is just some of the questions you will
have answered through Aarons Podcast. We have interviewed Aaron for the magazine and he has some really
amazing guests and detailed some great conversations he had with some big name traders.
Trend Following with Michael Covel
Micheal Covel is the man behind the voice of Trend Following Radio that has a whopping 2.5M+ listens and growing.
Micheal is a best-selling author of Turtle Trader & the Classic Trend Following. The topics explored with this podcast
are everything from Trading, economics, human behaviour & entrepreneurship. At the time of writing there was over
360 episodes so plenty to fill your ears.
2 Traders Podcast
Two professional traders discuss trading psychology, trading systems and how to consistently win trading the
markets. It is only fairly new at the time of writing but one of the hosts is none other than Walter Peters who is well
known for his “Naked Trading” technique.
The Trading Lifestyle Podcast
Hugh Kimura from the Trading Lifestyle Heroes Blog interviews professional independent traders and industry
experts to help you learn, trade and live better.
Watch - Webinars & Videos
Webinars allow you to see how professional traders trade and the strategies that they use in the market. It gives you
an insight in to what they look for, patterns in the market, educational topics and even just question & answers.
There are so many out there and the best thing is a lot of them are absolutely free, allowing you to find a trading
style that suits you.
FXTC Magazine
*Warning - Shameless Plug - We hold monthly Webinars that are free. All you have to do is be on our mailing list and
stay tuned for regular updates and webinar invites. You will be on the mailing list if you downloaded this e-book but if
you got it from another source just click on the “Learn More” button below;
The Ultimate Online Trading Festival
This is another one of our events, but this time it is a quarterly live trading festival that usually has 4 -5 traders
presenting over the course of a weekend or a week. It does cost some money, but we do put you in front of some of
the biggest names in trading and give you unrivalled access to how they trade, their strategies and provide the
opportunity to ask direct questions.
YouTube
The ultimate tool that I just loved getting stuck in to whenever I have some free time. There is just literally countless
hours of Trading Videos, Techniques and even Trade updates. I used them every time I wanted a little more
clarification; for example when I wanted to understand support and resistance levels better a quick search showed
enough search results to allow me to find a technique that worked for me. I have listed a few of the YouTube
channels you should think about subscribing to as a great starting point.
o
o
o
Akil Stokes - https://www.youtube.com/user/T2tRatioRoom
50 Pips FX – https://www.youtube.com/user/50pipsfx
Jarred Johnson – Day Traders FX - https://www.youtube.com/channel/UCPrNp4EDDrOHaYkR4SRahBg
Keep in mind that a lot of trading sites that will be mentioned further on will also have free videos available, so hunt
around and search for some free content.
Blogs – Follow Others
When I started out trading one of the best things I did was to follow a number of Traders and their blogs. After many
years of following them and connecting with them I have actually become great friends with a lot of them. It really is
a great way to connect and become part of a larger community.
FXTC Magazine - BLOG
Now there are so many choices of blogs out there, right! And if you have looked around for any short period of time
you will know that to be true. So to make things a little easier for everyone we have brought a number of different
bloggers together to provide awesome content in one place and with one email a week rather than you needing to
be a member of multiple blogs. This is the FXTC Magazine Blog Page.
Books – Holy Cra% there is so much to learn!!
There are so many books available it is really hard to narrow it down, but here are just a few of the must read titles.
Once you have read them let me know and I will be happy to give you another reading list, I have a feeling this will
take a while. Don’t let that stop you though as a lot of these books go hand in hand with the journey so pick a couple
and get started. If I had to pick 2 to get started today I would go with Adventures of a Currency Trader and Day
Trading the Currency Market.
Currency Trading for
Dummies
Day Trading & Swing Trading
the Currency Market
Adventures of a Currency
Trader
By
Kathy Lien
By Rob Booker
Cheap, Easy and a Really Great Starting
Point for your journey. The guide is a
user friendly guide that explains how
the foreign exchange (Forex) market
works and how you can become a part
of it. Currency trading has a number of
different benefits including financial
reward so this is a great starting point to
get the basic information requirements.
Discover a variety of technical and
fundamental profit-making strategies
for trading the currency market. In this
book Kathy Lien describes everything
from time tested technical and
fundamental strategies you can use to
compete with Bank traders to a host of
more fundamentally-orientated
strategies involving intermarket
relationships, interest rate differentials,
option volatility, news events and
central bank intervention.
A truly easy, unique and enjoyable read!
Rob has done it once again to teach us
in the funniest way possible how not to
make the most common trading
mistakes. If you are tired of reading
how-to books this is the perfect book
for you. I highly recommend this book
to all traders. Everyone will learn
something about themselves by reading
this book. Kathy Lien, author, day
trading the currency market.
Reminiscences of a Stock
Operator
The New Market Wizards
Inventory Trading
By Edwin Lefev’re
The book tells the story of Jesse
Livermore and his progression as a
trader, day trading in the then “New
England Bucket Shops”. It’s the story of
the progression from market speculator,
market maker, market manipulator and
finally to Wall Street where he made
and lost his fortune several times over.
There are so many great lessons to learn
within this book.
By Jack D Schwager
By Shonn Campbell
In the new market wizards successful
traders relate the financial strategies
that have rocketed them to success.
Asking questions that readers with an
interest or involvement in the financial
markets would love to pose to the
financial superstars, Jack D Schwager
encourages these financial wizards to
share their insights. This is just another
book in the Market Wizards list of books
so once finished here check out the
others
Great friend to FXTC Magazine Shonn
has created a book that details how he
looks at the market from a different
perspective than what everyone else
tells you to do. The book is essentially
the road map to using the age old
business model of turning inventory in
any retail business and applying it to
trading for a living.
Learn – The basics
There are so many courses out there it is very difficult in knowing what ones are reputable and which ones are not.
So to help you narrow that down a little I have added my top picks for you to choose from. Some have a cost
involved, which are completely independent from FXTC Magazine and I must stress we have NO affiliation with any of
the choices below so any decision to join or part with money is your responsibility.
Baby Pips
To be honest these guys are a little basic for most Traders but they definitely offer a great “Beginners” school that
will give you the basic info about the Market. It is free so why not check it out
http://www.babypips.com/school
Brokers
Most brokers will have a series of learning articles, videos and even face to face presentations to assist with either
using there platforms or some basic strategies. This is a really good starting point to get the Basics, remembering
though that Brokers will always want you to sign up at some point.
#Important Note - Repeat, Repeat, Repeat
Keep listening, Watching, Reading and Learning. Build up your hours and learn from the best, forget the rest!
4. Find a System and get in to Bed with it – Learning How to Trade Continued
By now you will have a really good understanding of how the market works and will have a pretty good understanding of
what type of trader you want to become. This is where the fun really begins and that is choosing a strategy and starting
to get serious. There is simply not enough time to cover off trading systems here and we are not going to attempt to
even begin so don’t worry though as we are going to point you in the right direction and provide you the details of a few
Traders that have Membership sites that outline and can train you on the specifics of the system they use to trade the
market;
Strategy 10
This is a little e-book that is a really simple strategy that has been downloaded over 100,000 times. Based on this it may
not work as well as it use too but it will definitely give you a really good insight in to how to put together a trading
strategy. Google Strategy 10
Naked Forex - Book
Written by Walter Peters, it is a great starting point book on how to view the market based on price action alone. I
haven’t enclosed a link here but you will be able to buy it at many places, just google the title. There is a blog that is
linked to Walter Peters the author so is worth checking out www.fxjake.com/blog
Shonn Campbell’s - “FX Inventory Trading”
If you have read the FX Inventory Book or are looking for a different way to trade that is fresh and unique then look no
further than the FX Inventory Membership site. The site provides its members with the Weekly Inventory Report that
highlights exactly what Shonn is Trading or looking to trade and lists the daily levels workbook highlighting each pairs to
be traded. Check it out at: http://www.fxinventorytrading.com/
2nd Skies Forex – Chris Capre
Started and operated by Chris Capre, he specialises in his own unique brand of Price Action Trading that he has used to
trade the Market for over 15 years. Chris offers traders the ability to learn a completely different way to trade price
action beyond the carbon copy, cut-and-paste retail version taught by most. Chris boasts “In my price action course I am
not just giving you information, I’m teaching you trading skills that can be applied to any instrument, time frame or
environment”. Given there is a free starter course get over there.
Pippin Gypsy – The FX Brick Road
Keith Harrington II or Pippin Gypsy as he is known in the trading world offers his unique way of trading the market with
a mix of traditional candlestick analysis and price action signals. Pipping puts out regular trade videos and is very active
on social media. Pippin does offer both Mentoring and Candlestick Trader Courses but his trade updates are free of
charge. Pippin is a great friend to the FXTC Magazine community and we recommend that you check out his blog https://fxbrickroad.wordpress.com/trade-blog/
Learn to trade the Market –Nial Fuller
Nial Fuller is a Professional Trader and Author who is considered one of the authorities on Price Action Trading. He has a
monthly readership of 250,000+ traders and has personally taught 15,000+ students since 2008. He also has a load of
free information online at www.learntotradethemarket.com so check it out and see if this style of trading is something
you feel comfortable with and want to take further.
Ps: Nial sends out a great weekly email on different trading topics that are great and I personally look forward to them
every week.
5. Create a Trading Plan or Steal Ours
Now that you have a little strategy you are going to need a plan. But before we get in to that, what is a Trading Plan?
The Investopedia definition of a Trading plan is:
“A systematic method for screening and evaluating stocks, determining the
amount of risk that is or should be taken, and formulating short and long-term
investment objectives”
Good news is that we have created one for you that is free and best of all we are going to send it directly through to
your inbox. What does it do? It documents your goals, Objectives, What you Trade, Risk Tolerance and overall
Strategy. It is our idea of a trading plan so I encourage you to change it to suit you and your style. If you are not on the
email list … get on it! Click the learn more button below:
6. Back Testing
This is the process of going back in time and trading with historical data. It allows you to trade as if it was live but with
the ability to rewind, fast forward and refine the way you trade without the risk. There is only one system that I use and
recommend; this is Forex Tester.
Forex Tester is a software that simulates trading Forex, so you can learn how to trade profitably, create, test and refine
your strategy for manual and automatic trading. It does cost approximately $199 but is well worth every penny.
7. Take Notes to Improve your Trading
Journaling your trades is the most important part of Trading! Understanding why you took a trade (reasons), what
happened to the trade (result), how much you risked (risk vs reward) on each trade and what could you have done
better (review & reflection). In addition to those critical points you simply need to know the numbers behind what
you are doing, what works for you, what doesn’t and where to focus your future energy levels for maximum results.
The FXTC Magazine Journal provides you with the statistics ensuring you are fully aware of your Profit and Loss at any
time, what pairs are profitable, your average risk / reward is, win percentage, average time in trades, best trade
timeframes and the list goes on. We even added a built in Position Size calculator to ensure you are trading the
correct Lot sizes for all of the different currency pairs based on how much you are willing to Risk. No more costly
order errors or manual calculations. Best of all I am going to give you this for free as a bonus and to say thank you for
reading my eBook… Keep an eye out in your inbox as it will be delivered after a few days of you downloading the
eBook. Again ….. and I don’t know how much more value I can offer for free, but if you are not already on the mailing
list then please click the little button below. I don’t want you to miss out on the free stuff.
Don’t be upset that the eBook is over, please! We give away so much great content on the FXTC Magazine site
and via the Magazine itself that you will never be far from each other. We aren’t breaking up … we are just
getting started!
I really hope you have enjoyed this 7 step guide to learning how to trade Forex, I appreciate you taking the
time to read it and I know that you are on your way to making it! I also really want you to know you are not
alone in this journey and I am personally here to help you and I encourage you to connect with me directly by
selecting any of the Social Media icons below.
Regards,
Cameron Parker
Editor FXTC Magazine
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