Forex books for beginners.
There are a lot of free e-books out there, especially for the beginning Forex trader.
In these books you will learn the principles about forex trading.
These books are therefore not of interest to experienced forex traders.
Forex Trading.
This book actually contains all important topics that you should understand and learn as a novice trader.
The book is written by: Richard Taylor.
An Introduction to Japanese Candlestick Charting.
This book is very useful as a novice trader so if you want to learn everything about the japanese candlestick charting.
I definitely recommend reading this book.
By Erik Gebhard.
Trend Determination.
This is also a very useful ebook for the beginning Forex trader.
Learn all about trend determination. Written by John Hayden.
Forex books for beginners.
Above, I have shared four very useful books if you want to know a little more about trading Forex.
And this free information can be very useful for a good read about trading Forex.
Trading Forex is certainly not a get rich quick system.
It consists of a lot of reading and many hours behind the charts to achieve success in the Forex market.
So spend your time wisely before you start trading forex and read carefully all the information you can find.
On my site I also have a lot of blogs which can be interesting for a novice trader.
I also have an extensive Forex course where you learn to trade in Supply and Demand step by step.
Which is certainly suitable for the novice trader but also for the experienced trader.
(If you are the copyright owner of any of these e-books and do not want me to share them, please contact us and we will remove them.)
If you are a beginner trader and to become a good professional forex trader. Want to know more about How forex leverage works? The Forex Scalper teaches you the best scalping trading strategy using supply and demand zones which are already traded and tested by thousands of TFS members and performs daily trades.
To become profitable from Beginner Trader and most successful Scalping trader in Supply and Demandjoin THEFOREXSCALPERS and trade with 3500+ community traders with daily analysis and educations which boosts your trading skills make you ProfessionalForex Market Trader.
TheForexScalper recommends you join ICMARKET which is regulated and the most trusted broker. They provide very tight raw spread account with fast execution and having multiples deposit and withdrawal options.
Before we talk about how you can trade Forex, I will first tell you a bit more about what the Forex market is exactly.
What is Forex? / How to trade forex.
Forex is short for Foreign Exchange.
Think of that moment at the airport when you make an international trip to one of your favorite holiday spots.
You can’t pay with your American Dollars (USD) in Paris (France).
So what do you need to do? Exactly, change your American Dollars (USD) for the local currency the Euro € (EUR).
Right in that moment you are a part of the biggest trading market in the world; the Foreign Exchange.
Of course, you are just a tiny part of it, as the Forex market has a trading volume of 5.3 trillion a day.
And no, there is nothing wrong with your eyes! 5.3 trillion a day!
Just to give an example of the opportunities laying ahead of you, note that the Forex market is active 24 hours a day and five days a week.
Since at some point of the day in some part of the world the stock market will be open for trading.
It starts at Sunday night at 11pm and goes until Friday night 11 pm.
All traders: companies, investors, banks and the small trader like you and I will be trading during this time.
I can hear you thinking: Do I have to go outside of my house to a local exchange market or a bank?
No, not at all. And that is the beauty of this game.
The only thing you will need to make a trade is a working laptop, with a good Wi-Fi connection and an online platform where you can make your trades.
That online platform is called a “broker”.
The mostly traded currencies are the U.$. Dollar, The euro and the Japanese Yen.
A few other popular trading currencies are the British Pound, the Australian Dollar, the Swiss Franc, Canadian Dollar and the Swedish Krona.
You can trade them in every pair that you can think of.
The whole basis of the market is to buy and sell a certain pair, which means you are predicting the strength of one currency against another.
For example, the EUR/USD is the most popular pair. But you can also trade the GBP/SEK.
This is the British Pound dancing with the Swedish Krona, and the GBP/SEK price represents how many
Swedish Krona you can get in exchange for one British Pound.
Now that we understand this a little better I will now tell you how to start trading Forex yourself.
-First we choose a Forex pair. / How to trade forex.
When trading forex you are exchanging the value of one currency for another. In other words, you will always buy one currency while selling another at the same time.
That’s why we always trade currencies in a pair.
You can trade any pair you want. But if you are just starting to trade, many novice traders choose to trade with some more famous pairs such as EUR / USD.
-Make an analysis. Of course you also need an analysis to be able to make a trade.
If you do not make a correct analysis then you just gamble and the chance that you will lose a trade is many times greater.
Unless of course you are always lucky!
I always make an analysis based on the Supply and Demand strategy.
You can find this in several blogs on my site.
You can also learn everything about Supply and Demand extensively in my course.
-Choose your position. / How to trade forex for beginners. If you’ve traded stocks or other financial products, you know that you can usually only speculate on the one direction of the market and that is up.
With Forex this works slightly differently and we can go up but also down.
In other words you can buy and sell.
With a buy position you believe that the value of the base currency will rise compared to the quote currency.
If you’re buying USD/JPY, you believe the price of the DOLLAR will strengthen against the YEN.
With a sell position you believe that the value of the base currency will fall compared to the quote currency.
If you’re selling USD/JPY, you believe the price of the DOLLAR will weaken against the YEN.
If you are a beginner trader and to become a good professional forex trader. Want to know more about How forex leverage works? The Forex Scalper teaches you the best scalping trading strategy using supply and demand zones which are already traded and tested by thousands of TFS members and performs daily trades.
To become profitable from Beginner Trader and most successful Scalping trader in Supply and Demandjoin THEFOREXSCALPERS and trade with 3500+ community traders with daily analysis and educations which boosts your trading skills make you ProfessionalForex Market Trader.
TheForexScalper recommends you join ICMARKET which is regulated and the most trusted broker. They provide very tight raw spread account with fast execution and having multiples deposit and withdrawal options.
As many of you have known for a long time, I am a true Supply and Demand trader.
Yet I am still often asked how exactly you make an analysis in Supply and Demand.
Now I will give you an answer to this in this blog.
First let me make it clear that Supply and Demand is NOT the same as Support and Resistance and therefore a different way of trading.
I also often use Support and Resistance lines in my trading, but in a different way than a Support and Resistance trader would use them.
I think the biggest difference between Support and Resistance and Supply and Demand trading is that with Support and resistance you assume levels that have been hit / tested more often and at Supply and Demand we prefer fresh levels!
How do I make my Forex analysis in Supply and Demand.
Before we discuss anything else, we should define what supply and demand actually is.
In short: demand is how many buyers there are in a given market and how much they are willing to buy an instrument.
Supply is how many sellers there are in a market and how much they are willing to sell an instrument.
As I explained above, at Supply and Demand we are mainly looking for fresh levels and then we prefer a test / touch of the zone no more than 3 times.
After the third touch, the zone is actually no longer valid.
Or, in most cases, it will be very weak and unreliable.
Forex Analyse
We see a nice H4 Supply zone in the image above.
We see here that there was not much “traffic” (candles) when the zone was created.
That already makes it a nice zone for me.
We also see that the price had already tested the zone once and fell again.
Now we see that the price went even deeper into the zone for the second time and then came down again.
In addition to the zone that I draw, I also often draw a baseline.
The baseline shows me even better where exactly the most important point is and is also very important to determine when I enter a trade.
But how do I find the correct baseline? I’m going to explain that to you now.
Forex Analyse
As you can now see in the image above, I’m going to go to the line chart to find the correct baseline.
I’m starting from the first point in the zone here.
You can also see this in the image.
Now let’s go back to the Candle chart for a moment.
Forex Analyse
This is what it would look like on the Candle Chart.
And so we could expect a nice sell after breaking the base.
So this is in short how I make a simple Supply and Demand Forex Analysis.
But we cannot always make a successful trade with this alone.
For this we look at many more things, such as the volume, and we also switch back to lower time frames for an entry.
In my course I explain step by step how you can find the best Supply and Demand Zones and also how we can use them in combination with liquidity and Support and Resistance.
I will also explain everything about volume, market manipulation and much more.
So that you too can make the best Supply and Demand Forex Analysis.
If you are a beginner trader and to become a good professional forex trader. Want to know more about How forex leverage works? The Forex Scalper teaches you the best scalping trading strategy using supply and demand zones which are already traded and tested by thousands of TFS members and performs daily trades.
To become profitable from Beginner Trader and most successful Scalping trader in Supply and Demandjoin THEFOREXSCALPERS and trade with 3500+ community traders with daily analysis and educations which boosts your trading skills make you ProfessionalForex Market Trader.
TheForexScalper recommends you join ICMARKET which is regulated and the most trusted broker. They provide very tight raw spread account with fast execution and having multiples deposit and withdrawal options.
In this blog I will talk about the pros and cons of trading with a demo account.
Many novice traders will often first start trading on a demo account before going live.
It is of course very good that with a demo account you can test your strategy and can already practice a little before you start trading live.
You have several options to practice your strategy before you go live. In addition to a demo account, you could also trade on a simulator.
But today I’m going to talk about a demo account. Let me start with the benefits.
Advantages FX Demo account.
See if you like trading forex. Especially if you are completely new to the world of Forex trading, opening a demo account can be very useful to see if it is for you.
Start trading without risks and test your strategy. If you are still learning about forex trading, trading a demo account can be very useful in the beginning.
This way you can first practice well without risks.
Practice good money management techniques. Money management is perhaps one of the most important things to be able to become a good forex trader.
With a Demo account you can test and adjust this so that your money management is also completely correct before you start trading live.
Test a new trading strategy without losing money in your real account. You can also use a Demo account perfectly for this.
Test a new strategy and only start trading if it is completely correct.
This way you can test the new strategy well and you will not lose any capital on your real account.These are a few advantages of a Demo account.
But of course there are also some disadvantages to a Demo account.
I’m going to list these for you now.
Disadvantages FX Demo account.
Real Trading Conditions May Differ. Although demo trading seems very realistic and uses real exchange rate data as it unfolds, the reality of trading can be quite different,
especially during the fast markets surrounding major economic data releases or during major news event announcements.
Demo spreads can be tighter.
You might learn to overtrade. The risk is greater that you will overtrade in a demo account.
Of course you do not run any real risks, so you take a trade faster than you would in real life.
So there is a risk that you will learn this bad habit by trading in a demo account.
Your emotional response may be different than in a live account. This is something I also hear very often from various novice traders.
They were so good on a demo account, but now that they started trading live it goes completely wrong.
How is that possible all of a sudden?
There is a good explanation for this in a demo account you have much less emotions than in a live account.
In a demo account you simply have nothing to lose at all and if you lose you increase your demo money again right?
In a live account you do have something to lose and that means that you trade emotionally differently than in a demo account.
Conclusion FX Demo account.
Trading in a Demo account has its advantages and disadvantages.
And this will also be different for every trader if you are a novice or advanced trader you should see if it works for you.
And as soon as you notice that you are going to get bad habits by practicing on a demo account, you better stop trading on a Demo account.
It is such a big difference between a demo and real account.
Once you are trading with your own real money, emotions will get involved.
That is why you need to take your time and wait until you are completely sure of yourself.
If not, keep practicing.
Do you want to open a Forex account? Demo or real?
Then take a look at these brokers.
If you are a beginner trader and to become a good professional forex trader. Want to know more about How forex leverage works? The Forex Scalper teaches you the best scalping trading strategy using supply and demand zones which are already traded and tested by thousands of TFS members and performs daily trades.
To become profitable from Beginner Trader and most successful Scalping trader in Supply and Demandjoin THEFOREXSCALPERS and trade with 3500+ community traders with daily analysis and educations which boosts your trading skills make you ProfessionalForex Market Trader.
TheForexScalper recommends you join ICMARKET which is regulated and the most trusted broker. They provide very tight raw spread account with fast execution and having multiples deposit and withdrawal options.
When we talk about Smart Money we are talking about the biggest and smartest players in the market.
We are talking about banks and institutional investors. (Also called Market Makers.)
And when we talk about Smart Money I mean for example:
A Deutsche Bank, Citigroup, Barclays, UBS, Bank of America, HSBC, BNP Paribas, and Goldman Sachs.
They have the greatest power in the market and therefore the Smart Money will always win.
But what exactly is Smart Money trading?
Smart Money Forex trading simply means that you trade according to institutional trading strategies that are tailored to the perspectives of Smart Money.
Instutional Smart Money Trading simply works much better than trading the various retail trading strategies.
And don’t get me wrong, I don’t mean to say that trading with a retail strategy doesn’t work. Not at all!
But my experience has made it clear to me that trading with the Smart Money is much more accurate and powerful than everything the retail market has to offer.
Smart Money has more access to knowledge and resources than retail traders have at their disposal.
Following Smart Money gives you more insight and shows you the whole story about the price in the market and what you can expect.
Stop Hunts.
Smart Money Forex
Arriving at the next topic Stop Hunts, it is referred to by many traders but with different names.
If you have been trading on the market for a while, you will certainly have experienced this before.
The price has moved to the other side than what you envisioned.
Hits your Stop Loss and then the price moves back to your initional direction.
This is also called a Stop Hunt. Stop Hunts are used by Smart Money to take a better position at the best price.
They will lead you one direction and manipulate price to stop you out, and take your stop loss. This will happen to you over and over again until you learn the concepts of Institutional Forex and how to see things in the Smart Money’s perspective.
Smart Money Forex
Most of the information you can find online is usually all about retail trading.
If you look for learning institutional trading, you can’t find much about it.
This way of trading (Smart Money) is perhaps one of the best kept secrets in the world of Forex Trading.
Often when you are just starting to trade and you get to know the online trading world a bit, many will read up online or in most cases will follow a retail course.
Smart Money Forex
Unfortunately, most of the retail trading information you can find online or the courses is completely useless.
And of course there are really successful retail traders on the market.
But the majority of retail traders are unsuccessful simply because they follow the herd.
The majority of Retail traders are stuck in a cycle of doom to the point where they either quit, or discover Institutional trading.
Once you discover Institutional trading and learn how Smart Money place their orders, you can implement these concepts to your own style of trading and see incredible results.
If you are a beginner trader and to become a good professional forex trader. Want to know more about How forex leverage works? The Forex Scalper teaches you the best scalping trading strategy using supply and demand zones which are already traded and tested by thousands of TFS members and performs daily trades.
To become profitable from Beginner Trader and most successful Scalping trader in Supply and Demandjoin THEFOREXSCALPERS and trade with 3500+ community traders with daily analysis and educations which boosts your trading skills make you ProfessionalForex Market Trader.
TheForexScalper recommends you join ICMARKET which is regulated and the most trusted broker. They provide very tight raw spread account with fast execution and having multiples deposit and withdrawal options.
IC Markets True ECN trading environment allows you to trade online on institutional grade liquidity from the worlds leading investment banks and dark pool liquidity execution venues, allowing you to trade on spreads from 0.0 pips. You can now trade along side the worlds biggest banks and institutions with your order flowing straight into our true ECN environment.Trade in a true ECN environment with no dealing desk or price manipulation. IC Markets is the online forex broker of choice for high volume traders, scalpers and robots.
For USA & Canada clients i recommend FXChoice which is also a very good broker.
