5 Steps to start Trading Forex By Tobi Kalejaye

The economic downturn in Nigeria and the world at large can not be overemphasized, and the need to create alternative sources of income is very essential. Trading forex could be very frustrating at the beginning if you lack proper guidance and also the step by step process that will get you started!

Several people have lost money to trading forex at a point in time, and you could have lost money also either through poor risk management, over leveraging, handing your money to some “self acclaimed forex gurus” or some network marketing companies.

My mission is to make it very simple for you and ensure that you can at least create a demo account, know the 5 most important steps to start trading forex.

You’ll become a profitable forex trader, if you follow my lead as my over 500 students across the world.

STEP 1: A Broker Account

It ís imperative to register with any broker of your choice, look out for brokers that offer good spread, good customer support, credibility and should be able to offer certain advantages to traders.

For me I use Kot4x (https://bit.ly/3hO5dr6) they meet all the above stated points

STEP 2: Download Metatrader 4

After signing up your broker account go to your app store and download Metatrader 4, you will set up your MT4 with the login details given to you by your broker. (I recommend you create a Demo account if you’re new)

STEP 3: Learn about Technical analysis

In simple terms technical analysis is statistical based information that can be used in predicting the probable direction for price. Was that complex?

Here are tips on technicals to focus on: Trendlines, Support and Resistance and finally Demand and Supply Zones. It get easier with every trial

several free videos to help you on my Youtube Channel, do subscribe and turn on the notification bell to ensure you always get my new videos.

STEP 4: Practise

Always ensure you practise everything you learn, being in a trading community has also proven to be very helpful..

Trading is a participatory sport, I often liken it to driving… No matter how much you read about driving. you have to get in a car, turn on the ignition and drive.

However you’re at lesser risk if you have a mentor. I you can be a part of my FREE live class on youtube from 3rd August – 14th August (https://bit.ly/fxlivewithtobi)

STEP 5: Make a commitment

Stay committed to the game and keep developing your skills along the line. Seek a direct mentorship if you can.

I don’t advise you to invest till you’ve demo traded for at least 2-3 months consistently.

Being a profitable trader is not a sprint or a day’s journey, you must be willing to put in the work and open minded so you can grow alongside your mentor.