5 point plan for learning to trade forex profitably

Most people who try to learn forex online fail. but thats because they dont go about it in the correct way. If you are going to learn forex online, you have to have a plan, otherwise you will lose money and you will have a bad time. therefore I propose the following 5 point plan.

1. Understand exactly what forex is, how it works, how you can make money from it and how you can lose money from it.

   this includes not just a rough overview, but having a decent understanding of margins or leverage, pip spreads, commisions, everything

2. Know what makes a good trading platform

   Find a few and try them out, because whilst some things that make a platform good are universal, such as low commisions and pip spreads, other things come down to personal taste, such as the layout of the software

3. Know how to use your choosen platform well.

   Opening trades and setting stop points are an absolute minimum, in fact i say thats not enough, really you should be able to overlay and read several charts at different time intervals, integrate signals and know your way around.

4. Be able to emulate or develop different strategies, and test them on a demo account first

   If you arent testing different strategies on play money, you may as well go to the casino

5. Be conservative

   Once youve got real money on the table, you should only be risking it when conditions are just right. If you rmaking more than a couple of trades a week to begin with, your probably being to gun-ho and could be heading for a rude shock in the form of lost money(note some strategies call for many trades, but even if you adopt such a strategy, be ultra cautious when starting out)

So there you have, a simple plan if your just starting out, surely better than risking money up front and losing the lot!

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