How To Smash Forex Trading As A Beginner

In this article, I get you through how to smash Forex trading as a beginner, and how to avoid scams in this crazy industry. In order to show you examples of what to do and what to avoid, we will be using the TradingView trading platform.

This is where we will be doing all of our analyses, so just go ahead and open an account there! I will now take you step by step through the way that you should approach things.

How To Smash Forex Trading As A Beginner Step-By-Step

I understand the confusion that new traders are going through because I have been in the same place in the past. Hence, I strongly advise that you start with the following.

Step 1. Avoid Trading Scams And Scammers Plus Trendlines Don’t Work

More likely than not, you have fallen upon a variety of scammers until now. Or probably you are one of the lucky ones who started learning from serious and realistic traders, which is very rare.

As an example, it is impossible to smash forex trading as a beginner if you fall a victim to the trendline scam. There is no particular reason as to why price should react from lines that you draw onto your chart.

Contrary to that, more likely than not the algorithm is designed in such way that it will give false reactions from imaginary levels such as the ones drawn above. It will induce traders into entering trades, and then it will throw them out of their positions.

Now don’t get me wrong. Once in a while, such patterns will work. Not because they generally work. Either by pure luck, or because the algo is designed in such way that it needs to give false hopes to the hopeless.

Step 2. Support And Resistance Areas Are Abstract And Support Does NOT Turn Into Resistance

Do not fall for support and resistance lines. You will not be able to master Forex Trading as a beginner if you learn the wrong way. I have done the mistake, I have been there, and I had to re-learn everything through extensive backtesting. Un-learning the wrong is tough, believe me!

Support and resistance lines are yet another abstraction on the chart. Nonetheless, they are way more preferable than trendlines. The reason for that, is that many times support and resistance lines resemble institutional trading. And that is just by accident.

As an example, if you check our order block trading strategies, you will see that support or resistance lines could by accident resemble an order block. And this is exactly the reason why they work sometimes.

Step 3. Keep It Realistic. Stop Losses Below 2 Pips Will Ruin You In The Long Run

This is an example of an unrealistic stop loss. Even though stop losses below 2 pips are possible, and I have taken huge trades such as this one myself, it is impossible to keep up with them in the long run.

There are two reasons for that. One, the broker’s commissions are going to demolish you. Two, you will enter a gambling mentality, either you want it or not.

Trading should be kept simple. Especially as a beginner, in order to smash forex trading, you need to be realistic. Large moves will come, and they will come regardless of whether you use tiny stop losses or normal ones (5 pips and above)!

Step 4. The Purpose Of Trading Is NOT To Buy A Lamborghini, Or Is It? How to Smash Forex Trading As A Beginner?

For this tip I do not have an image to add. Actually I do, but it would be cringe and hence I will not!

As a beginner, you might think that trading is all about buying Lamborghinis or Ferraris. It is NOT! In order to be successful in trading you must be consistent and humble!

One thing that you need to realize early on, is that trading with a small capital (below 25000), will not make you rich. Especially if you are following correct risk management practices. A lot of money will come only if you already have a lot of money to trade with!

Hence, forget about becoming rich. This may come only if you stop thinking about the end goal. Enjoy the journey. And the journey is perfecting your trading strategies and statistical analyses!

There you have it! Just be patient, be realistic, follow the right educational traders, and do not fall for scams!

Here is my video of what we talked about:

ChrisFX Courses

Trading strategies (including this strategy on How to Smash Forex Trading As A Beginner) can be very risky if you do not control your emotions and if you do not have a strategy which is giving you a statistical advantage.

It is normal that you will go through periods of consecutive losses and consecutive wins as well. If you want to be able to calculate those aspects of trading in advance and build a robust winning strategy, then you can check out my courses.

In the courses, I teach you elaborate winning trading strategies. Furthermore, I teach you how to build a robust trading plan, starting with the importance of statistics and trading psychology. That way, you can take your trading to the next level.

As with all trading strategies presented here on ChrisFX, if you want to test them out, do so by trading with fake money, or otherwise paper money. NEVER test one of these strategies with real money. When and if you decide to do so, you do so at your own risk and I take zero responsibility for your actions.

Enjoy 🙂