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  • Writer's pictureVasily Trader

How to Start Forex Trading. Beginners Guide & Detailed Plan

Updated: Apr 14

how to start forex trading

Hey traders,

If you are wondering how to start Forex trading, or you just started to trade, I suggest a 12 weeks intensive learning plan.

Each week will be dedicated to a specific topic. Starting from the basics you will gradually mature and by the end of the intensive you will have a complete trading strategy.

✔️Week 1 - Practice market trend identification

Learn to identify the direction of the trend. Master the recognition of a bullish trend, bearish trend and sideways market.

✔️Week 2 - Practice support and resistance.

Learn to identify key levels. Master support & resistance recognition.

✔️Week 3 - Learn candlestick patterns.

Study classic candlestick formations and practice their recognition.

✔️Week 4 - Learn price action patterns.

Study classic price action patterns: trend-following patterns, reversal patterns and consolidation pattern and learn to recognize them.

By the end of the first month, you will mature the basics of candlestick chart analysis.

✔️Week 5 - Practice supply and demand zones.

Learn to identify supply and demand zones. Learn to combine candlestick analysis with support and resistance to identify the potential reversal zones.

✔️Week 6 - Practice multiple time frame analysis.

Master top-down analysis. Learn to apply all the techniques studied previously on multiple time frames.

✔️Week 7 - Learn different entry strategies.

With all the knowledge being obtained, you can practice different entry techniques. You can try trading candlesticks patterns or price action patterns, or simply key levels. Search what works for you.

✔️Week 8 - Learn risk management.

Of course, entry strategies are not enough for profitable trading. Learn how to set stop loss and how to manage your risks properly.

By the end of the second month, you will have a foundation for a strategy building.

✔️Week 9 - Practice trade management.

Knowing how to enter the trade and how to manage the risks, the next step is to learn how to manage the active position (stop loss trailing, position protection, manual closing, etc.)

✔️Week 10 - Create a trading plan.

Combine all the knowledge that you gained in a structured trading plan.

✔️Week 11 - Follow the strategy.

Be disciplined and follow your rules. Test them and learn to be consistent.

✔️Week 12 - Review your plan.

Following your strategy, you will inevitably find its flaws. Learn to constantly improve it.

By the end of the third month, you will have a complete rule-based trading strategy. Of course, that won't be a perfect strategy, but you will have broad knowledge in technical analysis.

The next 3 months alone should be sacrificed on polishing and improvement of your trading plan.

Try this intensive, traders. I strongly believe that you will see a dramatic improvement in your trading upon its completion.


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