How To Start Forex Trading With The Right Reason, The Right Path, The Right Mindset & The Right Plan

 

If you want to start Forex trading, you are beginning a journey that can be life changing, economically speaking. And starting something so powerful that it has the capability of changing your financial future for the better can be both exciting and scary at the same time.

The steps you take to start Forex trading can be very difficult. Your journey could take years of toil and hard work. But YOUR path to trading Forex profitably does not have to be hard, long or scary.

If you have the right reason for trading Forex, choose the correct path, adopt the right mindset and follow the right plan… you can be trading Forex profitably very quickly.

Let me lead the way.

This page is detailed, so I suggest reading the page all the way through once, and then use the Table Of Contents to revisit specific sections later.

Why Start Forex Trading?

This is important, but not talked about very much. What is your “why”? Why do you want to start Forex trading?

Whenever you start something that requires any effort (even as low as 1 minute a day, 4 days a week), you need to have a strong why. You need to be sufficiently motivated. Otherwise, you run the risk of giving up and sabotaging your success.

Yes, I know, you want to start Forex trading to make money. That’s true… but that is not the “why” I am talking about. (And frankly, focusing on “making money” will probably lead to failure… but more on that later).

Your “why” needs to be specific and very important to YOU.

Here is my “why”…

I trade Forex because it is a MAJOR part of the Wealth Plan Blast Off. Forex trading is what allows me to make up for lost time by outperforming other investment opportunities. It is what allows me to accumulate wealth faster so I can achieve lifelong financial security.

In short, Forex trading allows me to build the wealth I need, in the time I have.

You see, I desperately want financial security. Circumstances beyond my control made it hard for me to make money, save money and get ahead. And after years of struggling to make ends meet, I became determined to change the direction of my financial future.

I know working harder and saving more is not going to get me there. I NEED to put my money to work to make more money. And because I got a late start, I need to outperform other investment returns.

That is where Forex trading comes in.

So as you see, achieving lifelong financial security is very important to me. And I can’t do it without Forex trading.

Knowing this… do you think I’m going to stop trading Forex? Spoiler Alert: I won’t.

Think about your “why”, and make sure it is strong enough to keep you on the path toward YOUR goal over the long term.

 

How To Start Forex Trading For Beginners

As a beginner wanting to start Forex trading, you have a decision to make. You have a choice, and how you choose will most likely determine your success or failure.

Most beginners don’t even know they have a choice. So, this could be enlightening.

A lot of people want to become a “Forex trader”. They want to be a person with the knowledge, discipline and skill to look at a Forex chart and correctly predict what is going to happen next.

They think the way to achieve this goal is to study all the different aspects of trading, learn hundreds of trading strategies and spend hours each day practicing on a demo account for months or years. (Sounds exhausting).

The beginner trader believes that if they study, learn and practice long enough, they will eventually be the kind of person that can look at a chart and make split second decisions that leads to more money in their account. In short, they will be a “Forex trader”.

Their success is determined by how knowledgeable and skillful THEY are.

If you think this is the path to being a profitable Forex trader… you will most likely fail.

Another path is to just learn a simple trading strategy that has already been strategically designed to be profitable over the long term. Simply learn the rules… and follow the rules.

Option 1: Make your success about “you”, and try to “become” a profitable Forex trader through years of struggle.

Option 2: Make your success about the trading strategy, and just follow the rules of a strategy that is strategically designed to be profitable.

Which option do you think has a better probability of success? Choose wisely.

 

 

Start Forex Trading With The Right Mindset

If you start Forex trading with the wrong mindset, you greatly hinder your chances of success. It took me years to figure this out, so I know what I am talking about.

I’ll just blurt it out…

• Forex trading should NOT be about making money.
• Forex trading SHOULD be about wealth accumulation.

I’ll admit it. I got into Forex trading because I wanted to make money. If you look at this snapshot from Google Trends, I got serious about wanting to trade Forex around where the “Lots” note is.

 

 

At that time, Forex was a hot topic because there were a lot of people selling strategies, automated Forex robots and signals services. Unfortunately, most of the unscrupulous marketers were framing Forex as “easy money”, “quick riches” and “the fastest way to millions”.

But look at what happened next. Forex trading became “Less” popular.

My theory about why popularity dropped is because people got interested in Forex for easy, quick and unrealistic riches. Or, they wanted to make consistent, predictable income month after month.

(This theory is strengthened when you see how popular Forex trading is now… during a worldwide Pandemic and economic hardship where people are desperate and uncertain about their economic future).

But when they figured out Forex trading can’t turn $500 into $1,000,000 in a month on autopilot, or make thousands of dollars consistently each and every month… they lost interest.

And that is unfortunate, because they are missing out on the true potential of Forex trading… wealth accumulation.

While most investors would be happy with 7% average annual returns, here is what following a simple trading strategy can accomplish on 3 different accounts:

• • • 2352% profits over 5 years (470.4% average yearly gains)
    • 2113% profits over 5 years (422.6% average yearly gains)
    • 2794% profits over 5 years (558.8% average yearly gains)

So, while Forex trading might not be able to turn you into an instant millionaire, it is one of the best wealth creating opportunities in existence.

But many people don’t see the forest for the trees.

However, if you abandon the “make money” mindset, and embrace the “wealth accumulation” mindset… you’ll have much better success.

 

Start Forex Trading From Home

A lot of people that want to start Forex trading have regular jobs. They already have a busy lifestyle.

But then they pursue imitating the methods of trading of professional traders. This requires sitting in front of the charts for hours on end, day and night. They feel they need to keep up with economic news and try to predict how it will move the market.

I think this is the wrong approach.

There is a difference between being a professional trader and being an at home trader. And quite frankly, being an at home trader has its advantages. (As a matter of fact, it is one of the reasons I can beat other investment opportunities).

Instead of trying to imitate the pros, embrace being an at home trader instead. This forces you to keep things simple. It also makes you fit Forex trading into the time you have.

In a way, concentrating on trading Forex from home forces you to adopt a way of trading that is much more likely to be profitable over the long term.

Here are the only things you need to start trading Forex from home:

• • • Computer
    • Internet connection
    • Broker account
    • Metatrader4 platform (free from your broker)
    • Strategically designed Forex trading strategy
    • 1 minute a day, 5 days a week

As you can see, starting to trade Forex does not have to be difficult.

But if you are still nervous about trading on your own, you can simply copy what I’m doing…

How To Start Forex Trading Step-By-Step

Since we are talking about “how to start Forex trading”, I’m going to assume you are a beginner and don’t have a lot of experience. I want to break down, step-by-step how to get started.

Don’t worry, it really is quite simple.

 

» Choose A Broker

In order to participate in the Forex market, you’ll need to have a broker account. I’ve gone over some recommendations and what to look for here: Best Forex Broker To Use

» Create A Demo Account And Download A Free Metatrader4 Platform

The first thing you should do is learn about the trading platform. In my opinion, all a demo account is good for is learning how to perform trading tasks on the platform.

I show you everything you need to know in my course. And you don’t even need to learn how to place trades, because I’ve included scripts for easy, perfect trade placement. But if you want to know more about the platform, go here: Beginners Guide To Metatrader4

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» Learn A Strategically Designed Forex Trading Strategy

Pretty obvious what I am going to recommend here…

 

 

» Fund Your Account

If you are going to make real money trading the live markets… you need to fund your account. The trading strategy is easy to learn and simple to trade, so you don’t need to spend years practicing on a demo account.

Funding your account will depend on the broker you choose. It is a very simple process.

 

» Start Trading

At this point, you just need to follow the rules. At the same time every trading day, you’ll open your trading account and see if there is anything to do.

• If there is something to do, complete the task and close your platform. (Shouldn’t take longer than 1 minute).
• Many times there won’t be anything to do, so just close your platform.

That’s it. You wanted to know how to start Forex trading. Well, that’s it.

Pretty simple, right?

 

In Conclusion

Let’s recap…

• • • Figure out your strong “why”.
    • Choose to learn a mechanical, rules based trading strategy.
    • Adopt the mindset of wealth accumulation over “money making”.
    • Embrace being an at home Forex trader.
    • Start trading… and keep trading over the long term.

What to do next?

We’ve gone over a lot here. I suggest going back over this page again. Use the Table Of Contents for easy access to the sections you want to revisit.

 

To Your Wealth,
Edward Lomax

Forex trading is the “Wealth Building Engine” of my wealth plan. But trading Forex is not the only way you can use investing to secure your financial future.