The NobsForex Way for Starting Out Forex – A Beginner’s Guide

Are you one who believes that paying a fee will get you through the right direction when it comes to picking things up? Unfortunately this is not always true. There are tons of free resources out there, and it’s skeptical but true, that Google is always your best friend when it comes to sniffing them out.

Learning something right from the scratch might be a little cumbersome, but well worth it once you pick it up as an additional skill.

I’ll walk through with everyone now on how our curriculum works in Nobsforex. You might take a different kind of route depending on how you want to start off, but I’m sure in one way or another these entries will help.

Step 1: Starting a demo account and installing Meta Trader 4.

Starting a demo account first and installing MT4 (a popular trading platform) would be your first thing to do before reading up on anything else. At least you get to see the charts and all to see what the fuss is forex all about before going onto the basics of Forex.

Quick Start – Installing Forex Demo – Meta Trader 4

Step 2: Learn how to place trades with your demo account

After starting your demo account with either one of the mentioned market makers, you are curious on how the demo platform works and probably interested in placing a long or short position in one of the pairs to test it out. In the meantime if you would like to do additional reading, you can refer to BabyPIPS – Preschool, Forex Basics as well.

Buying and Selling with MetaTrader 4

Step 3: Learn how to read the price, and the actions of the candlesticks

So after learning how to buy and sell on your platform. You’ll need to learn how to read the sessions and actions on your charts (How else are you going to buy and sell without knowing the price of the pair and what those iffy bars and sticks do on them?!) The next article will walk you right through. In the meantime, you will probably be wondering on some technical terms of Forex such as leverage and so on. tianx, one of our blog author has leverage covered. We’ll move on next.

Reading Candlesticks

Step 4: More actions on formations of candlesticks

Price actions is really important and to support that element of trading, we’ve included a candlestick formation tutorial for you, to learn how to read some of the basic candlestick moves. According to Dan and traderJ from Nobsnetwork, you can literally trade a market based on price action alone. This is one long tutorial that I have spent time on to do most of the screenshots to show example on MT4.

Candlesticks Formation

Step 5: Customizing your demo platform outlooks

Believe it or not, after changing your platform outlook, you might like trading forex even more since it’s more appealing to your eye and start taking trading more seriously (the word to highlight is might here, so don’t take it too seriously). Customizing your platform to make it easier to read will be a boon than a foe in any case and it aids on training.

Customizing MT4, Saving & Loading Template

Step 6: Adding MACD to your Meta Trader 4

Here we touch on the first basic indicator, the Moving Average Convergence/ Divergence (MACD) on adding them to your demo platform and how to read the indicator as well as the ups and downs of MACD.

Adding MACD To Meta Trader 4 and How it Works

Miscellaneous Step: Knowing the Different Types of Brokers

Now, get to know the two main different types of broker and choose one which is more suitable for your choice of trading.

 

Types of Forex Broker

Additional Useful Reading Materials

From time to time Nobsforex will have traders commenting and giving forex trading signals out with their logic explained. Form your own opinions as part of the curriculum and do not enter trades without doing your own diligence. We’re focusing on learning, and not punting.

Read tianx introducing article on video game mentality. Treat all your demo trades seriously and treat the amount in your demo as if they are your own money. Grow it or sink it. If you’re interested to discuss the trades that you have placed, head down to Nobsnetwork (NN) forum, join us in the Forex threads. We have interesting articles sprouting in NN once in awhile that are worth mentioning in this blog.

Another two good articles for beginners would be A Self Help Crash Course for Trader and Embarking on Forex? Just a Simple Reminder

There will be more steps formulating as we progress with more tutorials. Keep this page bookmarked or even subscribe to our RSS for daily updates on new blog entries that might spur interest to your forex experience.

Till next time.