How can teens make quick, easy money?

Learn Forex Trading!

Let me share with you the most popular things that you have to follow for reaching success in trading Forex.

1) Forex basic information.

Anyway, for starting Forex, you will need as a minimum to read or watch Forex basic information. So I recommend you to search for primitive information about Forex.

Step 1 – Find basic information about Forex on the Internet, Google, Youtube, etc. You can read some articles, short books, watch videos. With basic information, you will understand what is Forex, how it works and the main features of Forex Market. It will not take a lot of time, it should take a couple of days.

In short, here is a list of information that is necessary to know for trading:

• Technical and Fundamental analysis
• Classic patterns
• Indicators
• Time frames
• Candlestick charts

Don’t need to download hundreds of books, it’s enough to check 1-2 books or articles about these main things above. All information will be the same in all other books. If you will download 10 books, you won’t find anything new, so don’t spend time on it.

1st way – find and read 1-2 books and start trading on a demo account. Read these books several times and compare everything on LIVE Forex charts of any currency pair. It is important to make daily practice, if you are unable to trade within a day, try to trade as a minimum once per day, as you need to see the market every day, how market moves and compare all things from books.

2nd way – you can check Forex basics on YouTube as well, absolutely same information, watch videos, compare it on Forex charts, check it in trading.

3rd way – if you live in a city where are Forex brokers offices, you can check if they provide educational courses, where you can learn Forex basic material, you can write notes in notepad or laptop, even ask questions if something is unclear.

Choose the way you prefer in quick learning, reading, watching or visiting local Forex courses. You have to pass this procedure, to get Forex knowledge.

Step 2 – While you are learning basic information you download Forex terminal, where you can make trading on Forex. Same procedure, use Google and search for the most popular platform – MetaTrader 4 (MT4), there are many companies (Brokers) who provide this platform. Download any you like. For demo account you don’t need to search a specific broker, it will be enough if you check in Google top 10 Forex brokers and chose one of them for trading.

When you download trading MT4 platform, go through the Forex trading platform, open DEMO account in the platform, check how it works, settings, open different currency pair charts, try to open orders, buy/sell, etc. So spend 1-2 days on checking how MetaTrader 4 works, maybe find some information in Google or Youtube, or probably if you visited local Forex courses, you can use their Forex platform for test trading. Anyway, if you get this information from somewhere you will understand it quicker.

There will be the moment, after a couple of weeks, when you understand that you already know most part of Forex basics, and you have good trading experience. You will try to move forward, but will you do it correctly or not, let’s see the next steps.

2) Building a Forex strategy

Almost all traders when they feel that they already know everything about Forex, and have trading skills, start searching for Forex Trading Strategies on the Internet. So if you decide to do this, I recommend you to get 1-2 strategies, test them and see results, it will be good for your experience.

Don’t try to use more than 1-2 strategies for testing. Traders that test different strategies, change them one by one, go deeper and deeper, they just spend time on hoping that these strategies will bring them success. BUT, imagine how many strategies you can find on the Internet? Thousands… so think, how much time you will spend on them, and decide, you need it or not.

While you are creating or trading someone’s strategy, you have to follow its rules!

1) Stay on a strategy you want to trade.

2) Use strategy on 1 or 2 currency pairs, it will help you to understand strategy faster, you will concentrate only on trading. If you jump from currency pair to pair, it will interfere concentration.

3) Test this strategy repeatedly, practice, practice and practice trading. Make trading every day, analyze every order, stop-losses, and take-profits you make. You will make many trading mistakes, and it will be increasing your trading skills. You will start to understand that every time you make a mistake, the market was right, but not you – in that case, you will start following the market.

4) Stay on this strategy and start simplifying it, remove unnecessary things or rules while test trading. As a result, the strategy that you have chosen will be modified by you! It will be the strategy that you will trade.

If you want that your strategy works well and bring you profit, you should remember this:

1) don’t think about earning money quickly on Forex, you should do it slowly, no rush.

2) if you catch loss, don’t try to return it, you must wait for the next signal.

3) if you make a mistake and you understand it, next time you should remember it and not follow it again.

4) don’t follow analyst forecasts. You have to make your own forecast by your own analysis and explain to yourself why it is so and wait till it works or not. Only in that case you will understand your wins and mistakes, and collect it in your mind.

5) don’t follow your emotions while trading your Forex strategy. Strictly follow strategy rules and don’t cross it.

6) don’t trade on luck and don’t be greedy.

Here are examples of simple strategy signals that can bring you more profit than losses:

If you open any currency pair, for example, EURUSD, candlestick chart, and any time frame – M5, M15 or H4.. just look at the chart and search for reversal patterns, how it worked in past. Logically, in live trading, you can also face these patterns, and it will work absolutely the same as in the past, the market is not changing, and we can use it!

Classical pattern – you BUY on double low, stop-loss (SL) is very small, under the lows and Take-Profit (TP) as minimum previous high or market can go even higher. … You SELL on double high, SL over high and TP on next low or lower.

Reversal pattern Head and Shoulders – it’s almost the same as triple low (high), and also the same procedure with stop-loss and take-profit.

If you strictly follow these signals, your profit will cover all losses. A lot of practice will increase your trading skills, and time to time you will be making trades better and better.

You have to build strict rules of your strategy and follow signals – where to buy/sell and stop/profit.

Follow your trading strategy signals and take as much as the market gives you. The market can give you much more than you expect, even 2-3 times per day by swinging trading or in daily trend, or can take your previous profit by stop-loss.

We don’t decide where the market will go, Market (market makers) decides where to go. We are traders, must adapt to the market.

Currency pair for trading:

There are a huge amounts of currency pairs, but most popular are majors.

EURUSD – is good for lazy intraday trading. This pair gives clear signals, but sometimes volatility is low. So in a calm day, catching 30-50 pips is good.

GBPUSD – have good intraday volatility, and this pair like swinging. If you want to participate in the market the whole day and catching more profit, this pair will give it. GBP will give you more time to worry about orders than EUR, but it can give more profit.

USDJPY and USDCAD – are almost the same as EUR and GBP, it’s possible to trade it within a day and get profit, but I usually use these pairs for long-term trading, it gives very good signals on highest time-frames.

GBPJPY and EURJPY – are more aggressive and these pairs can give profit faster than majors. it’s good on scalping and volatility is higher.

EURGBP – good who like trading in corridors. It’s quite a lazy currency pair for intraday trading, but 20-30 pips, trading in the corridor, it gives.

Actually, all pairs are the same: the chart is the same, the movement is the same, the signals are the same. For example, today pair stay in the corridor, tomorrow it will give trend; today it gives 30 pips, tomorrow 130 pips… and it happens with any pair. The difference is – the name of the pair and price.

So choose any pair for trading, sit on it every day, trade it, and this pair will become your best friend for earning money.

Risk Control

It’s very important to follow Money Management in trading.

For example, if you have deposited with $1000, leverage 1:100, and 0.01 lot on EURUSD is $0.10 for 1 pip, then you can calculate all risks for the order you make, and profit that you can get.

It’s not difficult, here are some examples:

0.01 lot – it’s 1% from your deposit, and 10 pips = $1

0.08 lot – it’s 8% from your deposit, and 10 pips = $8

0.20 lot – it’s 20% from your deposit, and 10 pips = $20

So use this in your strategy and try to create your own Money Management for trading.

3) The way to grow in Forex

On this step, you must understand that your Forex strategy brings you weekly/monthly profit.

It is very difficult to make profits every day because Forex Market can cheat your strategy one day, but it will work on the next day, so on the 2nd or 3rd day, you will get profit. As a result – strategy should bring profit every week.

If you have a small deposit, for example, $100, so you can start making a profit. Usually, good strategies bring about 5-10% weekly on calm trading. Sometimes it can bring you 3% or 20%, depends on the market movement and trading strategy rules.

So let’s take real-life trading connecting with a full-time job, and results with 10% monthly, less than in 1 year you will double your deposit.

While you are trading 1st year and increase your deposit, of course, $100 is a very small amount, and increasing it to $200 after one year – it’s crazy.. BUT, most of the traders think so and lose on Forex.

So if you follow strategy rules, making 10% monthly, and you are 99% sure that your strategy works and brings profit – start searching for investors! If you show your results and explain that your financial status is not high and you are unable to invest thousands in Forex, but you are able to make profits more than 100% per year, believe, there will be a person who will invest $5,000-$10,000 in your trading (with discussed terms & conditions).

Imagine if you get about $8,000 for trading, and you doubled it within 1 year. Using your new trading statement, you are able to search for another investor, or if this investor is able to invest more, you can discuss it.

If you have a statement that you doubled $8,000 deposit in a year, so you can search for a good investor. If you have a previous year statement with your new statement, so in that case, you are able to find very good investors, as 2 years profitable trading statement for investors is a good proof. So it is real to find an investor with $100,000 and more deposit.

So when you start operating with such amounts, you can leave your full-time job, and you don’t need to search for investors, they will find you, and you are able to work with several investors at once.

If you reach amounts of $100,000 you are able to double it in a year. During this year you will receive many requests from investors, and you are able to choose with who you want to work.

While you are trading you share profit with investors and spend it on your life, but you go forward and you will reach it on the 4th or 5th year.

You can use this method even if you are able to invest $1,000 … $5,000 or bigger amounts, you will reach the aim quicker.

It is an example of how you can become successful on Forex Market starting with a small deposit, make calm trading, earn approximately 10% monthly and get financial support from Investors. Of course, it is possible to reach the aim faster, everything depends on trading strategy and monthly profit.

Hope this information help you.

Good luck!