"If you don't find a way to make money while you sleep, you will have to work until you die."
Warren Buffett
How to work with a guide?
Simply hover with your mouse over the icons to get information!

Just start with the stars below!

A guide is a step by step instruction to enlighten a specific topic. In this guide we will be covering the basics of trading in theory and practice.

The goal is to clarify what trading is and how it works. Additionaly which tools you should be using and what to keep in mind when you start studying. Those questions will be answered in this guide based on the foreign exchange market (forex).
The guide consists of three modules: Preparation - Theory - Practice.
MT4 installation, connect broker account
The recommendation of beginner-friendly sources for learning
How to work with free trading signals, MT4 learning platform

1. STEP: PREPARATION - Where should I start?

Before we start with theory and practice we are going to enter the preparation phase.

Where do traders trade?

Most traders use the well known MetaTrader 4 or 5 as their main trading platform. With the MT4/5 we can put in trades on a variety of financial instruments including currencies in the foreign exchange market (forex), CFDs (e.g. Dow Jones and the German Dax), commodities (e.g. gold and oil) and stocks (e.g. netflix and facebook). There are downloadable versions for Windows, Android and iOS. Tradingview is another alternative to MT4/5.

Where are my investments held?

The funds you use to trade will not be deposited on the MetaTrader platform. A broker account is used for this - a digital kind of bank account with the possibility of being active in the financial markets. We have full control over deposits and withdrawals and can link our broker account to our personal bank account to make transfers. The MetaTrader is like the "phone" and the broker account is a SIM card that connects to the phone in order to be able to make calls. Frequently asked questions are listed below.
What is a Brokerage account? How to work with a brokerage account?
A client's brokerage account is by analogy like a bank account, a personal electronic wallet for keeping the funds or securities. This account is opened by a licensed brokerage company and is necessary for the purchase and sale of currencies, shares, futures or other financial instruments at the trade exchanges.
Real account or demo account?
If you're only beginning to study the foreign exchange market, my advice to you is - start practicing on a demo account and do not invest your real money until you understand how it works.

That's why there are demo accounts where you can trade in real time. The only difference between a demo account and a real one is that you do not invest your own money, but instead trade with virtual money. All brokers have the opportunity to open a virtual account, connect it to the trading platform MetaTrader and start practicing.

When you register a demo account, you can choose your balance (the amount that will be on the account to begin with), as well as the leverage. The higher the leverage, the larger the lots you will be able to trade, respectively, to gain more profit. With that the risk also increases, which means that potential losses will also be bigger. The link to learn more about the brokerage account we use will be below.

Also, when registering a real account, the broker asks for proof of identity and proof of address - this is a standard procedure. You should carefully check the data you enter when you register, so that it will be consistent with the data on the documents you will send, as well as the data on the bank card from which you will deposit your balance. In any case, you can always ask a support question and discuss any nuances that relate to your situation. To create a demo account, providing documents is not mandatory.

Examples of brokers
There is plenty of regulated brokers. Fusion Markets, Hot Forex, Black Bull Markets, Global Prime and much more.

*This information is given as an example and is not investment advice
What should I look for when choosing a broker?
Criteria or questions to consider when choosing a broker:
- Does the broker have good trading conditions? (spread, commissions, transfer fees).
- Is the broker licensed?
- Does the broker have good support?
- How long has the broker been in business?
What commission do brokers take?
Typically, brokers do not charge monthly / annual maintenance fees. Opening a demo / real account is completely free. The broker does not charge a separate commission for the deposit / withdrawal of funds, since their commission is already included in the transaction you have made or the placing of your trades and is referred to as "spread" and "swap".

The fees that are paid to the broker per trade are usually hardly noticeable and amount to cents or small dollar amounts for most traders. For example, if we close a trade with a plus of $ 10, a fee of 50 cents to the broker would be realistic.

What about taxes?
Trading in the foreign exchange market is profitable and therefore taxed. Brokers do not pay taxes for you, this should be done independently, depending on the legislation of your country.
The latest versions of the Metatrader trading platform are 4 and 5. Both versions are available free of charge via the Google PlayStore or AppStore.
Click on the Registration button to create a free demo account. Alternatively, you can also use a broker of your choice.

Click on the Instructions button to be guided step by step through the registration process.
connect your demo account and get familiar with the MT4 platform
2. STEP: THEORY - Where can I study theory?
As trading has soared in popularity, there is a lot of information about it to be found for free on the internet. Those who prefer to watch videos can also find out more on YouTube.

Disadvantages are that free material is usually very superficial and difficult to use in practice. As a complete beginner, one often feels overwhelmed by the overload of information in this jungle, often not knowing where to start. In addition, a beginner cannot differentiate good and bad information that's out there. Investing in a good course that provides basic knowledge, trading strategies and mentoring is not a bad idea after all. You can save the time and nerves that you invest and halve your learning curve.

Brokers also provide free training material on their websites. However, trading strategies recommended by the broker should be used with caution, as the perfect client of a broker is someone who repeatedly pays in equity, diligently places many trades and stays on the platform for as long as possible. Their trading strategies are mostly designed for this. Nevertheless, that basic knowledge offered free of charge is still not wrong and can be helpful.

You can make your own list of 3-5 platforms and learn the theory through these sites.

My personal collection of free resources for a healthy basic knowledge
The School of Pipsology on Babypips provides basic knowledge and advanced trading expertise in English completely free of charge.
Broker HF Markets
I use the 10-year-old HF Markets Broker because of good support and trading conditions.
A great site to help you choose the right broker.
A great site to help you choose the right broker.
3. STEP: PRACTICE- How can I practice?
Theory without practice is useless. The key to success lies in applying what you have learned, preferably in chunks. Step one was necessary to prepare everything for the practice. Now you have everything you need to get started and you can keep following the theory as you go. The combination of theory and practice will tremendously help understanding the whole process.
Join our trading community and connect with like-minded trading enthusiasts! As a welcome gift, you will receive a free risk management checklist in your private mailbox.
Terminology, technical analysis and risk management.

A special strategy with a precise rulebook.
A person with a lot of know-how and experience who will guide you and be supportive if you have questions.
A positive community of like-minded people who support each other.
If you still have questions, you can always write me.
Made on