The Journey to becoming a full time Forex day trader begins with a single pip.
July 24, 2020
It’s Friday! Instead of heading out to enjoy the start of the weekend, I’m stuck here at home. Can’t do much, since this whole Covid-19 virus is still happening.
Anyways, I should stick with my plan and log down what I did today.
I started off by researching forex day trading on Google. To my surprise, there are a lot of self proclaimed wannabe forex mentors on the web.
Some of these “forex trading gurus” have pictures of them in their fancy $500K car, but their site, product, even their e-books look like crap. C’mon, if you have that kind of money, you can afford to hire professionals to work on your marketing and your product.
Any-who, I started looking on youtube (advise from a friend), where I came across a couple of people who claim to have taught thousands of students all around the world.
Some look decent, some look very professional, and others just look down right sketchy.
But with all that aside, I did learn a lot in just a few hours.
End of day recap
- Overview of what is Forex
- Introduction to the 6 major currency pairs
- Learn about the different trading sessions
- Intro to technical analysis
- What is fundamental analysis
- Broad introduction to technical indicators
Note to self: Create a post on each of these bullet points for reference later…
07/25/2020 Saturday 08:17AM
So I started my day early, despite that its Saturday!
I began by looking online at several forex brokers that offer free forex training. So after searching on Google for about 10 minutes, I came across a couple of forums that recommended Forex.com.
I heard from others that the US has a strict compliance policy when it comes to US based forex traders. There are a few forex training websites that I have come across that do not offer services because of my location.
The first 2 hours of the start of my day was spent going over all the notes I took yesterday.
I never realized that I was such a good note taker.
It’s good thing that I won’t be posting up my notes online. I’ll probably be charge with plagiarizing. LOL! But I will however take what I learn and publish it here on my blog. (For future reference of course!)
After going over the prior day’s notes, I started asking around forex forums, about what topic(s) is should get started in, and most suggested that I learn to read price actions first.
So, I hopped on youtube and started binge watching price action videos. I think i watched like 10 (30 minute) videos on just price action.
Because I’m such a visual learner, I decided to go back to Forex.com, create a demo account, and downloaded their trading platform.
By following their instruction I was able to get a good feel about reading bar/candle sticks, and was even able to spot a few candlestick/chart patterns.
The rest of the day, I focused on what drives the prices, more importantly, what fuels the markets.
I started watching videos again in youtube, this time about how banks and large financial institutions that have such large capital, how they can manipulate the markets to their benefit.
I also came across some videos explaining how some economic reports and speeches that greatly impact the direction of the market, reports like the Non-Farm Payroll, and the State of the Union Address, to name a few.
End of Day Recap
- How economies drive the forex markets.
- How different markets impact currencies around the world.
- Roles of Banks and other large institution and the type of control it has over prices and direction.
- Introduction to price action movement and chart patterns.