Start here if you are new to Forex. Clear explanations, examples, and exercises.
1. Introduction to Forex
- What is Forex trading (Foreign Exchange Market)? Global marketplace for currencies.
- Why people trade Forex: diversification, liquidity, 24/5 market.
- Pros/cons: high liquidity and leverage vs. high risk and volatility.
- Participants: central banks, commercial banks, institutions, brokers, retail traders.
Tip: Exchanging USD to EUR when traveling is a basic form of forex.
2. Forex Basics & Terminology
- Currency pairs: Majors (EUR/USD, GBP/USD), Minors (EUR/GBP), Exotics (USD/TRY).
- Base vs. quote currency.
- Bid, Ask, Spread.
- Pips and pipettes.
- Lot sizes: Standard (100k), Mini (10k), Micro (1k).
Example: If EUR/USD = 1.1000 → 1 Euro = 1.10 USD.
3. Understanding Charts
- Chart types: Line, Bar, Candlestick.
- Candlestick anatomy: Open, High, Low, Close.
- Timeframes: M1, M15, H1, D1, W1, MN1.
Tip: Learn bullish vs bearish candles with visuals.
4. Types of Orders
- Market orders: Buy/Sell instantly at market price.
- Pending orders: Buy Limit, Sell Limit, Buy Stop, Sell Stop.
- Stop Loss (SL) and Take Profit (TP).
Example: Buy Limit is placed below current price expecting it to rise.
5. Technical Analysis Basics
- Support & Resistance.
- Trendlines and Channels.
- Moving Averages.
- Chart patterns: Double Top, Head & Shoulders, Triangles.
- Candlestick patterns: Doji, Hammer, Engulfing.
Tip: Note which patterns signal reversals or continuations.
6. Fundamental Analysis Basics
- How news affects currencies.
- Key indicators: Interest rates, GDP, Inflation, NFP.
- How to read an Economic Calendar.
Example: When a central bank raises rates, the currency can strengthen.
7. Risk Management
- Risk-to-reward ratio (e.g., 1:2, 1:3).
- Position sizing.
- Risk per trade (typically 1–2%).
- Trading psychology—control emotions.
Exercise: With $1,000 and 2% risk, max risk per trade is $20.
8. Trading Platforms
- Overview of MT4 and MT5.
- Platform layout basics.
- How to open/close trades.
- Backtesting indicators and robots.
Tip: Add screenshots and explain each panel.
9. Trading Styles
- Scalping (very short-term).
- Day Trading (intraday).
- Swing Trading (days/weeks).
- Position Trading (long-term).
Tip: Weigh pros and cons of each style.
10. Brokers & Accounts
- Broker types: Market Maker, ECN/STP.
- What to look for: regulation, spreads, leverage, payments.
- Understanding leverage and margin.
Warning: Leverage increases both risk and potential loss.
11. Trader Psychology
- Controlling fear and greed.
- Building a trading plan and checklist.
- Keeping a trading journal.
- Discipline and patience.
Tip: List common beginner mistakes and how to avoid them.
12. Demo Trading & Practice
- Why start on demo.
- How to open a demo account.
- Practice placing orders and testing strategies.
Task: Place 10 demo trades and record results.
13. Robots & Indicators
- What trading robots (EAs) are.
- Difference between robots and indicators.
- Advantages and risks of automation.
- How to install and use on MT4/MT5.
Tip: Robots are tools—not guarantees of profit.
14. Risks & Warnings
- Forex is high risk and not for everyone.
- Avoid scams and "get rich quick" promises.
- Use risk management and never risk money you can’t afford to lose.
Must‑Have Elements in Your Notes
| Section | What It Should Include |
|---|
| Concepts | Clear explanations with beginner language |
| Examples | Real trade examples with screenshots |
| Exercises | Small tasks (e.g., calculate pip value, draw S/R) |
| Visuals | Candlestick charts, patterns, platform screenshots |
| Summaries | End each module with a summary |
| Disclaimer | Always remind users this is education only |
Disclaimer
Disclaimer: All information provided in this guide is for educational purposes only and does not constitute financial or investment advice. Trading forex and other financial markets carries a high level of risk and may not be suitable for all investors. You should never invest money you cannot afford to lose. Past performance does not guarantee future results. Always consult a licensed financial advisor before making trading decisions.
About this page
This Beginner course covers the complete foundation you need to start trading Forex safely and confidently. You will learn:
- The basics of the Forex market, key terms, and how currency pairs work.
- How to read charts, candlesticks, and common timeframes.
- Order types (market, limit, stop) and how to place SL/TP.
- Core technical analysis (support/resistance, trends, patterns) and fundamentals (rates, GDP, CPI, NFP).
- Risk management: position sizing, risk-to-reward, and mindset.
- Platforms (MT4/MT5), trading styles, brokers, and accounts.
- Trader psychology, journaling, demo practice, and automation basics (robots/indicators).
- Critical risks and warnings so you avoid common pitfalls.
Use this page as your step-by-step guide. Practice each section on a demo account before risking real funds.
