How to Start Forex Trading as a BEGINNER in 2025 (Full Guide)
Today I'm going to teach you how this chart going up turns into this and inevitably all of this. I'm going to teach you how to start Forex Trading as a beginner so that by the end of this video, you can place your first trade with confidence and collect your profits. I've been doing this for 16 years. I'm self-taught, and currently, I'm building a $5 million mansion for my beautiful family. I don't gatekeep, so if you sit here with me today, I'll teach you everything you need to know to start trading Forex.
I'll share the free tools I use in my trading, the platforms I trade on, where I withdraw my profits, how I analyze the charts to win trades, and much more. So smash the like button, subscribe to the channel, and let's dive in.
What is Forex Trading?
Let’s say we have a Canadian $10 bill. The value of this bill goes up and down relative to other currencies. For example, $1 Canadian dollar is worth $0.692 USD. We can trade based on this information. If we believe the US dollar is strong and the Canadian dollar is weak, we can bet on that by buying the US dollar against the Canadian dollar. Then we can enter a buy position, and if the price goes up, we make a profit. If we hit our take profit, we can close the trade.
Now, on the flip side, if we believe the Canadian dollar is strong and the US dollar is weak, we can open a sell trade. We would be selling the US dollar against the Canadian dollar, expecting the price to drop. If the trade goes in our direction and hits the take profit, we close the trade and collect our profit.
Chart Analysis
When I place a trade, it's not based on guesswork. I use actual chart analysis, which helps me identify a high probability of the price moving in my favor. For every trade, I have a checklist of rules that I follow, and I won’t place a trade unless I’ve followed every single one of those rules.
Free Tool for Analysis - TradingView
The first free tool I use for analysis is TradingView. It’s free forever, and you can sign up without a credit card. Once signed up, you can access charts, mark support and resistance levels, set up trend lines, and analyze patterns. This allows me to draw various patterns and get entry signals for either buying or selling.
Forex Pairs
On the right-hand side of TradingView, you’ll see various currency pairs. The major pairs like EUR/USD, GBP/USD, USD/JPY, and USD/CHF are great for beginners because they have the most liquidity and tend to give good price action. When starting out, I recommend sticking with these pairs because they have more predictable price movements.
Time Frames
There are several time frames used in trading:
- Daily: Trades last weeks.
- 4-Hour: Trades last days.
- 1-Hour: Trades typically last for one day or slightly longer.
- 5-Minute: A scalping time frame where trades last for just a few hours.
Market Sessions
Forex market operates in different sessions:
- Asian Session (Purple)
- London Session (Blue)
- New York Session (Orange)
The New York session overlaps a bit with the London session and has a lot of activity. Personally, I trade mostly during the New York session, focusing on US pairs like EUR/USD, USD/JPY, and USD/CAD.
Indicators
Indicators in TradingView use market data to give you potential buy and sell signals. While indicators can help, I don’t rely solely on them because they are not always accurate. I prefer a more hands-on analysis approach. However, for a beginner, using indicators like Moving Averages (EMA) can be helpful for getting buy and sell signals.
Brokers and Platforms
To place a trade, you need a broker. I use HancoTrade and Fentura for my trading. Registration is free, and once you sign up, you can create a live account and download MetaTrader. From there, you can place trades. Start with a small lot size (0.01) for lower risk, and as you get more experienced, you can increase it.
Once you’ve opened your account, you can place your first buy or sell order. Make sure to also set a stop loss and a take profit for your trade.
Easy Trading Strategy
For beginners, here’s an easy strategy:
- Time Frame: Use the 1-Hour time frame.
- Indicator: Apply the 200-period EMA. If the price is above the EMA, you only buy. If it’s below the EMA, you only sell.
- Support and Resistance: Identify a strong support or resistance level, where price frequently reverses.
For example, if the price is above the EMA, and there's a clear support level, you can place a buy order. Set your take profit to a nearby resistance level and your stop loss below the moving average.
Depositing and Withdrawing Profits
I typically use cryptocurrency like Bitcoin for deposits and withdrawals with my broker. I use platforms like crypto.com to get Bitcoin. Once the deposit is in my trading account, I can trade live and withdraw profits directly from my broker.
This is your step-by-step guide to start trading Forex as a beginner. If you have any questions, leave a comment—I’d love to hear from you! Don’t forget to like the video, subscribe to the channel, and join my VIP or free trading room where I send out my trades. See you next week!
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