Friday, November 29, 2019

Episode 9: Forex Trading Part 2

Episode 9: Forex Trading Part 2

This week I continued growing my knowledge of Forex trading. To some, this might go against the essence of learning something new. While I would tend to agree, I believe I have yet to fully understand Forex trading. While I could have moved on, and covered another topic, I am not satisfied  with all that I've learned and thus compelled to learn more.

Originally it was suggested I get MetaTrader 4, set up a dummy account, and practice Forex trading. I did just that, but I didn't understand anything I was supposed to be doing. I was supposed to be following certain people to understand what they were doing and learning from them, but it was just too steep a learning curve.

While I wanted to give up, I realized I needed to take a step back and start at the basics, because that my friends, is how I do my best learning. So I watched a few YouTube videos, I chatted with a few friends, but I still wasn't understanding everything, and I still don't.

I did however come across a program called GoForex, which is available on Android, IOS, and Windows. This is a great program to introduce anyone into the world of Forex trading. The program begins with teaching the basics, one chapter at a time. Before progressing to the next chapter, you must correctly answer a quiz, proving you've understood the knowledge. It then allows you to play through a simulation Forex trading environment, where you start out with $1000.
After a few hours on the GoForex simulator, I was down to $750. I went back to re-learn some of the lessons. My third day of Forex simulation trading, and I was making some great trades and was up to $1600, and finished off that days trades at $1480. 

I think I'm beginning to get the hand of this this, I'm going to keep at it a bit and let you know how it goes. I may even attempt to set up a real account, so stay tuned.

Before ending this blog post, I want to let everyone know that GoForex is a free program, and that I was not paid to endorse this product, nor do I receive any form of funding from them.

Also if anyone else knows of any great programs to test Forex Trading on, I encourage you to please let us know by sending a message or down below in the comments.

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