My Friend there is no easy way really and no books will give you those clear ways
This is my way, and since you have worked for one year trading demo accoounts you should be by now confident enough and learned from your mistakes 🙄, I want to share with you a useful website it will add a great value to your knowledge
I'm just sharing my thought about learning forex. I'm just a newbie like you and only have few years experience in currency trading. What I can sum all of those experience i got, there are 3 important things u need to learn:
1- system (10%) Find a profitable system and stick with it until you are successful. Forex is just like a business.
2- money management (10%) Even you have a system that give you 51%win and 49%loss, yet you still grow you account by 1%. Create your money management plan and follow it.
3- psychology (80%) Be discipline, be grateful and be patience. You have to conquer yourself first before you wanna conquer the world 😄
Just my TWO pips, hope you can find a proper education on Forex. Wish you all the best 😁
So true Forex Wizard. Although I would personally rank them as follows:
1-system (10%), 2-money management (30%), and 3-psychology (60%).
The psychology of trading - fear, hesitation, greed, and euphoria - are extremely dangerous emotions for traders and must be removed from day-to-day trading activity. But whilst we all know this, there does not seem to be any real guidance out there as to achieving this aim - that is, how do we control these dangerous emotions?
Money management is the solution, which means that psychology and money management work together hand-in-hand. If the euphoria of a previous hugely successful trade makes you feel invincible and therefore a little wreckless, a money management rule that limits lot size will negate this emotion. If you are paralysed by fear of loss when entering a trade, a clearly defined stop-loss based on a given percentage of the account balance will allow you to enter the trade with confidence. If you are long, but prices are moving against you, a stop-loss will eliminate emotional stress and therefore poor judgement that often results in either closing a position too early, or allowing a losing position to become an account blowing event...panic is removed. If you are long, and prices have moved up significantly, a trailing stop will eliminate the anguish associated with greed, and the fear of giving gains back if we hold the position too long, or if we liquidate too early only to watch prices move ever higher.
Psychology is the number one killer of otherwise successful traders, but the vast majority of us are not able to overcome these psychological negatives through disciplined thoughts alone. Money management provides us with the necessary tools to control fear, hesitation, greed, and euphoria. Get a good grasp of money management and its application to forex trading, and you will find that the psychological factors will take care of themselves.
Google 'forex money management' for free education!
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.