SCFX Free Online Forex Trading Course

Trading is a journey that can last a lifetime. While the idea of ‘buying low, and selling high,’ might sound simple enough; in actuality, profitable trading is considerably more difficult than just buying when price moves down, or selling when price moves higher. A trader’s Forex education can traverse a variety of market conditions and trading styles. We want to teach you everything for free.

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1.Table of Lessons

  1. Introduction
  2. How to Become a Forex Trader
  3. Why People Love Forex
  4. What is Forex
  5. What to Trade in Forex
  6. How Forex Trading Works
  7. When to Trade
  8. When NOT to Trade
  9. Currency Pairs
  10. Key Principles & Terms
  11. Types of Analysis
  12. What Moves Currencies
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2.Hello Fellas!

Welcome to the SCFX Forex Education. These lessons will teach you the essential economic principles behind currency movements. Traditionally, learning how to trade in the currency markets takes years of studying piles of boring and bland theory books. We wanted to offer something that will get you results much faster. Part of our goal in developing these lessons were to make them the resource that would boost your skills in the fastest and most engaging way possible without sacrificing effectiveness.

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3.The journey of a thousand miles begins with one step

Awesome! So you have decided to become a forex trader! There is one thing you must ask yourself before you continue: Are you really ready to invest time and attention to master the currency market?

Forex trading is not a get-rich-quick scheme! If you are looking to get rich quickly, you’re better off buying lottery tickets. But unlike lottery, currency trading is a skill that you can develop and become better and better with each day. Eventually, you will reach a level where getting rich is possible. It just requires determination and work.

Even if you are still uncertain about your answer, these lessons will allow you to test your potential with forex gradually and without any risk. If you are new to forex, you should go through all the lessons. If you already have some experience, feel free to browse through the lessons according to your needs.

What Do I Need To Start Trading?

One of the awesome things about forex trading is that pretty much anyone has all the tools needed to trade:

  • Computer or smartphone
    (preferably both)
  • Stable internet connection

You don’t need multiple monitors or expensive software. The required primary software is available for free. You can even trade using just a smartphone. Many forex brokers have fully capable trading applications for both iPhone and Android phones and tablets.

How Much Money Do I Need To Start

You can easily “test the waters” without any investment by opening up a Demo Account with any broker. When you have tested your skills in a demo account, you can open a trading account with as little as $100.

In order to achieve notable gains, you will want to deposit more. Most successful traders start real-money trading by depositing anywhere from $300 to $2,000.
When traders start making regular profits and have accumulated $10,000 – $25,000, they start looking at “big boy” accounts that offer lower spreads, direct inter bank level executions and other premium features.

As you can see, you can start gradually and invest more only if you feel comfortable about it.

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4.Getting a piece of the $5 trillion pie

1. Trade From Anywhere
Forex is open for trading 24 hours a day, 5 days a week. Basically, you can live on an island or the Caribbean and trade in a time that suits your lifestyle. With forex, you are your own boss!

2. Withdraw Profits Whenever You Want
With a daily turnover of $5 trillion, forex is the most liquid financial market. Liquidity means that you can sell or buy large quantities of currencies in a matter of seconds. In comparison, stock markets can run out of liquidity easily, as it could be hard to find a buyer for stocks of a company that is having financial problems. Countries also go bankrupt, although it happens significantly less often. Unlike enterprises that can hide their true financial situation, economies of countries are very transparent and information is publicly available long before suck problems occur.

3. There Is No Crisis In Forex
Whenever a global economic crisis hits, all other markets go down. Real estate transactions stop, stock trading freezes, everyday businesses suffer and shut down. Forex trading can continue as if nothing had happened. This is due to the double-sided nature of currency trading,: currencies are always quoted in pairs. When one currency goes down, there will always be a currency that does better than the losing one. So you can pretty much always find possibilities for profit, regardless of the condition of the underlying market.

4. Low Entry and Transaction Costs
Just 15 years ago, the minimum deposit for retail trading ranged from $50,000 to $100,000. The large number of market participants and tough competition among brokers led to low entry and transaction costs compared to other financial markets. Initial deposit amounts have decreased so much over the past decade or so that you can now open a forex account and start trading with as little as $100. With more and more forex brokers competing for customers, spreads have decreased and commissions have fallen drastically over the past few years. Thus, forex has become one of the most cost-effective trading possibilities available to retail traders.

5. High Leverage
In forex, the typical options of leverage are 50:1, 100:1, or 200:1. With a leverage of 1:100, a trader who deposits $100 can trade with $10,000 ($100 x 100). Leverage allows for multiplying the potential gains of trading. It also works the opposite way, but traders can protect themselves from losses using stop-loss limits.

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5.The largest financial market in the world

Forex is the short form of “Foreign Exchange”. It is also known as currency exchange, or simply “FX”. Forex is the platform where currencies are traded.

It is the largest financial market in the world with a daily turnover of $5 trillion! It is huge even when compared to the biggest stock exchange markets.

Of course, the retail forex trading (what you want to do) doesn’t make up the majority of the volume. The daily trade volume of retail traders is around $1.5 trillion.

The Biggest Players in the Forex Market. 

You must know who the big players are in the FX market because they can change the currency rates in a blink of any eye. Traders who understand the main objectives of these players can make reasonable predictions about future currency moves.

Do you know Mario Draghi, Janet Yellen and Angela Merkel? They are a few of the officials who can create chaos in the currency rates with just a few words in their speeches.

Forex traders indeed plan their trades by analyzing the most recent economic news and geopolitical developments, as well as the latest announcement from G-7 key officials.

G-7(Group of Seven) is a forum of the world’s 7 most developed economies: the U.S., Germany, U.K., France, Japan, Canada, and Italy.

The main people to follow and listen from these countries are:

  • Head of the central bank
  • Prime Minister
  • President of the country
  • The most traded currency pairs is the EUR/USD so the most influential persons in forex are:
  • Chair of the US Federal Reserve Bank (Janet Yellen)
  • Head of the European Central Bank (Mario Draghi)
  • President of Germany (Angela Merkil)
  • President of the U.S. (Donald Trump)

Governments and Central Banks

The biggest players of the forex market are governments and central banks that buy and sell currencies to balance the economic growth and price stability of their nations. The amount of money used by central banks is enormous so their actions have a deep impact on the currency markets.

That’s why every forex trader wait with bated breath whenever the chairman of U.S. or European central bank is speaking publicly, one sentence in their speech can create big fluctuations in the market.

  • Commercial and Investment banks
    Big banks trade billions of dollars daily. They make transactions with each other, with their customers or they themselves speculate on the forex market.The 5 biggest banks are:1. Wells Fargo & Co.
    2. Industrial & Commercial Bank of China
    3. JP Morgan Chase & Co.
    4. China Construction Bank
    5. Bank of America
  • Large Corporations
    Large corporations control large amounts of money so when they move their assets in buik, it can influence the currency rates. For example, when the biggest insurance companies in Japan started to move their assets out of the country because of the decreasing value of yen and decreasing interest rates, the yen fell even more.
  • Individual Traders
    The most popular forex trader is George Soros who is famous for breaking the Bank of England and earning $1 billion in a day. He also earned $790 million by speculating on the fall of Thai baht. Traders like George Soros usually operate hedge funds with large resources. They can create strong impact on a nation’s economy and currency rate.
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6.Understanding the market fundamentals

Going Long or Short
The main idea in forex is to buy a currency at a low price and to sell it at a higher price. If you think the price of a currency rate will go up, you click buy (this is called going long), but if you think the rate will go down, you click sell (called going short).

The process of going long is very simple; going short, in reality, is a bit more complex. Fortunately, the complexity is taken care of by automated trading systems. The shorting process happens like this:

The broker lends you the currency that you want to sell.
– When the price falls, you pay the broker back a lower price, thus making a profit on the difference.

All you need to do is push a button and shorting happens automatically…

Sign up for free here to continue with our free lessons.
If you are a SCFX Member, just log in your account and click on Education.

Stop paying for Forex Education, we want to teach you how to be a great trader!

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7.Knowing the best time to jump in the market

9.The very best pairs to trade

10.Top 5 things you must always remember

11.How traders analyze the market

12.Everything around you influence exchange rates

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