How I Started Forex Trading From Scratch: A Step-by-Step Guide Step 1: I Learned What Forex Really Is Forex is the global market for exchanging currencies like EURUSD, GBPUSD, or USDJPY. It trades 24/5, and profits or losses come from price changes measured in pips . I had to understand key terms first: lot, leverage, margin, spread, swap, stop loss (SL), and take profit (TP). Step 2: I Set My Risk Rules Before Trading Max risk per trade: 1% of my account. Daily max loss: 2–3%. Weekly max loss: 5%. No trade without SL and TP. For example, with a $1,000 account, risking 1% = $10. With a 25-pip stop, I calculated my lot size at 0.04 lots to keep the risk controlled. Step 3: I Chose a Regulated Broker I compared brokers by spreads, commission, swaps, leverage, and execution. Here are the ones I tested and use through demo and live: FBS – offers cent accounts, flexible conditions, and copy trading options. RoboForex – supports MT4/MT5/cTrader, with mu...
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