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Forex Trading Learning Checklist

The Forex Trading Learning Checklist outlines a structured approach to becoming a proficient trader, starting from basic concepts to advanced strategies. It includes stages such as learning the basics, setting up trading tools, mastering analysis methods, managing risk and psychology, building and testing a strategy, journaling trades, and finally transitioning to live trading. Each stage consists of specific tasks and learning objectives to guide traders through their development.

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ibrahimkargbo893
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63 views2 pages

Forex Trading Learning Checklist

The Forex Trading Learning Checklist outlines a structured approach to becoming a proficient trader, starting from basic concepts to advanced strategies. It includes stages such as learning the basics, setting up trading tools, mastering analysis methods, managing risk and psychology, building and testing a strategy, journaling trades, and finally transitioning to live trading. Each stage consists of specific tasks and learning objectives to guide traders through their development.

Uploaded by

ibrahimkargbo893
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Forex Trading Learning Checklist

Stage 1: Learn the Basics

[ ] Complete Babypips School of Pipsology (Beginner & Intermediate)

[ ] Understand currency pairs and forex market structure

[ ] Learn how to calculate pips, lots, and leverage

[ ] Study trading sessions (London, New York, Asian)

Stage 2: Set Up Your Trading Tools

[ ] Download MT4/MT5 or cTrader

[ ] Open a demo account with a reliable broker

[ ] Practice placing demo trades (buy, sell, stop-loss, take-profit)

[ ] Explore basic platform features (indicators, timeframes, chart types)

Stage 3: Learn Analysis Methods - Technical

[ ] Identify support and resistance levels

[ ] Study candlestick patterns (e.g., engulfing, doji)

[ ] Learn key indicators (RSI, MACD, moving averages)

[ ] Practice using trendlines and Fibonacci tools

Stage 3: Learn Analysis Methods - Fundamental

[ ] Learn how interest rates and news affect forex

[ ] Use an economic calendar (Forex Factory, Myfxbook)

[ ] Monitor 2-3 major central banks (Fed, ECB, BOE)

Stage 4: Master Risk Management & Psychology

[ ] Understand position sizing and risk-per-trade (1-2%)

[ ] Learn about risk-to-reward ratios

[ ] Read about trading psychology (Trading in the Zone)

[ ] Practice emotional control and patience during demo trades

Stage 5: Build and Test a Strategy

[ ] Choose a trading style (scalping/day/swing)


Forex Trading Learning Checklist

[ ] Define entry and exit rules

[ ] Backtest strategy on historical charts

[ ] Paper trade or forward test on demo for 1 month minimum

Stage 6: Journal Your Trades

[ ] Create a simple trading journal (Excel, Notion, or app)

[ ] Track: pair, entry/exit, SL/TP, lot size, reason, outcome

[ ] Analyze journal weekly for patterns

Stage 7: Go Live with Real Money

[ ] Fund a small live account (e.g., $100-$500)

[ ] Start with micro or nano lot sizes

[ ] Stick strictly to your strategy

[ ] Review and improve based on live experience

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