Forex Beginners Who Have Low Budgets to Start!

.Plan For The First 15 Days - Phase 1:

Before you start trading you should always know the basics and the terminology related to the forex market. This is not a big problem. If you Google it, you can get lot information which you can't even digest. At this stage nothing to hurry up, first finish off the basics of trading. Normally 10 to 15 days of time is really good enough for any average Joe to be ready with basics. But we shall put it to 15 days of time.

Note: At this stage my kind request is not to get tempted to start real trading. Please do not start.

When you start learning basics in the first 15 days, along with it you also need to get register with any forex brokerage firm which is in this industry for a long time and very reliable. I suggest you to go for Easy Forex Brokerage firm or Forex Yard Brokerage firm as they are very reliable and the registration is completely free. After registering you can use their demo accounts for your practice and they will never force you to start real trading. So you can take enough time to practice on their demo accounts. Practice on the demo accounts as much as possible until you feel comfortable with them and this practice is really needed.

Be patient. There is still a long way for us to go and do not start real trading!

Plan for the Next 10 Days - Phase 2:

Now in phase 2, you need to learn when to start a trade by finding the entry points and also need to learn when to exit the trade by finding the exit points. For this you need to learn in depth of what technical analysis is and what fundamental analysis is. You can google them, but you cannot put them in an order to learn. I kindly request you to go through all the information on technical analysis and fundamental analysis steadily, but do not hurry up. This is very critical phase which you need to concentrate a lot because this is the point where you exactly learn what is the real trading and this phase leads you to become a forex winner. To learn about all the useful technical analysis methods and fundamental analysis methods, normally 10 days is good enough.

Even now please do not start real trading.

Plan For The Next 15 Days - Phase 3:

The next 15 days you need to apply what you have learned till now and practice on demo accounts of either Easy Forex Broker or Forex Yard Broker.

Watch any of the TV channels such as NBC News, CNN Money, Forex News Channel, etc which provides you the Forex news. Now pick the points in the forex news. Now start co-relating the news with what you have learned in technical analysis and fundamental analysis and you need to find the entry and exit points for a trade.

Daily try to find at least 8 to 10 profitable entry points and exits points and start trading on your demo account. Make a note of all the entry points which have given you the profits and also remember the factors depending upon which you have derived that profitable entry point. Practice this for at least 15 days and at the end of 15th day you will be able to find at least 5 best profitable entry and exit points a day. Finding the best profitable trades is nothing but building a forex strategy.