First Steps in Forex
Start your journey and learn the basics of Forex trading with GO Markets.
We've developed structured training designed to help new traders grasp the core principles of margin forex (FX) trading from the ground up.
Module 1: Understanding the forex market
Learning outcomes:
• Understand the purpose of the course
• Identify how you can get the most out of this course
• Recognise how the course fits in with the whole "First Steps" package so that you can take advantage of the available support
Learning outcomes:
• Understand the nature of the forex market and the terms used to describe it
• Identify the major reasons why people choose to trade forex
• Become aware of the key risks that you must learn to manage
• Recognise the similarities and differences between forex and other trading vehicles
• Identify YOUR aims as a forex trader
Learning outcomes:
• Understand how specific currencies are abbreviated
• Understand the currency pairs and the "Majors"
• Identify key market times that are most likely to influence currencies
Learning outcomes:
• Understand the difference between 'long' and 'short' trading in forex markets
• Identify the principles of how to profit and manage risk from either approach
• Recognise why people may buy and sell a position
Learning outcomes:
• Understand price quotes and the importance of pips
• Define forex 'spreads' and their impact on your trading
• Describe the meaning of a 'lot' and how lots influence position size
Learning outcomes:
• Understand the underlying principles of what moves the value of currencies
• Define the key factors that influence this and how it impacts sentiment and ultimately price
• Identify how this may influence your trading decisions
Learning outcomes:
• Understand the key factors and process involved for taking a trade from entry to exit
Learning outcomes:
• The ability to enter a trade on your trading platform
• The ability to exit a trade on your trading platform
Learning outcomes:
• Identify the two key risks that forex traders can be subjected to and MUST address when trading
• Appreciate the concept of the old market cliché, "Keep your losses small and let your profits run"
Learning outcomes:
• Understand how leverage and margin work with forex trading
• Recognise the risks associated with leverage and margin, and understand the actions you can take to manage these
Module 2: Developing a forex trade entry system
Learning Outcomes:
• Identify what changes in trading volume may mean in the context of market sentiment
• Describe how volume may be used in your trading decision making for both entry and exit
Learning outcomes:
• Review the key issues covered in module 1
• Outline the purpose and content of this module
Learning outcomes:
• Identify the meaning of 'trend' and what this may mean in the context of market sentiment
• Describe how using trends may impact both entry and exit
Learning outcomes:
• Describe the types of charts that you can use to view the market in action
• Identify the potential use, advantages and disadvantages of line charts, bar charts, and candlestick charts
• Become confident in changing chart types on your trading platform
Learning outcomes:
• Identify what moving averages are and what they mean in the context of market sentiment
• Understand how you can get the most out of this course
• Describe how these may be used in your trading decision making for both entry and exit
Learning outcomes:
• Identify the common time frames traders use and the context in which they should be viewed
Learning outcomes:
• Define position sizing and recognise its role in risk management
• Describe the factors you should consider when choosing the right position sizing strategy for you
• Understand the concept of 'slippage' in forex trading
Learning outcomes:
• Review the importance of considering economic news releases in your trading
• Identify sources of reliable and timely economic news event releases
• Identify the impact of economic news on entry and on open positions, and the actions you should consider
Learning outcomes:
• Review the importance of considering economic news releases in your trading
• Identify sources of reliable and timely economic news event releases
• Identify the impact of economic news on entry and on open positions, and the actions you should consider.
Learning outcomes:
• Gain an understanding of how the knowledge we've covered so far can be used to develop an entry system
• Get clarity on the purpose of an entry system
• Be aware that EXIT systems, which we cover later in the course, ARE EQUALLY IMPORTANT
Module 3: Developing a forex trade exit system
Learning outcomes:
• Review the key issues covered in module 2
• Outline the purpose and content of this module
Learning outcomes:
• Define the meaning of the term 'stop loss'
• Identify factors used to decide how to set up a stop loss
• Implement a stop level to determine proper positioning size
Learning outcomes:
• Define the meaning of the term 'profit target'
• Identify factors used to decide how to set up a profit target
• Circumstances of when to review a profit target
Learning outcomes:
• Define the meaning of the term 'trailing stop loss'
• Identify factors used to decide how to set a trailing stop
• Circumstances to review a trailing stop
Learning Outcomes:
• Developing an 'exit system'
• Understanding the purpose of an exit system
• Being aware that an exit system should be a part of your overall trading plan
Learning outcomes:
• Seven common potential dangers of trading for new and inexperienced traders
• How to avoid these common trader traps
Learning outcomes:
• The importance of trading responsibility
• Causes of responsibility 'dilution'
• 8 ways to take responsibility back