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New to Forex & Price Action? START HERE!

Johnathon Fox
10/31/2017 | UPDATED ON: 08/11/2020

Hi there and welcome!

Here is an EPIC step-by-step start here guide. This guide will help you get started and learn price action trading with Forex School Online. It will show you how you can start right now and exactly what you have to do.

It is going to keep you busy for a long time with lots to learn 😁!

 

The Fastest Way to Start Learning

This site was created to help you go from where you are now, whether that is a beginner trader and need to start with our FREE Online Beginner Forex Course, or you are more advanced trader and you are looking for a method to create a profitable edge over the market.

The reason price action trading is so popular is simple; it works and it can be used on many different markets and time frames.

Price action has worked for hundreds of years and was first traded on the rice markets. It will continue to work for many years to come.

The best trading methods are simple, logical, and can be repeated time and time again.

They can have rule sets created around them and strict plans can be created to be followed to create a high probability trading edges. To do this we need to know the mechanics of making profits.

 

How do we do this?

Learn the #7 steps to trading price action which are;

#1: Setting up and using the correct New York close & Recommended Broking Charts

#2: Learning how to mark and use support/resistance, price flips, reversals and all other parts of a price action story

#3: Learning how to trade with a trend and range – and exactly the keys of each

#4: Major triggers that should be used for entry, how to use them, how to enter and exit and use stops

#5: How to manage money – set and work out correct position size

#6: Successfully manage stops, targets and profits over long periods

#7: Set up a personal routine, trade plan and strict rules that can be followed for every single trade

 

#1: Setting up and using the Correct New York Close & Recommended Broking Charts

The charts you use, the broker use, the pairs you use and when you trade are absolutely crucial.

These things are massive and need to be sorted before you make a single demo trade.

We don’t have many costs as traders. Depending on your office, internet and electricity set up, your broking costs and commissions are going to be your biggest costs by far!

There are still to this day very expensive brokers compared to the rest of the market and there are still brokers that traders need to be extremely cautious of.

I discuss what you need to look for, the safety measures like client funds segregation, making sure the broker is licensed correctly etc, in the lesson that you can also get a Free New York Close 5 Day Charts Demo

If you are not familiar with MT4, then I HIGHLY recommend going through our introduction guide to MT4 and using this to get familiar with exactly how it works whilst you are trading demo and working out where everything is.

 

#2: Learning how to mark and use support/resistance, price flips, reversals and all other parts of a price action story

Possibly the most important section to the whole ‘Start Here Guide’… because learning how to place and put the price action story together will help with the other crucial elements like trade management, placing trade trigger entries and stops and profits.

But; if a trader has not locked down the major support/resistance, key price flips, momentum, major reversals, space/traffic, breakouts etc, then placing high probability triggers will be a very difficult job.

Often traders do things in the completely wrong order when they come to price action trading which is why they have so little success and struggle for so long.

They see and read about pin bars, false breaks, and they go after them and start entering them, but this is a little like putting the cart before the horse.

If we start making triggers before we have learned how to use or put the price action story into place, we are going to be ‘pattern trading’. Making patterns and then trying to jam whatever levels or support/resistance we think we can find to agree with ourselves that we have found a good trade.

Learn How to Mark Major Support / Resistance Levels

First Test of Support & Resistance Price Action Trading Strategy

Using Price Action Price Flip Level to Hunt Trigger Signals

 

 

first test stratetgy

 

 

#3: Learning how to trade with / in against a trend and range – and the keys of each

One of the ways traders can start to increase their odds quickly and pretty easily after they learn how is by trading with the obvious trend.

The majority of traders (even knew traders) know this to be true; however, when it comes time to look for trades time and time again traders will either trade against a very obvious trend or make a trade in a very messy market.

Why? A few reasons…

The first is; obvious trending markets are a lot less common than what the ranging and sideways markets are, and the triggers that traders are often looking for like pin bars or 2 bars etc, will often form at the high or low of a strong trend.

For example; price moves higher in a strong trend. All the professional traders have pushed price higher and they continue buying price higher, as they then look to cash out some of their profits price starts to sell off a little bit lower and price creates a smallish rejection pin bar at the very top.

It is these small counter-trend triggers at extreme highs and low against trends picking against market moves that you need to show major caution for. Instead; look for obvious market moves and trade WITH them.

Read Lesson on How to Avoid the Counter-trend Sucker Pin Bar

[Video & Lesson] How to Trade the Price Action Trend

 

#4: Major triggers that should be used for entry, how to use them, how to enter and exit and use stops

Once you have locked down major levels, you understand what a reversal is, you have a fair idea what a swing point is, you can then begin to think about looking to hunt for trigger signals.

The best example of this is the pin bar reversal.

Whilst reversals are a one candle trigger, it is where you play them in the price action story and how you manage them that will decide your trading fate and success. I highly recommend you follow our “Charts in Focus” summary setups.

 

start here Forex guide

#5: How to manage money and work out correct position size

If you are not working out your position size every single trade and you are not covering your risk, then you are running the risk of blowing your account.

This is surprisingly very, very common. There are multiple methods for managing your money and preparing to enter your trade, but that is not for this lesson.

[dropshadowbox align=”center” effect=”raised” width=”auto” height=”” background_color=”#ffffff” border_width=”1″ border_color=”#dddddd” inside_shadow=”false” ]I want to hammer home that you must always be thinking about your risk and covering your downside at all times.[/dropshadowbox]

 

Forex Money Management That Actually Works

Position Size Indicator

The Big Myth Taught About Risk Reward

 

#6: Successfully manage stops, targets and profits over long periods

The skill to making consistent profits time after time is not in where the trades are entered, but after the entry has been made and how the trades are managed, ie; the decisions that are made when the trade is on.

For example; if you cut your trade too soon through fear, if you let a loser run too long, cut a winner too short or don't stick to the plan you had set before you entered and a swag of other errors.

A quick glance in any forum will show that the bulk of traders are in the “trading systems” or “Holy Grail” sections, looking for the best entry system that will show them exactly how to enter the market. These systems are designed to show and tell traders exactly when to enter the markets and hopefully put them on the right side of the market more often than not.

The problem is not the system. The problem is that if the trader does not understand how to correctly manage a trade, then they can use any system or method in the world and it doesn’t matter how many times they are going to be on the correct side of the market, they will still lose money in the long-term.

Markets move up and markets move down and it's this movement that allows traders to make money and it also allows traders to lose money.

This movement is why it's possible for two traders to enter at the exactly the same position, entry point / time and for one trader to make a profit and for the other trader to walk away with a loss.

This is also how over time one trader will be able to manage their trades and make consistent profits and the other consistent losses – good or bad trade management.

Trade management lesson

 

#7: Set up a personal routine, trade plan and strict rules that can be followed for every single trade

There is a lot to think about with your personal routine. Below I have linked up my daily trading routine example for you.

My routine has changed over time as my son gets older, things like school and homework change the timings, and this will happen for you too the longer you trade. 

My timings will probably be completely different to yours depending on where you are in the world, but you NEED to create it now and then be flexible.

Trading will affect your WHOLE LIFE and everything you do. If you are going to trade, then don't think you can isolate it.

Trading is not just a few stocks you will check at the end of the month in the paper.

We have students and traders from countries ALL over the world who have to create their own personal routines.

They cannot follow mine and set to me. Everyone will be up at different times and watching different charts for work/sleep/kids etc, and this is what you need to think about for you.

How to Create Your Own Routine – My Example Included!

The Forex Markets & Pairs to Trade

 

EXTRA TOOLS TO SPEED UP LEARNING:

There are a few super handy tools I use that you really may like to use as well…

 

MT4 Time Frame Creator

MT4 offers a fantastic platform that is both easy to use and quick to pick up and learn, but whilst there are many time frames in-built to the standard MT4 standard platform, one of the drawbacks is that some of the other time frames that traders would really like to trade are not easily available.

Time frames such as 2hr, 8hr or 2 day which are really quality time frames, especially for price action traders are not available and having these time frames as an option would make a big bonus and open up a lot more potential trading opportunities in the same markets already being traded.

To fix this problem traders can use an indicator that is super easy to install and use in their MT4 platform which allows traders to change the time frame into anything they would like.

You can read the full tutorial on how to install and change your MT4 time frames HERE.

 

MT4/MT5 Position Size Calculator

This MT4/MT5 indicator is super convenient because it takes into account all of the information already contained in your trading platform such as your account balance and base trading currency and once you add in the extra details that the indicator asks for such as your entry and stop loss placement for the trade you want to make, then it will take all the information into account and automatically give you your risk information and continually update it as price is moving and changing.

You can read the full tutorial on how to install and use this position size indicator HERE.

I have grouped together both of these indicators in the one spot so you can get at the same time below:

 

Lastly…

Questions?… Comments or anything else? Post them below in the comments!

 

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
Previous Post: « EURUSD Moving Into Price Flip Kill Zone | 30th Oct 2017
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Reader Interactions

Comments

  1. Charlie79 says

    06/20/2020 at 12:44 AM

    Hi .

    I was doing the lessons . I got lost along the way . I cant find the lessons anymore.

    Kind regards

    Charles

    Reply
    • Johnathon Fox says

      06/21/2020 at 11:46 AM

      Hi Charlie,

      make sure you are logged in here; https://www.forexschoolonline.com//login/ and then all lessons under free course section.

      Reply
  2. zahid ali says

    12/31/2019 at 3:17 AM

    hi dear sir i want learn forex please guide me

    Reply
    • Johnathon Fox says

      12/31/2019 at 11:55 AM

      Hi Zahid,

      the best place to start is follow the steps in this guide starting with free intro course; https://www.forexschoolonline.com//forex-school-beginner-course

      Johnathon

      Reply
  3. richard emmanuel says

    12/10/2019 at 5:16 AM

    Hello, I am into Forex trading, My name is Richard Emmanuel, currently, am based in West Africa, I am making frantic Plans to commence a forex trading School online for my numerous Offline Clients including selling them trading Forex Robots and software, l will be interested if you will participate by offering your expertise – I am really hoping we can get some latest forex trading materials from you-kindly reply.

    Reply
    • Johnathon Fox says

      12/10/2019 at 9:22 AM

      Hi Richard,

      not sure what you mean by getting some materials from us, but you can send us an email here; https://www.forexschoolonline.com//contact-us/

      Johnathon

      Reply
  4. branko milen says

    12/03/2019 at 9:24 AM

    How do I know a chart is ‘the correct NY closing chart’?
    I don’t know FXChoice and already have a broker. So how can I tell? I don’t want to switch.

    Reply
    • Johnathon Fox says

      12/03/2019 at 1:05 PM

      Hi Branko,

      if you are happy with your broker, then there is no reason to change.

      You can read about NY close charts here; https://www.forexschoolonline.com//new-york-close-5-day-forex-charts-change-time-frames-mt4/

      To check your charts, make sure they close and align to the 5pm NY close (your daily chart candles should close at this time).

      Johnathon

      Reply
  5. petronella says

    11/28/2019 at 1:27 AM

    I look forward in trading and in learning more about making money am read to learn about forex trading

    Reply
    • Johnathon Fox says

      11/28/2019 at 9:40 AM

      It’s good to have you Petronella.

      Johnathon

      Reply
  6. Johnathon Fox says

    10/10/2019 at 9:05 AM

    Hi Tshepo,

    there is no set time frame or rule on how long you or someone else may take to learn the basics and then your chosen strategy into practice.

    There is no cost to learn on this site. Lessons, beginner courses and other PDF’s / downloads are free.

    Safe trading,
    Johnathon

    Reply
  7. tshepo says

    10/10/2019 at 12:15 AM

    can i ask, i m a beginner here and my friend has been telling me about forex since forever so i was wondering how long it takes to get there sum

    and also how much we pay

    Reply
  8. Obiechina says

    07/21/2019 at 10:37 AM

    Hey Johnathon

    I was following your forum on babypips. It was very educative, thanks for that nut it’s no longer active so I was wondering if you could add me to any other forum you’ve were they discuss pure price action. Thanks in anticipation

    Reply
    • Johnathon Fox says

      07/22/2019 at 6:51 PM

      Hi Obiechina,

      if I had more time I would be in more places, but I have to pick and choose where spend time wisely.

      I am sure there are places out there discussing price action, but I do not follow to say if they are worth your time.

      Safe trading,
      Johnathon

      Reply
  9. Ndemufao says

    07/03/2019 at 8:28 AM

    Hallo I want to register, how do I start

    Reply
    • Johnathon Fox says

      07/04/2019 at 6:18 PM

      Hi Ndemufao,

      you can register at link below for intro course and bonuses;

      https://www.forexschoolonline.com//forex-school-beginner-course/

      Any issues let me know,

      Johnathon

      Reply
  10. Kalpesh Acharya says

    04/04/2019 at 3:10 PM

    Is this for beginners only or it is for an advanced student as well?

    Reply
    • Johnathon Fox says

      04/05/2019 at 6:30 PM

      Hi Kalpesh,

      we have a lot of free lessons and videos on this site that will help a range of different types of traders.

      https://www.forexschoolonline.com//blog/

      Anything else let me know,

      Johnathon

      Reply
  11. Neo says

    12/29/2018 at 12:52 AM

    Can you teach me how to trade I wanna earn some money to further my studies

    Reply
  12. manish says

    12/11/2018 at 10:26 PM

    what is the price for lifetime membership.Does it include the advanced price action course?
    Will the course help me to trade London open and London close correctly?

    Reply
  13. Cody Dupler says

    10/02/2018 at 4:50 AM

    what happened to the forum

    Reply
    • Johnathon Fox says

      10/03/2018 at 9:47 AM

      Hi Cody,

      it is still going in the students area.

      Please make sure you are in the students only area (this was change a couple of years ago).

      Safe trading,
      Johnathon

      Reply
  14. NDABA says

    08/07/2018 at 2:54 AM

    Hi Johnathon, I have done the intro course on the website, I am now trying to register for the full course, I have sent a number of emails to you for a link to register but only recieved one reply with an expired link, please send me the link as I am ready to do the course now or at least let me know when the next registration will be. Thank you, Ndabezinhle

    Reply
  15. Samuel says

    06/12/2018 at 11:33 AM

    Hi Sir

    I really appreciate the fact that you have helped so many. What are the things I need to do to be a professional trader actually making profits.

    Kind regards

    Samuel

    Reply
  16. Don says

    05/28/2018 at 7:14 AM

    So I am assuming that I would need much more than just ur free beginners course in order to actually learn how to trade the forex mkts., is that correct? I also assume that you offer other courses that are not free in order to learn how to trade the forex mkts with some degree of competency. Just what would b the prices of the other courses if in fact that you do offer them? Just sayin.

    Reply
    • Johnathon Fox says

      05/28/2018 at 11:57 AM

      Hi Don,

      the intro course has 10 lessons – starting from ‘what is Forex?’ through to using money management and a price action guide.

      You also get access to 7 x download bonuses, checklists and guides – that also include PA guide / journal and indicators.

      An introduction to Forex course is not going to make you a professional trader – it is designed to help you learn about the markets and what you need to know and a bunch of other information added that you will not get elsewhere.

      I recommend you stick to the intro course and information we have laid out to gain a solid understanding of the markets as there is more than enough in there to get you started and practicing on a demo / virtual account.

      Safe trading.

      Reply
  17. Don says

    05/25/2018 at 12:22 PM

    Before I get started, that is if I get started with ur site, I need to ask a few questions. I have contacted several sites in regards to the same thing that I emailed u as well, and several have responded with some of the same responses: ” it will b very difficult to learn to trade forex from “A-thru Z at my age”. But n my mind age is only a number, rite?

    Again I must ask u if using your beginners course will this course actually truly give me, r perhaps put me on the correct path to becoming a “competent trader? I know this will take time, but since I am retired I do have some time to learn. Also where r u from? I live here n the good “ole US of A. So Calif to b exact

    PS I would appreciate it if would respond directly to my few questions. I hope to hear from u soon. Also I appreciate ur quick response from my last email.

    Reply
    • Johnathon Fox says

      05/27/2018 at 2:33 PM

      Hi Don,

      I am not sure what age has to do with anything to be honest. I would say commitment and willingness to commit, learn and put in what is required hold a heck of a lot more weight.

      The beginners intro course is free and has a ton of free bonus stuff for you. It was designed to help traders who want to get started – check it out.

      I am in Aus.

      Safe trading,
      Johnathon

      Reply
      • Sandi says

        04/25/2019 at 9:35 AM

        Thank you for your reply about age. I am 71 years old and I have been learning this market. It may
        take me a little longer to absorb sometimes, but I know I can learn this. It takes dedication and time.
        Sandi

        Reply
        • Johnathon Fox says

          04/26/2019 at 12:19 PM

          Nice to hear from you Sandi,

          sometimes age can be a benefit as with age comes many lessons such as learning about your own strengths and weaknesses and what you do and do not like.

          Safe trading,
          Johnathon

          Reply
  18. Don says

    05/24/2018 at 1:49 PM

    I have never traded before and would like to have somebody teach me how to trade the forex mkts. I am 74 yrs young, retired cop. I am truly a newbie. Don’t even know how to open a trading platform, let alone place a trade. So can u teach someone like me, with very little know-how, when it comes to trading to actually trade with some degree of competency?

    Also I am interested n swing trading.

    If u should respond please leave suggestions r your opinion to this matter. It would b greatly appreciated.

    Thanks and take care,

    Don

    Reply
    • Johnathon Fox says

      05/24/2018 at 11:53 PM

      Hi Don,

      good to have you.

      Start with free beginners course below and post any questions in comments.

      https://www.forexschoolonline.com//forex-school-beginner-course/

      Safe trading,
      Johnathon

      Reply
  19. graham whyte says

    05/14/2018 at 8:46 PM

    please register me

    Reply
    • Johnathon Fox says

      05/17/2018 at 11:17 AM

      Hi Graham,

      you will need to register at link below with user & pass;

      https://www.forexschoolonline.com//forex-school-beginner-course/

      Safe trading.

      Reply

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