Week 1: Understanding Forex Basics

Goal: Learn the foundational concepts of Forex trading and the mechanics of the Forex market.

1. Introduction to Forex

   • What is Forex trading?
   • Major currency pairs and how they are classified (major, minor, exotic).

2. Forex Market Mechanics

   • How the Forex market operates: Market hours, liquidity, and volatility.
   • Role of brokers and how to choose a reliable one.

3. Basic Forex Terminology

   • Pips, lots, spreads, leverage, margin.
   • Bid and ask prices, order types (market, limit, stop-loss).

4. Currency Price Drivers

   • Introduction to economic indicators (GDP, inflation, interest rates).
   • Understanding geopolitical influences and market sentiment.

Week 2: Technical and Fundamental Analysis

Goal: Develop skills to analyze and interpret market information for informed trading decisions.

1. Introduction to Fundamental Analysis

   • Key economic indicators and their impact on currency prices.
   • Using a Forex economic calendar.

2. Introduction to Technical Analysis

   • Basics of chart types (candlestick, line, bar).
   • Support and resistance levels.
   • Introduction to chart patterns (double top/bottom, head and shoulders).

3. Basic Technical Indicators

   • Moving Averages, Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD).

Week 3: Developing Trading Strategies

Goal: Learn how to create and follow a trading strategy to maximize success and minimize risks.

1. Building a Basic Trading Strategy

   • Setting up entry and exit points.
   • Using indicators to form a strategy.
   • Understanding risk/reward ratios and position sizing.

2. Risk Management Essentials

   • Setting stop-loss and take-profit levels.
   • Managing leverage and margin to minimize losses.
   • Avoiding overtrading and emotional decisions.

3. Backtesting Strategies

   • Using demo accounts to test strategies in real-time.
   • Reviewing past trades to refine your approach.

Week 4: Advanced Concepts and Live Trading Practice

Goal: Apply knowledge to live trading scenarios and develop discipline in trading.

1. Mastering Candlestick Patterns

   • Recognizing and interpreting popular candlestick patterns.
   • Integrating these patterns into trading strategies.

2. Advanced Technical Indicators

   • Fibonacci retracement, Bollinger Bands, and other indicators for trend analysis.

3. Introduction to Trading Psychology

   • Common psychological pitfalls (fear, greed, overconfidence).
   • Developing a disciplined trading mindset.

4. Practicing in Real-Time

   • Start small with a demo account or micro-lot trades.
   • Track performance, journal trades, and analyze mistakes.

Week 5: Building Consistency and Expanding Knowledge

Goal: Fine-tune trading skills, build consistency, and prepare for more advanced trading concepts.

1. Refining Your Trading Plan

   • Adjusting your plan based on performance.
   • Developing contingency plans for unexpected market moves.

2. Expanding Knowledge: News and Events Trading

   • Trading around major economic events and news.
   • Recognizing high-impact news and knowing when to stay out of the market.

3. Continuous Learning and Improving

   • Follow Forex news sources, read market reports, and study Forex-related books.
   • Join online communities or forums for insights and networking.

Additional Resources

• Trading Journals: To track performance, reflect, and improve.
• Economic Calendars: For staying updated on key economic events.
• Demo Accounts: For risk-free practice in real-market scenarios.