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Thread: Key steps to learn Forex trading

  1. #1

    Key steps to learn Forex trading

    Learning something new is always very challenging. When it comes to Forex trading profession, things are really hard. You might have extensive knowledge of the retail trading industry, yet you might have to lose money. Managing your risk is the most crucial task for the novice traders. If you look at the success rate in Forex trading profession, you will be surprised to know, only 5% of the traders are able to lead this life based on this profession. But there is nothing to worry! Majority of the rookie traders are losing money due to lack of trading knowledge and discipline. In this article, we will give you a clear guideline which will help you to become a successful trader within a very short period of time.

    There are three major types of market analysis. Technical analysis is the most basic one. It helps the retail traders to find the high-quality trade setups. Fundamental analysis is the second major form of market analysis. This is nothing but studying the high impact news release. The new traders often find it really hard but in order to master the art fundamental analysis, you don’t have to become a student of economics. Just by knowing the basic economics, you can easily do the proper fundamental analysis. Last but not the least is the sentiment analysis and this something which you can never learn by reading books and articles. You will slowly understand the sentiment of the market over the period of time.

    Develop of trading strategy
    This is one of the most crucial stages for the novice traders. You can’t make a huge profit by using other people trading strategy. Based on your basic knowledge you have to use the demo accounts to develop your trading skills. Forex trading demo concept has changed the life of many traders. You can trade the market as long as you want without risking any real money. Demo trading accounts will give you the perfect trading environment and you won’t have to lose any real money for the losing trades. This is nothing but your practice field. Having access to the demo accounts is a great advantage since you can develop a perfect trading system.

    Backtest your trading strategy
    Before you start trading with your real money you must backtest your trading strategy. Trading strategy greatly varies from traders to traders. So if you think you will do the backtesting from the expert Aussie trader, it will not help. You have to use your new system and demo trade the market for the first few months. This will eventually help you to find the bugs in your system. Try to maintain a journal so that you can assess your demo trading performance and bring necessary change to your existing trading strategy.

    Learn price action trading
    Price action trading is one of the easiest ways to trade the Forex market. Majority of the successful trader uses price action confirmation signal to trade the key support and resistance level. Being a price action trader you can also trade the lower time frame with a high level of accuracy. But the new traders are suggested not to trade the lower time frame since it increases the risk factors. However, if you can learn multiple time frame analysis, lower time frame trading might be extremely profitable for you.

    Control your emotions
    Emotions are often considered as the greatest enemy for the novice traders. You must check your emotions or else you will never be able to deal with your losing trades. Most the time, the rookie traders blow their trading account due to big lot size trade. You have learned the proper way to calculate your lot size. Trade management is the most important ingredient for your success. You have to work smart and set realistic expectations and only then you will be a profitable trader.

  2. #2
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  3. #3
    Banned
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    Many traders are trying to run before they start walking! It means that before acquiring adequate trading skills and knowledge many impulsive traders get involved with large investment and trying to be greedy. But it is not the proper way to get into forex trading. A forex trader should develop the appropriate outlook to accept any situation with more and more practice. And it is quite good to determine the feasibility of the trading strategies with demos before adopting it fully.

  4. #4
    Senior Member
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    if you are looking for trade in forex or any financial market then its highly advised to you that stop following what other professional trader do.You should have you own plan.At the very beginning never try to be a clone copy of professional one.Try to be a good beginner in forex trading like focusing on trading styles,trading techniques.you have to spend your most of time to find out easier way to be a good forex trader. I am currently trading with Tpglobalfx broker. They always help me to make profit from this market and always help me to make decisions properly.

  5. #5
    Senior Member
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    No one is perfect and someone has some inborn quality. But in case of Forex trading, you have to develop your trading capability and skill to survive in this largest economic market profitably. Making good profit is every trader’s dream. I am fulfilling my trading dream by getting the help of my reliable broker Forex4you. They give their entire clients professional guidelines and expert assistance by giving continuous service 24/7.

  6. #6
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    I prefer long-term trading which refers to the complete professionalism but traders are mostly allergic to this type of trading as it takes much time and the return from it is quite uncertain.Eurotrader ensures high leverage and low trading spread that increase a trader’s return.

  7. #7
    Senior Member
    Join Date
    Nov 2023
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    To trade in this market, knowledge and broker are two compulsory things to have. Be alert of brokers’ scamming while selecting! I am trading synthetic indices with FXOpulence broker. This ASIC-regulated broker offers different trading instruments including Indices1000, Crypto500, Currency100, EURO basket and USD basket.

  8. #8
    To master Forex trading, start with comprehensive education. Begin by understanding basic concepts such as currency pairs, market participants, and trading sessions. Dive into technical and fundamental analysis, learning to interpret charts and economic indicators. Familiarize yourself with various trading strategies and risk management techniques. Open a demo account to practice without real financial risk, honing your skills. Stay updated on global economic news and geopolitical events affecting currency markets. Engage with the Forex community, read books, and attend webinars to gain insights from experienced traders. Finally, gradually transition to live trading, applying your knowledge with caution and continuous self-evaluation.
    Last edited by Imse1982; 02-20-2024 at 04:57 AM.

  9. #9
    Banned penaltev's Avatar
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    Quote Originally Posted by sandysr View Post
    Learning something new is always very challenging. When it comes to Forex trading profession, things are really hard. You might have extensive knowledge of the retail trading industry, yet you might have to lose money. Managing your risk is the most crucial task for the novice traders. If you look at the success rate in Forex trading profession, you will be surprised to know, only 5% of the traders are able to lead this life based on this profession. But there is nothing to worry! Majority of the rookie traders are losing money due to lack of trading knowledge and discipline. In this article, we will give you a clear guideline which will help you to become a successful trader within a very short period of time.

    There are three major types of market analysis. Technical analysis is the most basic one. It helps the retail traders to find the high-quality trade setups. Fundamental analysis is the second major form of market analysis. This is nothing but studying the high impact news release. The new traders often find it really hard but in order to master the art fundamental analysis, you don’t have to become a student of economics. Just by knowing the basic economics, you can easily do the proper fundamental analysis. Last but not the least is the sentiment analysis and this something which you can never learn by reading books and articles. You will slowly understand the sentiment of the market over the period of time.

    Develop of trading strategy
    This is one of the most crucial stages for the novice traders. You can’t make a huge profit by using other people trading strategy. Based on your basic knowledge you have to use the demo accounts to develop your trading skills. Forex trading demo concept has changed the life of many traders. You can trade the market as long as you want without risking any real money. Demo trading accounts will give you the perfect trading environment and you won’t have to lose any real money for the losing trades. This is nothing but your practice field. Having access to the demo accounts is a great advantage since you can develop a perfect trading system.

    Backtest your trading strategy
    Before you start trading with your real money you must backtest your trading strategy. Trading strategy greatly varies from traders to traders. So if you think you will do the backtesting from the expert Aussie trader, it will not help. You have to use your new system and demo trade the market for the first few months. This will eventually help you to find the bugs in your system. Try to maintain a journal so that you can assess your demo trading performance and bring necessary change to your existing trading strategy.

    Learn price action trading
    Price action trading is one of the easiest ways to trade the Forex market. Majority of the successful trader uses price action confirmation signal to trade the key support and resistance level. Being a price action trader you can also trade the lower time frame with a high level of accuracy. But the new traders are suggested not to trade the lower time frame since it increases the risk factors. However, if you can learn multiple time frame analysis, lower time frame trading might be extremely profitable for you.

    Control your emotions
    Emotions are often considered as the greatest enemy for the novice traders. You must check your emotions or else you will never be able to deal with your losing trades. Most the time, the rookie traders blow their trading account due to big lot size trade. You have learned the proper way to calculate your lot size. Trade management is the most important ingredient for your success. You have to work smart and set realistic expectations and only then you will be a profitable trader.
    Quite complete explanation of the key steps in entering trading. Newbie traders must go through it step by step with great patience. If these four things have been done well, then success is in sight. It's just a matter of developing yourself continuously. I myself continue to develop myself with FXOpenUK, in terms of analytical skills and others. Furthermore, traders who are already professional can share their experiences.

  10. #10
    I would add that it is imperative to control your risks. Without this, you can quickly lose your deposit as a result of one or more incorrect entries.
    I trade at FXOpen

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