Something that I think people don’t consider enough is learning compression. That is, the more you trade, the faster you are likely to learn because the feedback loop is shorter.
So someone who places 3 trades per day on the M15 chart is going to have learned much more after one year than someone who places 1 trade per week on the D1 chart. That is not to say that the lower time-frame is actually a better (as in, more profitable) way of trading, but since we learn by doing, the higher frequency strategies will tend to ‘educate’ you faster than the low frequency strategies.
Of course, we are assuming that equal effort is put into each trade. Clearly, opening a dozen random positions each day will teach you very little.
I see so many good post here! So much good information. In my own experience I traded forex for 3 months in DEMO while studying at the same time. I went live with very tiny account while still learning… up to date I have been trading live for a little over a year, I blown out a few accounts which taught me a lot. I have been profitable month over month for the last 5 months. I am still learning every day which is always exciting.
I like the way you said that. Kick off my trading life. I am trying to apply my strategies in the demo. But still working on it. Though my failure is more than success. I am not giving up easily. I am practicing more and more.
Yes, I am so lucky that I am getting so many positive responses from all of you. I do not have other words to say how thankful I am to all of you. I am still working on the demo. And practicing to improve my trading qualities.
Yes forex education should be start from the lowest level so that new comers not feel difficulty they should know basics then advance level . Demo trading is must as they learn some thing about this market they need to try it on demo . Do not loose your patience it will take some time to become learned.
You are so right @forexcrisp, At first, I skipped some basic levels but now I turn back and start over from the beginning. Also looking for the demo account to practice. Just trying to figure out which one should be good for me.
It’s a common suggestion but true fact. There is no end of forex market and of course there is no end of learning. but for that we have to be more patient and diligent. Otherwise we would lost motivation after passing some steps.
If I could go back nearly 10 years and tell myself the most important lesson I have learned it would be to start trading on the Daily timeframe. But would I have listened???
I think we’d all agree that the Monthly timeframe is easier to analyse than the Weekly, the weekly easier than the daily etc. And yet, when we enter forex we start at the other end, the shorter timeframes are like an addiction you need to get unhooked off of.
Yes, there are many things we have to learn if we want to make certain a maximal result by trading. just knowledge and experience cannot bring profit here. Besides this we have to disciplined, focused and much more.
Knowledge and experience is first needed and after that is more important a reliable support form a credible broker . because the broker can affects the result of our trading with certainly. That’s why choosing a broker always a difficult job.
When it is time to choose a broker you have to be in cool mind, because lots of brokers are available in this retail market place and most of them are found to be scams.
Yes majority is found to be scams. That’s why we need to choose most reputed brokers and which is more comfortably for the beginner traders. Generally good brokers don’t allow beginners suitable trading surroundings in their platforms.
Reputed broker indicates top forex broker, they are really good but their trading platforms are not suitable for the retail traders, minimum deposit and trading spreads are always high, so new Forex traders cannot choose them in spite of having desire. Its reality.
I think new Forex trader should choose the broker which always ensure good trading environment for acquiring exact trading knowledge by providing exclusive educational facilities with video tutorials. So before choosing a broker there educational facilities we have to look for who are especially newcomers.
I don’t think so. Because brokers educational facilities are not sufficient to learn advanced level. they just can make sure basic level of education nothing without it.
It really depends. I believe it’s a never ending learning process. But if it’s really your passion to learn forex then you should not be worried. Good luck mate!
Everybody saying that Forex is easy business or a gambling-like business. But, when I see that everyone here telling newbies like me there are so much more to learn, to experience then I am like who actually say these words that “Forex is easy business”. The sentence seems to me now hilarious.