You need to watch yotube and read up forum.
Here is one that get me started. Western forex yotube are lengthy and mostly in theory.
Watch the Asian one that is straight to the point.
When you are in forex trading, it is purely buying on trends. Beware of stop lost hunting, google it.
Start keeping track of how often your analysis has been correct. If it’s correct more often than not and you’re not following through due to confidence issues, refer to that track every time you feel insecure.
My advice, think forex as a side income. I did the same. Before,farming was my main income and i trade as a side. Now i’m confident enough to trade full time and farming(now it’s gardening) as a hobby. Cheers
Trading, for me is the only way, that way you start to think as a strategist and as a professional. Of course the time will come when you lose money, but rest assured that it will make you stronger at the time.
Confidence and experience go hand in hand. The more you gain experience more will be the learning. When you understand what effects the market and how much is the magnitude of each market movement, you are able to form realistic trading strategies considering each and every factor. Trading with calculative strategies automatically build confidence in the trader as he is aware of all the possible cases and knows how they will respond to it.
I have been trying for quite some time to learn how to work with Forex. Basically - it’s all about experience. And experience usually depends on work time and desire to learn.
Well im going to say consistent practice is going to help you build that confidence. Also do you trade with a trading plan? Because that is going to help you know when to enter and exit trades.
Definitely trading with lots matching the capital on the account, that will make me more confident. Think about it, on a large volume compared to the balance you currently have. At that time, you will definitely observe the chart continuously and your heart will fall out.
You don’t need confidence in trading, in fact confidence can get you killed in the markets .
What you need is discipline.
You also need to be courageous - no that doesn’t mean taking stupid risks it means doing things (sticking to your trading rules) DESPITE your fears.
Backtesting helps of course, as does a good simple system - but really you must learn to live at the edge of your comfort zone everyday in everything you do.
I am fearful every time I place a trade - but I’m also courageous enough to live at my edge.
Read some books on stoicism, Seneca, Marcus Aurelius for example. Step into the shoes of brave men like Julias Ceasar by reading their life stories.
Act like your fearless and you will subconsciously move towards it.
Dont aim to become a better trader aim to become a better person - that’s when you will see a pay off in your trading results
Well, in general, I think that to work on Forex, knowledge about the functioning of the market is critically necessary. In other cases, you can simply get losses …
What you need is the right kind of confidence and what you should avoid is the wrong kind of confidence. Wrong confidence is something that traders get after hitting a few lucky traders, it is short lived and eventually leads to disaster
The right confidence is obtained by developing better trading habits through discipline and patience. These take time to develop but payoff hugely in the long run.
The main thing you need to see is how to manage the risks in forex trading and if you do that your confidence level will definitely go up. You have to make a trading plan for it and then execute it according to the plan and things will definitely work. Before all of this, you can also learn forex trading by going through the forum course and then jump into the real world of forex trading.
The only way to build-up confidence is trade, trade and trade. Confidence builds up with time, so you need to get more experience. Experience is the only thing that can help you. If you don’t have enough experience, but you think you’re confident enough, than you’re just over confident and that’s also bad. It’s simple things and they’re appliable not only for trading, but also for any activity.
The best way to help you is to start demo trading and trade until you will feel that you UNDERSTAND the market. You shouldn’t learn strategies, you should feel the market. It’s like bike I think. Firstly it’s hard, but then you even don’t think about how to ride.