to my newbie traders, do You feel overwhelmed by the amount of information required to get started in forex trading?
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Not a newbie myself but I can answer this from experience.
I started 8 years ago, picking up concepts left and right. It felt overwhelming because I was learning what was what and not knowing how to apply them to trading. I believe it gets easier once you start building a trading system and start to pick apart concepts to build your own little thing.
Ironically that’s one of the hardest stages but you rarely notice since you’re tunnel visioned.
Yup. Info overload! Brain feels like exploded. I think it’s a necessary evil. Have you started the School here? It’s overload but at least it’s organized overload.
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It can be really overwhelming at first. There’s so much to learn and it feels like there’s always something new to understand. Just take it one step at a time.
many beginners feel overwhelmed initially because forex trading involves understanding various concepts. with what i experience combining reading with practice can make things easier over time. taking small steps, focusing on one step at time.
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Learning in a subject like trading has to be kept under control.
Day 1 everything is useful. Day 2 is not quite so much. Day 3 is a bit less. Probably on Day 16, you will be learning 10 percent of the quantity of Day 3, and mostly just reorganising what you learned in the previous week.
Learning more does not mean earning more.
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Oh, totally! I felt the same way when I started. It can be super overwhelming, but just take it step by step and it gets easier!
what topics/concepts do you think a newbie should start with?
Study strategies.
elaborate more on what you mean.
You don’t need to know as much as an economics professor to be a trader.
It’s always a good idea when you need to gather more knowledge, to identify what knowledge you need first. You don’t have to be a sponge in an ocean of information.
Start with what is it about trading that justifies the time you are going to spend learning it, as opposed to other ways you can make profit from the same time you spend learning and trading. Then ask yourself why you want to trade (as opposed to any other pursuit that could more easily earn you some profit). The “why” should be an achievable goal. Many people decide they want to trade Forex without having a realistic goal in the first place. Don’t be fooled by the number of people who tell you they drive fast cars and live in millionaire homes because they are traders. I am of the opinion that less than 2% of those who trade make sufficient profit to have a big impact on their lives. I am not one of those people, but I stick at it with continuous improvement as a goal.
Sure thing! Starting out in forex trading can definitely feel overwhelming because there’s so much to learn. You’re entering into a world with terms like pips, spreads, and leverage you may have never heard of.
When I started, I took it step by step. First I started understanding the basics of currency movements, how to read charts and the importance of risk management on trusted websites like Investopedia, Babypips, etc.
After understanding the basics, I started practicing with a demo account to know how the trades work without risking real money. This helped me understand what areas I should focus on to get better at trading.
Remember, every successful trader was once a beginner too.
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Absolutely agree! This is an invaluable roadmap for anyone starting out in forex trading.
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That’s only at first, once you get a better view of the market those information almost become kind of innate and not something you have memorized.
Even there is the bulk of information but the basic thing is the same but traders follow the basic things differently and here makes the difference.