What do you think is a good road map when starting out? I found myself always wondering what I should do next while studying. I just thought it would be easier for beginners if there was a guide on which steps to take while studying forex.
Yes if you should have a good road map and plan then it will be easy to become a successful trader but before start trading, you must learn forex completely.
be a successful from this market place is very a dedicated issue , not a short time plan this is. need all inevitable parts of trading at the same time.
First thing to do is open a demo account, and start to observe the impact of the technical analysis you’re reading about. Make it a realistic simulation of what you will be doing with real money - don’t award yourself 10 million dollars, you’re not Donald Trump.
Then grab a simple objective strategy you can practice with on the D1 time-frame. Make sure your trade rules are well defined and written down, and log how you are able to follow them and the result.
Yeah there does seem a lot to learn and often you are overwhelmed with lots of information but no plan on how to use it
I think beginners should start with this site and other sites that are targeted at providing the basics, then move into more complicated subjects as they learn. It’s also helpful to join a community (like this one) where you can ask specific questions if you get stuck on any topics. Then, I would suggest considering a trading plan and looking at strategies. Next, it’s crucial to practice on demo using a consistent strategy until you’re profitable. Finally, you would move on to open a trading account.
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this is a perfect answer , thanks for your nice post. got some fine lines.
A good learning roadmap is crucial to become a forex trader. To make one, traders have to focus on their trading needs and make a plan accordingly. Learn as if you are learning a new subject. Focus on the basic concepts and then implement things practically on a demo trading account.
- theory:
- General terms
- basic strategies
- main asset groups
- Practice:
- demo
- stats
- risk management, assessment of the amount of planned capital
- Psychology:
- working with gambling
- stress, etc.
You have this forum, there are specialised sections and even courses, it’s already a great start!
Taking an online forex course is probably the first step that will guide you through the knowledge you need to start trading. Then opening a demo account to practise said knowledge in a risk-free environment before moving onto real trading.