Yesterday, I started a discussion about the differences between the crypto and Forex markets, and I received some great advice. Now, I’m excited to start trading in Forex! Can you guide me on what I should do next?
I’ve done some research on the market and important concepts like leverage, hedging, and swap, but I’m not sure what my next steps should be. Should I start with a demo account and learn trading strategies? Do I need to understand technical analysis?
I would really appreciate it if you could briefly explain what my next steps should be. Thank you so much for your help, guys!
Definitely start with a demo account, it’s the greatest free gift in trading.
Start with the most basic TA, focus on set-ups, not entry signals.
The initial steps you could follow would be to develop a profitable strategy and also a strict process on the demo account that you could follow for EVERY trade. Keep a journal and iron out mistakes you will make, as does every trader on the planet.
Understand the ONLY control you have is your risk exposure, which should always protect your account. Without free demo money you cannot trade, and also when you go live.
Understand that order flow moves price action. Without orders, price cannot move. Try this:
Best of luck.
I would suggest you to start with a demo account. Don’t go for live trading as long as you are not experienced. Even if you start, try it with narrow trading capital.
Start this free course!!
Start from Risk Management and Trading Psychology, Then Technical analysis and Fundamental, Look for the trading style that suits you. You need to know if you’re comfortable in scalping, Swing, or Daytrading.
Before you start trading, you need to understand the basics of forex trading. The School here is a great place if you want a step by step guide. Remember that this is a learning process, and it takes time and practice to become a successful trader.
I agree with what the others have said. The school here is a good place to start. And of course, if you there’s anything you find confusing, just feel free to ask us here!
I see a lot of people telling new traders to learn technical analysis before fundamental and that is very incorrect. technical analysis should be the last thing you learn. Its like trying to run before you can even lift your head up. Babypips school is a great start, Read books on forex: Naked Forex, Market wizards, Trading in the zone etc. learn what forex is the basics of it, how to read candle sticks, Supply and demand zones or Support and resistance. Learn what type of trader you are: Scalper, Day trader, Swing, or position. you can’t put a strategy together if it goes againt your personality. the "GURU’s of youtube and IG always tell you to focus on technical analysis but that is a traders handicap. if you do not understand RAW price action then you should not have a live account. get a mentor who has documented years of trading. Set realistic goals to hit and if you do not hit those goals for that week do not go and change your whole trading plan off of one bad week. Stay focused on risk managment. The profits will come, do not focus on the profits, focus on how to manage risk, your trading plan, Risk Management. focusing on profits is the wrong way to approach trading.
I hope this was helpful
i hope so, too - it was an outstanding post of great value, and will be really helpful to everyone who takes it seriously
You mentioned all the important factors that a trader needs to earn to become a good trader. Maybe it will take him some time to understand the market, but if he can, he will be successful.
Hey Dude, wish you the best, here’s a little something to help you out:Here are some general steps to follow when starting forex trading:
Educate yourself: Start by learning the basics of forex trading, including market terminology, trading strategies, and risk management techniques. There are many online resources available, including trading courses, books, and blogs.
Choose a broker: Research and compare forex brokers to find one that fits your needs and trading style. Look for a broker that is regulated, offers competitive spreads, and provides a user-friendly trading platform.
Open a demo account: Before trading with real money, open a demo account to practice trading and test your strategies without risking your capital.
Develop a trading plan: Create a trading plan that outlines your trading goals, risk management strategies, and trading strategy. This will help you stay focused and disciplined in your trading.
Start with a small account: When you’re ready to start trading with real money, start with a small account and trade with amounts that you can afford to lose. This will allow you to gain experience and build your confidence in trading.
Monitor your trades: Monitor your trades closely and use stop-loss orders to manage your risk. Keep a trading journal to track your progress and evaluate your trading strategy.
Remember, forex trading involves risk and requires discipline, patience, and a thorough understanding of the market and trading strategies. It’s important to start with a solid foundation of knowledge and to always practice responsible trading.
It’s a good idea and you should give it a shot. But initially I would suggest you to start trading on demo account and then move on to live trading.
before start trading the first thing need to ensure the basic knowledge m and this community is the best solution for this , hope you will be benefited by this.
Then why delay? Give it a shot. To create trading potential in you, first try trading in demo account and then go for live trading.
Yes, your basic researches are perfect so now you should practice trading on demo account. The more you trade on demo, the more you will earn practical knowledge.
Thank you dude!
I think it was the best comment so far! Thank you man. I’ll definitely do so.
Thank you!!! I appreciate it!
It was more than helpful! IT WAS A GAMECHANGER for me. Thank you ma’am.