What are top 3 things to learn first before an actual trading
Get a good understanding of the basics of how the market works and if there is anything you are uncomfortable with, don’t trade it.
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Hi @rachsign! 
I agree with Butter_Kiss. 
I think knowing the basics of forex is very important. Have you tried reading through the school here? That’s what I did during my first few months in forex trading. I’m now demo trading and I think it’s also very important to see which trading style/ strategy works for you by trying them out on your practice account! 
These are just my own opinions. Haha.
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top 3 essential in forex trading according to me would be : understand you’ll never be 100% right, focus on learning not winning, treat trading Like a business.
And of course above all go for demo first.
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yes mam @ria_rose, i am now on demo trading also. … .still have some uncertainty whether what i did in my trading is the right thing or not. Thanks mam
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Learning comes first. It is also important to find reliable broker, other way you will be disappointed too early. And it is very important to try yourself both on demo and real accounts.
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According to me the most important thing is learning, every other element comes after that.
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Preparation, Practice, Patient, Persistent, Perseverance.
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3 things to learn before actual trading-
how to patient with your trades
learn to read charts properly
always look out for exp trader reviews at the end of the day about the market trend.
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For last 5 month I trade with IFCM. If you don’t mind, I would like to advise check any broker by withdrawing small profits and making small deposits. This is the way I always do. Actually, I am still learning and trading with small deposits is a part of my education.
Also, there is a thing, it’s hard for me to trust to any online company. I have already withdrawn money for 3 times, but there are still some doubts. So, I still run across the internet to get more info about this broker. I would like not to advise any company, but if you once trade with IFCM please let me know how it is going.
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Hi, my advise would be to undestand there are three kinds of trades.
1 gambling trades
2 low quality trades
3 high quality trades
To simplify this:
nr 1 is to just pull up a chart look at it for seconds thinking it’s going up or down and just jump in.
usualy this happens when you open the chart and see a lot of price action, and then you get FOMO.
nr 2 You pull up a chart, analyze it for a while look at your indicators, and if you see just one signal, you jump in and even with a bad riskmanagement.
nr 3 You look at the chart, with no expectations at all, analyze it and look for multiple signals,( that you have backtested) then make a plan to were to get in. I always ask the chart, give me a better price, i don’t take the marketprice.( this can give you extra pips).
Needles to say i’m guilty of all, but only try to do 3.
And ofc go true babypipsschool all lessons, and get all the basics, and your ready to go.
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- general willpower
- heavy control over your own emotions in stressful situations
- a basic understanding of the market
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Learn how to pick a good broker. I cannot stress enough how important that is. If you sign up with a broker with unfavourable business practices, or even worse, an actual scammer, you’ll lose money regardless of how much you learn about trading.
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Learn to be patient. Learning how to trade and trade well doesn’t happen overnight. Don’t expect profits right away.
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Be organized. Learn how to create a trading plan and learn how to follow that plan.
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Technical, fundamental & sentimental!
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thank you to all who takes time to answer. Appreciated much and i"m taking notes really to all of what you have said. … .
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All my answers are covered in the School.
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Risk management. The point of trading, at least when you’re learning, but also when you’re live, is to preserve and or build your account balance. So focus on how to manage each trade and understand how much you could lose with each trade (and also your potential profits).
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Understand what kind of market you’re getting into. Systems and strategies, at least early on in your development, work better in certain types of markets. Understand what those markets are doing, and then formulate your strategy or strategies to make the most of that environment.
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Start a trade journal, here or privately. The point is to document your mindset, what you were thinking, what the market was doing, why you did or didn’t do something. Did you react emotionally to something you saw in the charts? It’s a great way to document your journey and come back for reference, to help you maybe see why something worked or not, or what the markets did and how that affected your trade.
Good luck!
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The MOST important thing to learn is to accept that you will lose money. However, you can lose trades, but still be profitable on your wins with PROPER risk management. You have to use a minimum win:lose ratio of 3:1. In other words, you must be willing to lose 1 to gain 3… as a minimum. Never take a trade that does not clearly define your profit target of at least the 3:1 ratio. Also, plan to lose a “predetermined” small amount rather than an “unplanned” large amount *ALWAYS HAVE A STOP LOSS! So, NEVER open a live account with money that you just can’t lose!!! PRACTICE, PRACTICE and PRACTICE some more… Build the Skill!