Welcome to babypips and Forex. It will be interested journey, trust me :).
I will tell what I am mostly telling other beginners on my blog because I believe that is a good approach based on my experience.
What ever you have read read it again with understanding and if possible imaginationtion how it would look like in real trading.
To imagine this kind of situation is not easy. I could not do it but you can give it a tray, maybe you have better capabilities.
If you cannot imagine then plan to have small amount of money which you can lose. If you have 50-100$ put them on real account.
Before you put real money first use demo account to learn basics so you do not lose any money until you understand how to use Metatrader 4 or any other platform.
After that go to live account.
As you go through forum and read how to trade practice that.
As you will practice on real account all emotions:
- fear and greed
- over leverage,
- felling you know how to trade
- entering trade without stop loss and take profit,
- entering trade without plan
- entering trade after losing trade thinking this will be the wining one
- entering trade on impulsive move
- increasing stop loss hoping market will turn in your direction a d then losing account balance
10…and so on
…will emerge and you will see what kind of person you are. Then you can see what you need to improve in your trading to become better.
Then read again what you have read on forum, web sites, blogs and from other traders. You will see where you have lack of knowledge, emotional control and technical skills needdd for Forex.
Repetition is mother of knowledge.
As you go through trading paralell look for trading style you feel great. You need to find that one.
Because if you like to scalp and everytime you come to trading you want to scalp but you have choosen trading strategy that consist of one trade per week you will, in time sooner or later, get over trading strategy and start scalping.
It is not problem in scalping. Problem is that you do not have trading strategy you will follow while scalping. And without trading strategy you will be influenced with emotions and you will bllow your account.
Major problem you will experience during trading beginner path or maybe later on is that you cannot find trading strategy or you cannot hold on one you find.
Main reason will be you want get money quickly and large amount of money from the market.
As yoi have read this is not get rich scheme it is true for major of traders. There is some traders who are very capable get rich very fast. There are always exceptions.
As a final word to you is:
- never stop learning and look back what you have learned. Evaluate and practice it to improve yourself.
-Have a trading journal where you will see your results and from where you will exctract your mistakes and what you have correctly.
-Fix the mistakes and improve what you have done correctly
If you have any questions just let me know.