What you should know before you start?

[Value trader]

Greetings, traders. My names is Stanislav aka Stan, some of you might know me for webinars I do on a weekly basis (know more about it here)

If you are just starting your trading path, there are some short advices that can significantly accelerate your learning curve. Some of those thoughts may seem obvious to you, but that's what trading is:


1. Use simple approach.

Whatever market you trade, avoid complicated methods - make it as simple as it can be. There's no hidden truth there, price is often the only thing you need.

Most professional traders use naked price chart with couple of moving averages and maybe some sort of oscillator (Envelope, Bollinger bands), identify levels of support and resistance and have 2-3 primary setups to capture profit from price action.

In analysis, we don't have much time to stare at the charts, we need to keep it simple (yet it's not easy) and be able to find preferred setup in 3-5 minutes. This is only achievable when we have limited set of tools and know exactly why do we use them. Too much analysis is not useful, no analysis is also harmful.


2. Journal your observations, not other people's theories

The essential of success is keeping a journal, which will later give you confidence. You will have much better understanding of price action journaling and observing than simply following somebody's opinions.

Don't believe anybody blindly - test, test and test again. Do more what works in current market conditions and do less what not works.

This will help you build appropriate mindset - markets always change and trader should be able to adapt to those changes. Don't rely on books and theories too much - I suggest you not to read books absolutely for 3-6 months if you are just starting. It's nothing wrong with books, they are beautiful, but they can confuse your mind and build unrealistic view on trading.



3. Know your "pain point"

Know amount of money you can afford to lose in a single trade and in trading in whole. Remember - statistics is not on your side when you start trading. Chances are pretty high that you will struggle for some time before gaining experience and obtaining good trading skills.

Also, you should prepare for elongated learning curve. If you are not ready to continuously learn, absorb information and work on yourself, may be trading is not for you. It's a marathon and only steady runners reach the point.

If your "pain point" is too close (you don't have time or capital), you will probably quit before you will be ready to make it.

[sam9630]

I think first of all we need to have the some basic knowledge of the trading and have the understand the forex trading business and then we need to have the more practice in the demo trading and i think if you have the good practice and good knowledge of the trading then you will perform well in the trading so the need is that you have the good knowledge of the trading and have the good practice in the trading.

[mark48]

I give much time to forex market to analyse it correctly and make strong forex market analysis first before i want to enter in forex market and mostly i stick with my analysis until market proves to me wrong and because doing good market analysis and sticking with these analysis is very important to do good trading.

[haryanto rudi]

when I started I was looking for articles on forex, I want to be clear about what forex trading profits that so many people doing forex trading, once I began to understand then I tried to sign up to the broker, this stage also I need to know how to enroll in a broker and follow the rules

[janknoah]

There are many things to know before you start trading in forex, because you first start with the basics after which you move to the level of demo trading, it is from there you confirm how well your trading is going.
But you must know how to plan and workout strategies to manage your trades

[sunny_hero24]

We need focus to learn about forex trading and do demo practice as much as possible and without knowledge and experience trader can't get any benefit.

[PROPENSITY100]

There are many things to know before you start trading in forex, because you first start with the basics after which you move to the level of demo trading, it is from there you confirm how well your trading is going.
But you must know how to plan and workout strategies to manage your trades

In any field we have to start form the basics. A sound understanding of the basics will help us to learn its intricate details. Similarly in Forex a beginner should first learn and understand the basics about Forex and the need of risk management. Then he can learn the intricate strategies.

[star27]

You have to know many things before you start trading in market , you have to first analyze the market and the see the conditions and trends , if you complete your analysis then you can start and open positions in market and it will help you to grow your balance,.,

[opan]

there are many things we need to know if you want to start trading forex, but before embarking on any of the most important in my opinion is that we must know the risks of trading forex problem, because forex trading is an extremely risky business. and only then we study the problem forex system

[Syed Mehdi Zaman]

I think every new trader should learn some basic knowledge about forex trading system before start trading. Without any knowledge is not possible to survive in forex market. As a new trader you can use demo account to trade. Because by this way you can easily find out your mistake, which will help your to protect your money from future loss.

[kamrul]

The risks associated with foreign exchange trading is very important for everyone to understand. Forex is very likely to make money, as well, although it is not easy. before we jump into the videos and the knowledge and skills to be the first to know. This business will be to ask for and its very important to follow the rules of money management.