The top 3 things newbie must know

[Karley Walker]

Of course, it is very important to know about this subject. The trader cannot trade without this subject.

 

[Benjamin Bryne]

Of course, these things need to be maintained to make a consistent profit.

 

[Alicia Lynch]

The lists you have listed are important. But if you want to trade, you have to acquire knowledge first. Traders can never make a profit without skill development and risk maintenance.

 

[Oscar Shumack]

Every new trader should make a good plan to make money from this market.

 

[Eduardo Lucchese]

Every newbie should learn all the basics of forex properly to make money from this market.

 

[javierhowell]

No matter how hard a newbie tries, he can’t learn everything before actually starting trading. Much of the knowledge comes through experience. The one thing that I believe a newbie should know is: Losing is not an exception, it’s a norm. Don’t let the emotions overpower you. Always know you are not the only one in the market to face losses, almost every trader has to deal with this situation. So take it positively and learn from your mistakes..

 

[Cooper Truebridge]

Yes, you are right, these 3 things are very important. And it is more important to develop a strategy using the most demo platform.

 

[Kazumu Fukunaga]

Yes, you are right, these 3 things are very important. And it is more important to develop a strategy using the most demo platform.

Demo is to test our strategy before trying the strategy on live account. For newbie demo is to know trade mechanism works and also for testing strategy.

 

[Kevin Vogt]

Yes, you are right, these 3 things are very important. And it is more important to develop a strategy using the most demo platform.

Demo is to test our strategy before trying the strategy on live account. For newbie demo is to know trade mechanism works and also for testing strategy.

 

[Cooper Truebridge]

Demo is to test our strategy before trying the strategy on live account. For newbie demo is to know trade mechanism works and also for testing strategy.

Simply put, demo trading is an educational field where strategy testing is possible.

 

[Cooper Truebridge]

Demo is to test our strategy before trying the strategy on live account. For newbie demo is to know trade mechanism works and also for testing strategy.

Learning demo platform trading is very important. You need to be educated on the demo platform to be an ideal trader.

 

[A_S]

Choose a Reliable Forex Broker
Your first aim should be to choose a reputable broker. Before you discover the ideal broker for you, there are a few factors you need to look into. Here's a rundown of the important factors to consider before making your decision:

• Trading conditions
• Minimum deposit requirement
• Currency pairs available for trading: most Forex brokers offer a wide range of currency pairs and CFDs on stocks, precious metals, indices, oil, etc. Make sure the broker offers the currency pairs and CFDs you want to trade.
• Dedicated customer support
• Bonuses and contests

Learn about Forex and what moves the markets
All of the main Forex brokers include an education section with a wealth of tools for learning about Forex and the fundamentals. For example, you may go online and read a Forex trading instruction, view videos, or register for a webinar.

Knowing the fundamentals of Forex is one thing, but finding market chances is quite another. That is why you should do your homework and research the markets you intend to trade. You can use an economic calendar, daily Forex technical analysis, technical indicators, trading signals, data releases, and economic news to help you understand what influences market prices. Don't rely on a single source of information because you'll get a skewed image of the market and may overlook critical data.

Open a Demo Account
Demo accounts are available for free from all brokers. All you have to do is sign up for an account with the broker and download the trading platform. MetaTrader 4 and MetaTrader 5 are the most popular platforms. You can start placing real-time orders without risking your own money after you have a demo account.

After you've completed the steps above and gained the necessary expertise, you can open a real account with the broker of your choice.
Remember that developing a long-term profitable strategy takes time for a Forex trader. However, if this approach is mastered, traders may take advantage of all of the Forex market's advantages.

 

[kenthansen]

@Cooper Truebridge, I agree with you. A demo account will give an edge to realize if forex trading is a great career choice or not. Moreover, one can also learn how to trade the market properly and develop your own systems to become a profitable forex trader.

 

[Cooper Truebridge]

@Cooper Truebridge, I agree with you. A demo account will give an edge to realize if forex trading is a great career choice or not. Moreover, one can also learn how to trade the market properly and develop your own systems to become a profitable forex trader.

Exactly, I have to take the right steps to become a profitable trader. Because, without proper plan and education, money cannot be made.

 

[eddiereich]

1) Trading is not a shortcut to make a fortune. It’s like any other profession, and it requires years of consistent efforts to make profits.

2) Forex is an unstable market. If you lose money one day, you might make money the other day. Don’t get too excited or sad. Losing money is part of the journey.

3) Plan everything beforehand, from the broker to your financial goals. And do not quit your jobs unless you make consistent profits.

 

[colincook]

@eddiereich, the points you have mentioned are very important to remember as a beginner. Always be prepared to cut losses and be patient.

 

[lynnsandoval]

1. Trading is not a shortcut to making a fortune, only your knowledge will make you a profitable trader.
   
   
2. Keep demo trading as mandatory and do not skip it until you make consistent profits.
   
   
3. No bots or signals can make you a good trader. Your strategies will make you earn more profits, so invest in analysis and backtesting.

 

[dougbennett]

The top 3 things new traders must know are:
1. Consistency
2. Psychology
3. Patience
These three things are critical to being a successful trader.

 

[kathrinedees]

Beginners in forex trading must remember 3 things

1. The only way to make money is to follow the trend
2. Trend is your friend. You must know the trend direction then trade with it
3. When you have no idea of what to do, stay out of the market until you find an entry signal.

Proper money management will ensure long-term success in forex trading.

 

[David Marco]

Every new trader should make a risk management strategy to minimize the risks.