The important things we need to know before starting up trading

Torsade

New member
The only thing you need to know before starting up is that your knowledge will never be enough. You will always find yourself learning something new after you start trading in the live market. Stay open to learning from everything that you do or what happens!
 

Hydrogenic

New member
Before starting trading, clear your basics and practice on a demo account. Also you need to prepare a strong mindset because there are many challenges you have to face in forex trading.
 

Limivorous

New member
In case you are a beginner, you need to take care of a few things, such as the currency pair you are trading in, the strategies you are following in forex trading. Channelize your emotions in the right way while trading and your trading plans.
 

Tactical

New member
Some important things to know before starting trading-

  • Trading is not a shortcut to become rich
  • The more trading knowledge you acquire, the better to get at trading
  • EAs, signals, strategies do not work 100%
  • Risk management is your saviour
  • Trading psychology is 90% of trading. So take care of your emotions
  • There are a lot of scammers in the market. Be alert and avoid them.
 

Feeble

New member
Before setting foot in the live market, a trader should familiarize himself with different types of analysis, using indicators, reading charts, etc. because without proper knowledge, you can never be successful in making money in the market.
 

Archipelago

New member
It’s important for every trader to know how the market works before starting to trade. You need to get an idea of the market basics and how you can make use of them to make money. Just don’t make any guesses and keep your education in mind.
 

Nimrod

New member
While you can learn the market basics from books, you will learn how it feels to risk your money only when you actually do it. So, keep patience and learn while you trade.
 

Syngenesis

New member
The important thing is that trading forex is risky because of the market’s high volatility. You cannot win every single day. Even successful traders often lose a trade. The key to surviving successfully is patience and discipline.
 

Impetrate

New member
Every trader is required to upgrade his knowledge regularly. One must have the skills to analyze the market. Patience and discipline are the virtues of forex trading. You also need to learn about risk management.
 

Genesiology

New member
I think the most important thing to know is you can encounter failures and losses, no matter how much you learn or how good you are at analysing charts and patterns. The trading psychology is something that many new traders overlook. Your mind will be in control of your decisions unless you are using trading bots to automate the process. You have to train your mind to not make irrational decisions due to fear or greed. The interesting thing about greed is the absence of fear. Those who have fear of losing will never get greedy. So I think fear should be there to a certain extent. But not to the point where we panic after every trade. There should be a balance. Having a sound mind is very important to make better trading decisions especially at times of uncertainty.
 

Zonked

New member
Many people think that forex trading is just about foreseeing the price movements. That is not true. Forex trading is a complex process of selecting a good platform to trade and analysing the market to pick high-quality and well-performing currency pairs. If you want to get the highest possible returns with the least possible risk, you should understand the market before you start trading.
 

Diapason

New member
You just need to educate yourself and it will all be sorted for you. When you take your lessons seriously, you understand how deep forex trading is why traders are constantly told to be thoughtful about the trading decisions they make. Forex trading will get you money only if you do it correctly.
 

Fartsdump

New member
The forex market is always moving. So, you probably need to prepare yourself for the randomness in the market movements that you will see. As your trades can go in the opposite direction anytime, I believe you must prepare a risk management strategy that will help your trades stay on track.
 
1. Have a plan: Without a plan, it's very easy to lose track of your spending and make impulsive decisions that can end up costing you dearly in the long run. Make sure you have a clear idea of your goals and a budget to stick to.

2. Do your research: There's a lot of information out there, and it can be overwhelming at first. But don't worry, just take your time and do some research before making any decisions. There are tons of resources available online and offline, so find what works best for you and go from there.

3. Be patient: Rome wasn't built in a day, and neither is your trading career. It takes time to learn the ropes and develop your skills, so be patient and don't get discouraged if things don't go your way at first.

4. Have realistic expectations: It's important to remember that you're not going to become a millionaire overnight. Unless you have some insider knowledge or a really lucky streak, it's going to take some time to make serious money through trading.

5. Stay disciplined: Once you have a plan and you're sticking to it, it's important to stick to your discipline and resist the urge to make rash decisions. Remember, the goal is to make money in the long run, not to get rich quick.
 

tray59

Member
There are so many things which we need to know before we start trading first we need to conduct several analysis and know where the trend of the market will go,when you do good analysis you are in the right place to carried out functional trade know much about indicators and how the market react
 

Dita Walczak

Verified member
The most important thing before starting trading is knowledge enhancement. Knowledge can be enhanced in a number of ways. Eurotrader also helps traders in this regard by offering them e-books and video tutorials.
 

Brijesh Mckee

New member
There are a lot of things that you must keep in mind before you start trading like not becoming greedy when you are to execute a trade, analysing the market properly before you open a trading position, sticking to your trading plan, and keeping an eye on the market movements. You have to take care of everything to be able to make money in the forex market.
 

Misology

New member
That it is not a cup of tea, hard effort and dedication is required to stay put during tense market conditions. Research all you can, because it will come handy. The information you learn as you grow as a trader in the Fx market will be beneficial as you identify the right opportunities and manage risk in the most strategizing ways to avoid major loss. Always enter the market with a strong plan, be ready to revise that same plan, as the market is unpredictable and you have to learn how to make the right choices.
 
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