step 1 : Learn lock picking It will not cost much. But you have to spend thousands of hours picking locks step 2 : Learn to trade If you find it very difficult to pick the lock, then you will be mindful trading is going to be very difficult.
Well said, this is something i realised really late. To be successful in forex, we have to really alert and informed about little things. A trading plan is such a guiding light.
Understanding what can be your advantage - speed, skill in interpreting financial or macroeconomic data, etc. The biggest problem is there is no exhaustive guide what to learn, internet is full of information but there is a lot of crap, advertising, useless or obsolete strategies like based on technical analysis. It takes a great deal of time and common sense to filter out noise.
Learning is very important and you must learn about using different techniques to become successful. It is never useful to start trading without knowledge and skills.
Beginners are better off starting their acquaintance with trading with a demo account. There you can test different trading strategies, indicators and forex robots for free. This way you can personally see the quality of their work and only then choose the best ones for trading on your real account.
For beginners, focus on mastering the basics of Forex, including understanding market mechanics and terminology. Develop a solid trading plan, practice risk management, and start with a demo account. Stay disciplined, keep emotions in check, and continuously learn from both successes and failures to build a strong foundation for your trading career.
For beginners, focus on developing a solid mindset and discipline first. Prioritize learning risk management, understanding market basics, and sticking to a well-tested trading plan. Avoid chasing strategies or tools. Start small, stay patient, and don’t let emotions dictate decisions. Consistency and learning from mistakes are key.
Also, a novice trader needs to choose the right currency pairs for trading. After all, there are highly volatile pairs (for example, XAUUSD), trading which there is an opportunity to quickly earn money, as well as a high risk of quickly losing your deposit. Therefore, in the absence of the necessary experience and skills, it is better for beginners to choose pairs with low volatility and low spreads and first practice trading on them. For example, you can take the EURUSD pair for trading, which has moderate volatility and minimal spreads (my broker fxopen has a spread of only 0.1-0.2) and first test your trading strategy on it, trading with risk control and stop losses.