The important things we need to know before starting up trading

[Wiserr]

I must say trading is not and easy task, before one can earn money by trading you need to go through lot's of processes, forex trading is the best way to earn or will a say to become a millionaire overnight, you can only earn a cool Cash on forex trading if you know how to analyze the forex market, start up a trade is very simple but people don't understand but the main point is how to analyze the forex market, if you are a forex trader and you don't know how to analyze the forex market I'll just say you are just wasting your time, my reason of saying this is because there's no way you can earn good profits if you don't know how to do analysis, not doing that will only leads you to lost and regrets, I'm saying this in experience I'm also a forex trader I will say forex is also a way to become rich but the point here is how can you be rich if you don't know how to analyze, this is the main concern, what do you think about this, I will like to hear your opinions on this, thank you.

 

[Suba]

Analytical skills are very important in the forex world, so we need to sharpen our analytical skills at all times, both practicing or practicing forex trading. the more we practice, the better our analytical skills will be, also forex traders must have a strong will to read the news so that it will enrich their fundamental analysis. I think the most important thing in forex trading is not to give up quickly because many forex traders quit before 2 years. Forex traders also need to be able to control emotional stability, no matter how high their analytical skills are if they can't control their emotions. All technical analysis will be useless.

 

[Kingsley]

First thing I will like us to know is that forex or crypto currency trading is not for everyone, there were some people who failed woefully when they traded in forex and today they are doing very well in the crypto currency environment or market. And there are some that rushed from the forex market to join the crypto currency market and they are back to the forex market as they couldn't achieve anything in the crypto currency market.

Well we can't take out the place of constant learning in both market as the markets are not really for newbies to thread without caution. I will not advise anyone to start trading on either market no matter how attractive they may be without undergoing a propwe training.

So before you start investing in it get all the knowledge you can possibly lay your hands on, don't ever rely on what people are saying concerning the profits to be made, there are also a very wide room for making losses. And even in some cases you ,ight suffer liquidation.

Then more so you do not need to access loans to trade in these market, it is not always worth such risk. You may regret it use spare money.

 

[sincerem]

Forex trading looks easier on analysis which is on paper but when it comes to starting it up, it is not easy. Experts went through hell before they established themselves as expert in analysing the forex market, and earning massively from it. We can't earn from forex trading if we aren't analysing the market the best we could. It is based on better analytical reviews, and applying the martingale strategy to minimize loss and maximize profit. Forex market is similar to crypto market, both are simply high risk investment scheme, any one who aren't knowledgeable or having the basic knowledge at least shouldn't enter into any of them.

I don't have the basic knowledge to go into forex trading, that's why I am yet to start trading, I wouldn't even go to start buying signals from people who IAM not sure if they thoroughly made research on the signal before sending to me. I am into crypto trading, I have some basic knowledge and basic analytical knowledge when it comes to analysing about the future prospects of the coin, but I am not an expert. I am still learning, and planning to go for a professional crypto course sooner to get advance knowledge.

 

[tetramorium]

Everyone would say that demo trading is important and there is nothing wrong in it. But it would be wrong if you start expecting to get your demo results in the live market too. See, a demo account is just a simulator and you don’t get the real market conditions in it. Keep that in mind and use it for practice only.

 

[funmi]

Trading generally either cryptocurrency or forex trading is not the best option for newbies as time has proven that those who are not well grounded are more prone to making poor decisions and are more likely to suffer losses.

The thing about trading generally involves the issue of having a balanced psychology and many are not been taught that aspect when they learn about trading either in cryptocurrency or forex. They just group everyone with different temperament into one pack and make them to undergo the same training. The fact is that trading is not meant for everybody as some people will always make mistakes no matter how much effort they try to put into it. This is because our psychological ability to balance our emotions are not all the same as some of us are bound to make some irrational decisions in the face of pressure coming from our trades. And some people will.not be able to control there appetite of wanting too much profit that is unrealistic so for that reason they begin to make decisions that are poorly thought out and they tend to be in a hast. So one should learn to control those variable first before trading.

 

[btaliat]

There are many factors that make a good trader whether forex or even crypto. Unfortunately, many people do not put into considerations most of these factors, hence, they fail to maximize their profit as traders.

There is need for constant learning as a trader. There are always new things and ideas. A good trader must be conversant with all these new tricks. There should be knowledge on how to use fundamental analysis if nit technical analysis to make more profit.

Trading is not always earning us profit. Trading is about loss and profit. We should have this at the back of our minds that we cannot be winning always in trading. There is a must we run into loss as well. The only thing we need to do is just to minimize loss and maximize profit.

We must always be at a very stable state of mind while trading. Trading is not done with emotion. You don't read trading chart based on your own view or emotion but rather you follow the market chart to determine your position. Most always allow greediness to take over them while others make fear their hinderance when it comes to having good trade.

Trade should be done with money that we can afford to lose. We should not start trade with all of our saving m we need to know the basic rule that trading can be profit or loss. So we don't need to put all our eggs in one basket no matter how sure we are. Investors always care about their capital while gamblers always care about the profit.

 

[brindagladden]

There are a lot of things that you should know before starting to trade.

• Forex trading is a risky business.
• You make more losses than profits.
• You will have to put in money to make money.
• You will have to learn before you make a move.
• You are alone in the market and everyone is your competitor.
• There are many scams lurking around the market, which are not easy to identify.

 

[Heiden Lang]

What most new traders don’t know is that making losses is far more painful than they could imagine! So, while you prepare yourself for the profits, mentally prepare yourself for the losses as well.
The other thing to keep in mind is that any strategy can work in any situation for you. So, get the basic understanding of each strategy so that when you need to make hits and misses, you have the basic knowledge.

 

[Setho]

Trading in forex in something that can be able to make you a lot of money but at the same time we can be able to use and there are some people that do not really have a lot of information before going into it .

The first thing that I will like people to know that is not very popular is that you cannot guess your way into making money in the forex market . Everything that is happening there is happening for a reason and I thought you need to be able to define your position and know exactly where to enter a trade and where to exit .

Important to know that knowledge is very important in the forex market and a lot of people who are trading in it and not going to be successful and that is very okay but it is important to make sure that you are in the top .

You should also be able to know that you can be able to apply fundamentals in trading on forex too and it is not just about the technical aspect .

Lastly you are much more likely to be able to last if you change small profits consistently instead of trying to make it out once .

 

[shirleencomer]

It is very important to have the right mindset about forex trading. It will help traders to be prepared for losses as well profits without being emotional.

 

[Asahi]

Actually Traders need to make sure their trading skill before the live trading! Actually, Foreex trading business is so much risky, and the success ratio is low! That’s why new traders need to be sincere enough in their learning sessions, actually most of the new traders try to make money with their ordinary trading skill!

 

[Eduard Hahn]

Had I known that the trading was tougher than I read in books, I would have surely learnt better. Whenever I used to read a definition, it seemed easy and I felt so confident that I used $1000 to trade for the first time. It was only after losing my capital that I realised how tough it was going to be. Most traders don’t know the seriousness of the matter until they lose. They need to understand that books share only the basic knowledge and you will know what trading actually looks like only when you start trading in the live market.

 

[Revetment]

What most new traders don’t know is that making losses is far more painful than they could imagine! So, while you prepare yourself for the profits, mentally prepare yourself for the losses as well.
The other thing to keep in mind is that any strategy can work in any situation for you. So, get the basic understanding of each strategy so that when you need to make hits and misses, you have the basic knowledge.

I totally agree! Traders should know that forex trading is not easy and requires a lot of hard work, patience and dedication to gain appropriate trading skills and develop good emotional health.

 

[glabella]

Traders should not have any kind of misconceptions about forex trading.
1. Forex is not gambling, it is a business. Forex trading needs a trading plan and risk management as any other business.
2. Forex is not a get rich quick scheme. It requires a good investment of time to get a proper learning and understanding about forex.
3. Forex trading is not the easiest way of making money. Traders need to work hard to gain required trading skills in order to be a successful trader.
4. High leverage is good and can give you significant profits. High leverage not only magnifies the profits but also magnifies the risks. One can end up blowing his account if leverage trading is not done with care.

 

[Trigonal]

Focus on the bigger picture. A losing trade must not come as a surprise. It’s a part of trading and you must never forget that. A single winning trade is just a step. It’s a string of profits that make you successful. Once you accept that profits and losses are an integral part of your trading career, emotions don’t impact your trades.

 

[quindene]

Learn to wait and watch. It’s not required to always act. Sometimes, you just have to sit back and see what is happening.

 

[Ayeshabashir]

You are absolutely right analytical skills plays a crucial role in trading. I am totally agree with you.And from my perspective every profession demands skills and experience and we can gain this through knowledge and information and in order to gain knowledge, learningis very important. From trading you can become rich but it will also proves risky for you due to lack of experience.
In order to do forex trading, firstly you must have the capability to face the loses.And always invest only that amount of money which you bear to lose. If you start trading very first time always start with low amount .

 

[rextee]

Knowledge of basics of trading is important. You can’t jump into the market clueless. A trader should be well-versed with types of analysis and how to perform them. Once concepts are clear, you can start with demo trading.

 

[Sotherefore]

Forex trading is really profitable , but the most important thing is just the understanding . If you are interested to trade the forex market you must be able to analyse the market because this is what will determine your possibility of succeeding.



That is why most newbies who are interested in the volatile market are always advised to learn because learning and knowing how to analyse the market will increase your possibility of succeeding and also helps in making profit.



If you cannot analyse the market perfectly to a point of making money, you may likely lose your money which is not always the best and at the end of the day you won't be able to make anything.



The best thing you have to do now is that if you're interested to trade the forex market you must have someone especially an expert with better understanding of the market, at least let them guide you on how to go about the whole thing because if they are the one that is guiding you you will be able to understand some of the strategy that is needed for accurate prediction.



The level of success will be determined by the willingness of the learner.