We always say it that one needs good skills before he or she can dive into forex trading, many people ended up losing their trades simply because they don't have good skills, in today's discussion we are going to figure out those important skills that we all need before we can start trading in forex, I'm planning on starting trading on forex but I don't have enough idea and skills, I decided to write this so that we can help each other, but one thing I noticed with trading experts is that they don't want to share out their secrets and experience,maybe you might also noticed this. I just can't wait to be a forex trader but I will have more than enough idea before I can start just to avoid failures, I believe there are many forex traders on this great forum I will like it if you share out your little secrets on forex trading. Seriously at this moment I don't have any good idea on how to start forex trading but I believe with time everything is going to be simple and easy. I will much appreciate it if you share out your secrets on forex trading. Thank you for your contribution.
What are the best skills to learn before starting forex trading?
- Thread starter Immilash
- Start date
Sotherefore
VIP Contributor
Forex trading is almost like cryptocurrency in the sense that they are all volatile market and will require extreme dedication for you to be able to predict the market accurately , anyone who is going to into Forex business the most important thing you have to learn is forex algorithm and how it can be used, this can be thought when you are attending a technical analysis class, knowing the algorithm of forex will really help you to understand what affects the movement, sometimes from there you can be able to give some prediction on how a particular b will be until you can become a full expert, it is not a get-rich-quick scheme but it is possible for you to learn and understand perfectly.
Another thing you should consider to learn before engaging into life forex trading is proper riisk agement, a lot of people might believe that this is not necessary but it is completely the other way around because without good risk management you might be at risk of losing all your money even if you have an opportunity to trade with quality signal,
You should also continue to learn no matter the level of your expertise because it is still necessary to help you grow higher in the forex
Another thing you should consider to learn before engaging into life forex trading is proper riisk agement, a lot of people might believe that this is not necessary but it is completely the other way around because without good risk management you might be at risk of losing all your money even if you have an opportunity to trade with quality signal,
You should also continue to learn no matter the level of your expertise because it is still necessary to help you grow higher in the forex
iomaralmaged
New member
Patience patience patience ,the right team and platform 
MakeitWork
New member
My success ratio is currently at 2:1 P&L, using this
Team 20MinTrader
Charts TradingView
App PowerE*Trade
How about you? if yours is better then I will change mine for sure
Team 20MinTrader
Charts TradingView
App PowerE*Trade
How about you? if yours is better then I will change mine for sure
D
Deleted member 28127
Guest
The first, criteria are brokers are allowing small value trading. This means even with 0,1 $ not necessary 1 $ to divide loses by 10 means if you deposit 10 $ you need 100 loser actions instead of 10 losers one. Second, you have to refer some people to play forex under you to gain revenue from affiliate marketing.
Victorial
Active member
Your best shot at making profits in trading is to understand how to read the charts. This is the most reliable method or skill you should learn first. Finding a good broker is not hard at all. All of these brokers have a demo account and you can use the demo account to test their spreads and if they charge a commission also. When you do, you must know how to manage the risks by using the best lot size you can according to your funds and setting a reasonable profit target that you know is feasible. Although you will not know, the lowest lows and highest highs will give you hint on where you set your profit target
Apart from the basic forex knowledge, I believe self-control is important to learn. At times, you might feel tempted to make certain trades but they may not necessarily be what you see. You must be able to analyse the market before you make any trading decisions. Trading skills can be learnt with experience.
Obtaining basic forex knowledge is okay but it won’t be enough. You will have to obtain real trading experience to make some money. Micro accounts work great when you want to gain some real-trading experience without having to take big risks. They will also help you gain the necessary live market trading skills that will help you survive for long in the market.
You can make a list of tens of skills which you think are important before you begin your trading journey but when you actually start trading you’ll realize your strong and weak points and can better develop your skills based on that. I personally believe discipline, patience and consistency are most important but are best learnt when you subject yourself to the conditions which challenge you.
E
eldavis
Guest
Personally I don't think there is anything like the best skill, everything in forex trading is important and needed, instead of learning one and leaving the rest, it's best you learn all that there is to know in forex trading.
Forex trading is a market where currencies are traded, and the best way to start forex trading is to learn about fundamental and technical analysis and how to read graphs. Learning these skills often takes some time, so it is best to start learning while trading forex with a demo trading account. It will give you the chance to use your new skills and will help you avoid making mistakes with real money.
Critomancy
New member
Skills required to become a forex trader-
1) Fundamental and technical analysis.
2) Risk management
3) Good Psychology
4) Money management.
5) Knowledge of the trading platform.
1) Fundamental and technical analysis.
2) Risk management
3) Good Psychology
4) Money management.
5) Knowledge of the trading platform.
Jack Reacher
Verified member
Knowledge and experience both are essential. They are in fact closely related. It is important to be educated for forex trading because it's a job of a professionals. To be a professional, you require expertise. You must consistently sharpen your skills in trading when you plan to stay for a long time. The experience will come when you learn. Eurotrader has very good educational materials. I like thier education section.
Dita Walczak
Verified member
To learn about Forex trading, I need to do online research. I have to go ahead with trading by collecting information from online. Trading is very easy but I have to work according to that planning. And you have to gain knowledge from online.
destinyrim
New member
It’s hard to say which the best skill to trade forex is. You never know what skill would come as a saviour for you in the live market. It’s best to get a basic understanding of everything you can before you move ahead with live trading.
Moreover, I don’t think you will be able to learn all the required skills before starting your career because there is so much more that you will learn when you go live. Just stay open to new learning and keep testing & updating your knowledge every time you can.
Moreover, I don’t think you will be able to learn all the required skills before starting your career because there is so much more that you will learn when you go live. Just stay open to new learning and keep testing & updating your knowledge every time you can.
Setho
VIP Contributor
There are quite a couple of things that you should make sure that you are conversant with before you should start trading the forex market. The first thing is that you should know how to handle your emotions because it is almost certain that there are some days that you are going to be making a lot of losses and the best thing to do at this moment is for you to take some time and if possible learn new strategies to grow as the market is changing. You should also be able to know how to manage your time and also have respectively.
I believe new traders should read about risk management strategy and trading psychology in detail before starting forex trading. Risk management strategy will help them in managing their losses better and trading psychology will help keep their emotions in check. Both are extremely important in forex trading.
shirleencomer
New member
I think that your normal life skills can do wonders in your trading career as well. If you are patient, you won’t make unnecessary trades and take time to understand and analyse the market. If you have great money management skills, you will not risk more than you can afford to lose. If you have emotional control, you will never do revenge trading or become overconfident.
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