FranziskaSchulz
Member
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Hello!
Go and study baby pips school, meanwhile, try to read about the mindset you need in this market, and after that try demo accounts.
The rest will be followed!
Go and study baby pips school, meanwhile, try to read about the mindset you need in this market, and after that try demo accounts.
The rest will be followed!
Arnav Deshmukh
Junior member
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I think the first step is learning from reputable resources and then studying the technical aspects of trading, developing the right mindset is crucial for long-term success.
Hello Yosef Minda! Welcome to the world of forex trading. As a beginner, take the time to educate yourself about the forex market, including its mechanics and various trading strategies. Start with a demo account to practice and gain experience without risking real money. Develop a solid trading plan with clear goals and risk management rules. Avoid overtrading and emotional decision-making. Stay updated on global economic events and market news that can impact currency prices. Be patient and realistic about your expectations, as forex trading requires time and effort to become consistently profitable. Best of luck on your trading journey from Ethiopia!
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Arnav Deshmukh
Junior member
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You exactly mention true ideas. For avoiding overtrading you can adhere to well-crafted plans and have strong risk management. And try to make analytical decisions based on market trends rather than being influenced by emotions.
ThaddeusFinch
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All I can suggest is that you open a demo account first. You gain a deeper knowledge through practical exercises.
Velarcus
Newbie
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The first thing you should do is stop.
Forex is the hardest market to trade and has the highest failure rate. It is absolutely the worst place to start a trading career.
Start with stocks. Domestic, international, it doesn't matter. Avoid day trading. Don't trade short. Learn how to analyse fundamentals. Ignore technical analysis. Pick a few good investments and set entry/exit criteria. Do 100 trades. THEN, if you feel like applying what you learned to forex, knock yourself out.
Forex is the hardest market to trade and has the highest failure rate. It is absolutely the worst place to start a trading career.
Start with stocks. Domestic, international, it doesn't matter. Avoid day trading. Don't trade short. Learn how to analyse fundamentals. Ignore technical analysis. Pick a few good investments and set entry/exit criteria. Do 100 trades. THEN, if you feel like applying what you learned to forex, knock yourself out.
