This to know before making trade in forex?

[Kingstone]

I'm still having some trouble settling down with forex trading. Although I have been convinced to stop other trading and engage in forex trading, I feel there are too many currencies to watch at a time. This makes It cumbersome and I feel like a callow.

 

[Bousine123]

I think you should consider the level of knowledge you have of trading if it's intermidiate or amateur, don't venture into trading please. And also consider a good broker.

 

[Toyoabasi]

Forex is a good platform for trading thousands are making profits by only trading in forex It includes all aspects of buying, selling and exchanging currencies at current or determined prices so,I decided to try to make trades in forex.

What are the things should i consider before trading in forex as new trader?

As a new trader, get to know the rudiments of the market.
You can have a professional as a mentor to guide you as you practice.
You should be open to risks and determined even in the face of losses.

 

[greenie]

First you have to understand the market and its trends. Know when to buy and sell, know when to go short and when to go long term, know your trading tools and make sure you familiar with the way they work. Don't ever be greed and also dont ever rush into the market. Lastly use the money you can afford to lose

 

[HayKay]

You have to know and stick to a profitable pair or set of pairs - I advise you don't attempt to trade on everything you see. Don't try to trade on commodities as a newbie as well.
Also know when it's best for you to enter and trade. Have a trading strategy too.

 

[tray59]

Pair reaction is what you should know you need to also know how to read and interprete several indicators.

You also need to know how to manage and trade with small lots dont go for too high leverage, and dont neglect the use of stoploss and take profit.

 

[HK World]

Forex is a good platform for trading thousands are making profits by only trading in forex It includes all aspects of buying, selling and exchanging currencies at current or determined prices so,I decided to try to make trades in forex.

What are the things should i consider before trading in forex as new trader?

Good question. Here are 6 Things to consider before trading in Forex:

1. The currency pairs you are trading in. It's important to be familiar with the currency pairs you're trading in.
2. The significance of the bid-ask spread.
3. Leverage.
4. Forex trading strategies.
5. Your trading plan.
6. Your emotions and biases.

 

[joy101]

It's really good to understand about trading on forex before going into the investment, I can't advise anyone who don't have knowledge about forex trading to go into it, because is not really advisable.

 

[tray59]

It's really good to understand about trading on forex before going into the investment, I can't advise anyone who don't have knowledge about forex trading to go into it, because is not really advisable.

That is just a simple process before you even get started I think that your broker must have provided you with what is called the demo account its through the demo account that you will be able to trade and have good knowledge and then use that knowledge to trade in the real account and win.

 

[jordans]

As a new Forex trader, Instead of the income, the process should be your main priority. So, initially, concentrate on matching one to two Forex pairs. The goal is to familiarize oneself with one or two marketplaces at once. in addition i advise Before entering a trade, ask yourself the following questions.

• Is there a significant level of support or resistance nearby?
• Are there any significant economic releases that can impact the trade?
• How much capital am I risking?
• Am I following the trading plan?

 

[Dora Wi]

There are a lot of things that need to be considered before you start trading. If I had to boil it down to one answer, education and research are where you should start. You can find free online courses, ebooks and explanatory websites that can help you learn the basics. Try to use critical thinking and avoid possible scams.

 

[Smiles20]

One of the very important things to which people are supposed to know but I do not see anybody talking about it is how offline sentiments can be able to affect the online financial market.

 

[tray59]

I definately know that forex market is one of those market which someone can use to make money.

There are alot of things which you need to know about the forex market.

You must know how to use stoploss and take profit you must also know to identify a good exit and entry point read indicators and know much about trend lines

 

[tyrim88]

Before anyone should go into forex trading,you really need to know the basics and fundamental,you will realy need to as a matter of commitment do some practice with small amount of money to learn the ropes.

 

[Genie01]

You might be tempted to be obsessed about the money people talk about in trading to the extent that you forget the process it takes to get the money.

Don't fall into that trap!
We learn first before gaining

 

[Immilash]

The forex market is the biggest financial market in the world, if you know how to trade the forex market you are expected to give it a trial despite the fact it's risky

 

[tray59]

You need to know how to do both the fundamental and technical analysis if you don't know how to make good analysis I believe that it's not going to be easy to make money

 

[UsmanAmoyo]

Forex is a good platform for trading thousands are making profits by only trading in forex It includes all aspects of buying, selling and exchanging currencies at current or determined prices so,I decided to try to make trades in forex.

What are the things should i consider before trading in forex as new trader?

In addition to this,
It is essential for you not to trade with what you can't afford to loose.
This is because it might make emotions cloud your decision making.
And you might not want the results.

 

[Ofonime6]

Doing both fundamental and technical analysis is the best through this two analysis you will be able to trade and come out with success you need a reliable signal that will give you money and ensure that you trade very well and properly dont rely on anyone signal

 

[GIFTMICHAEL]

I have come to understand that no matter the capital you may be using to trade it can still be wipe out within a twinkle of an eye. That is why learning and understanding how the market works is the most powerful weapon you can use to benefit from the market.