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Discussion in 'IT & Technology' started by swartz, Nov 20, 2018.
What's the best way to learn about Forex Trading?
These are general tips , but there are much details for each tip to be implemented :
1- Focus.. select max 3 currency pairs that you will trade. Know all about them: technical & fundamental
2- Make your own strategy. . Don't copy someone unless you are convinced about his trades.
3- Tend is your friend. . So allways look at the big picture to define your long term direction.
4- Be good at discovering support & resistance levels on all timeframes : monthly, weekly , daily , hourly. This is your guide for defining entry & exit points.
5- Learn from others.. a good way to do this is by joining forex contests and watching what other people do.
6- Plan your trades.. study first, define potential trades , place market orders that match your plans otherwise only place pending orders.
7 - Preferably, Don't trade during news. If necessary , keep tight stop loss to avoid high losses.
Many beginner traders often get lost because they instantly jump into trading without the proper knowledge that will lead them. In order to become an expert in the trading market, you have to learn first how forex trading works. Absorb all the keywords and jargons they use in the market so you can come up with a strategy. There are many beginner’s courses available on the internet today for free. My personal variant is this platform https://www.sharptrader.com/ You will get basics of trading and be sure of security.