Guide to Forex trading in 2022 according to our website
The biggest mistake a novice trader can make is to break into the market with a hot heart and an empty head. This is guaranteed to lead to the loss of the entire deposit.
To start trading, you first need to learn at least the basics. And it should be done in this order:
- technical and fundamental analysis;
- methods of money management;
- psychology of trading;
- statistical analysis and planning.
You can't do without one thing. For example, without knowing the psychology of trading, there will be no understanding of which way the market is going under certain circumstances. But the main thing is that there will be no self-control. And a trader who does not control his own emotions and impulses is no different from a gambler spending time in a casino.
Learning lessons from experienced traders
The Network presents a lot of materials from people who have been successfully engaged in trade for a long time. And it's a big mistake not to study the information they publish. Often, the materials they post are much more useful than any economics textbooks.
Where can I find experienced traders? They are not hiding. They have public accounts in social services and messengers, from which it is possible to get a lot of useful information.
Learning and using tools
Automation is something that a trader should definitely use. Buying and selling assets manually is not only inconvenient, but also unprofitable. This is due to the fact that now, in the era of widespread automation, the state of the market can change in a fraction of a second. And in order to keep up with this, it is necessary to be able to correctly apply special algorithms.
Example - indicators. The automated system monitors the state of affairs in forex, and tells the trader what needs to be done at the moment. It can also automatically react quickly and perform certain actions based on predefined rules.
Advisors. In general, it is possible to do nothing at all on Forex, except making a deposit. The role of a trader can be entirely performed by automated systems called Expert Advisors. They are algorithms that are trained to react to situations the way experienced traders do. But still, you should not rely entirely on them. Non-standard situations often arise in forex, for which you need a deep understanding of the work of the roar. And automated systems in these cases use capital inefficiently.
Trading with a test deposit
Even armed with knowledge, having studied the experience of maestro forex and having understood how trading tools work, it is not recommended to immediately start trading on a real deposit. First you need to hone your skills.
A test deposit with a broker is designed for this. Using it, you can learn from your own experience how the market works and test your own skills and knowledge in practice.
How long does it take to trade on a virtual deposit? It's individual. There should be confidence. And it occurs when it is possible to significantly increase the amount on the test account. It usually takes 2-3 weeks.
First real deposit
After achieving some success when trading on a test deposit, you can move on to real trading. But you should not make the mistake of many beginners - to replenish the account for a significant amount.
$100 or a little more is a suitable amount to test your own skills in "combat" conditions. When it is possible to significantly increase it, you can replenish the deposit again. Everything needs to be done gradually. This will avoid significant monetary losses at the very beginning of the journey. And this section is the most risky and difficult.