If you want to trade forex you must learn from the basic. cause for most beginners forex is new stuff, but that's ok! and it's perfectly normal! even for me several years a go, I don't even understand what is forex term, such as dovish, bullish, leverage, swap, in fact I don't know what is Pips! :D but after I learn and read about forex terminology, day after daya, hour after hour! and then I begin to understand the big picture! so, i know how you fell, since I already in your shoes! ok, guys maybe I have to the point and give some tips how to learn forex fast and easy without a risk! :)
- First step, read and memorize forex terminology, it can help you understand when someone talk about forex! for example, central bank giving a sign dovish and it seem interest rate will rise ;) bla..bla..bla..bla and so on! Opppss! dovish mean low interest rates :P hehehhe! I know that from G, ;) you see! that's the trick! i.e use Google if you have any trouble! sometime G can be useful! :D but for some cases you'll need to memorize all of them outside of your head! cause there's time when you have to trade with very limited times! especially if you trade forex with economic news! but at this moment you can use big G !
- Secondly, understand what is Forex Money Management and Risk management! in short Risk management is using stop loss to prevent further loss! meanwhile Money management is to control your lot, whether use small lot or mini lot! the idea of forex money management is to prevent losing all of your money in single trade! this often haven especially for beginners! so use MM and Risk management wisely!
- third, learn about analysis! there is two analysis in forex that most trader know and learn! i.e fundamental and technical! for some people there is one more , i.e market sentiment! but unfortunately this kind of analysis only make you confuse since many provider that giving this data, always different from other! as you already know forex market is decentralize it mean there is no reliable resource to knowing how big and how much and what pair that most retail trader choose for that day! to be honest market sentiment only useful if you have big account!
- the last is, use demo account! you can download MT4 in any broker company, most of them usually will give mt4 to download and no cost needed! use this to knowing and measure your ability how you analyze market! if you have good track record in MT4 , that could be good indication that you already know about forex cause making profit in forex mean you know something! but you need reliable strategy to achieve consistent profit! consistent profit in forex industry are gold! if you have a way to make this thing happen! ;) I must say you have something specials! though a strategy to be called consistent will need more than 1 years test! if just 1 week or 1 month it doesn't count at all!
try to follow step by step , if you do so! I am sure you can make nice profit without risking to much money !
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