Despite the success of the Forex market, many still cannot agree on whether it is possible to really earn money on the market or it is just a fairy tale for beginners to pump money out of them. Of course, there are many people who will say that it is unrealistic to make money on Forex. Most likely, they have already lost their investments and have not been able to succeed in Forex. But practice suggests that such people simply forgot about the key rules of Forex. And in any case, do not forget about the main principles and requirements.
What a trader should know
The knowledge that a trader should have can be divided into two blocks. Theoretical foundations:
- basic concepts used in trading;
- features of the Forex market;
- trading strategies.
A beginner trader will not be hindered by knowledge of English – most of the new strategies are developed by foreign traders. Practical skills:
- to understand the functionality of the trading platform;
- know the basics of making deals;
- understand the mechanism of deposit and withdrawal of funds;
- be able to open orders, make deals;
- understand how to test strategies, and on what principle to choose successful ones;
- understand how to use indicators and Expert Advisors, make forecasts;
- be able to conduct technical and fundamental analysis independently;
- to know how to read charts, distinguishing where the Japanese candle is, and where the bar is, etc
It is important for a trader to know the specifics of working with the selected Forex broker. Attention is paid to the following performance indicators of the trading platform:
- how fast the platform works;
- does it have a convenient interface;
- how fast is the response to the command;
- is data protection carried out efficiently;
- does the site have a mobile phone version;
- are there any problems when withdrawing funds;
- how quickly the support service responds.
Each user selects the requirements that are important to themselves.
How to get knowledge
There are several ways to gain knowledge about trading:
- Study independently. A novice trader searches for materials himself, studies a professional dictionary and watches video tutorials. The main advantage of this method of learning is that you do not need to pay for knowledge. The disadvantages are that the trader must use high-quality training materials, but he cannot pick them up due to inexperience. The way out is to filter information using reputable websites, watch videos with a lot of positive reviews, read books whose authors are recognized as authorities in the field of trading.
- Study full-time. This option involves attending courses of brokerage firms. Classes resemble couples at the institute, but there are fewer students, an individual approach is applied to them from the teachers, and the course itself contains a lot of useful information. Classes are taught by professional traders, they share their experience. This training can be paid or free.
- Virtual learning. These are courses, but they are conducted in an online format. Sometimes webinars are posted on YouTube, but a “live” webinar has an advantage – you can ask questions to a teacher in a chat. Virtual training can also be paid or free.
A trader can choose absolutely any method of training, but this is a mandatory aspect. Only after going all the way from beginning to end, we can say with confidence that getting a profit on Forex is a reality.