Table of Contents

What is the first step to learn Forex trading?

Collect all the sources of information you can find on the Internet.

what am I dealing with? (what is forex trading?) It is the buying and selling of currencies
how does trading work? A currency is bought (long) if the trader believes it will gain value, or sold (short) if the trader believes it will lose value.
why do people participate in trading? mostly to make money or to find an alternative career or because they believe it is an easy way to make money
when do people trade? any time of day 5 days per week but mostly around the London and New York markets opening. UTC+0 and UTC-5
who are the traders? Bank traders for clients and banks, fund traders for clients and funds, individual traders for own account
where do people trade? around the world with amateur traders mostly trading from home. Highest volume of trades from trading offices of banks and funds.
why are most forex traders unsuccessful? they trade for the wrong reasons or they trade in the wrong way.
what do successful traders do (right)?
what do I need to do to become a successful trader? (how do I become a successful trader?) [not by following advice but by knowing myself – what do I tend to do right/wrong?]