What is the first step to learn Forex trading?
Collect all the sources of information you can find on the Internet.
Learn to ask the right questions:
- 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?]