8. What Forex Knowledge Should I Conquer? What Are the Steps to Go Thorugh the Journey?

November 17, 2022
Some skills you need to conquer are using the forex software, memorizing the forex glossary, knowing how to read the forex market, finding the right strategy, and having the courage to ride through the price waves.

You need to conquer some important knowledge in order to trade smoothly in the forex market. Here are the steps to master in your trading journey:

  1. Forex Trading Software and Glossaries
    In the first step, you are expected to be able to master how to use forex trading software like MetaTrader. Glossaries like Bid, Ask, Stop Loss, Equity, Balance, and Margin are also important to understand.

  2. How to Read the Forex Market
    In order to read the forex market, you must be able to understand and analyze charts. One of the most common charts in trading is called the candlestick chart. By learning the candlestick chart, you would be able to identify the price trend and even predict the next movement.

  3. Practicing the Strategy
    After mastering the previous steps, now is the time for you to practice your strategy. You can use a demo account to apply what you learn and execute the trades without any risk. If the strategy turns out to be successful, you may try to use it on a live account. But just to be careful, it's recommended to use small money instead of going big on your first try in the real account.

  4. Riding the Forex Wave
    Following the practice, what's left to do is maintain your win rate. The forex market is known to be very active and always changes from time to time. Therefore, you need to be capable of riding the wave and adapting well to any market change that may be influential to your trading strategy.

Education (46)

1. What Is Forex? 2. Why Does Forex Market Exist? 3. What Drives the Forex Market? 4. Why is Forex Trading Popular? 5. Can I Get Rich in Forex? 6. Are You Curious? Want to Discover More about Forex Trading? Meet Demo Acount! 7. I'm a Newbie, How to Master Forex Trading? 8. What Forex Knowledge Should I Conquer? What Are the Steps to Go Thorugh the Journey? 9. What are Software and Glossaries in Trading Forex? 10. How to Read the Forex Market? 11. How to Practice Forex Trading? 12. How to Ride on the Forex Wave? 13. How to Prepare Basic Trading Requirement? By the Demo Account? What about the MT4/MT5? 14. What is Bid-Ask Spread? 15. What is Pip? 16. What is Lot Size 17. What is Leverage in Forex Trading? 18. What is Margin? 19. When to Trade Forex? 20. What is the Most Dominant Market in Forex? How is the Characteristic? 21. What is Chart in Forex? 22. What is Candlestick? Why is It the Most Popular Chart in Forex? 23. What is Technical Analysis? 24. What is Fundamental Analysis? 25. What are MT4 Indicators and How to Use Them? 26. What is Risk in Forex? 27. What is the Psychological Effect in Forex Trading? 28. How to Compile a Strategy Template? 29. How Long Should You Practice in a Demo Account? 30. When Do I Need to Start Learning about Brokers? 31. What Exactly Does a Forex Broker Do? 32. Can I Trade Forex without Broker? 33. How Much Money Do You Need to Trade in Forex Brokers? 34. How to Choose a Good Forex Broker? 35. What is Regulation? And Why Should Regulation Exist? 36. Why Should You Choose Forex Brokers with Top-tier Regulations? 37. How to Choose Forex Brokers Based on Your Need and Where You Are From? 38. What Brokers Should You Avoid? 39. Is There Any Broker Scam in History? How Bad Is It? 40. What are the Most Popular Brokers in The World? 41. What are the Best Brokers For Entry-Level Traders? 42. What are the Best Brokers for Traders with Minimum Deposit Capabilities? 43. Which Broker Provides a Demo Account and Easy Setup? 44. Which Broker Provides Easy Registrations? 45. What and How to Deposit on Forex Brokers? 46. What and How to Withdraw from Forex Brokers?




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