When you start out as a trader you sometimes have the feeling that you have to learn everything at once. And for the most part this is true. However, the more time you spend on cementing the core essentials or the absolute basics, the easier it will be when you move on to more advanced topics.
This video shows you that there is more to the core of forex trading than you might think when you first get into trading. There is more to trading than just following indicators or strategies. How successful have you been selling at every supply level? Or using a limit order at every support or resistance? Probably not so successful, because it simply doesn't work like that. The forex market is exactly what is says it is, an actual market.
Cementing the core of forex trading
One of the most important things when starting to trade is to keep thinking logically. Simple concepts like that price will not go up forever, or that price can react from a certain area because it holds value; often seem to be forgotten. There can be various reasons for this, like psychology or the inability to grasp that the forex market works just like any other market place. So you need to figure out why things happen. Be curious, ask the 'Why'-question all the time or use a story of another market place to make the price action more tangible, like Navin mentions in the video.
Spend a lot of time getting educated on the basic technical things like support and resistance, supply and demand and trends.
Final Words
Dare to ask yourself what kind of trader you want to be and whether the strategy you're using now is suitable for you. You need to know your strengths and weaknesses to determine which time frame suits you best and which style. Can you deal with the prospect of having a relatively low win percentage and thus quite a few losses, but when you win you win big? Or are you more conservative and steady?
All these questions are important to ask yourself. And the sooner the better. They will help you focus on the core things you need to work on most.
Watch the video above for the full lesson so you can continue to enhance your skills and be better everyday.
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Editors’ Picks
USD/JPY pares gains below 149.50 ahead of crucial BoJ policy decision
USD/JPY is paring back gains below 149.50 in the Asian session on Tuesday, picking up fresh bids. Traders keenly await the highly-anticipated Bank of Japan policy decision. The BoJ's outlook on the negative interest rate policy and the Yield Curve Control (YCC) will play a key role in influencing the Japanese Yen.
AUD/USD creeps lower to test 0.6550 ahead of RBA’s decision
AUD/USD is grinding lower to test the 0.6550 level in Asian trading on Tuesday. The Aussie Dollar stays on the defensive against the US Dollar as markets prepare for the Reserve Bank of Australia's extended pause but the Bank's rate outlook will hold the key.
Gold price flat-lines above one-week low, awaits the crucial Fed decision on Wednesday
Gold price oscillates in a range and is influenced by a combination of diverging forces. Hawkish Fed expectations, elevated US bond yields and a bullish USD cap the upside. Geopolitical risks lend some support to the XAU/USD ahead of the key FOMC meeting.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market is crashing. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late.
Australia Interest Rate Decision Preview: RBA set to stand pat after discussing rate hikes in February
The Reserve Bank of Australia is widely expected to hold the Official Cash Rate steady at a 12-year high of 4.35% following the conclusion of its March monetary policy meeting on Tuesday. The decision will be announced at 03:30 GMT.
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