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
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
USD/JPY goes on a roller-coaster ride prompted by geopolitical risk
USD/JPY whipsaws lower and then higher on alternating risk-on risk-off caused by Middle East tensions. Governor Ueda talks about defending the Yen from further weakness and currency-induced imported inflation. USD/JPY price chart shows bearish Hanging Man forming, boding ill for future price action.
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.
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