Guidance for New Traders in Forex

It’s common to see newcomers asking questions like, “Which course is the best?” or “Where can I learn?” Here are some insights for them:

1. 1. No Complete Learning: No one can teach you everything you need to know about trading. Learning is a gradual process that depends on your efforts.
   2. Self-Practice and Time: Ultimately, your practice and the time you invest will determine how much you learn.
   3. Start with a Demo Account: Begin by opening a demo account. Treat the demo funds as real money and trade seriously. It may take about a week to understand the intricacies of MT4 (MetaTrader 4).
   4. Understand Key Concepts: New traders should first focus on understanding pip values, lot sizes, and the basics of buying and selling.

1. Profit Mechanism: When you buy, you profit if the price increases; similarly, you profit when you sell if the price decreases.
2. Focus on Gold Trading: If you want to avoid wasting time, it’s advisable to trade only gold (XAU/USD) initially.
3. Market Analysis Tools: After you grasp MT4, learn about support and resistance levels, moving averages, market trends, and money management. Mastering these will equip you for trading. Remember, it’s all about practice.
4. Control Greed and Patience: If you lack the ability to control greed and possess patience, it might be best to avoid this field altogether.
5. Create Your Own Strategy: You must develop your own trading strategy. No one will provide you with a ready-made, effective strategy that you can master.
6. Evaluate Your Mentor: Consider whom you are learning from. Do they have a proven track record? Ask for at least a one-year portfolio. If they can’t provide it, they are likely just a lecturer without practical experience.
7. Assess Risk: Just because someone shares a portfolio doesn’t mean it’s safe. You should independently verify the types of trades they have made—avoid risky strategies like grid or martingale unless you fully understand them.
8. Authenticity of Portfolio: Ensure the portfolio belongs to the person teaching you. They might show you someone else’s results to attract you. Stay away from traders who rely on fake screenshots; they are often scammers.

A Unique Truth About Forex

In Forex, there’s a saying that is different from other fields: The more you learn, the more complications you face. Therefore, focus on trading smartly rather than overloading yourself with information. Prioritize making profits from the market!