5 Things To Consider Before Starting Forex Trading

It’s been 4 years since I started forex trading, over that period, there are several lessons that I have garnered along the way.
Before I start, I would like to encourage you to pursue forex, it’s a good niche and you can do it by yourself if there is no one to teach you. In my case, I owe my knowledge and success to me, myself and I.

There are several challenges that I encountered but over time I have been able to overcome. Don’t mistaken me for a pro trader, I am still a beginner trader like you but the good thing with my case is that I have never blown a single account during my journey and I don’t think it will be possible for me to blow an account right now.

In that sense, I would like to give you several tips that will ease your journey as you learn foreign exchange (forex).

1. No One Is Willing To Teach You Forex For Free

In my experience, I have come to the realization that 98% of the people in the world will not willingly teach you anything for free. The same applies or is even worse when it comes to forex trading. The only people who will claim to teach you for free will either end up selling you a book or referring you to a broker from whom they will receive commission.

YouTube too is not very reliable especially when you are a beginner. Nearly 90% if not all of the Youtubers are there to gain views, subscribers or they are marketing anything. Therefore, most of the topics covered will always be eye catchy but very informative.
It is thus important to conduct an extensive research to identify places where you can acquire authentic resources for studying.

2. Capital

The first thing that you should consider when starting forex trading is the amount of capital that you have. It is extremely significant for you to invest the kind of money that you can afford to lose.

The forex market is a very complicated entity and if you invest all your savings, there is a probability that you might end up losing all the money.
Therefore, I would really like to advise you to always deposit an amount of money that you can comfortably lose without any negative repercussions.

3. Manage your emotions

Psychology plays a critical role within the field of forex trading. There are many instances when you will find yourself in critical conditions, during such moments, you’ll always need a clear mind. Greed is the most detrimental factor that you will face and without proper psychological conditions, you will often mess up.

Hey buddy, I know I’m being so negative, hope I I’m not frightening you, my intention is giving you a list of the things that can affect your forex trading journey. However, forex is a very profitable niche as long as you do it right. Therefore, it is always imperative to check your emotions at the door before you start revenge trading.

4. Take it slow

Don’t hurry to start trading without sufficient knowledge of the markets. It is important to always take it slow and steady. Set aside time every day to learn something about the market while practicing on your demo account either in MT4 or MT5.

5. The Forex Journey Won’t Be Easy

I have stated earlier that so far since I started learning forex it’s been six months. Well, six months is not a very long time, however, the first three months are going to be hectic since you will be trying to understand the different terminologies and the tools that are being used in forex trading.

Always be patient and never lose the psyche to learn forex. Avoid procrastination at all times and make sure that you start small. Forex trading is not a get easy quick business, you will sweat but the fruits are very sweet. Eventually, I am certain that you will become a successful forex trader.
All the best as you kick off your trading journey.

In case of any questions, feel free to ask in the comment section.