Hey newbie, I must tell you that you have chosen the right thing for your career. Just don’t take it lightly and do all that it requires to learn and understand the market. Your success depends quite a lot on what you know about the market. Feel free to ask anything you need help with.
I think you are feeling overwhelmed by taking in too much information at once. I would advise you to take it slow and take your time to understand what forex trading truly is. You should enter the market without a well-defined plan or else you will end up feeling more confused and lost. Just stick to demo trading as of now and focus more on learning. Good luck!
The first step for a newbie is to learn all the basics and open a practice demo account, where they can study the platform, practise evaluating the market, and open trades without risk because trading is done with virtual money for teaching purposes
As a beginner, I am sure that you would be really excited about trading and making money. But let me tell you that it is not going to be that easy without proper education. Find the direction of the market and build your strategy in accordance with that. Stick to your plan and take lessons from your losses.
You don't have to waste your money on pointless courses and tutorials. There are numerous free resources available to help you learn. Do not force yourself to enter live trading. Practice on a demo account as much as you can; it will benefit you in the long run.
Having technical and fundamental analysis skills are very important for trading the market. Long- term trading depends more on Fundamental approach whereas, short term trading depends more than technical approach.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.